Revision Test 1st Term Examination Business Studies JSS 1 First Term Lesson Notes
Question : What is the last point in the journey of goods to consumers? Answer: The end point in the channel of distribution of goods is the consumer.
Question : Which department handles the preparation of workers’ salaries? Answer: The department responsible for preparing workers’ salaries is Accounting.
Question : What are some mechanisms of a typewriter? Answer: Mechanisms of a typewriter include carriage return, type basket, and setting the margin stops.
Question : What do visitors often sign upon arrival? Answer: Visitors on arrival are usually asked to sign a visitors book.
Question : What distinguishes wholesale trade? Answer: Wholesale trade involves buying goods in large quantities.
Question : What service is not typically provided by banks? Answer: Provision of internet banking is not usually a banking service.
Question : Which is not an ethical concern in banking? Answer: Compliance with Central bank directives is an ethical concern in the banking sector.
Question : What document is sent when a customer is undercharged? Answer: When a customer is undercharged, a debit note is sent.
Question : What term describes the mail received and sent by an organization? Answer: The mail received and sent by an organization is known as correspondence.
Question : What is commerce? Answer: Commerce is the distribution and exchange of goods and services.
Question : What are the main branches of trade? Answer: The main branches of trade are home and foreign trade.
Question : What are banking, insurance, advertising, and communication collectively known as? Answer: They are known as aids to trade.
Question : What qualities are expected of a receptionist? Answer: A receptionist is expected to have good appearance, confidentiality, and politeness.
Question : What is an account that restricts withdrawals for a specific period called? Answer: It is called a fixed deposit account.
Question : What is the purpose of a telephone message pad? Answer: A telephone message pad is used to record telephone messages.
Question : What documents are handled by a receptionist? Answer: A receptionist handles documents like request forms and visitor’s books.
Question : What term describes someone who delivers mail by motorbike? Answer: A person who delivers mail by motorbike is called a dispatch rider.
Question : What is trade within the boundaries of a country called? Answer: It is called home trade.
Question : Who breaks the bulk of goods from the manufacturer? Answer: The wholesaler breaks the bulk of goods from the manufacturer.
Question : Who sells goods in small bits? Answer: Retailers sell goods in small bits.
Question : What aid to trade helps make goods known to the public? Answer: Advertising helps make goods known to the general public.
Question : What provision protects against future loss? Answer: Insurance provides protection against future loss.
Question : What is a place for selling materials and finished goods called? Answer: It is called a market square.
Question : Where are shares and stocks traded? Answer: Shares and stocks are traded in the capital market.
Question : What method of buying involves the highest bidder? Answer: Auction involves selling goods to the highest bidder.
Question : What is not traded in the Money Market? Answer: Foodstuff is not traded in the Money Market.
Question : What is the market for long term loans called? Answer: It is called the capital market.
Question : What is the last link in the chain of distribution? Answer: The consumer is the last link in the chain of distribution.
Question : What provides finance to the producer? Answer: Wholesalers provide finance to the producer.
Question : What role does the wholesaler not perform in distribution? Answer: The wholesaler does not advertise the goods for the manufacturer.
Question : What document is not a purchase document? Answer: Receipt is not a purchase document.
Question : What is the purpose of labeling chemicals? Answer: Labeling chemicals helps in product identification.
Question : When is production complete? Answer: Production is complete when goods get to the final consumer.
Question : Who is a receptionist? Answer: A receptionist is a person who welcomes visitors into an organization and attends to their needs.
Question : What are some duties of a receptionist? Answer: Duties of a receptionist include welcoming visitors, answering phone calls, and maintaining records.
Question : What are some features of a market? Answer: Features of a market include buying and selling goods, setting prices, and competition.
Question : What are office documents? Answer: Office documents are records used for communication and record-keeping in an organization.
Question : Why is trade important? Answer: Trade is important for economic growth, job creation, and meeting consumer needs.
Question : What is the difference between turnover and gross profit? Answer: Turnover is the total sales revenue, while gross profit is the difference between sales revenue and the cost of goods sold.
Question : What is the role of a wholesaler in distribution? Answer: Wholesalers finance production, store goods, and distribute them to retailers.
Question : What are some ethical concerns in the banking sector? Answer: Ethical concerns in the banking sector include confidentiality, integrity, and compliance with regulations.
Question : How is a debit note used? Answer: A debit note is used when a customer is undercharged for goods bought to rectify the error.
Question : What is correspondence? Answer: Correspondence refers to the mail received and sent by an organization, including letters, emails, and memos.
Question : What is commerce? Answer: Commerce involves the distribution and exchange of goods and services.
Question : What are the main branches of trade? Answer: The main branches of trade are home and foreign trade.
Question : What are aids to trade? Answer: Aids to trade are activities that support commercial transactions, such as banking, insurance, advertising, and communication.
Question : What qualities are expected of a receptionist? Answer: A receptionist is expected to have good appearance, confidentiality, and politeness.
Question : What is a fixed deposit account? Answer: A fixed deposit account is an account that restricts withdrawals for a specific period and with notice.
Question : What is the purpose of a telephone message pad? Answer: A telephone message pad is used to record messages left by callers who are unable to speak directly to the recipient.
Question : What documents are handled by a receptionist? Answer: A receptionist handles documents such as visitor’s books, request forms, and telephone message pads.