BUSINESS STUDIES THIRD TERM EXAMINATION JUNIOR SECONDARY SCHOOLS – JSS 1 EXAM QUESTIONS

SECTION A – OBJECTIVES

INSTRUCTION – 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

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SECTION B – THEORY

INSTRUCTION – Answer four (4) questions only. 

QUESTION 1

A. Who is a consumer?

B. State three needs for consumers’ education.

C. State the business stakeholders.

D. State two importance of consumer education.

 

QUESTION 2

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.

 

QUESTION 3

A. List out the types of source documents.

B. Outline the special journals.

 

QUESTION 4 – 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%

 

QUESTION 5

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.