BUSINESS STUDIES EXAM QUESTIONS FOR JSS1 THIRD TERM
THIRD TERM JSS1 BUSINESS STUDIES EXAMINATION QUESTIONS – EDUDELIGHT.COM
3RD TERM EXAMINATION
CLASS: J S S 1
SUBJECT: BUSINESS STUDIES
- Documents used for preparing accounts are …………. [a] cheque [b] source documents [c] purchase [d] note
- Which of these is not a source document [a] invoice [b] receipt [c]credit note [d] draft
- ……………… means the transfer of goods and services from one place to another [a] transportation [b] bill [c] business [d] transaction
- ,,,,,,,,,,,,,,,,, is the first book in which we record the transaction of a business
[a] journal [b] file [c] docket [d] bond
5. Each record in the journal is called a/an … [a] forward [b] carriage [c] entry [d] positioning.
6. A joint journal used for both sales and purchase is called…… [a] joint journal [b]general journal [c] passbook [d] original journal
7. Which of these is not a type of journal [a] purchase journal [b] returns inward journal [c] balance brought forward journal [d] sales journal
8. The sum of the debit side must always be equal to that of the credit side [a] true [b] false
9. ……. Is anything of value that is owned by business [a] liability [b] expenses [c] asset [d] capital
10. …………. Is the total investment in a business [a] capital [b] asset [c] expenses [d] liability
11. The amount owed by a business to another is……… [a] liability [b] expenses [c] asset [c] capital
12. ………….. is not an expenses item [a] rent [b] insurance [c] wage [d] plant and machinery
13. ……….. accounts are those of debtors and creditors [a] impersonal [b] real [c] personal [d] nominal
Use the following statement to answer questions 14 to 16
Iya Victor sold ten bags of Garri to Iya Kelechi on credit on January 5th ,2018. On January 12th ,Iya Kelechi returned 4 bags of garri to iya Victor. The cost of each bag of garri is 3,000 naira. Iya Victor sent two documents at different times to Iya Kelechi for those transactions.
14. What are the two documents involved in the transaction [a] credit note and debit note [b] debit note and receipt [c]invoice and credit note [c] receipt and credit note
15. What is the first documents to be sent [a] credit note [b] debit note [c] invoice [d] receipt
16. How much would Iya Kelechi pay to Iya Victor [a]30,000 [b] 20,000 [c] 18.000 [d] 12,000
17. …….. is a business document which is seller of a product makes out whenever he/ she sells goods to a customer [] pass [b] cash register [c] invoice [d] debit note
18. ………. Is a written order from an account holder to a bank to pay a specified sum of money to the person whose name is on it. [a] teller [b] receipt [c] withdrawal slip [d] cheque
19. Business studies is the study of the……….. of a business environment .
[a] source document [b] components parts [c] accounting information [d] promotional sales
20. ………… office deals with the day to day running of the organization a] small office [b] administrative office [c] general office [d] large office
- A profession which occupies one’s time and through which one earns his/her living is called (a) talent (b) skill (c) occupation (d) engineer (e) a social work
- Which one of these is not a division of occupations (a) tertiary occupation (b) construction occupation (c) service occupation (d) military occupation (e) manufacturing occupation
- The following are examples of construction (a) Publishing (b) carpentry (c0 Bricklaying (d) Construction hands (d) Quantity Surveying
- Which one of these is not a factor that affect the choice of an occupation (a) level of security (b) education (c) training (d) talent (e) federal character
- A business enterprise established, managed and financed by a person is known as (a) private limited company (b) sole proprietorship (c) Entrepreneurship (d) Partnership
- All these are sources of capital for private limited companies except. (a) contribution of members which are converted to shares (b) retained profits (c) loans and overdrafts from bank (d) value of new shares sold to the public (e0 loans from private individual investors
- Which of these is an advantage of Partner (a) more capital is available for business (b) more profits which partners share (c) death of a partner may end partnership (d0 partnership enjoys Privacy in the business operation.
- All the following are types of cooperative society except (a) credit and theft cooperative societies (b) multipurpose cooperative societies (c) consumer’s cooperative societies (d) producers’ cooperative societies
- Which of these can sell its shares on the capital market? (a) private limited liability company (b) a partnership (c) a sole proprietorship (d) a public limited liability company
- Which of these is not a disadvantage of public limited liabilities companies (Plc)
- The shareholders can freely transfer their shares by selling them through a stockbrocker
- A public limited company must audit its accounts and make same public
- The process of formation of public companies is expensive
- The separation of management form ownership of the company reduces the influence of the board.
- All of these are importance of Book-keeping except
- Providing a means by which an enterprise can be conducted in an orderly manner
- Providing a basis for recording and reference at any point in time
- Providing a means for disorderliness in business enterprises.
- These are examples of source documents except (a) invoice (b) receipt (c) document (d) voucher
Theory
1. Define Occupation?
ii. List three occupations in the construction company
iii. Name three occupations people with no formal education can engage in
2. What is Partnership?
ii. Mention three advantages of partnership
3. What is an Invoice
b. Write short notes on the following
i. Vouchers
ii. Receipts
iii. Cheques
SECTION C
1a. Define money
ii. State four functions of money
b. List five types of money
c. Mention five origins of money with dates
2ai. Define production
ii. List all the types of production that you know
b. State the types of productions and their rewards
c. Draw the diagram of production channel
3a. What is trade
b. List and explain the types of production
c. Draw the division of commerce
4a. Mention 5 departments in an organization
b. List the functions of an office
c. List the types of an office
5a. Mention the components of business studies
b. List five career opportunity in business studies
BUSINESS STUDIES EXAM QUESTIONS FOR JSS1 THIRD TERM
THIRD TERM
Examination malpractices may lead to a repeat of the subject or suspensions don’t be involved.
Subject: BUSINESS STUDIES
Duration: 2HR
Class: JSS 1
SECTION A: INSTRUCTION: Answer all the questions in this section.
1. _________ is the distribution and exchange of goods and services. (a) insurance
(b) commerce (c) banking (d) book keeping
2. Which of the following persons is not an office worker? (a) receptionist (b) hawker
(c) messenger (d) accountant
3. Commercial services are broadly divided into ______ and _______ (a) direct and indirect
(b) directory (c) direct and various (d) diverse and direct
4. An aids to trade that compensates when there is loss of life or prosperity is ______
(a) banking (b) insurance (c) advertising (d) warehousing
5. Which of the following is NOT a reward for being truthful? (a) good reputation (b) bad reputation (c) promotion (d) useful suggestion
6. The two major divisions of trade are _____and ______ (a) commerce and industry (b) home and foreign (c) import and export (d) wholesale and retail
7. Keeping records of all members of staff including their transfers, promotions, appraisal, e.t.c are functions of _________ department. (a) production (b) personnel (c) sales (d) transport
8. Which of the following is NOT a professional in Business studies? (a) banker (b) secretary (c) lawyer (d) economist
9. A company gets the following as a reward of adhering to honesty in business except _______ (a) good customer relationship (b) loyalty of people (c) patronage of customer (d) dubious business dealing
10. The act of passing information from one place to another is called ______ (a) transport (b) insurance (c) communication (d) warehousing
11. Import and export are components of _______(a) home trade (b) distribution (c) commerce (d) foreign trade
12. All human efforts whether physically or mentally directed towards the production of wealth is _____ (a) land (b) labor (c) capital (d) entrepreneur
13. All chemicals sold in Nigeria must be registered with _________ (a) NBTE (b) NABTEB (c) NAFDAC (d) House of Assembly
14. Keeping a person in check or on their guard to ensure that they are complying with rules and regulations is known as ___________________ (a) acknowledging (b) knowing (c) showing off (d) monitoring
15. All except one are forms of business (a) co-operative society (b) partnership (c) public/private company (d) Nigeria labour congress
16. The production of goods and supply of services require __________ (a) land, labor, management, money (b) land, labour, money and raw materials (c) land, labour, cash and enterprise (d) land, labour, capital and entrepreneurs
17. Ethics refer to ______ (a) values of the school (b) values and rules of a school (c) values, rules and behavior that govern people (d) values and rules governing school exams
18. All except one are factors that cause people to steal or tell lies (a) to cover up bad behavior (b) dishonesty (c) to become popular (d) to save face over a promise not kept
19. The following except one are all extractive occupations (a) agriculture (b) oil drilling
(c) teaching (d) fishing
20. All except one are the features of an entrepreneur (a) brings the capital (b) is fixed asset
(c) determines what is to be produce (d) employs labor
21. A consumer must derive ______ from every goods used. (a) joy (b) satisfaction (c) asset
(d) product.
22. An entrepreneur must be able to ______ for the business. (a) cry (b) undertake risk (c) write (d) jump
23. _______ the reward of an entrepreneur. (a) salaries/wages (b) rent (c) profit (d) interest
24. Entrepreneurship brings about _________ in the economy (a) growth (b) building (c) books (d) laws
25. If chemicals are not properly handled, they could cause the following except ________
(a) harm (b) happiness (c) burn (d) death
26. Which of the following occupations is against the law of Nigeria? (a) farming (b) teaching (c) smuggling (d) trading
27. Which of the following industries takes raw materials from the earth? (a) distribution
(b) manufacturer (c) extractive (d) construction
28. The money paid to an employee for services rendered is called ________ (a) rent
(b) commission (c) gain (d) salaries/wages
29. Machines are called capital goods because ______ (a) they are not easy to get (b) they help in the production of other goods (c) they are very cheap (d) they are not easy to get
30. Buying and selling of goods is known as _______ (a) distribution (b) trade (c) exchange
(d) economics
SECTION B
INSTRUCTION : Answer any three questions in this section
1a. Define occupation
b. List and explain four factors which affect occupation.
c. Differentiate between direct and indirect service
2a. What is truthfulness in business?
b. List and explain four attributes of being truthful.
c. Outline four factors that cause people to lie.
3a. Define entrepreneurhip.
b. List four importance of entrepreneurship.
c. Outline five seccessful entrepreneurs in Nigeria.
4a. Define (i) sole proprietorship (ii) partnership
b. State four advantages of sole proprietorship
c. List four characteristics of partnership
5. Explain in detail any four (4) of the following
I. Consumer
II. Capital
III. Land Iv. Book – keeping
V. Entrepreneur
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