Teachers and students aids: Business Studies Questions for JSS1-3

JSS 3 BUSINESS STUDIES

1. A written document issued by a drawer to the bank to pay an amount of money is called …………… (a) Teller (b) Cheque (c) Cash (d) voucher

2. In which bank account does the owner use cheque to withdraw (a) cash (b) current (c) bank (d) savings

3. An advantage of office machine is that they are (a) cheap to maintain (b) electrically operated (c) manually operated (d) time saving

4. The processes through which new products are brought to the notice of the public is known as …………… (a) Commerce (b) transport (c) insurance (d) advertising

5. The act of making financial plan or income and expenditure is called (a) tax (b) salary

6. In communication, the response or reply to a message from the sender to the receiver is (a) Letter (b) telephone (c) feedback (d) communication

7. A trial balance is ……(a) list of all debit and credit payment (b) list of cash receipt and payment (c) list of income and expenditure (d) list of all balances extracted from the ledger

8. Petty cash book is also known as …… (a) Cash book (b) imprest account (c) book keeping (d) single column cash book

9. The officer in-charge of imprest account is known (a) petty cashier (b) imprest officer (c) accountant (d) head of department

10. Paying back to the petty cashier, the amount already spent will lead to (a) decrease in balance (b) increase in balance (c) restoration in imprest (d) ordinary system of accounting

11.If goods are sent by sales van to a buyer, the document issued for the buyer to check the goods is termed the ……… (a) way bill (b) catalogue (c) quotation (d) receipt 12. The small amount paid periodically by a policy holder to an insurance company for risk cover is termed the (a) proposal (b) agreement (c) application (d) premium

13. For proper recording of minor expenses on daily basis a business must keep (a) a ledger (b) a journal (c) a petty cash book (d) a cash book

14. Bursar’s office and principal’s office in a secondary school are typical examples of ……. Office (a) open (b) general (c) large (d) closed

18. …… is a book of original entry (a) balance sheet (b) trading account (c) journal (d) bank account

19. P.A.Y.E means ………. (a) Pay as you earn (b) pay after you earn (c) pay as you expend (d) pay according to your earning

20. Typewriters use carbon papers to produce more copies, while duplicating machines use to produce more copies (a) films (b) papers (c) stencils (d) notes

21. A banker’s bank in Nigeria is the ………. (a) First bank (b) National bank (c) Central bank (d) Nigeria bank

22. A document which is used to send messages from one person to another in the same firm, from one department to another or from one department to another or from one head office to the branches or from a principal to his agents is known as (a) a manuscript (b) a memorandum (c) menu (d) document

23. Book keeping could be defined as (a) keeping of book in the store (b) keeping of book in the library (c) systematic recording of business transaction in manner that financial position will be known at any given time (d) recording of business in manner that the financial position will not be known easily

24. A machine used to destroy all mails, document that are no longer needed in an office is the ……….. (a) Destroyer (b) shredder (c) cabinet (d) perforator

25. An instrument used for holding copies or pages of document together is ………….. (a) Pin (b) cello tape (c) stapler (d) perforator

26. The parties to a cheque are ………… (a) the drawer only (b) the drawer, drawee and payee (c) the payee and drawee only (d) the drawee only

27. A small and instrument for driving staples into paper is known as ……….. (a) Perforator (b) stapler (c) driver (d) stamp pad

28. The document that shows how the monthly earnings of a worker is calculated and arrives at is a (a) calculator (b) pay slip (c) cheque (d) salary

29. In book keeping, all transactions involving cash and bank at the bank is called (a) double (b) real (c) contra (d) triple

30. W hen a cheque is crossed with two parallel lines, it means that (a) it cannot be cross the read (b) it cannot be cashed over the counter (c) no money in the account (d) it can be paid over the counter

31. Journal is a book of ……… (a) Last entry (b) middle entry (c) duplicate entry (d) first or original entry

32. ……… is the principal book of account (a) invoice (b) credit note (c) debit note (d) ledger

33. Assets could be referred to as ……….. (a) properties owned by the business (b) properties loaned by the business (c) properties borrowed by the business (d) properties sold by the business

34. ------------ can be referred to the situation in which a person says only what is true (a) honesty (b) truthfulness (c) facts (d) forthrightness

35. One of the following is NOT an aid to trade (a) Banking (b) Insurance (c) Advertising (d) Stock

36. The place where goods are stored until they are needed is known as ------------ (a) Space bar (b) room (c) bank-house (d) warehouse

37. One of the following is a factor of production (a) land (b) agriculture (c) industry (d) rent

38. Coal mining is an example of ……… (a) Constructive industry (b) extractive industry (c) direct service (d) tertiary production

39. The business financed, formed and controlled by one person is termed ……. (a) Corporation (b) partnership (c) sole proprietorship (d) cooperative society

40. The factor that coordinates or makes use of the other factors of production is the …… (a) Land (b) capital (c) labour (d) entrepreneur

41. Staff matters in any organization are treated by …….. (a) Personnel department (b) production department (c) sales department (d) finance department

42. The role of insurance in commerce is essentially to ……… (a) Prevent damage (b)minimize business risk (c) prevent wasteful ventures (d) none of the above

43. Which of the following is not an extractive occupation (a) Dentistry (b) farming (c) fishing (d) Mining?

44. ………. Is the reward of land (a) Entrepreneur (b) Money (c) Capital (d) Rent?

46. The written agreement between partners is (a) partners document (b) partners salary (c) partnership deed (d) partnership business

47. Land is to rent as capital is to ……… (a) Rent age (b) interest (c) wages (d) states in Nigeria

48. Which of the following is not a characteristic of a sole trader?

(a) He provides capital alone (b) He makes decisions on his own (c) He shares his profits with his partner (d) He takes all the profit or loss

50. Coal mining is an example of ………….. (a) Constructive industry (b) extractive industry (c) direct service (d) tertiary production

51. Which of the following functions is not performed by a retailer (a) Giving credit facility (b) breaking bulk (c) storing various articles for sales (d) buying in small quantities

52. Who of the following renders direct services (a) teacher (b) miner (c) oil driller (d) cook

53. Who is a sole trader (a) a person who trades in soles (b) a person who sells leather soles (c) a person who runs business on his own (d) a group of person who works together

54. Which of the following is NOT a type of partners (a) working partner (b) active partners (c) sleeping or dormant partner (d) nominal partner

55. What is commerce (a) producing raw materials (b) selling raw materials (c) buying and selling of goods and services (d) giving of arms to the poor

56. Which of the following is not a type of production (a) primary production (b) secondary production (c) tertiary production (d) modern production

57. Workers engaged in mining, quarrying and farming are called (a) primary producers (b) tertiary producers (c) secondary producers (d) commercial producers

59. Which of the following is an example of direct service (a) mining (b) petroleum refining (c) medical service (d) farming

60. The type of business own and financed by two or more people is known (a) partners (b) partnership (c) sole proprietorship (d) two man business

SECTION B

1. (a) Identify 5 types of office equipments and state their uses

(b) List 5 Insurance policies that can be taken by a business man

(a) Define fair play and state five of its attribute

2 (a) state five functions of the following (i) commercial bank (ii) central bank

(b) State three function of the following (i) retailer (ii) wholesaler

3 Enter the following transactions in the double column cashbook of Orisunbare for July 2000

Naira

July 1 Started business with capital 1,000

1 Capital at bank 2,000

2 Sold goods for cash 500

7 Received cheque from Dejo 600

10 Paid salaries by cheque 500

13 Sold goods and received cheque 400

18 Paid okafor by cash 200

20 Paid rent by cheque 200

25 Withdraw cash from bank 100

27 Paid cash into bank 500

29 Bought goods into bank 200

30 Received cheque from salisu 500

31 cash sales 300

JSS 1 BUSINESS STUDIES

1. ------------ can be referred to the situation in which a person says only what is true (a) honesty (b) truthfulness (c) facts (d) forthrightness

2. One of the following is NOT an aid to trade (a) Banking (b) Insurance (c) Advertising (d) Stock

3. The place where goods are stored until they are needed is known as ------------ (a) Space bar (b) room (c) bank-house (d) warehouse

4. One of the following is a factor of production (a) land (b) agriculture (c) industry (d) rent

5. Coal mining is an example of ……… (a) Constructive industry (b) extractive industry (c) direct service (d) tertiary production

6. The business financed, formed and controlled by one person is termed ……. (a) Corporation (b) partnership (c) sole proprietorship (d) cooperative society

7. The factor that coordinates or makes use of the other factors of production is the …… (a) Land (b) capital (c) labour (d) entrepreneur

8. Staff matters in any organization are treated by …….. (a) Personnel department (b) production department (c) sales department (d) finance department

9. The role of insurance in commerce is essentially to ……… (a) Prevent damage (b)minimize business risk (c) prevent wasteful ventures (d) none of the above

10. Which of the following is not an extractive occupation (a) Dentistry (b) farming (c) fishing (d) Mining?

11. ………. Is the reward of land (a) Entrepreneur (b) Money (c) Capital (d) Rent?

12. The written agreement between partners is (a) partners document (b) partners salary (c) partnership deed (d) partnership business

13. Land is to rent as capital is to ……… (a) Rent age (b) interest (c) wages (d) states in Nigeria

14. Which of the following is not a characteristic of a sole trader?

(a) He provides capital alone (b) He makes decisions on his own (c) He shares his profits with his partner (d) He takes all the profit or loss

15. Coal mining is an example of ………….. (a) Constructive industry (b) extractive industry (c) direct service (d) tertiary production

16. Which of the following functions is not performed by a retailer (a) Giving credit facility (b) breaking bulk (c) storing various articles for sales (d) buying in small quantities

17. Who of the following renders direct services (a) teacher (b) miner (c) oil driller (d) cook

18. Who is a sole trader (a) a person who trades in soles (b) a person who sells leather soles (c) a person who runs business on his own (d) a group of person who works together

19. Which of the following is NOT a type of partners (a) working partner (b) active partners (c) sleeping or dormant partner (d) nominal partner

20. What is commerce (a) producing raw materials (b) selling raw materials (c) buying and selling of goods and services (d) giving of arms to the poor

21. Which of the following is not a type of production (a) primary production (b) secondary production (c) tertiary production (d) modern production

22. Workers engaged in mining, quarrying and farming are called (a) primary producers (b) tertiary producers (c) secondary producers (d) commercial producers

23. Which of the following is an example of direct service (a) mining (b) petroleum refining (c) medical service (d) farming

24. The type of business own and financed by two or more people is known (a) partners (b) partnership (c) sole proprietorship (d) two man business

25. ………… is the recording of business transaction in a systematic manner to provide information for use by interested parties (a) accounting (b) book keeping (c) key boarding (d) library

SECTION B

1. (a) define Production

(b) State the four factors of Production and their rewards

2. (a) List four types of partners

(b) list two sources of capital for sole proprietorship form of business

3. (a) Explain the following (i) producer (ii) wholesaler (iii) retailer (iv) consumer

(b) State three rewards of being truthful

JSS 2 BUSINESS STUDIES

1. The type of the village market is (a) supermarket (b) shops (c) mini-mart (d) open air market

2. Incoming mails should be ………… (a) Opened, dated, stamped and sorted (b) opened, read and put away (c) opened, read and return to sender (d) opened, signed and put away

3. A store having so many departments or sections under the same roof is known as (a) Departmental store (b) Kingsway (c) super store (d) chain store

4. What is a buyer given for purchasing goods from seller (a) An order (b) an invoice (c) a receipt (d) A letter of enquiry

5. What is the document sent from the buyer to the seller showing the quantity, quality and description, price of goods he wishes to buy is called (a) A letter of enquiry (b) An order (c) An invoice (d) Quotation

6. A document which is used to send messages from one person to another in the same firm, from one department to another or from one department to another or from one head office to the branches or from a principal to his agents is known as (a) a manuscript (b) a memorandum (c) menu (d) document

7. Book keeping could be defined as (a) keeping of book in the store (b) keeping of book in the library (c) systematic recording of business transaction in manner that financial position will be known at any given time (d) recording of business in manner that the financial position will not be known easily

8. Which of the following is not a type of buying (a) by description /grade (b) by sample (c) by auction (d) by selection

9. In book keeping, all transactions involving cash and bank at the bank is called (a) double (b) real (c) contra (d) triple

10. …………. Can be defined as the means through which the goods produced get to the final consumer (a) production (b) distribution (c) communication (d) Advertising

11. The primary medium of exchange in business is (a) cash (b) money (c) trade by barter (d) bank tellers

12. ………. Is the path through which goods move from the producer to the consumers (a) channel (b) advertisement (c) transportation (d) communication

13. ……….. are traders who usually move from one place to the other or from one street to the other to make their goods available to people (a) sellers (b) traders (c) hawkers (d) retailers

14. The following are types of bank account except (a) savings deposit account (b) current accounts (c) fixed deposit (d) cash account

15. …………… is an instruction in writing made upon a bank to pay a certain sum of money to a named person (a) teller (b) cash (c) cheque (d) bank document

16.The following are the reasons for dishonouring of cheque except (a) sufficient funds (b) irregular signature (c) a stale cheque (d) insufficient funds

17. The type of account that we use cheque to with draw from is ………… (a) fixed deposit (b) cash account (c) current account (d) savings account

18.Choose the type of cheque that must first be paid into a current account and could not be exchanged for cash across the counter (a) bear (b) order (c) unsigned (d) crossed

19. The two forms of cheque are the …………. Cheques (a) dishonoured and honoured (b) crossed and opened (c) order and bearer (d) payee and not negotiable

20. An insurance policy that covers accident on sea is known as ………… insurance (a) burglary (b) fire (c) marine (d) ship

21…………… can be defined as the protection made against loss or damage to property or life which may arise from death, accident, theft, fire, etc (a) production (b) Insurance (c) fire insurance (d) security

22. The following agents are involved in distribution except (a) Producers (b) wholesaler (c) retailer (d) hawker

23.The following the documents facilitates easy transaction when buying and selling except (a) letter of equiry (b) price list (c) catalogue (d) internet

24. ……… are activities that facilitates trade (a) aids to trade (b) advertising (c) insurance (d) warehousing

25. ………. Buys goods in small quantities from the wholesaler and sells in smaller quantities to the consumer (a) hawker (b) producer (c) retailer (d) wholesaler

SECTION B

(a)List 5 Insurance policies that can be taken by a business man

(b) state five functions of the following Commercial bank

2 (a) list three documents used in buying and selling

(b) List the types of accounts that we have

3. (a) list the types of cheques and explain them

(b) Enter the following transactions in the double column cashbook of Orisunbare for july 2000