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Limited liability companies - Jamb Economics Past Questions and Answers

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Jamb Economics Past Questions

Jamb Past Questions and Answers on Limited liability companies

Question 6:


In the event of a limited liability company going into liquidation each

A. Shareholder may lose the maximum of the amount he has invested
B. Shareholder loses nothing
C. Shareholders loses everything including his house
D. Shareholder''s liability becomes unlimited
E. Shareholder will lose the amount he has invested plus a proportion of his bank account


Question 7:


Limited liability means?

A. The debts of a company can only be paid from its own assets
B. The debts of a company are paid from business as well as private funds of the owners
C. Government cannot tax the company
D. The debts of a company must be paid from private funds only
E. The company does not have to pay its debts


Question 8:


Which of the following is NOT a part of the fixed costs of a limited liability company?

A. Interest on loans
B. Rent on buildings
C. Depreciation reserves
D. Management expenditure
E. Wages


Question 9:


Which of the following is a characteristic of private limited liability company?

A. Its shares can be sold to the public
B. The number of shareholders ranges from fifty to one hundred
C. All shareholders have equal powers and responsibilities
D. The number of shareholders ranges from two to fifty


Question 10:


A limited liability company is usually owned by?

A. An individual
B. A government
C. Shareholders
D. Two or more partners






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