BASIC SCIENCE JSS 1 SECOND TERM EXAMINATION

SECOND TERM EXAMINATION,  SESSION.

CLASS: BASIC JSS 1.  SUBJECT: BUSINESS STUDIES. TIME: 1 HOUR.

INSTRUCTION: Answer all the questions.

(1) F actors of production are materials used to provides goods and services

(a) True                          (b) false

(2) There _____ major factors of production. (a) 8             (b) 4     (c) 5      (d) 6

(3) ________ is a natural resources found within a nation

(a) capital         (b) Land             (c) Labour         (d) entrepreneur

(4) Capital is the monetary resources used for purchasing natural resources. (a) True (b) False

(5) _______  is required to transform raw materials into consumer goods

(a) Farmer        (b) labour             (c) Doctor         (d) Teacher

(6) _________ is the productive activity for which one is paid

(a) Business     (b) game             (c) Occupation (d) Duty

7. There are ____ types of occupation.(a) 7 (b) 3 (c) 6      (d) 9
8. Profession is a type of occupation. (a) True (b) false
9. Truthfulness is expressing the _______(a) truth (b) dishonesty (c) cunning act (d) lies
10. Being truthful to yourself and others means ______(a) assurance (b) honesty                     (c) value            (d) state
11. _____ is attribute of truthfulness. (a) steadfast (b) stealing (c) fraud (d) embezzlement
12. Fear makes people tell lies. (a) true (b) false
13. Not being truthful affects the growth of the business. (a) true (b) false
14. Fair play is an establishment standard of decency and honesty. (a) true      (b) false
15. Th e process of designing, launching and running a new business along with any of its so as to make profit is (a) Entrepreneur (b) True             (c) false
16. _________ is an economic organization. (a) Employment (b) Rates(c) enterprise(d) Bank
17. A situation in an individual work for himself employment is ___________

(a) Employee   (b) enterprise        (c) self employed

18.The following are factors of production  except ____________-

(a) Entrepreneur          (b) advertising       (c) Capital (d) Labour

19. Provision of social service is a facility of self employment. (a) True (b) False
20. The following are component part of business environment except __________

(a) Book – keeping        (b) Short hand       (c) Computer         (d) Insurance

21. Documents used for preparing accounts are …………. [a] cheque [b] source documents [c] purchase [d] note
22. Which of these is not a source document [a] invoice [b] receipt [c]credit note [d] draft
23. ……………… means the transfer of goods and services from one place to another [a] transportation [b] bill [c] business [d] transaction
24. _________is the first book in which we record the transaction of a business

[a] journal [b] file [c] docket [d] bond

25. Each record in the journal is called a/an … [a] forward [b]  carriage  [c] entry                            [d] positioning.
26. A joint journal used for both sales and purchase is called…… [a] joint journal [b]general journal [c] passbook [d] original journal
27. Which of these is not a type of journal [a] purchase journal [b] returns inward journal [c] balance brought forward journal [d] sales journal
28. The sum of the debit side must always be equal to that of the credit side [a] true  [b] false
29. ……. Is anything of value that is owned by business [a] liability [b] expenses [c] asset  [d] capital
30. …………. Is the total investment in a business [a] capital [b] asset [c] expenses [d] liability.
31. The amount owed by a business to another is……… [a] liability [b] expenses [c] asset [c] capital
32. ………….. is not an expenses item [a] rent [b] insurance [c] wage [d] plant and machinery
33. ……….. accounts are those of debtors and creditors [a] impersonal [b] real [c] personal [d] nominal

Use the following statement to answer questions 14 to 16.

Iya Victor sold ten bags of Garri to Iya Kelechi on credit on January 5^th ,2018. On January 12^th ,Iya Kelechi returned 4 bags of garri to iya Victor. The cost of each bag of garri is 3,000 naira. Iya Victor sent two documents at different times to Iya Kelechi for those transactions.

34. What are the two documents involved in the transaction [a] credit note and debit note [b] debit note and receipt [c]invoice and credit note [c] receipt and credit note
35. What is the first documents to be sent [a] credit note [b] debit note [c] invoice [d] receipt
36. How much would Iya Kelechi pay to Iya Victor [a]30,000 [b] 20,000 [c] 18.000 [d] 132,000
37. …….. is a business document which is seller of a product makes out whenever he/ she sells goods to a customer [] pass [b] cash register [c] invoice [d] debit note
38. ………. Is a written order from an account holder to a bank to pay a specified sum of money to the person whose name is on it. [a] teller [b] receipt [c] withdrawal slip [d] cheque
39. Business studies is the study of the……….. of a business environment .

[a] source document [b] components parts [c] accounting information [d] promotional sales

40. ………… office deals with the day to day running of the organization a] small office   [b] administrative office [c] general office [d] large office

THEORY

1(i) What is the meaning of production

(ii) hat are the factors of production

2(i) Define Occupation

(ii) Explain each class of occupation and give example

3(i) What do we mean when we say a person is truthful person

(ii) Name three (3) attributes of truthful person

4(i) What is fairplay

(ii) Mention five(5) attributes of fairplay

(iii) Mention the benefits you have personally derived from telling the truth