Objective Questions on Business Organizations

9

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A business which becomes insolvent may result in
A. continuity
B. expansion
C. liquidation
D. re-incorporation

which of the following is a source of short term capital.
A. trade credit
B. shares
C. leasing
D. debenture

The transfer of government businesses to individuals is?
A. commercialization
B. privatization
C. deregulation
D. nationalization

which of the following businesses relies on government subvention for its operation?
A. public corporation
B. public limited liability company
C. co-operative society
D. private limited liability company


2017
4. (a) State five merits of co-operative societies
(b) Explain five procedure to be followed in the formation of a Private Limited Company

4. (a) State five merits of co-operative societies
(b) Explain five procedure to be followed in the formation of a Private Limited Company


A person authorized to sell the property of a company in a winding up is
A. an auctioneer
B. an agent
C. a liquidator
D. a bailee

one disadvantage of a sole proprietorship is?
A. quick decision making
B. unlimited liability
C. pride of ownership
D. unlimited source of capital

which of the following is a source of short term finance
A. hire purchase
B. overdraft
C. lease
D. debenture

An association of businesses engaged in both trade and industry is a?
A. co-operative society
B. trade union
C. trust fund
D. chamber of commerce

which of the following statement is true of a debenture?
A. its holders receive interest
B. it forms part of a company's authorized capital
C. its owners are co-owners of the company
D. its owners control the company

If the opening stock of Ali ltd is N40,000, the cost of goods sold is N48,000 and the closing stock is N24,000, its rate of turnover will be?
A. 1.2 times
B. 1.5 times
C. 2.0 times
D. 7.5 times

A business which requires a certificate of trading in order to commence operation is a?
A. co-operative society
B. private company
C. sole propietorship
D. public company

Which of the following features is not associated with a chamber of commerce? it is
A. democratically administered
B. an independent association
C. open only to entrepreneurs
D. a voluntary association

An advantage of privatizing a firm is that it?
A. becomes more efficient
B. sells goods at low prices
C. employs more workers
D. attracts more customers

A transfer of authority from a superior officer to his subordinate in an arboration is?
A. controlling
B. decentralization
C. delegation
D. directing

The provision of scholarship by a firm to needy students is part of its?
A. political responsibility
B. economic responsibility
C. social responsibility
D. legal reponsibility

2018
2. (a) Discuss any five factors to be considered by Mr. Touray in locating his shop.
(b) Explain five ways a wholesaler can aid Mr. Touray's business.

4. (a) Draw up an organisational chart of Adama's Pure Water Production Ltd.
(b) Briefly state two functions each of the following departments of the company:
(i)Accounts (ii) Administration (iii) Marketing (iv) Production

A consortium is a group made up of two or more individuals, companies, or governments that work together to achieving a common objective
A. a subsidiary
B. a merger
C. a consortium
D. an acquisition

The share capital of a company stated in the memorandum of association and approved by the registrar of companies is
A. working capital
B. paid-up capital
C. nominal capital
D. called-up capital

one of the aims of a trade association is to
A. liaise with other trade associations in other countries
B. organize trade fairs and exhibitions
C. provide quality goods and services
D. promote commercial activities in their business

The restructuring of a government enterprise with the intention of making it profit oriented is
A. privatization
B. nationalization
C. commercialization
D. deregulation

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 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

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

2019 The staff of Kander Manufacturing Company Limited formed a cooperative society to enable them to have access to funds.
2. (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


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 N3,500
Salaries and wages N8,000
Fuel N2,000
Electricity N1,500


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 markup of 20% determine the selling price.
iii. Calculate the value of the newt profit made.


One advantage of sole proprietorship is that?
A. access to large capital is easy
B. decisions are made promptly
C. business risks are spread
D. continuity of business is assured

A business unit in which savings of members are lent to others is a?
A. consumer cooperative society
B. producer cooperative society
C. credit and thrift society
D. wholesale cooperative society