Examination malpractices may lead to a repeat of the subject or suspensions don’t be involved.
Subject: BUSINESS STUDIES Duration: 2HRS Class: JSS 3
SECTION A: INSTRUCTION: ANSWER ALL QUESTIONS IN THIS SECTION
- A good receptionist must possess the following qualities except ______ (a) loyal to the organisation (b) punctual at work (c) must not be aggressive (d) must stay in office for 24 hours
- A place where buyers and sellers meet to transact business is called ______ (a) shop (b) market (c) trade (d) school
- The department which deals with staff matters is ______ (a) personnel department (b) finance department (c) purchasing department (d) sales department
- Labour is rewarded with ______ (a) rent (b) profit (c) capital (d) wages and salaries
- A retailer is the one who ______ (a) specializes in industrial goods (b) sells to wholesalers (c) buys in small quantities from the wholesaler and sell to the consumer in units (d) none of the above.
- An office material in which personal data of staff are kept is called ______ (a) table (b) wood box (c) file cabinet (d) jacket
- The fastest means of transportation is _______ (a) land (b) air (c) pipeline (d) water.
- One of the following is not an office equipment. (a) printer (b) perforator (c) recharge card (d) typewriter.
- A telephone operator must be _______. (a) heady (b) neat (c) kind (d) polite
- C.O.D means _______ (a) cost of delivery (b) cash on delivery (c) cash of delivery (d) cash on delay
- Aids to trade consists of ______ (a) banking (b) insurance (c) advertising (d) all of the above
- One of the following is not an element of Business studies? (a) book keeping (b) physics (c) keyboarding (d) commerce
- Which of the following is not extractive occupation? (a) farming (b) fishing (c) mining (d) driving.
- A type of advertising meant for the public to introduce new products is called _____ (a) informative (b) persuasive (c) competitive (d) mass and specific
- The method in which duties are carried out in respect of performance of business activities of an organization is called _______ (a) office procedure (b) business studies (c) service render (d) office performance
- One of the functions of the Central Bank of Nigeria is to ______ (a) give loans to traders (b) carry money from Lagos to Abuja (c) print passport photographs (d) mint country’s currencies
- Which of the following is not used for transporting goods and people on seas? (a) canoe (b) ferry (c) trailer (d) boat
- The following are examples of advertising media except _____(a) radio (b) television (c) textbook (d) magazine
- The following are procedures for making payment except _____ (a) payment by bank draft (b) payment by cash (c) payment by receipt (d) payment by cheque
- The money used in starting business is called _______ (a) cash at hand (b) cash at bank (c) cheque (d) capital
- Coal mining is an example of _____ (a) direct service (b) tertiary production (c) indirect service (d) extractive industry
- The profit given to shareholders of a company is ______ (a) dividend (b) bond (c) share (d) divide
- The role of insurance in commerce is ______(a) invest premium earned in business (b) prevent wasteful venture (c) minimise business risks (d) identify businessmen for loss
- Furnitures and fittings are examples of _____ assets (a) fixed (b) current (c) circulating (d) floating
- A device used to aid the effective performance of a worker in an office is _______ (a) office equipment (b) electric fan (c) transported device (d) opener
- The insurance policy on goods transported on water is known as ________ (a) third party (b) burglary (c) compensation (d)marine
- Moving goods from Nigeria to Ghana is called _______ (a) export trade (b) gift of unit (c) import trade (d) production (e) retail trade
- The act of passing information from one place to the other is called _____ (a) ware housing (b) communication (c) advertising (d) transportation
- A type of business owned and run by one person is known as _____ (a) co-operative (b) sole proprietorship (c) company (d) partnership
- Division of labour _______ output (a) decreases (b) disallows (c) increases (d) releases
- _______ is the arrangement of wants according to priority. (a) choice (b) scarcity (c) scale of preference (d) opportunity cost
- A trade between two or more countries is called _____ (a) international trade (b) local trade (c) domestic trade (d) home trade
- Another name for home trade is _______ (a) foreign trade (b) international trade (c) cosmetic trade (d) domestic trade
- The following are documents used in buying and selling except ______ (a) order (b) catalogue (c) invoice (d) visitor’s book
- The money used to start business is recorded on which side of the cash book? (a) debit side (b) credit side (c) creditor side (d) debtor side
- A/C means ____ (a) accompany (b) account (c) accountant (d) acquired
- The apex bank in Nigeria is ______ (a) Zenith bank (b) Federal Apex Bank (c) National Apex Bank (d) Central Bank of Nigeria
- Exchange of goods for goods is called ______ (a) barter (b) sales (c) trade (d) butter
- The following can be insured against except _______ (a) gambling (b) goods (c) building (d) life
- The following businesses are legal except ______ (a) carpentry (b) smuggling (c) teaching (d) trading
- Petty cash book is used to _______ (a) record minor expenses (b) pay staff salaries (c) record goods sold on credit (d) record bank transactions
- Asset means _______ (a) properties (b) liabilities (c) debtor (d) creditor
- The person who owns, runs and establishes business is called _______ (a) entrepreneur (b) diligence (c) hardworking (d) coordinator
- The physical counting of the stock in the store at a particular time is known as _____ (a) stock record (b) stock taking (c) stock control (d) stock working
- A telephone call within a town is called ______ (a) emergency (b) trunk (c) local (d) sudden
- A method of paragraphing where all lines start at the margin is known as _________ (a) hanging paragraph (b) block paragraph (c) indented paragraph (d(open paragraph
- _______ is the estimate of income and expenditure over a specific period of time. (a) budget (b) bonus (c) divided (d) share
- _______ are entered on the debit side of profit and loss accounts. (a) expenses (b) income (c) cash (d) losses
- All the following are natural products except _______ (a) groundnut (b) timber (c) ships (d) cotton
- The collaboration of people living together in a particular geographical area having a common custom, values, cultural laws and mutual interest is ______ (a) market (b) consumer (c) education (d) society
- Which of the following advertising media is suitable for demonstrating Omo detergent? (a) newspaper (b) magazine (c) radio (d) television
- The place where typewriters are kept is called _______ (a) store room (b) typing house (c) typing pool (d) typing room.
- Olufolabi has N 800 in her bank account but withdraws N 1200. How much overdraft have been granted to her (a) N 1000 (b) N 800 (c) N 700 (d) N 400
- A clerical staff performs the following functions except _______ (a) direct visitors to executive’s office (b) laundering for the boss (c) file documents (d) running official errands
- The aid to trade that involves the movement of goods and people to where they are needed is ______ (a) communication (b) transportation (c) banking (d) advertising
- Which of the following is not a quality of a good receptionist? (a) bluffing (b) attentiveness (c) courtesy (d) tactfulness
- A trial balance shows the _______ of all entries in ledger accounts (a) asset accounts (b) arithmetical accuracy (c) balance (d) mathematical calculations
- The document used for withdrawal of cash from current account is ______ (a) ATM (b) cheque (c) counter cheque (d) pay slip
- The chemicals with household uses and can be purchased in local stores is called _________ (a) toxic chemicals (b) dangerous chemicals (c) suitable chemicals (d) hazardous chemicals
- Irregularity at work may attract ______ (a) punishment (b) favour (c) promotion (d) transfer.
SECTION B :ANSWER QUESTION 4 AND ANY OTHER TWO QUESTIONS.
1a. Define (i) consumer right (ii) cosumer redress
- List and explain 2 just ways of seeking redress c. Outline 4 benefits of providing redress
2a. Explain the concept of personal finance b. Outline 5 sources of finance for individuals
- Explain 3 types of budget.
3a. Define modesty b. List 5 attributes of modesty
- State 2 differences between modesty and extravagance
- Draw up trading, profit and loss account for the year ended December, 2018, from the trial balance of IBITOYE Nig. Ltd. below :
Dr. Cr.
Opening stock. 1,200
Sales. 28,800
Purchases. 23,800
Rent and rate. 900
Salaries and wages. 3,200
Furniture & fittings. 1,000
General expenses. 500
Note: The closing stock is #4,200
4b. list 4 uses of trading, profit and loss account.
5a. Write short note on the following : i. Balance sheet ii. Profit and loss account
iii. Trial balance iv. Trading account.
- Draw the comprehensive format for trading, profit and loss account
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