Business Organizations - Jamb Economics Past Questions and Answers

Question 41:

• 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 42:

• JAMB 1985

A corporation can obtain funds by issuing bonds. A bond is a form of debt which falls due to repayment after?

A. 6 months
B. 9 mnths
C. 2 years
D. 5 years
E. 10 or more years

Question 43:

• JAMB 1985

A firm is said to be a public Joint Stock Company when it?

A. Is owned by the government
B. Is operated as a public corporation
C. Is operated in a non-democratic fashion
D. Sells shares to members of the public and publishes its account
E. Is a limited liability company

Question 44:

• 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

Question 45:

• JAMB 1985

When a business has unlimited liability

A. All its profits can be taxed away by the government
B. All its assets are owned by the members of its board of directors
C. The business ceases to exist at the death of one of its owners
D. The owners are responsible for all its financial debts
E. The owners are not responsible for all its financial debts