Commerce 2005 Jamb Examination
Question 41
The local market refers to a market where only indigenous firms participate, catering exclusively to domestic producers and consumers.
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Question 42
An Initial Public Offering (IPO) is undertaken through the primary securities market where companies offer shares to the public for the first time to raise capital.
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Question 43
Partnerships can increase their capital by admitting a new partner who brings in additional funds or resources, thereby increasing the firm’s equity base.
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Question 44
The net worth of a business is the excess of total assets over total liabilities, representing the owners’ equity or shareholders’ funds.
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Question 45
Bulls are investors who buy stocks expecting the prices to rise, driving market activity during upward trends.
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Question 46
Capital employed refers to the total value of fixed and current assets used in running a business. It represents the funds invested in assets to generate profits.
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Question 47
Reducing the cash reserve ratio allows commercial banks to lend more money, thereby increasing the money supply in the economy.
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Question 48
Bonds provide a fixed return and are less volatile than equities, making them suitable as a hedge against inflation.
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Question 49
A crossed cheque can only be paid into the account of the payee, reducing the risk of theft or fraud compared to uncrossed cheques.
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Question 50
Given:
Sales...........................N15 000
Opening stock...................N5 600
Purchases.......................N9 700
Closing stock...................N4 400
Gross profit....................N4 500
Net profit......................N2 200
From the data above, calculate the rate of turnover?
\[ \text{Rate of Turnover} = \dfrac{\text{Cost of Goods Sold}}{\text{Average Stock}}\]
\[ \text{COGS} = \text{Opening Stock} + \text{Purchases} - \text{Closing Stock}\]
\[ \text{COGS} = 5600 + 9700 - 4400 = 10{,}900\]
\[ \text{Average Stock} = \dfrac{\text{Opening Stock} + \text{Closing Stock}}{2}\]
\[ \text{Average Stock} = \dfrac{5600 + 4400}{2} = 5000\]
\[ \text{Rate of Turnover} = \dfrac{10{,}900}{5000} = 2.18 \; \text{times}\]
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