A partner who contributes only his name to the formation of a partnership is
- A. a nominal partner
- B. a limited partner
- C. a general partner
- D. an active partner
Sales ———————————– #50,000
Debtors ——————————– #10,000
Cash-in-hand ————————–#5,000
Opening stock ————————-#30,000
Creditors ——————————- #8,000
Purchases —————————– #16,000
Overdraft ——————————- #12,000
Closing stock ————————– #10,000
Calculate the gross profit.
- A. #35,000.00
- B. #20,000.00
- C. #15,000.00
- D. #14,000.00
Use the information below to answer question 13 and 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 |
calculate the working capital.
- A. #35,000.00
- B. #20,000.00
- C. #15,000.00
- D. #14,000.00
An internal source of finance to an entrepreneur is
- A. trade credit
- B. retained earning
- C. overdraft
- D. debenture
Which of the following documents would a shareholder inspect to know his voting rights?
- A. Articles of Association
- B. Certificate of Incorporation
- C. Certificate of Trading
- D. Memorandum of Association
A retail business that sells goods by post, using catalogues is a
- A. chain store
- B. department store
- C. mail order firm
- D. shopping mall
Average stock is derived by adding
- A. closing stock to purchases divided by 2
- B. closing stock to opening stock
- C. opening stock to closing stock divided by 2
- D. opening stock to purchases
A group of sellers who pool their resources to buy goods in large quantities and sell to its members is a
- A. wholesale cooperative society
- B. thrift and credit society
- C. consumer cooperative society
- D. chamber of commerce
Which of the following organizations provide essential goods and services at low cost to citizens?
- A. Thrift societies
- B. public enterprises
- C. private companies
- D. cooperative societies
The resources put together to create goods and services are
- A. working capital
- B. producer goods
- C. factors of production
- D. consumer goods
The service of a retailer is part of production because it
- A. creates a link between consumers and producers
- B. enables finished goods to reach consumers
- C. increases consumers' standard of living
- D. is a commercial occupation
The of the products of the construction industry is a
- A. piece of cloth
- B. bag of cement
- C. television
- D. chair
The growth of Pro commerce is not enhanced by
- A. development of modern forms of production
- B. government participation in business
- C. high population growth
- D. low per capita income
The provision of services is classified under
- A. batch production
- B. flow production
- C. secondary production
- D. tertiary production
An article used as a means of exchange in the early days of trade in West Africa was
- A. Cedi
- B. Cowrie
- C. Dalasi
- D. Naira