Third Term Examinations JSS 3 Business Studies

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

1. 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 
2. A place where buyers and sellers meet to transact business is called ______ (a) shop (b) market (c) trade (d) school 
3. The department which deals with staff matters is ______ (a) personnel department (b) finance department (c) purchasing department (d) sales department 
4. Labour is rewarded with ______ (a) rent (b) profit (c) capital (d) wages and salaries 
5. 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. 
6. An office material in which personal data of staff are kept is called ______ (a) table (b) wood box (c) file cabinet (d) jacket 
7. The fastest means of transportation is _______ (a) land (b) air (c) pipeline (d) water. 
8. One of the following is not an office equipment. (a) printer (b) perforator (c) recharge card (d) typewriter. 
9. A telephone operator must be _______. (a) heady (b) neat (c) kind (d) polite 
10. C.O.D means _______ (a) cost of delivery (b) cash on delivery (c) cash of delivery (d) cash on delay 
11. Aids to trade consists of ______ (a) banking (b) insurance (c) advertising (d) all of the above 
12. One of the following is not an element of Business studies? (a) book keeping (b) physics (c) keyboarding (d) commerce 
13. Which of the following is not extractive occupation? (a) farming (b) fishing (c) mining (d) driving. 
14. A type of advertising meant for the public to introduce new products is called _____ (a) informative (b) persuasive (c) competitive (d) mass and specific 
15. 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 
16. 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 
17. Which of the following is not used for transporting goods and people on seas? (a) canoe (b) ferry (c) trailer (d) boat 
18. The following are examples of advertising media except _____(a) radio (b) television (c) textbook (d) magazine 
19. 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 
20. The money used in starting business is called _______ (a) cash at hand (b) cash at bank (c) cheque (d) capital 
21. Coal mining is an example of _____ (a) direct service (b) tertiary production (c) indirect service (d) extractive industry 
22. The profit given to shareholders of a company is ______ (a) dividend (b) bond (c) share (d) divide 
23. 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 
24. Furnitures and fittings are examples of _____ assets (a) fixed (b) current (c) circulating (d) floating 
25. 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 
26. The insurance policy on goods transported on water is known as ________ (a) third party (b) burglary (c) compensation (d)marine
27. Moving goods from Nigeria  to Ghana is called _______ (a) export trade (b) gift of unit (c) import trade (d) production (e) retail trade
28. The act of passing information from one place to the other is called _____ (a) ware housing (b) communication (c) advertising (d) transportation 
29. A type of business owned and run by one person is known as _____ (a) co-operative (b) sole proprietorship (c) company (d) partnership 
30. Division of labour _______ output (a) decreases (b) disallows (c) increases (d) releases 
31. _______ is the arrangement of wants according to priority. (a) choice (b) scarcity (c) scale of preference (d) opportunity cost 
32. A trade between two or more countries is called _____ (a) international trade (b) local trade (c) domestic trade (d) home trade 
33. Another name for home trade is _______ (a) foreign trade (b) international trade (c) cosmetic trade (d) domestic trade 
34. The following are documents used in buying and selling except ______ (a) order (b) catalogue (c) invoice (d) visitor’s book 
35. 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 
36. A/C means ____ (a) accompany (b) account (c) accountant (d) acquired 
37. The apex bank in Nigeria is ______ (a) Zenith bank (b) Federal Apex Bank (c) National Apex Bank (d) Central Bank of Nigeria 
38. Exchange of goods for goods is called ______ (a) barter (b) sales (c) trade (d) butter 
39. The following can be insured against except _______ (a) gambling (b) goods (c) building (d) life 
40. The following businesses are legal except ______ (a) carpentry (b) smuggling (c) teaching (d) trading 
41. Petty cash book is used to _______ (a) record minor expenses (b) pay staff salaries (c) record goods sold on credit (d) record bank transactions 
42. Asset means _______ (a) properties (b) liabilities (c) debtor (d) creditor 
43. The person who owns, runs and establishes business is called _______ (a) entrepreneur (b) diligence (c) hardworking (d) coordinator 
44. 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 
45. A telephone call within a town is called ______ (a) emergency (b) trunk (c) local (d) sudden 
46. 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 
47. _______ is the estimate of income and expenditure over a specific period of time.                   (a) budget (b) bonus (c) divided (d) share 
48. _______ are entered on the debit side of profit and loss accounts. (a) expenses (b) income (c) cash (d) losses 
49. All the following are natural products except _______ (a) groundnut (b) timber (c) ships (d) cotton 
50. 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 
51. Which of the following advertising media is suitable for demonstrating Omo detergent? (a) newspaper (b) magazine (c) radio (d) television 
52. The place where typewriters are kept is called _______ (a) store room (b) typing house (c) typing pool (d) typing room. 
53. 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 
54. 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 
55. 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 
56. Which of the following is not a quality of a good receptionist? (a) bluffing (b) attentiveness (c) courtesy (d) tactfulness 
57. A trial balance shows the _______ of all entries in ledger accounts (a) asset accounts (b) arithmetical accuracy (c) balance (d) mathematical calculations 
58. The document used for withdrawal of cash from current account is ______ (a) ATM (b) cheque (c) counter cheque (d) pay slip 
59. 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 
60. 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 

1. 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

1. Explain 3 types of budget. 

3a.  Define modesty b.  List 5 attributes of modesty 

1. State 2 differences between modesty and extravagance 
2. 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. 

1. Draw the comprehensive format for trading, profit and loss account