Private enterprises - Jamb Economics Past Questions and Answers

Question 1:

• JAMB 2018

Among the disadvantages of the one-man business is the fact that______

A. Its capital may not be increased without government permission
B. The proprietor is personally liable for the firm's debts
C. The proprietor is not able to obtain credit
D. The proprietor may not sue for bad debts

Question 2:

• JAMB 2019

A limited liability company is owned by________________

A. A bank
B. An individual
C. Two or more partners
D. Share holders

Question 3:

• JAMB 2019

The minimum number of share holders for joint stock companies is_______________

A. 4
B. 2
C. 7
D. 3

Question 4:

• JAMB 2017

Which of these is a type of partnership in business?

A. Limited partnership
B. Limited liability company
C. Private partnership
D. Joint stock partnership

Question 5:

• JAMB 2017

The basic principle of cooperative societies is to ________

A. Maintain the integrity of their members
B. Protect the interest and pursue the welfare of members
C. Ensure better working conditions for members
D. Provide voluntary services to the members