JSS 2 Business Studies First Term Examinations

Class: JSS 2 (Basic 8)
Subject: Business Studies
Term: First Term
Week: Week 10
Duration: 2 Hours

Instructions:

• Examination malpractices may lead to a repeat of the subject or suspensions. Do not be involved.
• Answer all questions in this section.

SECTION A: Objective Questions (40 Questions)

1. _______ is a legal proof of evidence of payment.
   (a) invoice
   (b) catalogue
   (c) receipt
   (d) waybill
2. Which of the following is not a type of insurance?
   (a) vehicle accident insurance
   (b) life assurance
   (c) marine insurance
   (d) public insurance
3. Marine insurance involves _________.
   (a) insurance to cover goods and houses
   (b) insurance to cover goods and business
   (c) insurance to cover goods and ship
   (d) insurance to cover ship and waters
4. Insurance can be taken out on all but one of the following:
   (a) vehicle
   (b) house
   (c) business
   (d) income
5. _______ is also known as a caller.
   (a) visitor
   (b) customer
   (c) receptionist
   (d) boss
6. All are personal qualities of an entrepreneur except ______.
   (a) selfish
   (b) determined
   (c) disciplined
   (d) focus
7. The following are ways of treating incoming mails except ______.
   (a) opening the mails
   (b) recording the contents
   (c) sorting the mails
   (d) repackaging the mail
8. _________ is the mail received in and sent out of an organization.
   (a) journal
   (b) news book
   (c) correspondence
   (d) dispatch book
9. ______ is the identification of the need of people in which an entrepreneur can invest money for profit making.
   (a) business mindedness
   (b) business passion
   (c) business discipline
   (d) business opportunity
10. Buying and selling of goods is called _______.
    (a) occupation
    (b) purchases
    (c) business
    (d) trading
11. Which of the following pairs are the major duties of a receptionist?
    (a) gossiping and receiving callers
    (b) handling the telephone and posting letters
    (c) receiving callers and handling the telephone
    (d) smiling and conversing with visitors
12. Moving goods from Nigeria to Ghana is called _________.
    (a) export trade
    (b) gift of unit
    (c) import trade
    (d) production
13. Aids to trade consist of the following except ________.
    (a) insurance
    (b) advertising
    (c) shipping
    (d) banking
14. A financial book where all transactions are recorded is called ______.
    (a) cash book
    (b) purchases book
    (c) credit book
    (d) ledger
15. The trader who buys in large quantities and sells in smaller quantities is called _____________.
    (a) wholesaler
    (b) producer
    (c) retailer
    (d) sole proprietor
16. ______ is a market where long-term loans are traded.
    (a) money market
    (b) capital market
    (c) commodity market
    (d) financial market
17. The following but one are business sectors in which businessmen can invest.
    (a) fishing
    (b) construction
    (c) hospitality
    (d) motivation
18. Which of these documents are handled by a receptionist?
    (a) sales book
    (b) account book
    (c) minute book
    (d) visitor’s book
19. _______ is the final link in the channel of distribution.
    (a) market
    (b) producer
    (c) consumer
    (d) retailer
20. A trader who carries his goods from place to place is called _______.
    (a) a trader
    (b) a carrier
    (c) a hawker
    (d) a seller
21. The department responsible for buying goods in large quantities is called ______.
    (a) accountant department
    (b) sales department
    (c) production department
    (d) purchase department
22. _______ is a place where money and other valuables are kept.
    (a) warehouse
    (b) safe
    (c) bank
    (d) cold room
23. ________ is a branch of commerce that covers business risk.
    (a) banking
    (b) insurance
    (c) finance
    (d) marketing
24. Office documents are also known as _____
    (a) store documents
    (b) sales documents
    (c) source documents
    (d) file documents
25. _______ coordinates all other factors of production.
    (a) capital
    (b) land
    (c) labour
    (d) entrepreneur
26. An ambassador of an organization from whom the visitor gets his first impression is called _____
    (a) clerical officer
    (b) receptionist
    (c) author
    (d) clerk
27. The following except one are aids to trade:
    (a) banking
    (b) advertising
    (c) insurance
    (d) buyer
28. Production is the ______
    (a) planning capital goods
    (b) creation of goods and services
    (c) purchasing goods for export
    (d) producing of goods only
29. All these departments can be found in a large organization, except __________
    (a) sales department
    (b) resellers department
    (c) purchasing department
    (d) account department
30. In a business organization, who is a risk bearer?
    (a) coordinator
    (b) trader
    (c) entrepreneur
    (d) middleman
31. Which of the following is not a function of an office?
    (a) receives information
    (b) employs information
    (c) provides information
    (d) records information
32. When a mail is delivered by hand, ______ has to be signed by the receiver as proof of delivery.
    (a) mail register
    (b) dispatch book
    (c) register book
    (d) outward book
33. Import and export business is an example of _________ business.
    (a) home
    (b) international
    (c) local
    (d) buying
34. When other countries are involved in buying and selling, it is called ______.
    (a) home trade
    (b) foreign trade
    (c) entrepot
    (d) import
35. One of the personal qualities of a clerk is ____
    (a) impatience
    (b) obedience
    (c) lateness
    (d) unreliable
36. All human efforts, whether physically or mentally directed towards the production of wealth, is ______
    (a) land
    (b) labour
    (c) capital
    (d) entrepreneur
37. The pocket-size calculator is useful for performing _____
    (a) erasure
    (b) simple mathematical work
    (c) typing
    (d) keyboarding
38. What is the reward of an entrepreneur as a factor of production?
    (a) interest
    (b) rent
    (c) profit
    (d) wages
39. The accounting record used to record small expenses in an organization is known as:
    (a) cash book
    (b) petty cash book
    (c) journal
    (d) ledger
40. Letters coming into an organization from other firms is known as__
    (a) incoming mail
    (b) outgoing mail
    (c) air mail
    (d) inland mail

SECTION B: Answer Question 5 and Any Other Two Questions (30 Questions)

5. Define insurance.
6. Outline and explain 4 important concepts of insurance.
7. List 5 types of insurance.
8. Who is an entrepreneur?
9. List and explain 4 personal qualities of an entrepreneur.
10. Outline 4 importance of insurance.
11. Define the following:
    a. consumer
    b. consumerism
    c. consumer right
12. Outline 8 universal consumer rights.
13. Define consumer responsibility.
14. Outline 4 consumer responsibilities.
15. Differentiate between needs and wants.
16. Enter the following transactions into the cash book of A.O. Jaji for the month of January 2013:
    • Jan. 1: Started a retail business with #250,000 cash
    • Jan. 6: Bought goods worth #40,000 by cash
    • Jan. 7: Received #10,000 cash in respect of sales
    • Jan. 11: Paid the following expenses in cash: stamps #200, Diesel #3,700
    • Jan. 13: Paid cash #20,000 to Hassan Adamu
    • Jan. 16: Bought a motorcycle by cash: #75,000
    • Jan. 18: Received a cash loan of #30,000 from Tolu Aliyu
    • Jan. 24: Bought goods worth #15,000 by cash
    • Jan. 30: Paid salaries of salespersons: #40,000
17. Explain the importance of effective communication in business.
18. What are the different types of marketing?
19. Discuss the role of technology in modern business.
20. Explain the term ‘market segmentation’.
21. What is the difference between a producer and a consumer?
22. Outline the steps in the production process.
23. Define ‘capital’ in the context of business.
24. Discuss the importance of customer service.
25. What are the factors influencing consumer behavior?
26. Define ‘e-commerce’.
27. Discuss the advantages and disadvantages of online shopping.
28. What are the key elements of a successful marketing strategy?
29. Explain the concept of ‘supply and demand’.
30. Describe the relationship between price and quantity supplied.

EVALUATION (20 Questions)

1. State the meaning of banks.
2. Mention types of banks.
3. Give examples of commercial banks in Nigeria.
4. Write out the functions of commercial banks in Nigeria.
5. Define cheque.
6. List reasons for banks dishonouring cheques.
7. What is an overdraft?
8. Define market.
9. Mention and explain types of market.
10. List classifications of operation in the commodity market.
11. What are the methods of buying and selling?
12. What is the full meaning of ATM?
13. What is trade?
14. List three importance of trade.
15. Explain in writing why home trade is important.
16. Discuss the role of the entrepreneur in a business.
17. Explain the importance of bookkeeping.
18. What is the purpose of a business plan?
19. Define ‘corporate social responsibility’.
20. Discuss the impact of globalization on local businesses.