Mid Term Test JSS 2 Business Studies

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Mid Term Test JSS 2 Business Studies

SECTION A

1. —– is the money paid regularly to those who no longer work for length of years of service. (a) Pension (b) compensation (c) premium (d) indemnity.
2. Insurance is (a) a contract (b) an agreement (c) comfort (d) disagreement.
3. The factor of production which coordinates other factors is —- (a) land (b) labour (c) capital (d) entrepreneur.
4. The reward for an entrepreneur is —— (a) rent (b) salary (c) profit (d) profit.
5. When goods are exported in exchange for another goods from other country, that is —-opportunity (a) local (b) national (c) international (d) entrepot.
6. When an individual becomes the owner of his business, it is called —– (a) an entrepreneur (b) an employee (c) a worker (d) an accountant.
7. The ——- have parts to play to get the best possible from money paid for goods and services.(a) consumers (b) producers (c) wholesalers (d) retailers.
8. One of these is an exception to consumer’s association (a) retailer’s cooperatives (b) producer’s cooperatives (c) electricity consumer’s association (d) tenants association
9. Responsibilities of consumers mean ——- which must be performed to ensure their rights are not trampled on (a) benefits (b) roles (c) transactions (d) trade.
10. One of these is not an association formed by consumers to have their rights preserved (a) tenants association (b) consumer co-operative association (c) wholesaler cooperatives (d) electricity consumer association.
11. The process of making a machine ready to be used is —- (a) warranty (b) branding (c) installation (d) packaging.
12. Buying commodities without prior planning is ——- (a) budget (b) auction buying (c) purchasing (d) impulse buying.
13. One of these is not a reason for TAP (a) Promotion of integrity (b) Reduction of corruption (c) Respect of rule of law (d) making super profit.
14. Which one is not among the attribute of TAP (a) corruption (b) Openness (c) Fairness (d) Truthfulness.
15. The book for recording minor expenses is called ………………………….. (a) Petty cash payment (b) petty cash book (c) disbursement (d) reimbursement.
16. ………………… keeps the petty cashbook. (a) Main cashier (b) accountant (c) petty cashier (d) personnel manager.
17. …… …….. is used to record all money received and paid out within a period of time (a) minute book (b) cash payment (c) cash book (d) cash received.
18. There are …… types of cash book. (a) 2 (b) 3 (c) 4 (d) 5.
19. All money received are recorded on the …….side of the cash book (a) credit (b) debit (c) upward (d) downward.
20. ——- is honesty and trustworthiness. (a) Probity (b) Trustworthiness (c) Achievement (d) Accountability.

SECTION B (THEORY)

1. Mention four benefits of insurance
2. Mention three qualities of an entrepreneur.
3. Mention and explain three types of business opportunity.
4. What are consumer’s rights?
5. Mention five responsibilities of consumers.
6. Define the following (a) warranty (b) installation (c) after sales service.
7. What do you understand by TAP?
8. Mention five attributes of TAP.
9. Record the following transactions in a two-column cash book. Balance the cashbook and bring down the balance of cash in hand and cash at bank at the end of the period. Do not prepare other ledger accounts.

2005. Mr. Ahmed.

July 2 introduced N5,800 cash into the business as capital

July 4 Paid N3,700 of the capital into the bank

July 10 Purchased goods worth N600

July 15 Cash sales N900

July 20 Purchased goods worth N1,400 by cheque

July 25 Cash sales totaling N1,300

July 28 Office expenses paid for in cash N60

July 29 Cash paid into bank N2,000

July 30 Wages paid by cheque N150

1. What is the importance of the petty cashbook?