JSS 2 THIRD TERM EXAMINATION BUSINESS STUDIES
3RD TERM EXAMINATION
CLASS: J S S 2
SUBJECT: BUSINESS STUDIES
- School staff room is an example of a/ an ……………office [a] open office [b] closed office [c] large office [d] small office
- The last link in the chain of production is…………….. [a] wholesaler [b] consumer [c] retailer [d] distributor
- Which of the following is not a commercial bank [a] central bank [b] wema bank [c] sterling bank [d] union bank
- ‘ amt’ means ……………. [a] month [b] animal [c] amount [d] amity
- Buying of materials or items is a function of ………….. department [a] sales [b] marketing [c]accounts [d] purchasing
- The right side of the cash book book is called …………….[a] debit [b] credit [c] left [d] right
- Opening market plus purchase minus closing stock is equal to……………….. [a]turnover [b] cost of goods sold [c] gross profit [d]cost of goods available
- The person who receives the amount written on a cheque is known as…………………. [a] drawer [b] drawee [c] payee [d] payer
- A person who receives and direct a visitor in an organization is called…………….. [a] clerk [b] teacher [c] receptionist [d] engineer
- The left-hand side of the cash book is used to record… [a] receipt [b] payments [c] expenses [d] losses
- Buying and selling of goods is called …………… [a] business [b] trading [c] occupation [d] work
- The fastest means of transportation is …….. [a]air [b] road [c] water [d] rail
- The act of keeping accounts in a regular systemic manner is called………… [a] book keeping [b] capital [c] accountancy [d] accounting
- Banking and transportation are examples of ……………. Trade [a] foreign [b] home [c] aid to trade [d] export
- The end of the owner may end ………… [a] partnership [b] cooperative [c] joint account [d] sole trade business
- The abbreviation ‘Ltd’ stands for ……………. [a] license [b] limited [c]liquidated [d]less time
- Money used to start or commence a business is called …………….. [a] capital [b] drawing [c] business money [d] interest
- All these are components of business studies except …. [a] commerce [b] shorthand [c] geography [d] economics
- The following are extractive occupations except [a]bricklaying [b] fishing [c]lumbering [d] mining
- Ayokanmi bought 10 biros at 10 naira each. How much did she pay [a] 100 [b]110 [c] 400 [d] 1000
- An example of machine used in an office is ……………. [a] franking machine [b] tractor [c] computer [d] plough
- The following are columns in a petty cash book excerpt. [a] discount [b] postage stamp [c] stationery [d] telephone
- Petty cash book is used to ….. [a] record minor expenses [b]record staff [c] record book [d] records sold on credit
- All these are documents handled by receptionist except…… [a]visitor’s book [b]telephone message pad [c] pay slip [d] business card
- Which of these is an accounting equation [a] asset= capital + liabilities [b] capital = capital – liabilities [c]capital = assets =liabilities [d] capital = net assets + liabilities
- ………. Is the coordinator of all other factors of production [a] land [b] labour [c] entrepreneur [d] wages
- Labour is rewarded with …. [a] rent [b] capital [c] wages and salary [d] interest
- Assets means [a] liabilities [b] properties [c] debtors [d] creditors
- Another name for home trade is …. [a] international trade [b] domestic trade [c] foreign trade [d] cosmetic trade
- A place where buyers and sellers meet to transact business is called [a] shop [b] market [c] school [d] dubai
- 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
- Only one of these can be insured with two insurance companies (a) cars (b) life (c) furniture (d) building (e) bank
- Which of these is not a principle of insurance (a) peaceful resolution (b) utmost good faith (c) insurance interest
- 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
- 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
- ____kind of account makes use of a cheque book (a) current (b) savings 9c0 fixed deposit
- Which is not a function of bank (a) granting loans (b)provision of life support (c)safe keeping of money
- One of these is not needed to open a current account. (a) letter of reference (b) Personal data form (c) Birth certificate
- Where are cash transactions recorded? (a) cash ledger (b) cash book (c) cash account
- 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
- Enter the following transaction using two column cash book of Adeleke
- Jan 1 cash in the office 13,200
- Cash in bank 38,750
- Jan 5 D. Adaobi paid cheque to us 42,000
- Jan 6 sales in cash 24,600
- Jan 8 sales in cash 13,850
- Jan 9 paid R Aisha by cheque 20,700
- Jan 12 paid wages by cheque 51,000
- Jan 14 bought pens with cash 530
- jan 17 purchased goods with cash 19,500
- jan 18 purhased goods with cash 30,000
- jan 29 cash sales to date 62,950
- jan 30 paid acsh to Awele 20,000
- jan 31 paid rent in cash 20,100