Business Studies JSS 1 Second Term Examination
SECOND TERM EXAMINATION
CLASS: SS1
SUBJECT: Business Studies
TIME: 1 Hour
INSTRUCTION: Answer all the questions.
SECTION A: OBJECTIVE QUESTIONS
Choose the correct answer from the options provided.
-
Factors of production are materials used to provide goods and services.
(a) True
(b) False -
There are _____ major factors of production.
(a) 8
(b) 4
(c) 5
(d) 6 -
________ is a natural resource found within a nation.
(a) Capital
(b) Land
(c) Labour
(d) Entrepreneur -
Capital is the monetary resource used for purchasing natural resources.
(a) True
(b) False -
_______ is required to transform raw materials into consumer goods.
(a) Farmer
(b) Labour
(c) Doctor
(d) Teacher -
_________ is the productive activity for which one is paid.
(a) Business
(b) Game
(c) Occupation
(d) Duty -
There are ____ types of occupation.
(a) 7
(b) 3
(c) 6
(d) 9 -
Profession is a type of occupation.
(a) True
(b) False -
Truthfulness is expressing the _______.
(a) Truth
(b) Dishonesty
(c) Cunning act
(d) Lies -
Being truthful to yourself and others means ______.
(a) Assurance
(b) Honesty
(c) Value
(d) State -
_____ is an attribute of truthfulness.
(a) Steadfastness
(b) Stealing
(c) Fraud
(d) Embezzlement -
Fear makes people tell lies.
(a) True
(b) False -
Not being truthful affects the growth of a business.
(a) True
(b) False -
Fair play is an established standard of decency and honesty.
(a) True
(b) False -
The process of designing, launching, and running a new business to make a profit is called _______.
(a) Entrepreneur
(b) True
(c) False -
_________ is an economic organization.
(a) Employment
(b) Rates
(c) Enterprise
(d) Bank -
A situation where an individual works for themselves is called ___________.
(a) Employee
(b) Enterprise
(c) Self-employed -
The following are factors of production except ____________.
(a) Entrepreneur
(b) Advertising
(c) Capital
(d) Labour -
Provision of social service is a facility of self-employment.
(a) True
(b) False -
The following are components of the business environment except __________.
(a) Bookkeeping
(b) Shorthand
(c) Computer
(d) Insurance -
Documents used for preparing accounts are _______.
(a) Cheque
(b) Source documents
(c) Purchase
(d) Note -
Which of these is not a source document?
(a) Invoice
(b) Receipt
(c) Credit note
(d) Draft -
_________ means the transfer of goods and services from one place to another.
(a) Transportation
(b) Bill
(c) Business
(d) Transaction -
_________ is the first book in which we record the transactions of a business.
(a) Journal
(b) File
(c) Docket
(d) Bond -
Each record in the journal is called a/an ______.
(a) Forward
(b) Carriage
(c) Entry
(d) Positioning -
A joint journal used for both sales and purchases is called _______.
(a) Joint journal
(b) General journal
(c) Passbook
(d) Original journal -
Which of these is not a type of journal?
(a) Purchase journal
(b) Returns inward journal
(c) Balance brought forward journal
(d) Sales journal -
The sum of the debit side must always be equal to that of the credit side.
(a) True
(b) False -
_______ is anything of value that is owned by a business.
(a) Liability
(b) Expenses
(c) Asset
(d) Capital -
_________ is the total investment in a business.
(a) Capital
(b) Asset
(c) Expenses
(d) Liability -
The amount owed by a business to another is _______.
(a) Liability
(b) Expenses
(c) Asset
(d) Capital -
_________ is not an expense item.
(a) Rent
(b) Insurance
(c) Wage
(d) Plant and Machinery -
_______ accounts are those of debtors and creditors.
(a) Impersonal
(b) Real
(c) Personal
(d) Nominal -
A business document issued by a seller when goods are sold on credit is called _______.
(a) Invoice
(b) Cash register
(c) Debit note
(d) Pass -
_________ is a written order from an account holder to a bank to pay a specific sum of money to a person.
(a) Teller
(b) Receipt
(c) Withdrawal slip
(d) Cheque -
Business studies is the study of the ______ of a business environment.
(a) Source documents
(b) Component parts
(c) Accounting information
(d) Promotional sales -
________ office deals with the day-to-day running of an organization.
(a) Small office
(b) Administrative office
(c) General office
(d) Large office
SECTION B: THEORY QUESTIONS
Answer all questions in this section.
-
(i) What is the meaning of production?
(ii) List and explain the factors of production. -
(i) Define Occupation.
(ii) Explain each class of occupation and give examples. -
(i) What does it mean when we say a person is truthful?
(ii) Name three attributes of a truthful person. -
(i) What is Fair Play?
(ii) Mention five attributes of fair play.
(iii) Mention the benefits you have personally derived from telling the truth.