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Commerce 1995 JAMB Past Questions

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31
If a partnership deed is silent on how profits are to be shared, partners share profits
  • A. in the ratio of the value of business secured by each partner for the partnership
  • B. in the ratio of partner capital contributions
  • C. in an equal proportion irrespective of partners's capital contributons
  • D. according to duties performed by each partner
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32
Which of the following information is contained in the Articles of Association of a limited liability company?
  • A. Rights and obligations of directors
  • B. Objectives of the company
  • C. Amount of share capital
  • D. Limitation of liability of shareholders.
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33
The merger of two companies producing the same type of products is an example of
  • A. vertical integration
  • B. horizontal integration
  • C. lateral merger
  • D. an acquisition
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34
One of the implications of the incorporation of a company is that
  • A. it is more difficult for the company to raise loans
  • B. the company can sue but cannot be sued
  • C. the company's property becomes distinguished from that of its members
  • D. its members become liable for all the debts of the company
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35
The main advantage of a sole trader is the freedom to
  • A. employ anyone he likes
  • B. seek advice from any source
  • C. take quick decisions
  • D. plough all the profits back into the business
View Answer & Discuss JAMB 1995
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