First Term Examination Questions Business Studies JSS 2 First Term Lesson Notes Week 13

Business Studies JSS 2 First Term Examination – Week 13

Exam Instructions

For Teachers:

1. Ensure all students have the correct exam papers.
2. Remind students of the importance of academic honesty and the consequences of exam malpractice.
3. Monitor the examination room closely to prevent any form of cheating.
4. Make sure students only use permitted materials.
5. Provide clear instructions and assist with any queries during the exam.

For Students:

1. Read all instructions carefully before starting.
2. Do not talk or communicate with others during the exam.
3. Use only the materials allowed for the exam.
4. Do not look at others’ papers.
5. If you have any questions, raise your hand to ask the teacher.

Exam Sections

Part A: Objective Questions

Fill-in-the-Blank Questions with Options (a, b, c, d)

1. A __________ bank primarily serves businesses and individuals.
   a) Cooperative
   b) Commercial
   c) Central
   d) Investment
2. The main function of banks is to accept __________.
   a) Payments
   b) Deposits
   c) Loans
   d) Interest
3. Ethical banking focuses on __________ and integrity.
   a) Profit
   b) Trust
   c) Speed
   d) Fees
4. A __________ account is designed for daily transactions.
   a) Savings
   b) Current
   c) Fixed
   d) Joint
5. Banks earn profit primarily from __________ on loans.
   a) Fees
   b) Interest
   c) Savings
   d) Taxes
6. Channels of distribution include __________, wholesalers, and retailers.
   a) Consumers
   b) Banks
   c) Agents
   d) Investors
7. A __________ is a financial product used to secure a loan.
   a) Grant
   b) Credit
   c) Mortgage
   d) Deposit
8. Interest rates can affect __________.
   a) Buying
   b) Spending
   c) Borrowing
   d) Selling
9. A __________ is a person or business that sells goods to consumers.
   a) Wholesaler
   b) Retailer
   c) Producer
   d) Distributor
10. The capital market is for buying and selling __________.
    a) Goods
    b) Services
    c) Stocks
    d) Real estate
11. A __________ transaction requires payment at the time of purchase.
    a) Credit
    b) Cash
    c) Deferred
    d) Loan
12. Transparency in banking helps build __________.
    a) Fees
    b) Profit
    c) Trust
    d) Interest
13. A __________ is a service provided by banks for withdrawing money.
    a) Loan
    b) Check
    c) Deposit
    d) Withdrawal
14. The primary role of a wholesaler is to sell to __________.
    a) Retailers
    b) Consumers
    c) Manufacturers
    d) Banks
15. A __________ account typically offers higher interest rates than a current account.
    a) Savings
    b) Checking
    c) Loan
    d) Credit
16. Ethical issues in banking can result in loss of __________.
    a) Customers
    b) Revenue
    c) Trust
    d) Interest
17. The liquidity of an asset refers to how easily it can be converted into __________.
    a) Goods
    b) Cash
    c) Investments
    d) Loans
18. Banks charge fees for various __________.
    a) Services
    b) Products
    c) Accounts
    d) Loans
19. A loan agreement typically includes __________ and terms.
    a) Conditions
    b) Fees
    c) Services
    d) Interest
20. Handling chemicals safely is crucial to prevent __________.
    a) Sales
    b) Accidents
    c) Interest
    d) Waste
21. Retailers help distribute goods to __________.
    a) Wholesalers
    b) Manufacturers
    c) Consumers
    d) Distributors
22. A __________ is responsible for the safe distribution of chemicals.
    a) Retailer
    b) Vendor
    c) Consumer
    d) Producer
23. The money market deals with __________ financing.
    a) Long-term
    b) Short-term
    c) Real estate
    d) Investment
24. A current account allows for __________ withdrawals.
    a) Limited
    b) Frequent
    c) One-time
    d) Scheduled
25. Transparency can lead to __________ loyalty.
    a) Customer
    b) Vendor
    c) Bank
    d) Investor
26. The capital market includes buying and selling of __________.
    a) Goods
    b) Bonds
    c) Services
    d) Assets
27. Ethical banking ensures fairness in __________.
    a) Interest rates
    b) Fees
    c) Services
    d) Transactions
28. A __________ is required for high-risk financial transactions.
    a) Guarantee
    b) Credit
    c) Cash
    d) Deposit
29. A __________ account is primarily for saving funds.
    a) Current
    b) Savings
    c) Fixed
    d) Joint
30. Banks must maintain customer __________ to build trust.
    a) Revenue
    b) Information
    c) Profit
    d) Assets

Part B: Theory Questions

Short Answer Questions

1. Define a commercial bank.
2. What are the main services provided by banks?
3. Describe the concept of ethical banking.
4. Explain the importance of liquidity in finance.
5. What role do wholesalers play in the distribution process?
6. List the key features of a market.
7. How do banks generate profit?
8. Differentiate between cash and credit transactions.
9. Identify some ethical issues that banks may face.
10. What is the primary function of a savings account?
11. Describe the capital market.
12. How do interest rates impact borrowing?
13. What is the function of retailers in distribution?
14. Why is customer privacy crucial in banking?
15. What are the risks of improper handling of chemicals?
16. Explain what a mortgage is.
17. How can banks improve transparency?
18. Describe the concept of buying and selling for cash.
19. What is the role of licensed chemical vendors?
20. What happens if banks fail to protect customer information?

Part C: True or False Questions

1. A commercial bank only provides loans to individuals. (True/False)
2. Ethical banking emphasizes profit above all else. (True/False)
3. All savings accounts provide the same interest rates. (True/False)
4. Wholesalers sell directly to consumers. (True/False)
5. The capital market is for short-term investments. (True/False)
6. Banks do not charge interest on loans. (True/False)
7. Liquidity is important for financial transactions. (True/False)
8. Current accounts typically have fees. (True/False)
9. All bank transactions are confidential. (True/False)
10. Banks have no responsibility to prevent fraud. (True/False)
11. Retailers help distribute products to end-users. (True/False)
12. The money market is focused on long-term financing. (True/False)
13. Interest rates remain fixed throughout the year. (True/False)
14. Ethical issues can harm a bank’s reputation. (True/False)
15. A loan requires repayment of interest only. (True/False)
16. Transparency in banking can improve customer relationships. (True/False)
17. A savings account is suitable for daily expenses. (True/False)
18. Liquidity measures the speed of converting assets to cash. (True/False)
19. Banks cannot offer investment advice. (True/False)
20. All banks have the same policies regarding customer data. (True/False)

Part D: Fill-in-the-Gaps Questions

1. A __________ bank provides a variety of financial services.
2. Banks primarily earn money from __________ on loans.
3. Ethical banking focuses on maintaining __________.
4. A __________ account is designed for frequent transactions.
5. Liquidity is the ability to convert assets to __________.
6. Wholesalers serve as a link between __________ and retailers.
7. The __________ market is where long-term securities are traded.
8. Banks must safeguard customer __________ to maintain trust.
9. Changes in interest rates can affect __________ and spending.
10. A __________ transaction requires immediate payment.
11. The primary role of retailers is to sell directly to __________.
12. A __________ ensures safe handling of hazardous materials.
13. The money market typically involves __________ transactions.
14. Current accounts usually come with __________ for services.
15. Transparency helps in building __________ with customers.
16. Savings accounts are intended for __________ funds over time.
17. The capital market enables businesses to raise __________.
18. Ethical banking involves fair treatment in __________.
19. A __________ is a financial commitment secured by property.
20. Poor handling of chemicals can lead to serious __________ hazards.

This exam format is designed to assess students’ understanding of the topics covered throughout the term. Good luck to all students!