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If the price of an item is ₦1,000 inclusive of VAT, what is the original price before VAT?- a)₦750
- b)₦825
- c)₦875
- d)₦925
Correct answer is option 'B'. Can you explain this answer?
If the price of an item is ₦1,000 inclusive of VAT, what is the original price before VAT?
a)
₦750
b)
₦825
c)
₦875
d)
₦925
|
Sun Ray Institute answered |
Let the original price before VAT be P.
VAT = 7.5% of P
Price inclusive of VAT = P + VAT
₦1,000 = P + 0.075P
₦1,000 = 1.075P
P = ₦1,000 / 1.075
P ≈ ₦825 (Original price before VAT)
VAT = 7.5% of P
Price inclusive of VAT = P + VAT
₦1,000 = P + 0.075P
₦1,000 = 1.075P
P = ₦1,000 / 1.075
P ≈ ₦825 (Original price before VAT)
In a partnership, A invested ₦80,000 for 6 months, while B invested ₦120,000 for 8 months. If they shared a profit of ₦60,000, what is A's share?- a)₦20,000
- b)₦25,000
- c)₦30,000
- d)₦35,000
Correct answer is option 'C'. Can you explain this answer?
In a partnership, A invested ₦80,000 for 6 months, while B invested ₦120,000 for 8 months. If they shared a profit of ₦60,000, what is A's share?
a)
₦20,000
b)
₦25,000
c)
₦30,000
d)
₦35,000
|
|
Sun Ray Institute answered |
The share of each partner is determined based on their investment and the time period.
A's share is (₦80,000 x 6 months) / [(₦80,000 x 6 months) + (₦120,000 x 8 months)] x ₦60,000
= ₦30,000.
A's share is (₦80,000 x 6 months) / [(₦80,000 x 6 months) + (₦120,000 x 8 months)] x ₦60,000
= ₦30,000.
In a partnership, A invested ₦60,000 for 4 months, while B invested ₦90,000 for 6 months. If they shared a profit of ₦30,000, what is B's share?- a)₦9,000
- b)₦12,000
- c)₦15,000
- d)₦18,000
Correct answer is option 'C'. Can you explain this answer?
In a partnership, A invested ₦60,000 for 4 months, while B invested ₦90,000 for 6 months. If they shared a profit of ₦30,000, what is B's share?
a)
₦9,000
b)
₦12,000
c)
₦15,000
d)
₦18,000
|
|
Sun Ray Institute answered |
The share of each partner is determined based on their investment and the time period. B's share is
(₦90,000 x 6 months) / [(₦60,000 x 4 months) + (₦90,000 x 6 months)] x ₦30,000
= ₦15,000.
(₦90,000 x 6 months) / [(₦60,000 x 4 months) + (₦90,000 x 6 months)] x ₦30,000
= ₦15,000.
If the market value of a share is Rs.10 and a shareholder owns 500 shares, what is the value of the shareholder's investment?- a)Rs. 5
- b)Rs. 500
- c)Rs. 50,000
- d)Rs. 5,000
Correct answer is option 'D'. Can you explain this answer?
If the market value of a share is Rs.10 and a shareholder owns 500 shares, what is the value of the shareholder's investment?
a)
Rs. 5
b)
Rs. 500
c)
Rs. 50,000
d)
Rs. 5,000
|
|
Sun Ray Institute answered |
Value of the shareholder's investment = Market value per share × Number of shares
= Rs.10 × 500
= RS 5,000
= Rs.10 × 500
= RS 5,000
The profit earned by a company was shared among the three partners in the ratio 2:3:4. If the total profit was ₦240,000, what is the share of the second partner?- a)₦60,000
- b)₦80,000
- c)₦90,000
- d)₦120,000
Correct answer is option 'C'. Can you explain this answer?
The profit earned by a company was shared among the three partners in the ratio 2:3:4. If the total profit was ₦240,000, what is the share of the second partner?
a)
₦60,000
b)
₦80,000
c)
₦90,000
d)
₦120,000
|
|
Sun Ray Institute answered |
The total ratio is 2 + 3 + 4 = 9.
The share of the second partner is 3/9 of the total profit, which is (3/9) x ₦240,000
= ₦80,000.
The share of the second partner is 3/9 of the total profit, which is (3/9) x ₦240,000
= ₦80,000.
A company declares a dividend of ₦5 per share on 500,000 shares. What is the total dividend paid by the company?- a)₦25,000
- b)₦250,000
- c)₦2,500,000
- d)₦25,000,000
Correct answer is option 'C'. Can you explain this answer?
A company declares a dividend of ₦5 per share on 500,000 shares. What is the total dividend paid by the company?
a)
₦25,000
b)
₦250,000
c)
₦2,500,000
d)
₦25,000,000
|
|
Sun Ray Institute answered |
Total dividend paid = Dividend per share × Number of shares
= ₦5 × 500,000
= ₦2,500,000
= ₦5 × 500,000
= ₦2,500,000
A company made a profit of ₦300,000. If the profit is shared among four partners, A, B, C, and D, in the ratio 2:3:4:5, how much does partner C receive?- a)₦60,000
- b)₦80,000
- c)₦90,000
- d)₦120,000
Correct answer is option 'D'. Can you explain this answer?
A company made a profit of ₦300,000. If the profit is shared among four partners, A, B, C, and D, in the ratio 2:3:4:5, how much does partner C receive?
a)
₦60,000
b)
₦80,000
c)
₦90,000
d)
₦120,000
|
|
Sun Ray Institute answered |
The total ratio is 2 + 3 + 4 + 5 = 14.
Partner C's share is 4/14 of the total profit, which is (4/14) x ₦300,000
= ₦120,000.
Partner C's share is 4/14 of the total profit, which is (4/14) x ₦300,000
= ₦120,000.
A product is sold for ₦1,500 exclusive of VAT. If the VAT rate is 10%, what is the total amount a customer pays?- a)₦1,550
- b)₦1,600
- c)₦1,650
- d)₦1,750
Correct answer is option 'C'. Can you explain this answer?
A product is sold for ₦1,500 exclusive of VAT. If the VAT rate is 10%, what is the total amount a customer pays?
a)
₦1,550
b)
₦1,600
c)
₦1,650
d)
₦1,750
|
|
Sun Ray Institute answered |
The VAT amount is calculated as a percentage of the selling price.
VAT = 10% of ₦1,500
= (10/100) * ₦1,500
= ₦150.
Therefore, the total amount a customer pays is
₦1,500 + ₦150
= ₦1,650.
VAT = 10% of ₦1,500
= (10/100) * ₦1,500
= ₦150.
Therefore, the total amount a customer pays is
₦1,500 + ₦150
= ₦1,650.
The amount of VAT paid on an item can be calculated by:- a)Item price + VAT
- b)Item price - VAT
- c)Item price × VAT
- d)Item price ÷ VAT
Correct answer is option 'B'. Can you explain this answer?
The amount of VAT paid on an item can be calculated by:
a)
Item price + VAT
b)
Item price - VAT
c)
Item price × VAT
d)
Item price ÷ VAT
|
|
Sun Ray Institute answered |
The amount of VAT paid on an item can be calculated by subtracting the VAT from the item price.
The sum of money invested by a shareholder in a company is called:- a)Share capital
- b)Dividend
- c)Market value
- d)Value added tax (VAT)
Correct answer is option 'A'. Can you explain this answer?
The sum of money invested by a shareholder in a company is called:
a)
Share capital
b)
Dividend
c)
Market value
d)
Value added tax (VAT)
|
|
Sun Ray Institute answered |
Share capital refers to the total amount of money invested by shareholders in a company.
If the price of an item increases by 10% due to VAT, what is the VAT rate applied?- a)5%
- b)7.5%
- c)10%
- d)12.5%
Correct answer is option 'C'. Can you explain this answer?
If the price of an item increases by 10% due to VAT, what is the VAT rate applied?
a)
5%
b)
7.5%
c)
10%
d)
12.5%
|
|
Sun Ray Institute answered |
The VAT rate applied is equal to the percentage increase in price due to VAT. Therefore, if the price of an item increases by 10%, the VAT rate applied is 10%.
A company's sales revenue is ₦2,000,000 and it charges 7.5% VAT on its products. What is the total amount of VAT collected by the company?- a)₦75,000
- b)₦145,000
- c)₦150,000
- d)₦1,425,000
Correct answer is option 'A'. Can you explain this answer?
A company's sales revenue is ₦2,000,000 and it charges 7.5% VAT on its products. What is the total amount of VAT collected by the company?
a)
₦75,000
b)
₦145,000
c)
₦150,000
d)
₦1,425,000
|
|
Sun Ray Institute answered |
Total amount of VAT collected = Sales revenue × VAT rate
= ₦2,000,000 × 0.075
= ₦150,000
= ₦2,000,000 × 0.075
= ₦150,000
A company made a profit of ₦600,000. If the profit is shared among three partners, A, B, and C, in the ratio 2:3:5, how much does partner B receive?- a)₦100,000
- b)₦200,000
- c)₦300,000
- d)₦400,000
Correct answer is option 'B'. Can you explain this answer?
A company made a profit of ₦600,000. If the profit is shared among three partners, A, B, and C, in the ratio 2:3:5, how much does partner B receive?
a)
₦100,000
b)
₦200,000
c)
₦300,000
d)
₦400,000
|
|
Sun Ray Institute answered |
The total ratio is 2 + 3 + 5 = 10.
Partner B's share is 3/10 of the total profit, which is (3/10) x ₦600,000
= ₦200,000.
Partner B's share is 3/10 of the total profit, which is (3/10) x ₦600,000
= ₦200,000.
What is the formula to calculate the rate of return on an investment?- a)Rate of return = Profit × Investment
- b)Rate of return = Profit / Investment
- c)Rate of return = Investment / Profit
- d)Rate of return = Investment + Profit
Correct answer is option 'B'. Can you explain this answer?
What is the formula to calculate the rate of return on an investment?
a)
Rate of return = Profit × Investment
b)
Rate of return = Profit / Investment
c)
Rate of return = Investment / Profit
d)
Rate of return = Investment + Profit
|
|
Sun Ray Institute answered |
The rate of return is calculated by dividing the profit earned on an investment by the initial investment.
A company's profit after tax is ₦500,000 and its tax rate is 20%. What is the company's profit before tax?- a)₦100,000
- b)₦400,000
- c)₦600,000
- d)₦2,500,000
Correct answer is option 'C'. Can you explain this answer?
A company's profit after tax is ₦500,000 and its tax rate is 20%. What is the company's profit before tax?
a)
₦100,000
b)
₦400,000
c)
₦600,000
d)
₦2,500,000
|
|
Sun Ray Institute answered |
Let the profit before tax be P.
Tax = 20% of P
Profit after tax = P - Tax
₦500,000 = P - (0.20 × P)
₦500,000 = P - 0.20P
₦500,000 = 0.80P
P = ₦500,000 / 0.80
P = ₦625,000 (Profit before tax)
Tax = 20% of P
Profit after tax = P - Tax
₦500,000 = P - (0.20 × P)
₦500,000 = P - 0.20P
₦500,000 = 0.80P
P = ₦500,000 / 0.80
P = ₦625,000 (Profit before tax)
A company sells a product for ₦4,800 inclusive of 5% VAT. What is the selling price of the product without VAT?- a)₦4,570
- b)₦4,600
- c)₦4,700
- d)₦4,800
Correct answer is option 'A'. Can you explain this answer?
A company sells a product for ₦4,800 inclusive of 5% VAT. What is the selling price of the product without VAT?
a)
₦4,570
b)
₦4,600
c)
₦4,700
d)
₦4,800
|
|
Sun Ray Institute answered |
Let the selling price without VAT be x.
The selling price with VAT is x + 5% of x.
Therefore, x + 0.05x = ₦4,800.
Solving this equation, we get
x = ₦4,570.
The selling price with VAT is x + 5% of x.
Therefore, x + 0.05x = ₦4,800.
Solving this equation, we get
x = ₦4,570.
If a company's expenses amount to ₦500,000 and the VAT rate is 7.5%, what is the VAT amount?- a)₦35,000
- b)₦37,500
- c)₦42,500
- d)₦52,500
Correct answer is option 'B'. Can you explain this answer?
If a company's expenses amount to ₦500,000 and the VAT rate is 7.5%, what is the VAT amount?
a)
₦35,000
b)
₦37,500
c)
₦42,500
d)
₦52,500
|
|
Sun Ray Institute answered |
The VAT amount is calculated as a percentage of the expenses.
VAT = 7.5% of ₦500,000
= (7.5/100) x ₦500,000
= ₦37,500.
VAT = 7.5% of ₦500,000
= (7.5/100) x ₦500,000
= ₦37,500.
A company sold a product for ₦4,000 inclusive of 10% VAT. What is the selling price of the product without VAT?- a)₦3,500
- b)₦3,600
- c)₦3,636
- d)₦3,750
Correct answer is option 'B'. Can you explain this answer?
A company sold a product for ₦4,000 inclusive of 10% VAT. What is the selling price of the product without VAT?
a)
₦3,500
b)
₦3,600
c)
₦3,636
d)
₦3,750
|
|
Sun Ray Institute answered |
Let the selling price without VAT be x.
The selling price with VAT is x + 10% of x.
Therefore, x + 0.1x = ₦4,000.
Solving this equation, we get
x = ₦3,600.
The selling price with VAT is x + 10% of x.
Therefore, x + 0.1x = ₦4,000.
Solving this equation, we get
x = ₦3,600.
A company sold a product for ₦3,000 exclusive of VAT. If the VAT rate is 7%, what is the VAT amount?- a)₦200
- b)₦210
- c)₦240
- d)₦250
Correct answer is option 'B'. Can you explain this answer?
A company sold a product for ₦3,000 exclusive of VAT. If the VAT rate is 7%, what is the VAT amount?
a)
₦200
b)
₦210
c)
₦240
d)
₦250
|
|
Sun Ray Institute answered |
The VAT amount is calculated as a percentage of the selling price.
VAT = 7% of ₦3,000
= (7/100) x ₦3,000
= ₦210.
VAT = 7% of ₦3,000
= (7/100) x ₦3,000
= ₦210.
What is the current VAT rate in Nigeria?- a)2.5%
- b)5%
- c)7.5%
- d)10%
Correct answer is option 'C'. Can you explain this answer?
What is the current VAT rate in Nigeria?
a)
2.5%
b)
5%
c)
7.5%
d)
10%
|
|
Sun Ray Institute answered |
The current Value Added Tax (VAT) rate in Nigeria is 7.5%.
Chapter doubts & questions for Shares and Valued Added Tax - Mathematics for JAMB 2025 is part of JAMB exam preparation. The chapters have been prepared according to the JAMB exam syllabus. The Chapter doubts & questions, notes, tests & MCQs are made for JAMB 2025 Exam. Find important definitions, questions, notes, meanings, examples, exercises, MCQs and online tests here.
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Mathematics for JAMB
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