Financing Business - Jamb Commerce Past Questions and Answers

Question 31:

• JAMB 1999

An abridged version of a company's income statement for 11993 contains the following information:
N
Turnover 286.5
cost of goods sold 147.5
overhead and other expenses 85.5
Taxes due for the year 26.9
What was the company's profit before tax for 1993?

A. 26.9 million
B. 53.5 million
C. 139.2 million
D. 286.5 million

Question 32:

• JAMB 1999

Use the document below to answer question
Okon Etim Esin is the?

A. Debtor
B. Creditor
C. Exporter
D. Importer

Question 33:

• JAMB 1999

A company which issues a promissory note in lieu of payment for goods purchased

A. Can refuse to pay ondue date since it is only a promise
B. Is bound to redeem the note for cash on due date
C. Is not bound to renew the note before payment
D. Can return the goods purchase and refuse to pay

Question 34:

• JAMB 2000

Bank overdraft as a short term source of fund is

A. An overdrawn account
B. Granted to a newly opened account
C. Repayable after more than a year
D. A current liability

Question 35:

• JAMB 2000

Use the information below to answer question
What is the total fixed capital?

A. N 570,000
B. N 570,000
C. N 575,000
D. N 675,000