The following information was extracted from the books of Jinka Enterprises as of 31st August 2015
15 cartoons of sweets at N 2,000 per carton.
25 cartons of milk at 4,000 per carton.
15 cartons of sugar 3,000 per carton.
17 cartons of soap at x5,000 per carton
The following payments were made:
Rent and rates
Salaries and wages
Fuel
Electricity
A cash discount of 6% and a 10% trade discount were allowed if payment was made within 7 days.
i. Calculate how much cash was paid for the goods bought if payment was made within 7 days.
ii. If all the goods were sold at a mark up of 20% determine the selling price.
iii. Calculate the value of the newt profit made.
(a) State four services rendered by courier companies.
(b) State three advantages and three disadvantages of rail transport
Country X is facing a situation where its total payments to other countries are greater than its total earnings from abroad.
(a) State the term that relates to the above situation.
(b) Explain six measures the country could take to correct the situation
(a) List six advertising media used in business.
(b) What is personal selling?
(c) State four advantages and two disadvantages of personal selling
(a) State three benefits of a commodity exchange.
(b) Explain two methods of trading in a commodity exchange.
(c) State four requirements for trading in a commodity exchange
(a) State five reasons that would make a bank dishonor a customer’s cheque.
(b) State five reasons countries introduce restrictions in foreign trade.
The staff of Kander Manufacturing Company Limited formed a cooperative society to enable them to have access to funds.
(a) Name the type of cooperative society they formed.
(b) State four features of the cooperative society.
(c) State three advantages and two disadvantages of the cooperative society
(a) List four career opportunities available to a student of commerce.
(b) State two functions of an entrepreneur.
(c) Explain the following activities giving two examples of each:
i. extractive industry
ii. construction industry;
iii. manufacturing industry;
iv. tertiary industry.
An instruction to a bank to make regular payment to a third party on behalf of a customer is
- A. standing order
- B. money order
- C. money transfer
- D. credit transfer
The difference between commercialization and privatization is that commercialized businesses
- A. are government-owned while privatized businesses are owned by individuals
- B. are non-profit making ventures while privatized businesses are profit oriented
- C. can sell shares while privatized businesses cannot
- D. employs more workers than privatized businesses
The combination of business activities of Abbas Ltd and Denko Ltd to form one large company is
- A. an amalgamation
- B. a consortium
- C. an acquisition
- D. a cartel
A customer who wishes to withdraw an amount greater than the balance in his current account would apply for?
- A. a standing order
- B. an overdraft
- C. a loan
- D. a credit transfer
Which of the following is not an economic grouping in West Africa?
- A. Lake Chad Basin Commission
- B. Economic Community Of West African States
- C. European Union
- D. Niger Basin Commission
A source of capital to a public company which attracts a fixed rate of interest is
- A. an ordinary share
- B. a subvention
- C. a debenture
- D. an overdraft
The headquarters of the Mano River Union is in
- A. Freetown
- B. Monrovia
- C. Conakry
- D. Abidjan
The restructuring of a government enterprise with the intention of making it profit oriented is
- A. privatization
- B. nationalization
- C. commercialization
- D. deregulation
Which of the following business units could be commercialized?
- A. public corporation
- B. cooperative society
- C. private company
- D. sole proprietorship
The management term which refers to the number of staff a superior officer can efficiently supervise is
- A. delegation of authority
- B. division of labour
- C. unity of command
- D. span of control
Which of the following roles is performed by middle management in an organization?
- A. formation of objectives and strategies
- B. review of master plans, programmes and budgets
- C. review and appraisal of operational results
- D. implementation of organizational plans and objectives
A new offer of contract that terminates the original offer is
- A. a void contract
- B. a counter offer
- C. an invalid offer
- D. quasi contract
An agreement in which Phillip paid half of a car and accepted to pay the rest in instalments is a
- A. condition sale contract
- B. credit sale contract
- C. hire purchase contract
- D. haulage contract