Business Organizations - Jamb Economics Past Questions and Answers

Question 26:

• JAMB 1980

Which would you NOT consider an advantage of one-man business?

A. Freedom of action
B. Limited liabiities
C. Quick decision-making
D. Personal contact with customers
E. None o the albove

Question 27:

• JAMB 1980

A limited liability company is owned by?

A. An individual
B. Two or more partners
C. Shareholders
D. Government
E. A bank

Question 28:

• JAMB 1980

A disadvantage of the corporate form of business is the?

A. Risk of the owners of loss of personal effects if the business should fail
B. Ability of the corporation to is financial resources
C. Limited life span of the corporation
D. Problems presented by separation ownership from control
E. None of the above

Question 29:

• JAMB 1980

In a limited liability company, the greatest risk is borne by?

A. Debenture holders
B. Company executives
C. Ordinary shareholders
D. Preference shareholders
E. Borad of directors

Question 30:

• JAMB 1981

unlimited liability means?

A. The government can tax a company without limit
B. The debts of a company must be paid out of it assets
C. A company ceases to exist at the death of one of its owners
D. A firm must pay its debts from business as well as private funds
E. None of the above