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JAMB Exam  >  JAMB Tests  >  Test: Shares and Valued Added Tax - 2 - JAMB MCQ

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


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

Test: Shares and Valued Added Tax - 2 for JAMB 2024 is part of 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.
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Test: Shares and Valued Added Tax - 2 - Question 1
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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
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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.

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Test: Shares and Valued Added Tax - 2 - Question 3
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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
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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
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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
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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
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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
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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
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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
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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.

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