Third Term Examination Business Studies JSS 1 (Basic 7) – Exam Questions








Choose the correct answers from the alternatives A – D. 

1. It is possible for a clerk to do several jobs when he works in ___________ office.

(a) the principal’s

(b) a big

(c) the manager’s

(d) a small


2. Which one of the following is not an office commonly found in an organization?

(a) Staff room

(b) Account office

(c) Typing room

(d) Bedroom


3. The following are the job qualities of a clerical staff except ___________.

(a) wearing simple, smart and neat dresses to work

(b) willingness to learn on the job

(c) productivity and result oriented

(d) hard work and commitment to work


4. Which of the following department is responsible for the buying and supplying of goods for a company?

(a) Sales

(b) Purchasing

(c) Personnel

(d) Production


5. The buying and selling of goods and services is known as ___________.

(a) creditability



(b) trade

(c) distribution

(d) popularity


6. Crude oil, iron ore, coal etc are examples of ___________.

(a) tertiary production

(b)manufacturing industry

(c) extractive industry

(d) direct service


7. A profession which occupies one’s time and through which one earns his/her living is called ___________.

(a) talent

(b) skill

(c) engineer

(d) occupation


8. The principle of double entry was propounded by ___________.

(a) Pacioli John

(b) Luca Mathew

(c) Robins Matins

(d) Luca Pacioli


9. In every business transaction, ___________ accounts will be affected.

(a) 2

(b) 3

(c) 4

(d) 5


10. Limited liability companies are also called ___________.

(a) an entrepreneur

(b)joint stock companies

(c) partnership

(d) insurance


11. Set of rules, morals and standards are ___________.

(a) code of conducts



(b) instructions

(c) ethics

(d) attitude


12. A truthful person does not ___________.

(a) need to speak the truth

(b) tell lies

(c) need to speak right

(d) need to search for the truth


13. Entrepreneurship is otherwise known as ___________.

(a) a person

(b) people

(c) organization

(d) companies


14. The business organization with minimum of 50 shareholders is ___________.

(a) sole trader

(b) partnership

(c) joint stock

(d) private limited company


15. Production is incomplete until goods produced get to ___________.

(a) wholesaler

(b) retailer

(c) producer

(d) consumer


16. One of these is a business stakeholders.

(a) audience

(b) government

(c) leaders

(d) engineers


17. ___________ is a place that harbours the business stakeholders.

(a) Community



(b) Field

(c) Environment

(d) Society


18. A single line underneath a figure or figures shows the account is ___________.

(a) good

(b) correct

(c) not completed

(d) accurate


19. ___________ is the main book of account.

(a) Journal

(b) Ledger

(c) Cashbook

(d) Balance sheet


20. ___________ is a document that reduces the indebtedness.

(a) Credit note

(b) Debit note

(c) Sellers note

(d) Producers note


Get more Business Studies Exam Questions – Third Term Examination Business Studies Jss Classes 




Answer four (4) questions only. 


A. Who is a consumer?

B. State three needs for consumers’ education.

C. State the business stakeholders.

D. State two importance of consumer education.



A. Outline the forms of business organizations.



B. State two features of a sole proprietorship.

C. List the types of cooperative societies.

D. State one difference between private limited liability company and public limited liability company.



A. List out the types of source documents.

B. Outline the special journals.



Write up the purchases journal of Collins and Sons for the month of September, 2007.

 Sept 10 bought from Cadbury

  •  20 tins of bournvita at N500 per tin.
  • 30 cartons of biscuit at N200 per carton
  • Invoice subject to 20% trade discount.


 Sept 15 bought from PZ limited

  • 150 bags of flour at N20 each
  • 500 soaps at N30 each
  • Trade discount of 5%


 Sept 28 bought from Coca-Cola

  • 14 crates of coke at N200 per one
  • 10 crates of fanta at N400 each
  • Trade discount of 10%



Record the following transactions into the sales day book of Thompson Nig. Enterprises for the month of March, 2012.

 March 2 sold to Julius and sons

  • 10 bags of rice at N10000 a bag


 March 20 sold to Rabi Nig. Limited

  • 20 cartons of fanta at N600 a carton



  • 15 cartons of digestive biscuit at N400 a carton
  • Invoice subject to 5% trade discount.


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