BUSINESS STUDIES JSS 2 SECOND TERM EXAMINATION

Part A: Objective Questions (30 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 for goods and ships
   b) Insurance for houses
   c) Insurance for businesses
   d) Insurance for 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) Focused
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 and sent out of an organization.
   a) Journal
   b) News book
   c) Correspondence
   d) Dispatch book
9. ______ is the identification of a need in which an entrepreneur can invest for profit.
   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. The trader who buys in large quantities and sells in smaller quantities is called a ______.
    a) Wholesaler
    b) Producer
    c) Retailer
    d) Sole proprietor
12. Moving goods from Nigeria to Ghana is called ______.
    a) Export trade
    b) Import trade
    c) Local trade
    d) Gift of unit
13. Aids to trade consist of the following except ______.
    a) Insurance
    b) Advertising
    c) Shipping
    d) Banking
14. The financial book where all transactions are recorded is called ______.
    a) Cash book
    b) Purchases book
    c) Credit book
    d) Sales book
15. ______ is a market where long-term loans are traded.
    a) Money market
    b) Capital market
    c) Commodity market
    d) Financial market
16. The department responsible for buying goods in large quantities is the ______.
    a) Accountant department
    b) Sales department
    c) Production department
    d) Purchase department
17. ______ is a place where money and valuables are kept.
    a) Warehouse
    b) Safe
    c) Bank
    d) Cold room
18. ______ coordinates all other factors of production.
    a) Capital
    b) Land
    c) Labour
    d) Entrepreneur
19. A trader who carries goods from place to place is called a ______.
    a) Trader
    b) Carrier
    c) Hawker
    d) Seller
20. In a business organization, who is a risk bearer?
    a) Coordinator
    b) Trader
    c) Entrepreneur
    d) Middleman

Part B: Theory Questions (30 Questions)

1. Define insurance.
2. List 5 types of insurance.
3. Who is an entrepreneur?
4. Explain 4 personal qualities of an entrepreneur.
5. What is consumerism?
6. List 8 universal consumer rights.
7. What is consumer responsibility?
8. List 4 consumer responsibilities.
9. Differentiate between needs and wants.
10. What is the reward of an entrepreneur?
11. Define production.
12. List 3 departments found in large organizations.
13. Who is a receptionist?
14. Explain the role of a wholesaler.
15. What is the function of a petty cash book?
16. Define incoming mail.
17. Explain the importance of banking as an aid to trade.
18. What is marine insurance?
19. List 3 office documents.
20. Define consumer rights.
21. What is the difference between import and export trade?
22. Explain the function of a safe in an office.
23. List 2 types of business trade.
24. What is the role of the purchase department in an organization?
25. Define entrepreneurship.
26. What is the main function of a dispatch book?
27. Explain how a petty cash book is used in an office.
28. List 3 aids to trade.
29. What is a visitor’s book used for?
30. Define ethics in business.

Part C: True or False Questions (30 Questions)

1. Insurance is a way to cover business risks. (True/False)
2. A wholesaler sells in large quantities. (True/False)
3. The receptionist is also known as the boss. (True/False)
4. Import trade means bringing goods into the country. (True/False)
5. Banking is not an aid to trade. (True/False)
6. A capital market deals with short-term loans. (True/False)
7. An entrepreneur is the final link in the channel of distribution. (True/False)
8. The purchase department is responsible for selling goods. (True/False)
9. Labour is a factor of production. (True/False)
10. A petty cash book records small expenses. (True/False)
11. A visitor’s book is kept by the sales department. (True/False)
12. Ethics refer to values and rules that govern behavior. (True/False)
13. An invoice is a proof of payment. (True/False)
14. Insurance only covers houses. (True/False)
15. A money market trades long-term loans. (True/False)
16. Marine insurance covers both ships and goods. (True/False)
17. A hawker moves goods from place to place. (True/False)
18. A safe is where money and valuables are kept. (True/False)
19. Export trade involves selling goods abroad. (True/False)
20. A business opportunity is an area for making profit. (True/False)

Part D: Fill in the Gaps (30 Questions)

1. A ______ records all transactions.
2. The ______ is responsible for buying goods in bulk.
3. A ______ is a person who buys and sells goods.
4. A ______ is used to record small office expenses.
5. ______ is the payment an entrepreneur earns.
6. The final link in distribution is the ______.
7. A ______ sells in small quantities.
8. ______ insurance covers both ships and goods.
9. The ______ department handles purchasing in large organizations.
10. ______ trade involves buying goods from other countries