UTME/SSCE Economics Practice Tests – Business Organisations

UTME/SSCE Economics Practice Tests – Business Organisations

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The size of a business unit tends to be small if the activity ______ (JAMB 1989) 

A. involves mass production of goods
B. requires a large capital
C. requires division of labour
D. involves the provision of direct services

A firm is said to be a public Joint Stock Company when it ______ (JAMB 1985) 

A. is owned by the government
B. is operated as a public corporation
C. is operated in a non-democratic fashion
D. sells shares to members of the public and publishes its accounts

The most important limitation on the partnership as a form of business enterprise is the ______ (JAMB 1988)

A. implication for partners’ liability
B. legal limitation placed on the number of partners
C. difficulties arising from having two co-ordinate heads of a firm
D. fact that each partner regardless of the capital he contributes must have the same voting rights.

A typical corporate form of business organization is owned by _____ (JAMB 1979) 

A. president of the country.
B. shareholders
C. the general manager and the executives of the business concern
D. a local government

One disadvantage of sole proprietorship is its _______ (JAMB 1984) 

A. limited liability      B. high profits      C. high sense of ownership      D. low credit rating

The liability of the sole trader is ______ (JAMB 1987) 

A. indeterminable       B. unlimited        C. transferable       D. limited

In a limited liability company, the greatest risk is borne by ______ (JAMB 1980) 

A. debenture holders
B. company executives
C. ordinary shareholders
D. preference shareholders

The moribund NEPA as a public corporation is _____ (JAMB 1983) 

A. a power generating industry in Nigeria
B. organized in a perfectly competitive market
C. a duopoly
D. a monopoly

In a public company, shares are _____ (JAMB 1986) 

A. sold to one person only
B. distributed freely
C. advertised to members of the public for subscription.
D. disposed of by the Chief Executive.

A possible factor which limits the extent of growth of a firm is the _____ (JAMB 1991)

A. existence of a monopoly
B. bureaucratic delays in decision-making
C. use of by-products
D. unwillingness to share ownership and control

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