1) A partnership may be automatically dissolved due to the following factors except________
A. Court verdict
B. Joint decision
C. Admission of new partners
D. Bankruptcy of a partner2
2) One of the disadvantages of Sole Proprietorship is__________
A. It requires small operations
B. It involves small capital
C. It lacks specialization
D. Grants from government3
3) In the formation of a united liability company, the following documents are prepared except_______
A. Memorandum of Association
B. Article of Association
C. Statement of Nominal Capita
D. Prospectus
4) The process of winding up or bringing a company to an end is________
A. Dissolution
B. Liquidation
C. Integrating
D. Merger5
5) Use the following information to answer this question.
The following is a summary of the asset and liabilities of Ojo trading company as at 31st December, 2018
Initial Capital 5000
Net Profit 1000
Furniture 2000
Equipment 2900
Debtors 100
Stock 1000
Bank 500
From the above, calculate Current assets
A. 1600
B. 1060
C. 1500
D. 600
6) The following is a summary of the asset and liabilities of Ojo trading company as at 31st December, 2018
Initial Capital 5000
Net Profit 1000
Furniture 2000
Equipment 2900
Debtors 100
Stock 1000
Bank 500
From the above, calculate Fixed assets
A. 6500
B. 2000
C. 4900
D. 600
7) The following is a summary of the asset and liabilities of Ojo trading company as at 31st December, 2018
Initial Capital 5000
Net Profit 1000
Furniture 2000
Equipment 2900
Debtors 100
Stock 1000
Bank 500
From the above, calculate Current liabilities
A. 100
B. 6000
C. 600
D. 30008
8) In a law of contract, what is given in exchange for a promise to perform is_____
A. offer
B. acceptance
C. warranty
D. consideration
9) Examples of Commercial occupation are all except___________
A. Bankers
B. Traders
C. Insurers
D. Goldsmith
10) All but one is not an output devices?
A. Joystick
B. Monitor
C. Plotter
D. Printer13
