Private enterprises - Jamb Economics Past Questions and Answers

Question 16:

• JAMB 1983

In a sole proprietorship, the decisions are made by the?

A. Governmnet
B. Borad of directors
C. Management
D. Shareholders'conference
E. Owner

Question 17:

• JAMB 1983

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 18:

• JAMB 1984

One disadvantage of sole proprietorship is its?

A. Limited libility
B. High profits
C. High sense of ownership
D. Low credit rating
E. Low failure rate

Question 19:

• JAMB 1984

The basic principles of co-operative societies are those of?

A. Active participation of capitalist in the affairs of co-operative societies
B. Worker ownership and worker control
C. Sole proprietorship
D. Partnership
E. Denying of credit facilities to members

Question 20:

• JAMB 1985

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