Commerce 2019 Jamb Examination
Question 41
The memorandum of association deals with the company's powers and relationship with outsiders, unlike the articles that cover internal workings.
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Question 42
MAN (Manufacturers Association of Nigeria) is not a federal corporation or board.
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Question 43
Amateur management is not a basic characteristic of a co-operative society.
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Question 44
Amateur management is not considered a basic characteristic of a co-operative society.
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Question 45
A private limited liability company is restricted to fifty members and its shares are not issued to the public.
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Question 46
Use this information to answer this question. Below is the trading, profit and loss Account particulars of Amadi peterside and Brothers for the year ended 31st December 1986.
| ₦ | ₦ | ||
| Opening stock Purchase |
1000 7000 |
Sales | 8000 |
| Closing Stock | 3000 |
Trading Expenses
Electricity Salaries Rent Depreciations |
₦ 135 875 180 210 |
From the figures given, calculate Gross profit
Compute cost of goods sold (COGS) = Opening stock + Purchases - Closing stock = 1,000 + 7,000 - 3,000 = 5,000. Gross profit = Sales - COGS = 8,000 - 5,000 = 3,000.
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Question 47
Use this information to answer this question. Below is the trading, profit and loss Account particulars of Amadi peterside and Brothers for the year ended 31st December 1986.
| ₦ | ₦ | ||
| Opening stock Purchase |
1000 7000 |
Sales | 8000 |
| Closing Stock | 3000 |
Trading Expenses
Electricity Salaries Rent Depreciations |
₦ 135 875 180 210 |
From the figures given, calculate Net profit
From prior calculation, Gross profit = 3,000. Total trading expenses = 135 + 875 + 180 + 210 = 1,400. Net profit = Gross profit - Expenses = 3,000 - 1,400 = 1,600.
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Question 48
Use this information to answer this question. Below is the trading, profit and loss Account particulars of Amadi peterside and Brothers for the year ended 31st December 1986.
| ₦ | ₦ | ||
| Opening stock Purchase |
1000 7000 |
Sales | 8000 |
| Closing Stock | 3000 |
Trading Expenses
Electricity Salaries Rent Depreciations |
₦ 135 875 180 210 |
From the figures given, calculate Percentage of net profit to turnover
Net profit = 1,600 (see calculation). Turnover (Sales) = 8,000. Percentage = (1,600 / 8,000) × 100 = 20%.
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Question 49
An offer made to several people at the same time is an invitation to treat (option presented as "Invitation to threat").
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Question 50
A counter-offer is a response to an original offer which varies its terms; it is therefore different from the original offer.
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