BUSINESS STUDIES J.S.S. 2 THIRD TERM EXAMINATION

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LAGOS

3RD TERM EXAMINATION

CLASS: J S S 2

SUBJECT: BUSINESS STUDIES

1. School staff room is an example of a/ an ……………office [a] open office [b] closed office [c] large office [d] small office
2. The last link in the chain of production is…………….. [a] wholesaler [b] consumer [c] retailer [d] distributor
3. Which of the following is not a commercial bank [a] central bank [b] wema bank [c] sterling bank [d] union bank
4. ‘ amt’ means ……………. [a] month [b] animal [c] amount [d] amity
5. Buying of materials or items is a function of ………….. department [a] sales [b] marketing [c]accounts [d] purchasing
6. The right side of the cash book book is called …………….[a] debit [b] credit [c] left [d] right
7. Opening market plus purchase minus closing stock is equal to……………….. [a]turn over [b] cost of goods sold [c] gross profit [d]cost of goods available
8. The person who receives the amount written on a cheque is known as…………………. [a] drawer [b] drawee [c] payee [d] payer
9. A person who receives and direct a visitor in an organization is called…………….. [a] clerk [b] teacher [c] receptionist [d] engineer
10. The left hand side of the cash book is used to record… [a] receipt [b] payments [c] expenses [d] losses
11. Buying and selling of goods is called …………… [a] business [b] trading [c] occupation [d] work
12. The fastest means of transportation is …….. [a]air [b] road [c] water [d] rail
13. The act of keeping accounts in a regular systemic manner is called………… [a] book keeping [b] capital [c] accountancy [d] accounting
14. Banking and transportation are examples of ……………. Trade [a] foreign [b] home [c] aid to trade [d] export
15. The end of the owner may end ………… [a] partnership [b] cooperative [c] joint account [d] sole trade business
16. The abbreviation ‘Ltd’ stands for ……………. [a] license [b] limited [c]liquidated [d]less time
17. Money used to start or commence a business is called …………….. [a] capital [b] drawing [c] business money [d] interest
18. All these are components of business studies except …. [a] commerce [b] shorthand [c] geography [d] economics
19. The following are extractive occupation except [a]bricklaying [b] fishing [c]lumbering [d] mining
20. Ayokanmi bought 10 biros at 10 naira each. How much did she pay [a] 100 [b]110 [c] 400 [d] 1000
21. An example of machine used in an office is ……………. [a] franking machine [b] tractor [c] computer [d] plough
22. The following are columns in a petty cash book excerpt. [a] discount [b] postage stamp [c] stationery [d] telephone
23. Petty cash book is used to ….. [a] record minor expenses [b]record staff [c] record book [d] records sold on credit
24. All these are documents handled by receptionist except…… [a]visitor’s book [b]telephone message pad [c] pay slip [d] business card
25. Which of these is an accounting equation [a] asset= capital + liabilities [b] capital = capital – liabilities [c]capital = assets =liabilities [d] capital = net assets + liabilities
26. ………. Is the coordinator of all other factors of production [a] land [b] labour [c] entrepreneur [d] wages
27. Labour is rewarded with …. [a] rent [b] capital [c] wages and salary [d] interest
28. Assets means [a] liabilities [b] properties [c] debtors [d] creditors
29. Another name for home trade is …. [a] international trade [b] domestic trade [c] foreign trade [d] cosmetic trade
30. A place where buyers and sellers meet to transact business is called [a] shop [b] market [c] school [d] dubai
31. One of the following is the reason for taking an insurance cover. (a) to pay children school fees (b) to avoid industrial interest at work place (c) to avoid loss of life and property
32. Only one of these can be insured with two insurance companies (a) cars (b) life (c) furniture (d) building (e) bank
33. Which of these is not a principle of insurance (a) peaceful resolution (b) utmost good faith (c) insurance interest
34. What is the major importance of Insurance (a) to facilitate bank loan (b) to provide relief for an unexpected loss (c0 to promote sale of new products
35. Which of these is not a use of paying in bank (a) to be used to pay money into a current account (b) receipt of payment made (c) to check the date
36. ____kind of account makes use of a cheque book (a) current (b) savings 9c0 fixed deposit
37. Which is not a function of bank (a) granting loans (b)provision of life support (c)safe keeping of money
38. One of these is not needed to open a current account. (a) letter of reference (b) Personal data form (c) Birth certificate
39. Where are cash transactions recorded? (a) cash ledger (b) cash book (c) cash account
40. Why are discounts given to customers? (a) to encourage them (b) to bring profit (c0 for money spending

Theory

1. Define a Commercial bank

ii. Define 8 services provided by commercial bank

iii. Name 7 commercial bank you know

2. What is a bank?

ii. Write short notes on the following

Cheque book

Current Account

iii. Write the full meaning of ATM

3. Define a Ledger

i. Define Discount

SECTION C

ANSWER ALL THE QUESTIONS

1a. Mention five documents handled by a receptionist

b. List five functions of an office.

c. Mention five types of insurance you know.

2a. Define market

b. List and draw the diagram to aid to trade

c. What is production

3a. Highlight five office equipment

b. List 4 types of production with two examples

c. Draw the channel of distribution

4a. What is impulse buying

b. State the full meaning of TAP

c. Draw up a petty cash book for Mr Salako showing all necessary column. Show the balance

Aug 1 petty cash balance at hand 20,000,00

2 paid bus fare 250,00

3 paid postage 100,00

4 bought ink 1,500,00

8 paid postage 100,00

10 paid bus fare 2,000,00

25 paid window cleaner 2,000,00

28 office cleaners wage 5,000,00

30 paid bus fare 1,200,00

1. Enter the following transaction using two column cash book of Adeleke
2. Jan 1 cash in the office 13,200
3. Cash in bank 38,750
4. Jan 5 D. Adaobi paid cheque to us 42,000
5. Jan 6 sales in cash 24,600
6. Jan 8 sales in cash 13,850
7. Jan 9 paid R Aisha by cheque 20,700
8. Jan 12 paid wages by cheque 51,000
9. Jan 14 bought pens with cash 530
10. jan 17 purchased goods with cash 19,500
11. jan 18 purhased goods with cash 30,000
12. jan 29 cash sales to date 62,950
13. jan 30 paid acsh to Awele 20,000
14. jan 31 paid rent in cash 20,100