Sources of finance - 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 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 3:

• JAMB 2019

Use the following information to answer this question.

The following is a summary of the asset and liabilities of Ojo trading company as at 31st December, 2018

Initial Capital	5000
Net Profit	1000
Furniture	2000
Equipment	2900
Debtors	100
Stock	1000
Bank	500

From the above, calculate Current assets

A. 1600
B. 1060
C. 1500
D. 600

Question 4:

• JAMB 1997

Leasing is the right to use asset for an agreed period in return for

A. Profit
B. Interest
C. Wages
D. Rents

Question 5:

• JAMB 1997

The form of business financing which involves pledging of a specific asset is

A. Debenture
B. Mortgage
C. Loan
D. Bond