Jamb Commerce Past Questions and Answers

Question 286:

• JAMB 1998

The primary objective of a business organization is to

A. Cater for the neds of its owners
B. Work towards making returns
C. Assist the government to serve the citizens
D. Improve the standard of living of its proprietors

Question 287:

• JAMB 1998

Service which are of absolute monopoly can can best be proved by

A. Private companies
B. Limited liability companies
C. Public companies
D. Public enterprises

Question 288:

• JAMB 1998

One advantage the co-operative society has over the company is that the

A. The latter pays tax while the former does not
B. Former attract more capitals than the later
C. Members of the former is usually morethan the latter
D. Former, unlike the latter, has limited liabities

Question 289:

• JAMB 1998

Use the above information below to answer question 7 and 8.
Mr obi is a manager of obi Agricultural Venture.
he makes all the decisions and takes all profits
from the business. H e had agreed with Alhaji Musa
It can be deduce from the above that obi AgricultrualVenture is a
(a farmer) to pool their resources together and
expand their business.They invited Mr Abayomi
(a cotton grower) to join them. Mr Abayami agreed on the condition that his liability in the new firm will be limited to his investment in it. The thus registered Obi, Musa and Abayaomi''s Agricultural ventures.

A. A sole proprietorship
B. General partnership
C. Limited partnership
D. Limited partnership
E. Joint partnership

Question 290:

• JAMB 1998

Which of the statements below is true of Mr Abayomi?

A. He can assign his shares to another without consent of other partners
B. He cannot take part in the management of the business
C. His actions as a limited partner can bind the firm
D. His death will automatically dissolve partnership