JAMB and WAEC Economics questions

745 questions with answers and explanations. Tap an option to check yourself.

1. Question 41· Business organisations· JAMB

   Perpetual succession means a company

   • Adies with its owner
   • Bcontinues to exist despite changes in owners
   • Cmust close yearly
   • Dhas one owner

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   Explanation and discussion

2. Question 42· Business organisations· WAEC

   A public company fails owing ₦5 million. A shareholder who invested ₦100,000 can lose at most

   • A₦5 million
   • B₦100,000
   • Cnothing
   • Dall his personal property

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   Explanation and discussion

3. Question 43· Business organisations· JAMB

   Limited liability means that shareholders

   • Acan lose only the money they invested in the company
   • Bmust pay all the company's debts
   • Ccannot sell their shares
   • Dmanage the company daily

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   Explanation and discussion

4. Question 44· Business organisations· WAEC

   A sole proprietorship is a business

   • Aowned by shareholders
   • Bowned and controlled by one person
   • Cowned by government
   • Downed by two to twenty partners

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   Explanation and discussion

5. Question 45· Business organisations· JAMB

   The shares of a public limited company can be

   • Atransferred only with government approval
   • Bheld by only one person
   • Csold only to family members
   • Dsold to the general public through the stock exchange

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6. Question 46· Business organisations· WAEC

   The Nigerian Ports Authority is an example of

   • Aa partnership
   • Ba sole proprietorship
   • Ca public corporation
   • Da cooperative society

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   Explanation and discussion

7. Question 47· Business organisations· WAEC

   A business unit in which one person supplies the capital and takes all the decisions is a

   • Apartnership
   • Bpublic company
   • Csole proprietorship
   • Dcooperative

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   Explanation and discussion

8. Question 48· Business organisations· WAEC

   A public limited company raises capital mainly by

   • Aborrowing from friends only
   • Bselling shares to the public
   • Cpartners' contributions
   • Dgovernment grants

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   Explanation and discussion

9. Question 49· Business organisations· WAEC

   Cooperative societies operate on the principle of

   • Aone share, one vote
   • Bone member, one vote
   • Cprofit maximisation
   • Dgovernment control

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10. Question 50· Business organisations· WAEC

    Public corporations are set up mainly to

    • Amaximise profit
    • Bsell shares abroad
    • Ccompete with sole traders
    • Dprovide essential services

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    Explanation and discussion

11. Question 51· Business organisations· JAMB

    Public corporations are owned by

    • Aa single individual
    • Bshareholders on the stock exchange
    • Cthe government
    • Dpartners

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    Explanation and discussion

12. Question 52· Business organisations· WAEC

    Shareholders of a limited liability company can lose at most

    • Atwice their investment
    • Ball their personal property
    • Cnothing at all
    • Dthe amount they invested

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    Explanation and discussion

13. Question 53· Business organisations· JAMB

    Public enterprises are set up mainly to

    • Aprovide essential services
    • Bmaximise private profit only
    • Cpay dividends to shareholders
    • Dcompete abroad

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    Explanation and discussion

14. Question 54· Business organisations· JAMB

    A public limited company can raise capital by

    • Aissuing shares to the public
    • Bprinting money
    • Ccollecting taxes
    • Dfixing prices

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    Explanation and discussion

15. Question 55· Business organisations· JAMB

    The profits of a public corporation are mainly used for

    • Apaying private shareholders
    • Bimproving services or paid to government
    • Cadvertising
    • Dpaying taxes abroad

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    Explanation and discussion

16. Question 56· Business organisations· JAMB

    A holding company is one that

    • Aholds only cash
    • Bowns controlling shares in other companies
    • Cis owned by the government
    • Ddoes not trade

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    Explanation and discussion

17. Question 57· Business organisations· JAMB

    The main source of capital for a sole proprietor is

    • Adebentures
    • Bthe sale of shares
    • Chis personal savings
    • Dgovernment grants

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    Explanation and discussion

18. Question 58· Business organisations· WAEC

    A public corporation is owned by

    • Athe government
    • Bshareholders on the stock exchange
    • Cpartners
    • Dcooperative members

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19. Question 59· Business organisations· JAMB

    A producer cooperative is formed by

    • Aproducers who pool resources to produce and market goods
    • Bconsumers only
    • Cbanks
    • Dgovernment

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    Explanation and discussion

20. Question 60· Economic growth and development· WAEC

    Development planning involves

    • Aremoving government
    • Bignoring the future
    • Cstopping investment
    • Dsetting targets and allocating resources over a period

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    Explanation and discussion