Lagos State Examination Board JSS 3 Basic Education Certificate Examination BECE 2024

BUSINESS STUDIES (OBJECTIVE)

INSTRUCTION: ANSWER ALL QUESTIONS. 

1. The document used at the gate to check the authorized quantity of goods coming into the organization is _____.

a. credit note

c. debit note

b. current note

d. delivery note

 

2. 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

 

3. _____ is an open event where goods are displayed and sold at reduced price to customer.

a. Trade fair

b. Exhibitions

c. Window display

d. Cinemas

 

4. In the different department in an organization, one of the department mentioned below see to the welfare of their workers.

a. Production Department

b. Marketing Department

c. Personnel Department

d. Sales Department

 

5. 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

 

6. _____ 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

 

7. 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

 

Use the following table to answer this question.

Trading Account 

8. Calculate the gross profit.

a. N2500

c. N16,500

b. N3500

d. N20,000

 

9. Which of the following is the consumer?

a. Seller

b. Customer

c. Retailer

d. Producer SMAY

 

10. _____ is the route or way by which goods are move 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

 

11. A/An _____ is a document which authorize an employee to make payment using cash or cheque.

a. cash register tape

b. invoice

c. payment voucher

d. debit note

 

12. _____ 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

 

13. 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

d. university production

 

14. Production is not complete until the goods produced get or reach the _____.

a. final production

b. final consumer

c. final producer

d. final place

 

15. The system of installment payment where the seller only allow the buyer to take partial possession of goods on hire based after making initial payment is _____.

a. hire purchase

b. credit buying

c. highest bidder

d. deferred payment

 

16. _____ is a financial provision made to protect individual and organization from loses which might be caused by unforeseen events.

a. Accident

b. Insurance

c. Protection

d. Properties

 

17. The type of market whereby basic foodstuffs are bought is known as _____.

a. shop

b. stall

c. river

d. open market

 

18. Calculate the cost of goods sold from the following information.

Opening stock …….. ₦1 200

Closing stock ……….. ₦400

Purchases ……………. ₦3 500

Sales …………………….. ₦5 000

a. ₦4 300

b. ₦4 700

c.₦15 100

d. ₦9 600

 

19. A _____ can be described as a place where money and other valuables are kept for safe keeping purpose.

a. bank

c. church

b. market

d. mosque

 

20. Right to seek redress is one of the right 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

 

21. _____ is the act of buying of 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

 

22. _____ is described as method of installment payment where the seller allows the buyer to take complete possession of goods after making initial payment.

a. Higher purchase

b. Credit sales

c. Deferred payment

d. Cash sales

 

23. The act of recording financial transaction in a systematic and orderly manner is _____.

a. cash book

b. bookkeeping

c. book record

d. credit book

 

24. _____ are things individual wishes to have but may not necessarily needed.

a. Want

c. Choice

b. Need

d. Essentials

 

25. _____ refers to moral, principles, behaviour that controls, and guide book keeping process.

a. Guidelines

b. Bookkeeping ethics

c. Cashbook ethics

d. Bookkeeping effect

 

26. The situation whereby the customers are allowed to withdraw more than what he has in his account can be described as _____.

b. credit

a. loan

c. overdraft

d. surplus

 

27. 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

 

28. _____ is a book that is use 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

 

29. _____ 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

 

30. _____ refers to the coming together of end-users of product to fight for their own right common interest.

a. Retailer choice

b. Consumerism

c. Consumer protection

d. Consumer choice

 

31. Choose one among the options given below that is not part of the principles of insurance.

a. Indemnity

b. Subrogations

c. Insurance interest

d. Documentation

 

32. Capital used in starting up business will be recorded in _____.

a. left side upper

b. debit side

c. credit side

d. right side upper

 

33. The type of bank that helps their member. s build their houses can be said to be _____

a. Merchant bank

b. Central bank

c. Mortgage bank

d. Commercial bank

 

34. The principal book in which transaction are recorded in a summarize form is _____.

a. account

b. ledger

c. cashbook

d. sales account

 

35. 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

 

36. If the expenses of selling and running a business exceed the gross profit, it will result in _____.

a. Selling6 profit

b. net profit

c. net loss

d. purchasing profit

 

37. The services rendered by commercial drivers, private doctors are classified as _____.

a. producer goods

b. direct services

c. indirect services

d. goods and services

 

38. Source document provides first hand _____ used in preparing account.

a. journal

c. receipts

b. story

d. information

 

39. _____ are normally issued when goods and services are sold on credit.

a. Purchases

c. Invoice

b. Sales

d. Credit note

 

40. Office measures only by a few square meters is _____.

a. small

b. top

c. flat

d. tall

 

41. _____ are the intangible items which can be bought and sold.

a. Entertainment

b. Medical services

c. Advertising

d. Services

 

42. The layout of an office can be classified into _____.

a. ten

b. nine

c. eight

d. two

 

43. The different functional areas found in an organization are called _____.

a. offices

c. department

b. personnel

d. gangs

 

44. A _____ is also known as an end user is an individual that makes use of goods and enjoy services produced by a firm.

a. consumer

c. producer

b. retailer

d. wholesaler

 

45. The two types of mail handled by the clerical staff in an office is referred to as and _____.

a. private and general mail

b. confidential and secret mail

c. private and confidential mail

d. incoming and outgoing mail

 

46. _____ department in an organization are responsible for calculating and payment of workers salary.

a. Sales department

b. Personnel department

c. Production department

d. Account/finance department

 

47. Among the different types of advertising media you know, which one will you advice a business man to use in advertising his new soap?

a. Radio

b. Newspaper

c. Journals

d. Television

 

48. Business studies as a subject exposes students to different kind of skills which can be termed to be _____.

a. commercial activities

b. fraud

c. illegal business

d. cyber crime

 

49. The deduction granted to customers on the amount of goods sold to him/her is referred to as _____.

a. discount received

b. discount allowed

c. discount margin

d. cash decrease

 

50. The advertising media usually found on strategic points along major roads and cities are called _____.

a. billboards

b. journals

c. handbills

d. flyers

 

51. Goods produced in Nigeria and transferred to Ghana to be sold is refers to as  _____ goods.

a. imported

b. consumer

c. exported

d. producer

 

52. 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

 

53. 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

 

54. An asset that can easily change its value during production are _____.

a. capital asset

c. liquid asset

b. wasting asset

d. current asset

 

55. _____ are voluntary organizations whose members range from customer to employees.

a. Public enterprise

b. Cooperative society

c. Business enterprise

d. Partnership

 

56. 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

 

57. Unsuitable chemicals are poisonous and generated for _____ consumption.

a. safe

b. wise

c. tolerant

d. unsafe

 

58. The particular bank which aids business, individual and company in their day to day transaction can be said to be _____.

a. central

c. development

b. commercial

d. industrial

 

59. _____ is the sum of money given to a petty cashier at the beginning of the month.

a. Capital

d. Interest

b. Commission

c. Imprest

 

60. The aim of starting a business is to make 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

 

61. 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

 

62. The method of buying where the buyer have to see what to buy physically is called buying by _____.

a. auction

c. enquiry

b. invoice

d. inspection of goods

 

63. 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

 

64. _____ is a source document which is used to correct an overcharged in an invoice.

a. Credit note

b. Debit note

c. Cash register

d. Payment voucher

 

65. _____ is a legal proof of payment or an evidence showing that sum amount of money has been paid.

a. Debit note

b. Receipt

c. Cash register

d. Creditor note

 

66. 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

 

67. _____ 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

 

68. A _____ note is a source document which is used to correct an undercharged in an invoice.

a. credit note

b. cash register

c. payment voucher

d. debit note

 

69. Among the options given below, which one of the parties issue a cheque?

a. The drawer, drawee and payee

b. The drawer only

c. The drawee only”

d. The payee and drawee only

 

70. In every business, letters, paragraphing can be group into three. Choose the correct group that contain the major division of paragraph.

a. Blocked, hanging and punctuation

b. Blocked, Indented and opening

c. Blocked, hanging and indented

d. Blocked, indented and closing

 

71. Home trade is also called domestic trade while foreign trade can also be referred to as _____trade.

a. internal

b. agreement

b. international

d. entrepot

 

72. A business organization that is formed and owned by the government to provide essential services to the public can be said to be _____.

a. cooperative society

b. public corporation

c. partnership business

d. sole trade

 

73. 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

 

74. 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

 

75. A business organization that has unlimited number of shareholders is known as _____.

a. public company

b. partnership

c. private company

d. sole proprietorship

 

76. 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

 

77. Credit purchase is said to have taken place when goods are bought for payment.

a. future

b. cash

c. auction

d. immediate

 

78. Invoices, receipts, credit notes and debit notes are example of _____.

a. journal

b. business organization

c. co-operative society

d. source documents

 

79. _____ is the study of economic factors and personal decision that ultimately determine the individual financial well-being.

a. Account

b. Bookkeeping

c. Personal finance

d. Economics

 

80. An aid to trade that provides financial services to individual and organizations carrying out legitimate business is called _____.

a. advertising

b. banking

c. communicating

d. tourism

 

81. A situation where different people perform different work lead to _____.

a. accounting

b. confusion

c. weakness

d. specialization

 

82. Monetary measurement implies that only transaction which can be should be recorded.

a. quantified

b. nullified

c. simplified

d. expanded

 

83. 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

 

84. 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

 

85. Entrepreneurship has three components; ownership, organizing and _____.

a. risk-taking

b. leadership

c. independence

d. researcher

 

86. The technology “e-mail” as an internet service can be described as _____.

a. encoded mail

b. expedited mail

c. enlarged mail

d. electronic mail

 

87. A _____ is a group of people with common interest, who pool their resources to achieve certain objectives.

a. public corporation

b. sole proprietorship

c. partnership

d. cooperative society

 

88. Labour is a human efforts 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

 

89. 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. team work

 

90. Living modesty or a prudent life has all the following qualities or characteristic EXCEPT _____.

a. simplicity

b. satisfactory

c. contentment

d. extravagancy

 

91. _____ is the ability to live within ones income and to be prudent in spending.

a. Extravagancy

b. Living Modestly

c. Satisfactory

d. Gentility

 

92. The transformation of raw materials into finished goods, exchange and distribution in order to satisfy human want is _____.

a. selling

b. market

c. production

d. occupation

 

93. The hji clearly differentiate the two column cashbook from three column cashbook.

a. cash column

b. discount column

c. bank column

d. particular column

 

94. The double entry principle of book keeping states that for every debit entry, there must be a corresponding _____ entry.

a. debit

b. sales

c. credit

d. purchases

 

95. The chemicals which household uses and can be purchased in local stores is called _____.

a. suitable chemical

b. dangerous chemicals

c. toxic chemical

d. harzardous chemical

 

96. A _____ occurs when sales or purchases are initiated or concluded.

a. transaction

b. accounting

c. bookkeeping

d. cashbook

 

97. Bookkeepers usually keep close attention to every detail, this implies that they are _____.

a. nonchalant

c. open minded

b. meticulous

d. smart

 

98. _____ is the amount of satisfaction derived from consuming goods and services.

a. Utility

b. Production

c. Manufacturing

d. Consumption

 

99. 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

 

100. The following are the types of store records except _____.

a. Store requisition form

b. Delivery note

c. Store record card

d. Sample record