Waec Commerce 2003 Past Questions and Answers

Question 11:

• WAEC 2003

A partnership without a deed shares profits/losses?

A. In the ratio of partners' capital
B. Equally among the partners
C. Proportionate to patronage
D. Proportionate to assets introduced

Question 12:

• WAEC 2003

They total amount of money actually received by a company out of the issued capital is?

A. Paid - up capital
B. Unissued capital
C. Reserved capital
D. Called-up capital

Question 13:

• WAEC 2003

If the turnover of as business is N16,000 and the cost of goods N12,000, what is the percentage of gross profit on sales?

A. 75%
B. 40%
C. 33%
D. 25%

Question 14:

• WAEC 2003

A partner without an unlimited liability is known as a?

A. Dormant partner
B. Nominal partner
C. General partner
D. Active partner

Question 15:

• WAEC 2003

A partner without an unlimited liability is known as a?

A. Dormant partner
B. Nominal partner
C. General partner
D. Active partner