JAMB Commerce 2009 Objective — Question 33

Question 33 of 50 from the Joint Admissions and Matriculation Board (JAMB) Commerce 2009 Objective paper, with the correct answer and a full explanation.

33. If a firm has a turnover of 50,000 and the cost of goods sold is 40,000, what is the percentage of gross profit on sale?

A. 30.5%
B. 20.5%
C. 20.0%Correct
D. 10.0%

Explanation

Gross profit = sales - cost of goods sold = 50,000 - 40,000 = 10,000. Percentage = (10,000/50,000) x 100 = 20.0%.

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