Commerce Past Questions and Answers

A common requirement for public and private limited companies in Nigeria is that

A A shareholder cannot transfer his shares to someone else without permission from other shareholders
B Their annual account are made available to the Corporate Affairs Commision
C Shares can be offered for sale on the stock exchange
D Shares can be offered for sale through an issuing house

Question 7:

The primary motive behind an individual engaging in production is to?

A Fully engaged all the factors of production
B Make available goods and services
C Meets projected profit
D Meet basic human needs

Question 8:

Musa obtains wool from his sheep, spins and transforms it into cloth which he sells to consumers. This is a form of

A Vertical integration
B Horizontal integration
C Forward intergration
D Backward integration

Question 9:

A company has an authorized capital of 40 million shares at N1 per share, out of which 32 million shares have been issued and fully paid-up. The remaining 8 million shares have

A Been issued but have not been paid-up
B Been applied for but not issued
C Not been paid-up
D Not yet been issued

Question 10:

An abridged version of a company's income statement for 11993 contains the following information: N Turnover 286.5 cost of goods sold 147.5 overhead and other expenses 85.5 Taxes due for the year 26.9 What was the company's profit before tax for 1993?

A 26.9 million
B 53.5 million
C 139.2 million
D 286.5 million