Financing Business - Jamb Commerce Past Questions and Answers

Question 46:

• JAMB 2003

Use the information below to answer question 7 and 8.
Ojo purchased the following items from Sani at the specified prices on credit:
200 cartons of milk at N1,000 per carton; 50 bags of rice at N3 000 per bag.
Sani allowed 10% trade discount and 5% cash discount, if payment is made within the agreed period. Ojo paid within the agrred period.
What was the the amount paid by Ojo?

A. N382,500
B. N425,000
C. N363,375
D. N61,625

Question 47:

• JAMB 2003

How much was the trade discount?

A. N42.500
B. N27,500
C. N22,500
D. 20,000

Question 48:

• JAMB 2003

A source of short-term finance to companies is?

A. Share capital
B. Debentures
C. Retained earnings
D. Corperate tax

Question 49:

• JAMB 2003

An essential factor for evaluating the different sources of funds for a business is the?

A. Decree establishing the business
B. Ownership structure of the business concern
C. Size and the type of the business
D. Burden of cost and repayment

Question 50:

• JAMB 2003

Use the information above to answer questions
What is the owners' equity?

A. N 250 000
B. N 300 000
C. N 420 000
D. N 200 000