Third Term JSS 1 EXAMS QUESTIONS BUSINESS STUDIES

3RD TERM EXAMINATION BUSINESS STUDIES JSS 1

3RD TERM EXAMINATION

CLASS: J S S 1

SUBJECT: BUSINESS STUDIES

1. Documents used for preparing accounts are …………. [a] cheque [b] source documents [c] purchase [d] note
2. Which of these is not a source document [a] invoice [b] receipt [c]credit note [d] draft
3. ……………… means the transfer of goods and services from one place to another [a] transportation [b] bill [c] business [d] transaction
4. ,,,,,,,,,,,,,,,,, is the first book in which we record the transaction of a business[a] journal [b] file [c] docket [d] bond
5. . Each record in the journal is called a/an … [a] forward [b] carriage [c] entry [d] positioning.
6. A joint journal used for both sales and purchase is called…… [a] joint journal [b]general journal [c] passbook [d] original journal
7. Which of these is not a type of journal [a] purchase journal [b] returns inward journal [c] balance brought forward journal [d] sales journal
8. The sum of the debit side must always be equal to that of the credit side [a] true [b] false
9. .. Is anything of value that is owned by business [a] liability [b] expenses [c] asset [d] capital
10. ………. Is the total investment in a business [a] capital [b] asset [c] expenses [d] liability

11. The amount owed by a business to another is……… [a] liability [b] expenses [c] asset [c] capital

12. ………….. is not an expenses item [a] rent [b] insurance [c] wage [d] plant and machinery

13. ……….. accounts are those of debtors and creditors [a] impersonal [b] real [c] personal [d] nominal

Use the following statement to answer questions 14 to 16

Iya Victor sold ten bags of Garri to Iya Kelechi on credit on January 5^th ,2018. On January 12^th ,Iya Kelechi returned 4 bags of garri to iya Victor. The cost of each bag of garri is 3,000 naira. Iya Victor sent two documents at different times to Iya Kelechi for those transactions.

14. What are the two documents involved in the transaction [a] credit note and debit note [b] debit note and receipt [c]invoice and credit note [c] receipt and credit note

15. What is the first document to be sent [a] credit note [b] debit note [c] invoice [d] receipt

16. How much would Iya Kelechi pay to Iya Victor [a]30,000 [b] 20,000 [c] 18.000 [d] 12,000

17. …….. is a business document which is seller of a product makes out whenever he/ she sells goods to a customer [] pass [b] cash register [c] invoice [d] debit note?

18. ………. Is a written order from an account holder to a bank to pay a specified sum of money to the person whose name is on it. [a] teller [b] receipt [c] withdrawal slip [d] cheque

19. Business studies is the study of the………… of a business environment.

[a] source document [b] components parts [c] accounting information [d] promotional sales

20. ………… office deals with the day to day running of the organization a] small office [b] administrative office [c] general office [d] large office

Part c

1. A profession which occupies one’s time and through which one earns his/her living is called (a) talent (b) skill (c) occupation (d) engineer (e) a social work
2. Which one of these is not a division of occupations (a) tertiary occupation (b) construction occupation (c) service occupation (d) military occupation (e) manufacturing occupation
3. The following are examples of construction (a) Publishing (b) carpentry (c0 Bricklaying (d) Construction hands (d) Quantity Surveying
4. Which one of these is not a factor that affect the choice of an occupation (a) level of security (b) education (c) training (d) talent (e) federal character
5. A business enterprise established, managed and financed by a person is known as (a) private limited company (b) sole proprietorship (c) Entrepreneurship (d) Partnership
6. All these are sources of capital for private limited companies except. (a) contribution of members which are converted to shares (b) retained profits (c) loans and overdrafts from bank (d) value of new shares sold to the public (e0 loans from private individual investors
7. Which of these is an advantage of Partner (a) more capital is available for business (b) more profits which partners share (c) death of a partner may end partnership (d0 partnership enjoys Privacy in the business operation?
8. All the following are types of cooperative society except (a) credit and theft cooperative societies (b) multipurpose cooperative societies (c) consumer’s cooperative societies (d) producers’ cooperative societies
9. Which of these can sell its shares on the capital market? (a) private limited liability company (b) a partnership (c) a sole proprietorship (d) a public limited liability company
10. Which of these is not a disadvantage of public limited liabilities companies (Plc)(a) The shareholders can freely transfer their shares by selling them through a stockbrokers ( b) A public limited company must audit its accounts and make some public (c) The process of formation of public companies is expensive (d) The separation of management form ownership of the company reduces the influence of the board.
11. All of these are important of Book-keeping except (A) Providing a means by which an enterprise can be conducted in an orderly manner (b) Providing a basis for recording and reference at any point in time (c) Providing a means for disorderliness in business enterprises.
12. These are examples of source documents except (a) invoice (b) receipt (c) document (d) voucher

Theory

1. Define Occupation?

ii. List three occupations in the construction company

iii. Name three occupations people with no formal education can engage in

2. What is Partnership?

ii. Mention three advantages of partnership

3. What is an Invoice

b. Write short notes on the following

i. Vouchers

ii. Receipts

iii. Cheques

SECTION C

1a. Define money

ii. State four functions of money

b. List five types of money

c. Mention five origins of money with dates

2ai. Define production

ii. List all the types of production that you know

b. State the types of productions and their rewards

c. Draw the diagram of production channel

3a. What is trade

b. List and explain the types of production

c. Draw the division of commerce

4a. Mention 5 departments in an organization

b. List the functions of an office

c. List the types of an office

5a. Mention the components of business studies

b. List five career opportunities in business studies