Commerce 2022 Jamb Examination
Question 11
A shareholder’s voting rights are contained in the Articles of Association, which regulate internal management of the company.
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Question 12
Retained earnings are profits kept within the business, making them an internal source of finance.
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Question 13
| # | |
| Sales | 50,000.00 |
| Debtors | 10,000.00 |
| Cash in hand | 5,000.00 |
| Opening stock | 30,000.00 |
| Creditors | 8,000.00 |
| Purchases | 16,000.00 |
| Overdraft | 12,000.00 |
| Closing stock | 10,000.00 |
Use the information above to answer this question:
Working capital = Current assets - Current liabilities
= (debtors + cash in hand + closing stock ) - ( overdraft + creditors)
= (10,000 + 5,000 + 10,000 ) - (8,000 + 12,000)
= 25,000 - 20,000
= 5,000
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Question 14
| # | |
| Sales | 50,000.00 |
| Debtors | 10,000.00 |
| Cash in hand | 5,000.00 |
| Opening stock | 30,000.00 |
| Creditors | 8,000.00 |
| Purchases | 16,000.00 |
| Overdraft | 12,000.00 |
| Closing stock | 10,000.00 |
Use the information above to answer this question:
Cost of goods sold = Opening stock + Purchases − Closing stock = 30,000 + 16,000 − 10,000 = 36,000. Gross profit = Sales − COGS = 50,000 − 36,000 = ₦14,000.
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Question 15
A nominal partner does not invest capital or take active part in management but lends his name to the firm.
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Question 16
A consumer's association advocates for the protection of consumers’ interests, including the supply of constant electricity.
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Question 17
A tied shop sells only one product or products from one manufacturer exclusively.
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Question 18
The visible balance of payment relates to trade in physical goods, mainly exports and imports of goods.
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Question 19
Divisibility allows money to be broken into smaller units for small transactions.
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Question 20
Commercial banks accept deposits from the public, a function not performed by central banks.
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