Financing Business - Commerce Jamb 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 1994

What are fixtures and fittings in a balance sheet?

A. liquid capital
B. current assets
C. Fixed assets
D. Working capital

Question 3 :

• JAMB 1994

A pro forma invoice is NOT required when

A. Quoting for the supply of goods
B. goods are sent on approval
C. Dealing regularly with a customer
D. Final prices are uncertain

Question 4 :

• JAMB 1994

What is the working capital as at December 31,1992?

A. N 65 250
B. N60 000
C. N 48 650
D. N 41 950

Question 5 :

• JAMB 1994

A company earned a total revenue of N108 million with a total cost of N91 million in 1991. If it paid 45% tax on its gross profit for that year, determine its net profit.

A. N24.65 million
B. N17.00million
C. N9. 35 million
D. N7.65million