All Courses
Get the App Signup / Login
Sign in Open App
JAMB Exam  >  JAMB Tests  >  Mathematics for JAMB  >  Test: Shares and Valued Added Tax - 2 - JAMB MCQ

Test: Shares and Valued Added Tax - 2 - JAMB MCQ


Test Description

10 Questions MCQ Test Mathematics for JAMB - Test: Shares and Valued Added Tax - 2

Test: Shares and Valued Added Tax - 2 for JAMB 2024 is part of Mathematics for JAMB preparation. The Test: Shares and Valued Added Tax - 2 questions and answers have been prepared according to the JAMB exam syllabus.The Test: Shares and Valued Added Tax - 2 MCQs are made for JAMB 2024 Exam. Find important definitions, questions, notes, meanings, examples, exercises, MCQs and online tests for Test: Shares and Valued Added Tax - 2 below.
Solutions of Test: Shares and Valued Added Tax - 2 questions in English are available as part of our Mathematics for JAMB for JAMB & Test: Shares and Valued Added Tax - 2 solutions in Hindi for Mathematics for JAMB course. Download more important topics, notes, lectures and mock test series for JAMB Exam by signing up for free. Attempt Test: Shares and Valued Added Tax - 2 | 10 questions in 8 minutes | Mock test for JAMB preparation | Free important questions MCQ to study Mathematics for JAMB for JAMB Exam | Download free PDF with solutions
Test: Shares and Valued Added Tax - 2 - Question 1
Save

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?

Detailed Solution for Test: Shares and Valued Added Tax - 2 - Question 1

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.

Test: Shares and Valued Added Tax - 2 - Question 2
Save

A company sells a product for ₦4,800 inclusive of 5% VAT. What is the selling price of the product without VAT?

Detailed Solution for Test: Shares and Valued Added Tax - 2 - Question 2

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.

1 Crore+ students have signed up on EduRev. Have you? Download the App
Test: Shares and Valued Added Tax - 2 - Question 3
Save

If a company's expenses amount to ₦500,000 and the VAT rate is 7.5%, what is the VAT amount?

Detailed Solution for Test: Shares and Valued Added Tax - 2 - Question 3

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.

Test: Shares and Valued Added Tax - 2 - Question 4
Save

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?
Detailed Solution for Test: Shares and Valued Added Tax - 2 - Question 4

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.

Test: Shares and Valued Added Tax - 2 - Question 5
Save

A product is sold for ₦1,500 exclusive of VAT. If the VAT rate is 10%, what is the total amount a customer pays?
Detailed Solution for Test: Shares and Valued Added Tax - 2 - Question 5

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.

Test: Shares and Valued Added Tax - 2 - Question 6
Save

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?
Detailed Solution for Test: Shares and Valued Added Tax - 2 - Question 6

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.

Test: Shares and Valued Added Tax - 2 - Question 7
Save

A company sold a product for ₦3,000 exclusive of VAT. If the VAT rate is 7%, what is the VAT amount?
Detailed Solution for Test: Shares and Valued Added Tax - 2 - Question 7

The VAT amount is calculated as a percentage of the selling price.
VAT = 7% of ₦3,000
= (7/100) x  ₦3,000
= ₦210.

Test: Shares and Valued Added Tax - 2 - Question 8
Save

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?
Detailed Solution for Test: Shares and Valued Added Tax - 2 - Question 8

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.

Test: Shares and Valued Added Tax - 2 - Question 9
Save

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?
Detailed Solution for Test: Shares and Valued Added Tax - 2 - Question 9

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.

Test: Shares and Valued Added Tax - 2 - Question 10
Save

A company sold a product for ₦4,000 inclusive of 10% VAT. What is the selling price of the product without VAT?
Detailed Solution for Test: Shares and Valued Added Tax - 2 - Question 10

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.

139 videos|82 docs|101 tests
Join Course
Information about Test: Shares and Valued Added Tax - 2 Page
In this test you can find the Exam questions for Test: Shares and Valued Added Tax - 2 solved & explained in the simplest way possible. Besides giving Questions and answers for Test: Shares and Valued Added Tax - 2, EduRev gives you an ample number of Online tests for practice

Top Courses for JAMB

139 videos|82 docs|101 tests
Join Course
Download as PDF

Top Courses for JAMB

Important Questions for Shares and Valued Added Tax - 2

Find all the important questions for Shares and Valued Added Tax - 2 at EduRev.Get fully prepared for Shares and Valued Added Tax - 2 with EduRev's comprehensive question bank and test resources. Our platform offers a diverse range of question papers covering various topics within the Shares and Valued Added Tax - 2 syllabus. Whether you need to review specific subjects or assess your overall readiness, EduRev has you covered. The questions are designed to challenge you and help you gain confidence in tackling the actual exam. Maximize your chances of success by utilizing EduRev's extensive collection of Shares and Valued Added Tax - 2 resources.

Shares and Valued Added Tax - 2 MCQs with Answers

Prepare for the Shares and Valued Added Tax - 2 within the JAMB exam with comprehensive MCQs and answers at EduRev. Our platform offers a wide range of practice papers, question papers, and mock tests to familiarize you with the exam pattern and syllabus. Access the best books, study materials, and notes curated by toppers to enhance your preparation. Stay updated with the exam date and receive expert preparation tips and paper analysis. Visit EduRev's official website today and access a wealth of videos and coaching resources to excel in your exam.

Online Tests for Shares and Valued Added Tax - 2 Mathematics for JAMB

Practice with a wide array of question papers that follow the exam pattern and syllabus. Our platform offers a user-friendly interface, allowing you to track your progress and identify areas for improvement. Access detailed solutions and explanations for each test to enhance your understanding of concepts. With EduRev's Online Tests, you can build confidence, boost your performance, and ace Shares and Valued Added Tax - 2 with ease. Join thousands of successful students who have benefited from our trusted online resources.
© EduRev
Education Revolution
Signup to see your scores go up within 7 days!
Access 1000+ FREE Docs, Videos and Tests
Takes less than 10 seconds to signup