Registration of businesses - 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 1995

If a partnership deed is silent on how profits are to be shared, partners share profits

A. In the ratio of the value of business secured by each partner for the partnership
B. In the ratio of partner capital contributions
C. In an equal proportion irrespective of partners's capital contributons
D. According to duties performed by each partner

Question 3:

• JAMB 1995

Which of the following information is contained in the Articles of Association of a limited liability company?

A. Rights and obligations of directors
B. Objectives of the company
C. Amount of share capital
D. Limitation of liability of shareholders.

Question 4:

• JAMB 1995

One of the implications of the incorporation of a company is that

A. It is more difficult for the company to raise loans
B. The company can sue but cannot be sued
C. The company's property becomes distinguished from that of its members
D. Its members become liable for all the debts of the company

Question 5:

• JAMB 1995

A public limited company can raise long-term loans through

A. The capital market
B. The money market
C. Bank overdrafts
D. Discount houses