BECE Comprehensive Quiz on Business and Financial Concepts for JSS 3 Students
Lagos State Examination Board JSS 3 Basic Education Certificate Examination (BECE)
BUSINESS STUDIES (OBJECTIVE)
INSTRUCTION: ANSWER ALL QUESTIONS.
- The document used at the gate to check the authorized quantity of goods coming into the organization is
a. credit note
b. current note
c. debit note
d. delivery note - The process by which customers and consumers become enlightened and skilled in the art of purchasing goods and services is
a. production process
b. consumer education
c. skilled education
d. producer education - ______ is an open event where goods are displayed and sold at reduced price to customers.
a. Trade fair
b. Exhibitions
c. Window display
d. Cinemas - In the different departments in an organization, one of the departments mentioned below sees to the welfare of their workers.
a. Production Department
b. Marketing Department
c. Personnel Department
d. Sales Department - A business organization owned by a minimum of two and a maximum of twenty is called
a. Partnerships
b. Public corporation
c. Public Limited Company
d. Public Enterprise - ______ can be described as the activities or services that simplify buying and selling of goods and services.
a. Laws of Trade
b. Rules of Trade
c. Aids to Trades
d. Secret of Trades - One of the consequences of lateness and irregularity at work may be subjected to
a. high level of productivity
b. punishment
c. reduction of stress
d. promotion - Calculate the gross profit.
a. N2500
b. N3500
c. N16,500
d. N20,000 - Which of the following is the consumer?
a. Seller
b. Customer
c. Retailer
d. Producer - ______ is the route or way by which goods are moved from the producer or manufacturer to the final consumer.
a. Channel of distribution
b. Channel of production
c. Channel of consumer
d. Channel of selling - A/An ______ is a document which authorizes an employee to make payment using cash or cheque.
a. cash register tape
b. invoice
c. payment voucher
d. debit note - ______ is said to have been taken when goods are bought for future payment.
a. Buying by auction
b. Credit buying
c. Buying by grade
d. Buying option - The type of production that is involved in bringing and obtaining the natural resources from the soil and water is
a. primary production
b. secondary production
c. tertiary production - Production is not complete until the goods produced get or reach the
a. final production
b. final consumer
c. final producer
d. final place - The system of installment payment where the seller only allows the buyer to take partial possession of goods on hire based on initial payment is
a. hire purchase
b. credit buying
c. highest bidder
d. deferred payment - ______ is a financial provision made to protect individuals and organizations from losses which might be caused by unforeseen events.
a. Accident
b. Insurance
c. Protection
d. Properties - The type of market whereby basic foodstuffs are bought is known as
a. shop
b. stall
c. river
d. open market - Calculate the cost of goods sold from the following information:
- Opening stock: N1,200
- Closing stock: N400
- Purchases: N3,500
- Sales: N5,000
a. N4,300
b. N4,700
c. N1,100
d. N9,600- A ______ can be described as a place where money and other valuables are kept for safekeeping purposes.
a. bank
b. market
c. church
d. mosque - Right to seek redress is one of the rights of the consumer, which means
a. the right to fight the producers
b. the right to correct any injustice
c. the right to abuse others
d. the right to have money - ______ is the act of buying items, products, or goods without planning to do so in advance or without thinking carefully.
a. Credit buying
b. Debit buying
c. Wasteful buying
d. Impulse buying - ______ is described as a method of installment payment where the seller allows the buyer to take complete possession of goods after making an initial payment.
a. Hire purchase
b. Credit sales
c. Deferred payment
d. Cash sales - The act of recording financial transactions in a systematic and orderly manner is
a. cash book
b. bookkeeping
c. book record
d. credit book - ______ are things individuals wish to have but may not necessarily need.
a. Want
b. Need
c. Choice
d. Essentials - ______ refers to moral principles and behavior that control and guide the bookkeeping process.
a. Guidelines
b. Bookkeeping ethics
c. Cashbook ethics
d. Bookkeeping effect - The situation whereby customers are allowed to withdraw more than what they have in their account can be described as
a. loan
b. credit
c. overdraft
d. surplus - The acronyms T.A.P in bookkeeping ethics can be described as
a. Transparency, Accountability and Probity
b. Transparency, Accounting and Producer
c. Transportation, Advertising and Producers
d. Transparency, Ability and Productivity - ______ is a book that is used and kept for recording small or minor expenses of a business.
a. Cash book
b. One column cash book
c. Petty cash book
d. Three column cash book - ______ are rights aimed at protecting consumers when they buy goods or when rendered services.
a. Consumer right
b. Consumer need
c. Consumer’s choice
d. Consumer want - ______ refers to the coming together of end-users of a product to fight for their own right and common interest.
a. Retailer choice
b. Consumerism
c. Consumer protection
d. Consumer choice - Choose one among the options given below that is not part of the principles of insurance.
a. Indemnity
b. Subrogation
c. Insurance interest
d. Documentation - Capital used in starting up a business will be recorded in
a. left side upper
b. debit side
c. credit side
d. right side upper - The type of bank that helps their members build their houses can be said to be
a. Merchant bank
b. Central bank
c. Mortgage bank
d. Commercial bank - The principal book in which transactions are recorded in a summarized form is
a. account
b. ledger
c. cashbook
d. sales account - The movement of goods from the place of production to the place of purchase can be said to be
a. manufacturing
b. transportation
c. movement
d. distribution - If the expenses of selling and running a business exceed the gross profit, it will result in
a. selling profit
b. net profit
c. net loss
d. purchasing profit - The services rendered by commercial drivers, private doctors are classified as
a. producer goods
b. direct services - ______ provides first-hand evidence used in preparing accounts.
a. Journal
b. Story
c. Receipts
d. Information - ______ are normally issued when goods and services are sold on credit.
a. Purchases
b. Sales
c. Invoice
d. Credit note - An office that measures only a few square meters is
a. small
b. top
c. flat
d. tall - ______ are the intangible items which can be bought and sold.
a. Entertainment
b. Medical services
c. Advertising
d. Services - The layout of an office can be classified into
a. ten
b. nine
c. eight
d. two - The different functional areas found in an organization are called
a. offices
b. personnel
c. department
d. gangs - A ______ is also known as an end user and is an individual that makes use of goods and enjoys services produced by a firm.
a. consumer
b. retailer
c. producer
d. wholesaler - The two types of mail handled by the clerical staff in an office are referred to as ______ and ______.
a. private and general mail
b. confidential and secret mail
c. private and confidential mail
d. incoming and outgoing mail - ______ department in an organization is responsible for calculating and payment of workers’ salary.
a. Sales department
b. Personnel department
c. Production department
d. Account/finance department - Among the different types of advertising media you know, which one will you advise a businessman to use in advertising his new soap?
a. Radio
b. Newspaper
c. Journals
d. Television - Business studies as a subject expose students to different kinds of skills which can be termed to be
a. commercial activities
b. fraud
c. illegal business
d. cyber crime - The deduction granted to customers on the amount of goods sold to them is referred to as
a. discount received
b. discount allowed
c. discount margin
d. cash decrease - The advertising media usually found on strategic points along major roads and cities are called
a. billboards
b. journals
c. handbills
d. flyers - Goods produced in Nigeria and transferred to Ghana to be sold are referred to as ______ goods.
a. imported
b. consumer
c. exported
d. producer - The process by which old and newly existing goods in the market are made known to the customers is called
a. communication
b. trade
c. transportation
d. advertising - The correspondence book used for recording letters requiring the use of stamps is called
a. note book
b. postage book
c. outward register
d. inward register - An asset that can easily change its value during production is
a. capital asset
b. wasting asset
c. liquid asset
d. current asset - ______ are voluntary organizations whose members range from customers to employees.
a. Public enterprise
b. Cooperative society
c. Partnership
d. Corporation - Chemicals generally can be described in three major forms.
a. Water, solid and gas
b. Liquid, solid and gas
c. Kerosene, petrol and diesel
d. Mineral, water and resources - Unsuitable chemicals are poisonous and ______ for consumption.
a. safe
b. wise
c. tolerant
d. unsafe - The particular bank which aids businesses, individuals, and companies in their day-to-day transactions can be said to be
a. central
b. commercial
c. development
d. industrial - ______ is the sum of money given to a petty cashier at the beginning of the month.
a. Capital
b. Commission
c. Imprest
d. Interest - The aim of starting a business is to make a profit, therefore, it can be described as
a. selling price plus turnover
b. selling price minus cost price
c. cost price plus selling price
d. cost price plus actual price - Trade, as the buying and selling of goods and services, can be classified into ______ and ______.
a. trader and aid to trade
b. market and store
c. home trade and foreign trade
d. commerce and trade - The method of buying where the buyer has to see what to buy physically is called buying by
a. auction
b. invoice
c. enquiry
d. inspection of goods - One of the following does not belong to the group of activities that facilitate trade which is known as aid to trade.
a. Commerce
b. Banking and Finance
c. Insurance
d. Transportation - ______ is a source document which is used to correct an overcharge in an invoice.
a. Credit note
b. Debit note
c. Cash register
d. Payment voucher - ______ is a legal proof of payment or an evidence showing that a sum amount of money has been paid.
a. Debit note
b. Receipt
c. Cash register
d. Creditor note - Correspondence used in an organization can be classified as the following EXCEPT
a. cash receipt
b. mail inward book
c. mail outward book
d. postage book - ______ is a document that is used for calculations and recording of cash transaction details.
a. Credit note
b. Cash register
c. Debit note
d. Payment voucher - A ______ note is a source document which is used to correct an undercharge in an invoice.
a. credit note
b. cash register
c. payment voucher
d. debit note - Among the options given below, which one of the parties issues a cheque?
a. The drawer, drawee, and payee
b. The drawer only
c. The drawee only
d. The payee and drawee only - In every business, letters and paragraphing can be grouped into three. Choose the correct group that contains the major division of paragraphs.
a. Blocked, hanging, and punctuation
b. Blocked, indented, and opening
c. Blocked, hanging, and indented
d. Blocked, indented, and closing - Home trade is also called domestic trade while foreign trade can also be referred to as ______ trade.
a. internal
b. agreement
c. international
d. entrepot - A business organization that is formed and owned by the government to provide essential services to the public can be said to be a
a. cooperative society
b. public corporation
c. partnership business
d. sole trader - The various activities which people engage themselves in order to earn a living can be best described as
a. occupation
b. extraction
c. direct services
d. manufacturing - The amount of money paid to an employee for the services rendered can be referred to as
a. rent
b. commission
c. gain
d. salary/wages - A business organization that has an unlimited number of shareholders is known as
a. public company
b. partnership
c. private company
d. sole proprietorship - The electronic mail (E-mail) has the following characteristics EXCEPT
a. it is cheap
b. it is secure
c. it is quick
d. it is expensive - Credit purchase is said to have taken place when goods are bought for ______ payment.
a. future
b. cash
c. auction
d. immediate - Invoices, receipts, credit notes, and debit notes are examples of
a. journal
b. business organization
c. co-operative society
d. source documents - ______ is the study of economic factors and personal decisions that ultimately determine individual financial well-being.
a. Account
b. Bookkeeping
c. Economics - An aid to trade that provides financial services to individuals and organizations carrying out legitimate business is called
a. advertising
b. banking
c. communicating
d. tourism - A situation where different people perform different work leads to
a. accounting
b. confusion
c. weakness
d. specialization - Monetary measurement implies that only transactions which can be ______ should be recorded.
a. quantified
b. nullified
c. simplified
d. expanded - All goods returned to the supplier due to problems are recorded in the
a. purchase journal
b. return outward journal
c. return inward journal
d. returns books - A clerical staff must possess ______ on the job.
a. job qualities only
b. personal and job qualities only
c. personal qualities only
d. job and office qualities - Entrepreneurship has three components; ownership, organizing, and
a. risk taking
b. leadership
c. independence
d. researcher - The technology “e-mail” as an internet service can be described as
a. encoded mail
b. expedited mail
c. enlarged mail
d. electronic mail - A ______ is a group of people with common interests, who pool their resources to achieve certain objectives.
a. public corporation
b. sole proprietorship
c. partnership
d. cooperative society - Labour is human effort put into production and it can be divided into ______ and ______.
a. skilled and schooled
b. educated and uneducated
c. skilled and unskilled
d. good and bad labour - The ability of a good clerical worker to keep the secret of the business and not expose it to anyone can be referred to as
a. confidentiality
b. resourcefulness
c. obediency
d. teamwork - Living modestly or a prudent life has all the following qualities or characteristics EXCEPT
a. simplicity
b. satisfactory
c. contentment
d. extravagancy - ______ is the ability to live within one’s income and to be prudent in spending.
a. Extravagancy
b. Living Modestly
c. Satisfactory - The transformation of raw materials into finished goods, exchange, and distribution in order to satisfy human wants is
a. selling
b. market
c. production
d. occupation - The ______ clearly differentiate the two-column cashbook from the three-column cashbook.
a. cash column
b. discount column
c. bank column
d. particular column - The double-entry principle of bookkeeping states that for every debit entry, there must be a corresponding ______ entry.
a. debit
b. sales
c. credit
d. purchases - The chemicals which households use and can be purchased in local stores are called
a. suitable chemicals
b. dangerous chemicals
c. toxic chemicals
d. hazardous chemicals - A ______ occurs when sales or purchases are initiated or concluded.
a. transaction
b. accounting
c. bookkeeping
d. cashbook - Bookkeepers usually keep close attention to every detail; this implies that they are
a. nonchalant
b. meticulous
c. open-minded
d. smart - ______ is the amount of satisfaction derived from consuming goods and services.
a. Utility
b. Production
c. Manufacturing
d. Consumption - The tax collected by the government on every locally made product can be described as
a. Import duties
b. Excise duty
c. Value-added tax
d. Personal income tax - The following are types of store records except
a. Store requisition form
b. Delivery note
c. Store record card
d. Sample record
- ______ is a financial provision made to protect individuals and organizations from losses which might be caused by unforeseen events.