Calculation of turnover - Jamb Commerce Past Questions and Answers

Question 1:

• JAMB 1994

Commerce is defined as the study of how

A. Man utilizes the resources in his physical environment
B. Man produces, distributes and consumes his goods and services
C. Man buys, sells and distributes goods and services
D. Raw materials are changed into finished goods

Question 2:

• JAMB 2019

Use this information to answer this question. Below is the trading, profit and loss Account particulars of Amadi peterside and Brothers for the year ended 31st December 1986.

stock Purchase	1000 7000	Sales	8000
Closing Stock	3000

Trading Expenses the figures given, calculatePercentage of net profit to turnover

A. 30%
B. 5%
C. 10%
D. 20%

Question 3:

• JAMB 1995

The financial index which compares current assets directly with current liabilities is known as current

A. Turnover
B. Capital
C. Ratio
D. Balance

Question 4:

• JAMB 1995

Profit that is expressed as a percentage of the cost of goods sold is referred to as

A. Margin
B. Mark-up
C. Gain percent
D. Gross profit

Question 5:

• JAMB 1997

The turnover of firm maybe affected by

A. The demand for its product
B. The cost of its goods sold
C. Its closing stock
D. Its net assets