HomeExamination QuestionsJSS 2 SECOND TERM INSURANCE REVISION

JSS 2 SECOND TERM INSURANCE REVISION

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JSS 2 SECOND TERM REVISION

INSURANCE

Insurance is a way of protecting yourself or something valuable to you, like your house, your car, or even your health.

Imagine you have a very special toy that you really love, and you’re worried that it might get lost or broken. You could get insurance to protect it! That means that if something happens to your toy, like if it gets lost or broken, the insurance company will help you replace it or fix it.

In Nigeria, there are many different types of insurance. Here are some examples:

  1. Car insurance: If your parents have a car, they can get insurance to protect it. If they get into an accident, the insurance company will help pay for the damage to the car.
  2. Health insurance: This is when you pay money every month to an insurance company, and in return, they will help pay for your medical bills if you get sick or injured.
  3. Homeowners insurance: This is when you own a house, and you want to protect it from things like fire or theft. If something happens to your house, the insurance company will help you fix it or rebuild it.
  4. Life insurance: This is when you want to make sure that your family is taken care of if something happens to you. If you pass away, the insurance company will give your family money to help them pay for things like bills and other expenses.

So, insurance is like a safety net that helps you protect the things that are important to you. It’s important to have insurance so that you can feel safe and secure, even if something unexpected happens

 

Review

  1. What is insurance? A. A way of protecting yourself or something valuable B. A type of savings account C. A type of loan
  2. What is car insurance? A. A way of protecting your car in case of an accident B. A type of car maintenance service C. A type of car rental service
  3. What is health insurance? A. A way of paying for medical bills when you get sick or injured B. A type of gym membership C. A type of healthy food delivery service
  4. What is homeowners insurance? A. A way of protecting your house from things like fire or theft B. A type of interior design service C. A type of home rental service
  5. What is life insurance? A. A way of making sure your family is taken care of if something happens to you B. A type of pet insurance C. A type of travel insurance
  6. What is liability insurance? A. A way of protecting yourself in case you are sued B. A type of car insurance C. A type of health insurance
  7. What is disability insurance? A. A way of protecting your income if you become disabled and can’t work B. A type of car insurance C. A type of health insurance
  8. What is travel insurance? A. A way of protecting yourself when you travel B. A type of car insurance C. A type of health insurance
  9. What is pet insurance? A. A way of protecting your pets B. A type of homeowners insurance C. A type of life insurance
  10. What is flood insurance? A. A way of protecting your home from flooding B. A type of car insurance C. A type of travel insurance

 

Cash book – Single Column Cash book.

  1. What is a Single Column Cash Book? A. A cash book with only one column for recording all transactions B. A cash book with two columns for recording cash and bank transactions C. A cash book with three columns for recording cash, bank, and discount transactions
  2. Which of the following transactions would be recorded in the Single Column Cash Book? A. Credit sales B. Bank loan C. Cash sales
  3. Which side of the Single Column Cash Book is used for recording receipts? A. Debit side B. Credit side C. Neither
  4. Which side of the Single Column Cash Book is used for recording payments? A. Debit side B. Credit side C. Neither
  5. What is the purpose of a Single Column Cash Book? A. To record all cash transactions in one place B. To record all bank transactions in one place C. To record all discount transactions in one place
  6. If cash is received from a debtor, what would be the journal entry in the Single Column Cash Book? A. Debit cash account, credit debtor account B. Debit debtor account, credit cash account C. Debit sales account, credit cash account
  7. If cash is paid for rent, what would be the journal entry in the Single Column Cash Book? A. Debit rent account, credit cash account B. Debit cash account, credit rent account C. Debit bank account, credit cash account
  8. What is the purpose of balancing the Single Column Cash Book? A. To check for errors and ensure accuracy B. To calculate profits and losses C. To record closing entries
  9. What is the difference between a Single Column Cash Book and a Double Column Cash Book? A. A Double Column Cash Book has separate columns for cash and bank transactions B. A Single Column Cash Book has separate columns for cash and bank transactions C. There is no difference between the two
  10. Which of the following transactions would be recorded in the Single Column Cash Book as a credit entry? A. Cash sales B. Purchase of goods on credit C. Cash payment for expenses

 

Double Column Cash book

  1. What is a Double Column Cash Book? A. A cash book with only one column for recording all transactions B. A cash book with two columns for recording cash and bank transactions C. A cash book with three columns for recording cash, bank, and discount transactions
  2. Which of the following transactions would be recorded in the Cash Column of a Double Column Cash Book? A. Credit sales B. Bank loan C. Cash sales
  3. Which of the following transactions would be recorded in the Bank Column of a Double Column Cash Book? A. Credit sales B. Bank loan C. Cash sales
  4. Which side of the Double Column Cash Book is used for recording receipts? A. Debit side B. Credit side C. Neither
  5. Which side of the Double Column Cash Book is used for recording payments? A. Debit side B. Credit side C. Neither
  6. What is the purpose of a Double Column Cash Book? A. To record all cash transactions in one place B. To record all bank transactions in one place C. To record both cash and bank transactions in one place
  7. If cash is received from a debtor, what would be the journal entry in the Double Column Cash Book? A. Debit cash column, credit debtor column B. Debit debtor column, credit cash column C. Debit sales column, credit cash column
  8. If cash is paid for rent, what would be the journal entry in the Double Column Cash Book? A. Debit rent column, credit cash column B. Debit cash column, credit rent column C. Debit bank column, credit cash column
  9. What is the purpose of balancing the Double Column Cash Book? A. To check for errors and ensure accuracy B. To calculate profits and losses C. To record closing entries
  10. What is the difference between a Single Column Cash Book and a Double Column Cash Book? A. A Double Column Cash Book has separate columns for cash and bank transactions B. A Single Column Cash Book has separate columns for cash and bank transactions C. There is no difference between the two

Cash book with Contra entries

  1. What is a Contra Entry in Cash Book? A. An entry that cancels out the effect of a previous entry B. An entry that records both cash and bank transactions in the same column C. An entry that is made in the Discount column of a Cash Book
  2. What is the purpose of Contra Entry in Cash Book? A. To record the transfer of cash between bank accounts B. To record the transfer of cash between Cash and Bank accounts C. To record the purchase of goods on credit
  3. Which columns are affected in a Contra Entry? A. Cash column and Bank column B. Cash column and Discount column C. Bank column and Discount column
  4. If you withdraw cash from the bank for office use, what would be the Contra Entry in the Cash Book? A. Debit Bank column and Credit Cash column B. Debit Cash column and Credit Bank column C. Debit Discount column and Credit Cash column
  5. If you deposit cash into the bank, what would be the Contra Entry in the Cash Book? A. Debit Cash column and Credit Bank column B. Debit Bank column and Credit Cash column C. Debit Discount column and Credit Cash column
  6. If you pay rent by transferring money from bank account to cash account, what would be the Contra Entry in the Cash Book? A. Debit Bank column and Credit Cash column B. Debit Cash column and Credit Bank column C. Debit Discount column and Credit Cash column
  7. What is the purpose of balancing the Cash Book with Contra Entries? A. To check for errors and ensure accuracy B. To calculate profits and losses C. To record closing entries
  8. What is the difference between a Cash Book with Contra Entries and a Double Column Cash Book? A. A Cash Book with Contra Entries records both cash and bank transactions in the same column B. A Double Column Cash Book has separate columns for cash and bank transactions C. There is no difference between the two
  9. If you purchase goods on credit, what would be the entry in the Cash Book? A. Debit Discount column and Credit Cash column B. Debit Creditors column and Credit Cash column C. Debit Cash column and Credit Sales column
  10. What is the purpose of a Cash Book with Contra Entries? A. To record both cash and bank transactions in the same column B. To cancel out the effect of a previous entry C. To record the purchase of goods on credit

Petty Cash book.

  1. What is a Petty Cash Book? A. A book used to record small cash transactions B. A book used to record large cash transactions C. A book used to record bank transactions
  2. What is the purpose of a Petty Cash Book? A. To record and track small cash expenses B. To record and track large cash expenses C. To record and track bank transactions
  3. Who is responsible for maintaining the Petty Cash Book? A. The cashiers B. The accountants C. The petty cash custodian
  4. What is the maximum amount of money that should be kept in a Petty Cash fund? A. ₦10,000 B. ₦50,000 C. ₦100,000
  5. What is the difference between a Petty Cash Book and a Cash Book? A. A Petty Cash Book is used for small cash transactions while a Cash Book is used for large cash transactions B. A Petty Cash Book is used for bank transactions while a Cash Book is used for cash transactions C. A Petty Cash Book is used for small cash expenses while a Cash Book is used for all expenses
  6. Which of the following transactions would be recorded in a Petty Cash Book? A. Purchase of equipment B. Payment of rent C. Payment of office supplies
  7. If a company spends ₦500 on office supplies, what would be the entry in the Petty Cash Book? A. Debit Office Supplies column and Credit Cash column B. Debit Cash column and Credit Office Supplies column C. Debit Bank column and Credit Office Supplies column
  8. What is the purpose of balancing the Petty Cash Book? A. To check for errors and ensure accuracy B. To calculate profits and losses C. To record closing entries
  9. What is the difference between an Imprest System and a Float System in Petty Cash management? A. In an Imprest System, the Petty Cash fund is replenished periodically while in a Float System, the Petty Cash fund is not replenished B. In a Float System, the Petty Cash fund is replenished periodically while in an Imprest System, the Petty Cash fund is not replenished C. There is no difference between the two systems
  10. What is the role of the Petty Cash custodian in Petty Cash management? A. To maintain and track the Petty Cash fund B. To authorize all Petty Cash transactions C. To audit the company’s financial statements

 

Personal qualities of an entrepreneur and business opportunities

  1. Which of the following is a personal quality of an entrepreneur? A. Risk aversion B. Creativity C. Lack of confidence
  2. What is a business opportunity? A. A chance to start a new business venture B. A way to increase profits in an existing business C. A situation where a business is failing
  3. What is the importance of personal qualities in entrepreneurship? A. Personal qualities can help entrepreneurs overcome challenges and succeed in their ventures B. Personal qualities are not important in entrepreneurship C. Personal qualities can hinder an entrepreneur’s success
  4. Which of the following is a personal quality that can help entrepreneurs succeed? A. Lack of motivation B. Fear of failure C. Persistence
  5. What is a market opportunity? A. A chance to enter or create a market for a new product or service B. A situation where there is no market for a product or service C. A situation where there is too much competition in a market
  6. What is the difference between a business opportunity and a market opportunity? A. A business opportunity is a chance to start a new business while a market opportunity is a chance to enter or create a market for a new product or service B. A market opportunity is a chance to start a new business while a business opportunity is a chance to enter or create a market for a new product or service C. There is no difference between the two
  7. Which of the following is a personal quality that can hinder an entrepreneur’s success? A. Creativity B. Lack of self-discipline C. Confidence
  8. What is the role of creativity in entrepreneurship? A. Creativity can help entrepreneurs identify new business opportunities and come up with innovative solutions B. Creativity is not important in entrepreneurship C. Creativity can hinder an entrepreneur’s success
  9. Which of the following is a way to identify business opportunities? A. Conducting market research B. Copying what other businesses are doing C. Ignoring market trends
  10. What is the importance of identifying business opportunities? A. Identifying business opportunities can help entrepreneurs start successful businesses and increase profits B. Identifying business opportunities is not important in entrepreneurship C. Identifying business opportunities can lead to failure

Book-keeping ethics

  1. What are bookkeeping ethics? A. A set of moral principles and values that govern the bookkeeping profession B. A set of laws and regulations that govern the bookkeeping profession C. A set of accounting standards that govern the bookkeeping profession
  2. Which of the following is an example of a bookkeeping ethical principle? A. Confidentiality B. Competition C. Deception
  3. What is the importance of bookkeeping ethics? A. Bookkeeping ethics promote trust and confidence in financial statements B. Bookkeeping ethics are not important in the bookkeeping profession C. Bookkeeping ethics can lead to financial fraud
  4. Which of the following is an ethical issue in bookkeeping? A. Misreporting financial statements B. Overpaying employees C. Providing excellent customer service
  5. What is the role of bookkeepers in maintaining ethical standards? A. Bookkeepers must adhere to ethical principles and report any ethical issues B. Bookkeepers are not responsible for maintaining ethical standards C. Bookkeepers must do whatever it takes to make the company profitable
  6. What is the difference between ethical behavior and legal behavior in bookkeeping? A. Ethical behavior is based on moral principles and values while legal behavior is based on laws and regulations B. Ethical behavior and legal behavior are the same thing C. Ethical behavior is not important in bookkeeping
  7. Which of the following is an example of a bookkeeping ethical violation? A. Keeping accurate financial records B. Disclosing confidential financial information C. Reporting financial statements accurately
  8. What is the importance of confidentiality in bookkeeping? A. Confidentiality helps protect sensitive financial information from unauthorized access B. Confidentiality is not important in bookkeeping C. Confidentiality can hinder a bookkeeper’s productivity
  9. What is the role of honesty in bookkeeping? A. Bookkeepers must be honest in all their financial reporting B. Honesty is not important in bookkeeping C. Bookkeepers can lie to help the company be more profitable
  10. What is the responsibility of bookkeepers in maintaining ethical standards? A. Bookkeepers must maintain ethical standards and report any ethical violations B. Bookkeepers are not responsible for maintaining ethical standards C. Bookkeepers must do whatever it takes to make the company profitable, even if it means violating ethical standards
  11. What is a cash book? A. A book used to record bank transactions B. A book used to record cash transactions C. A book used to record both bank and cash transactions
  12. Which of the following is an example of a personal quality that can help entrepreneurs succeed? A. Lack of motivation B. Fear of failure C. Persistence
  13. What is the difference between a single-column cash book and a double-column cash book? A. A single-column cash book has only one column for recording all transactions while a double-column cash book has separate columns for cash and bank transactions B. A single-column cash book has separate columns for cash and bank transactions while a double-column cash book has only one column for recording all transactions C. There is no difference between the two types of cash books
  14. What is a contra entry in a cash book? A. An entry that cancels out the effect of a previous entry B. An entry that records both cash and bank transactions in the same column C. An entry that records discounts received on purchases
  15. Which of the following is an example of an ethical issue in bookkeeping? A. Misreporting financial statements B. Providing excellent customer service C. Giving employees too many benefits
  16. What is a business opportunity? A. A chance to start a new business venture B. A way to increase profits in an existing business C. A situation where a business is failing
  17. Which of the following is a personal quality of an entrepreneur? A. Risk aversion B. Creativity C. Lack of confidence
  18. What is the importance of identifying business opportunities? A. Identifying business opportunities can help entrepreneurs start successful businesses and increase profits B. Identifying business opportunities is not important in entrepreneurship C. Identifying business opportunities can lead to failure
  19. What is the role of creativity in entrepreneurship? A. Creativity can help entrepreneurs identify new business opportunities and come up with innovative solutions B. Creativity is not important in entrepreneurship C. Creativity can hinder an entrepreneur’s success
  20. What is the purpose of balancing a cash book? A. To check for errors and ensure accuracy B. To calculate profits and losses C. To record closing entries
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