JODA COMPREHENSIVE COLLEGE

ZONE 2, KAJOLA AKILE. ELEWERAN

THIRD TERMINAL EXAMINATION 2022/2023 ACADEMIC SESSION

SUBJECT: BUSINESS STUDIES CLASS: JSS2 DURATION: 1 HOUR 30 MINUTES

SECTION A: OBJECTIVES

1. The following are qualities of clerical staff except… a) forgetfulness b) courtesy c) carefulness d) diligence
2. The two major divisions of trade are a) commerce and industries b) home and foreign trade c) import and
export d) wholesale and retail trade
3. Changing raw materials into finished product is an example of ….. production. a) primary b) secondary
c) tertiary d) university
4. All are examples of various departments in an organization except a) production b) sales c) maternity d)
transport
5. Home trade is a branch of commerce which comprises of a) internal and external b) retailing and
manufacturing c) trade and aids to trade d) wholesale and retail
6. The fastest means of transporting people from Sokoto to Lagos is by … a) air b) water c) pipeline d) rail
7. Which of these is a sanction against a worker who is not having a right attitude to work? a) suspension
b) promotion c) salary increase d) written commendation
8. ……. is a positive or negative way of behaviour. a) Attititude b) Punctuality c ) Truthfulness d)
Commitment
9. The person that does paper work in the office is the a) clerk b) director c) secretary d) messenger
10. Examples of office documents are all of these except… a) receipt b) invoice c) journals d) personal
allowance
11. Which of the following is not an aid to trade? a) Advertising b) Banking c) Mining d) Insurance
12. Which of these is not a type of market? a) money market b) capital market c) commodity market d) loan
market
13. An establishment authorized by the government to accept deposits, pay interests, clear cheques, give loans and
provide other financial services is known as a a) loan shark b) cooperative c) issuing house d) bank
14. Which of the following takes place during distribution? a) handling b) packaging c) warehousing d) all of
the above
15. The manufacturer is also known as the a) retailer b) consumer c) producer d) wholesaler
16. Wholesalers and retailers are called a) active distributors b) middlemen c) first chain of production d) last
chain of production
17. Bad or doubtful debts are a) monies that are received but are not good b) money given to bad people
c) monies that are loaned but are not likely to be returned d) money collected in a criminal manner
18. Which among these issues is not a concern in bank ethics? a) loan to directors b) fraud c) confidentiality
d) bad debt
19. Financial protection against loss or harm is known as a) savings b) insurance c) liability d) policy
20. Fee paid to the insurer to be covered under specific terms is known as a) compensation b) policy c) imprest
d) premium
21. ______ is the person that sources, organizes and directs all the factors of labour. a) Manager b) entrepreneur
c) labourer d) principal
22. All of these are personal qualities of an entrepreneur except a) they are goal oriented b) they worry a lot
c) they are committed to business d) they are willing to take risks
23. One of these is not a class of business opportunity. a) local b) intentional c) national d) international
24. ……… is defined as the economic activities where goods ands services are exchanged from one another for
money. a) Business b) Job c) Entrepreneurship d) profession
 25. A person or organization that buys goods for their personal use is called a a) buyer b) distributor c)
consumer d) retailer
26. Entitlements of a person which are recognized by law are called a) rules b) rights c) taxes d) consumerism
27. All of these organisations are organs of consumer protection except a) NAFDAC b) Price control board
c) Professional bodies d) landlord associations
28. Which of the following is not an aftersales service? a) warranty b) buy-back scheme c) installation d) cash
back
29. ……… means an unplanned decision to buy something made just before a purchase. a) budget buying b)
impulse buying c) warranty d) sampling
30. Browsing available goods or services presented by different retailers to know which one you would buy is called
a) shopping b) downloading c) marketing d) flashing
31. ……….. is also called debtors ledger. a) Sales ledger b) General ledger c) Purchase ledger d) Cash account
32. Items in a ledger include all of these except a) folio b) date c) time of purchase d) amount
33. Which of this is not a contra entry? a) money withdrawn from account for office use b) capital in cash paid to
the account c) sales with payment in cheque d) sales money deposited in the bank at the end of the week
34. The net effect of a contra entry on the parent account is a) zero b) positive c) negative d) varies
35. Which of these items cannot be found in a petty cash book? a) postage and courier b) calls and internet
services c) capital d) sundry
36. The person in charge of a petty cashbook is known as the a) accountant b) petty cashier c) bursar d)
director
37. The double column cashbook has two unique entries named a) credit and debit b) discount and allowance
c) cash and bank d) lumpsum and huge sum
38. Balance carried down refers to a) monies left at the end of the month b) monies available at the beginning of
the month c) sum of monies spent in the month d) none of the above
39. ……. Is fixed in supply a) Land b) Capital c) Labour d) All of the above
40. The main goal of an entrepreneur is to a) rest well b) have a big company c) make profit d) be popular
41. The following factors can accept the choice of occupation except a) level of education b) age of the person
involved c) religious affiliation d) skin colour
42. ……….. services are paid for on the spot. a) Commercial b) Direct c) Indirect d) Expensive
43. Which of the following is not a chemical used in agriculture? a) pesticides b) herbicides c) air freshener
d) fungicide
44. The form of business with the fastest decision making is a) partnership b) sole proprietorship c) limited
liability d) cooperative
45. ………….. are substances produced by the processes of chemistry. a) Foods b) Chemicals c) Oils d) Soaps
46. The part of a computer responsible for processing information is the a) mouse b) monitor c) CPU d)
Keyboard
47. A typed of written communication between two departments in an organization is known as a/an a) notice
b) e-mail c) memorandum d) order
48. SMS means a) So Small Service b) Sequential Monetary Solution c) Short Message Service d) Short
Methods Sales
49. A written document that someone gives as a proof of a transaction is known as a/an a) invoice b) receipt
c) order d) Debit note
50. Which of these is not traded in a capital market? a) shares b) debentures c) stocks d) overdrafts

SECTION B:

1. A) Define the following terms: i. consumerism ii. Consumer awareness

B) Name any four responsibilities of a consumer
C) Mention any four fundamental rights of a consumer
2. A) State two differences between wants and needs
B) State and briefly explain the two methods of keeping petty cashbook
C) Draw a sample invoice for a petty cashbook
3. A) Define cashbook
B) Enter the following transactions for Tanimola Enterprises for the month of April in the appropriate cashbook
and balance it accordingly for the month of July

May 1 Cash in hand N100, and at bank N1220

May 2 Paid J. Okoro by cheque N105 for his services

May 5 Cash purchase N48, cheque purchase N850

May 10 Cash sales N780

May 11 Cash paid into the bank N560

May 15 Received cheque from M. Binutan N650

May 18 Received cheque from R.Obe N65

May 23 Paid N650 into bank

May 26 Cash sales N400

May 30 Drew Cash from bank for office use N200

4. A. Define production
B. Give two examples each of
i. Extractive industry
ii. Manufacturing industry
iii. Aids to trade
iv. indirect services
C. State three advantages of partnership as a form of business organization.