Commerce 2009 Jamb Examination
Question 41
Market skimming is a pricing policy where high prices are set initially to maximize profit from early adopters before gradually lowering prices. Therefore the correct option is C.
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Question 42
The essential elements in a contract of sale of goods are offer and acceptance. Therefore the correct option is C.
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Question 43
Unresolved disputes between employers and employees are referred to the Industrial Arbitration Tribunal. Therefore the correct option is D.
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Question 44
Debugging is the process of detecting and removing errors or viruses from computer programs. Therefore the correct option is B.
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Question 45
The cache is part of the primary memory component of a computer system. Therefore the correct option is A.
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Question 46
Transferring money between accounts within banks using electronic systems is an example of e-banking. Therefore the correct option is D.
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Question 47
The economic environment relates to macroeconomic factors such as national income growth and economic expansion; the growth rate is a primary economic indicator. Therefore the correct option is C.
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Question 48
Proper disposal of wastes relates directly to protecting the environment. This is an environmental responsibility of the firm. Therefore the correct option is B.
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Question 49
Ojo's Balance sheet as at 31st Dec 2006 \[ \begin{array}{|l|r|l|r|} \hline & \# & & \# \\ \hline Capital & 10,000 & Land \& building & 12,000 \\ Drawings & 600 & Fittings & 850 \\ & 9,400 & Motor vans & 1,600 \\ Profit & 6,200 & Cash & 2,150 \\ & 15,600 & Prepayments & 700 \\ Creditors & 1,800 & Debtors & 100 \\ & 17,400 & & 17,400 \\ \hline --- & & & \\ \hline \end{array} \] 10% IS CHARGED ON DEPRECIATION OF FIXED ASSETS Determine the value of Ojo's fixed assets
Total fixed assets shown = Land & Building (12,000) + Fittings (850) + Motor vans (1,600) = 14,450.
Depreciation at 10% = 1,445.
Net fixed assets = 14,450 - 1,445 = 13,005.Â
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Question 50
Working capital = Current Assets - Current Liabilities. Current Assets = Cash (2,150) + Prepayments (700) + Debtors (100) = 2,950. Current Liabilities = Creditors (1,800). Working capital = 2,950 - 1,800 = 1,150. Correct option is D.
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