CHRISTIAN COMMUNITY SCHOOL

WUSE II, ABUJA

SECOND TERM EXAMINATION (2023/2024)
SUBJECT: BUSINESS STUDIES CLASS: J.S ONE
NAME: ________________________ DATE ______________ DURATION: 1 HR

SECTION A: OBJECTIVES

INSTRUCTION: Answer all the questions in this section

1. A consumer is ______.
a) the final or end user b) a retailer c) a manufacturer
d) the buyer of the goods
2. Land is to Rent as Capital is to ______
a) Interest b) Wages c) Salaries d) Profit
3. A business deal between two or more persons is called a/an ______.
a) transaction b) record c) information d) document
4. Which of the following is not a type of production?
a) Primary production b) Secondary production
c) Modern production d) Tertiary production
5. ___ is the minimum and ___ is the maximum number of people who form a
partnership business.
a) 1, 5 b) 2, 20 c) 3, 30 d) 1, 2
6. An example of a small office is ‘_______’.
a) banking hall b) principal’s office c) post office
d) shopping mall
7. The attributes of a good worker include being _______ and ______ to work.
a) absent, regular b) punctual, regular c) punctual, invaluable
d) dishonest, regular
8. _________ is the mode of transportation that is commonly affected by
weather
a) Air b) Rail c) Pipeline d) Road
9. Which, is not an aid to trade?
a) Banking b) Insurance c) Advertising d) Plumbing
10. The reward of entrepreneur as a factor of production is_____.
a) interest b) profit c) rent d) wages
11. A person who takes the risk of starting and managing a business is
called a/an ____
a) entrepreneur b) enterprise c) partner d) salesman
12. ________is not a type of business organisation
a) Partnership b) Cooperative society c) Sole
proprietorship
d) Banking
13. Business subjects include the following except ________
a) Office practice. b) Commerce. c) Basic Technology. d) Book
keeping.
14. A large office is also called a/an ______
a) open office b) closed office c) indirect office d) double
office
15. Which, is not one of the duties of a clerk?
a) Storing of records b) Keeping of documents c) Driving of
vehicles
d) Writing of reports
16. The ability of workers to put their energy and time towards the
success of an organisation is known as _______.
a) commitment b) regularity c) punctuality d) attitude
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17. Trade and aids to trade can also be referred to as ________.
a) Commerce b) Finance c) Business d) Social
studies
18. Aids to trade are the things that ______.
a) help us communicate b) facilitate trade
c) provide goods and services d) provide employment
19. One of the following is NOT an aid to trade.
a) Banking b) Insurance c) Advertising d) Stock
20. Production is divided into_______ and ______.
a) industry, commerce b) trade, aids to trade
c) insurance, banking d) communication, tourism
21. Which of these best defines occupation?
a) Activities that people do for others without pay
b) Activities that people engage in
c) Activities that people are proud to do
d) Activities that people engage in to earn a living
22. The factor that coordinates or makes use of the other factors of
production is __.
a) Land b) Capital c) Labour d) Entrepreneurship
23. Business financed, formed and controlled by one person is termed
_______.
a) partnership b) sole proprietorship c)
corporation
d) cooperative society
24. The written agreement between partners is called a _______.
a) partnership deed b) partnership salary c) partnership
business
d) partners document
25. Which of the following is not a type of partnership?
a) Working partner b) Active partner c) Dormant partner

d) Nominal partner
26. Coal mining is an example of ______.
a) constructive industry b) extractive industry c) tertiary industry
d) direct industry
27. The type of business owned and financed by two or more people is
known as ____.
a) partnership b) sole proprietorship c) pairing d) two-
man business
28. Which of the following is an example of a direct service?
a) Mining b) Medical service c) Petroleum refiningd)
Farming
29. Wealth used for the creation of further wealth is called _______
a) land b) capital c) entrepreneur d)
labour
30. An office can be defined as_____.
a) an area where we buy and sell b) centre of all learning
activities
c) any room in which a kind of business is transacted or services
provided
d) location where sporting activities are held
31. As the head of the recruitment department in your office, which of
the following would you consider NOT important for employing an
applicant?

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 a) Intelligence b) Work experience c) Reliability d) Stature
32. The place where goods are stored until they are needed is known
as____
a) space bar b) room c) bank-house d) warehouse
33. _______ can be defined as the means through which the goods
produced get to the final consumer
a) Production b) Distribution c) Communication d)
Advertising
34.Labour can be defined as __________.
a) energy put into work by man b) the number of people
involved in production
c) production of goods and services d) work done by a worker
35. Trade is divided into ________ and __________ trade.
a) Import, export b) wholesale, retail c) import, entrepot
d) Home, foreign
36. The word ‘Entrepreneur’ originated from the _________ language.
a) English b) French c) Greek d) Latin

SECTION B: STRUCTURED QUESTIONS

37. __________ is the name of the Irish- French economist who first used
the term entrepreneurship.

38. What century was the term entrepreneurship first used ________.

39. One major disadvantage of sole proprietorship is _________.

40. ________ is one of the factors affecting occupation?

SECTION B: THEORY
INSTRUCTION: Answer only four (4) questions in this section
1. There are some factors that make production possible, enumerate them
and state their rewards

2. a) Who is an entrepreneur, what is entrepreneurship and what is an

enterprise?
b) Why is it important to have entrepreneurs in the society? State three
(3) reasons
3. a) Draw a chart describing the types of business organisations
b)List four (4) sources of capital for sole proprietorship form of business
4. a) Occupation is affected by some factors, list three (3) of them and
explain two (2)

b) State and discuss three (3) ethics guiding sourcing of chemicals

5. Imagine you are an entrepreneur starting your own business, answer the
following questions about your business;
i. What type of business do you want to start?
ii. What would the name of your business be?
iii. Where would you get capital to fund your business?
iv. What type of business organisation model would you like to have?

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v. Why do you want to have the type of business you chose?
vi. Would you like to be self-employed at this business or you would like
to be employed somewhere else and run your business in your spare
time? Tell me why.

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 CHRISTIAN COMMUNITY SCHOOL
WUSE II, ABUJA
SECOND TERM EXAMINATION (2023/2024)
SUBJECT: BUSINESS STUDIES CLASS: J.S TWO
NAME: _________________________ DATE _____________ TIME: 1 HR

SECTION A: OBJECTIVES

INSTRUCTION: Answer all the questions in this section

1. The place where goods are stored until they are needed is known as ____.
a) space bar b) room c) bank-house d) warehouse
2. The role of insurance in commerce is essentially to _______.
a) prevent damage b) minimize business risk c) prevent wasteful ventures
d) prevent accidents
3. Which of the following functions is not performed by a retailer?
a) Giving credit facility. b) Breaking bulk c) Storing various articles for sales
d) buying in small quantities
4. What is commerce?
a) Producing raw materials. b) Selling raw materials.
c) Buying and selling of goods and services. d) Giving of alms to the poor.
5. _________ is the recording of business transaction in a systematic manner to
provide information for use by interested parties.
a) Accounting b) Book keeping c) Key boarding d) Library
6. Incoming mails should be ______
a) opened, dated, stamped and sorted. b) opened, read and put away.
c) opened, read and return to sender. d) opened, signed and put away.
7. A cheque that is to be cashed on a future date is called a__________ cheque
a) forward b) post-written c) post-dated d) future
8. What is the document sent from the buyer to the seller showing the quantity,
quality and description and price of goods he wishes to buy called?
a) A letter of enquiry b) An order c) An invoice d) Quotation
9. Which of the following is not a type of buying?
a) By description/grade b) By sample c) By auction d) By selection
10. The primary medium of exchange in business is ________.
a) cash b) money c) trade by barter d) bank
tellers
11. The following are types of bank account except _________.
a) savings account b) current accounts c) fixed deposit account
d) credit account
12. _________ is an instruction in writing made upon a bank to pay a certain sum
of money to a named person
a) Teller b) Cash c) Cheque d) Bank document
13. The following are the reasons for dishonouring of cheque except _______.
a) sufficient funds b) irregular signature c) a stale cheque
d) insufficient funds
14. The type of account that we use cheque to with draw from is a _________.
a) fixed deposit b) cash account c) current account d) savings
account

15. The two forms of cheque are the _____ and ________ cheques.
a) dishonoured, honoured b) crossed, opened c) order, bearer
d) payee, non-negotiable
16. An insurance policy that covers accident on sea is known as ______insurance.
a) burglary b) fire c) marine d) ship

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17. ________can be defined as the protection made against loss or damage to property
or life which may arise from death, accident, theft, fire or other life threatening
occurrences.
a) Provision b) Insurance c) Fire safety d) Security
18. The following agents are involved in distribution except_______.
a) producers b) wholesaler c) retailer d) cars
19. ________ are activities that facilitate trade.
a) Aids to trade b) Advertising c) Insurance d) Warehousing
20. _______ buys goods in small quantities from the wholesaler and sells in
smaller quantities to the consumer.
a) A hawker b) A producer c) A retailer d) A wholesaler
21. The term caveat emptor means _____.
a) The producer expression b) Let the consumer be cheated c) Let
the producer beware d) Let the consumer beware
22. Which bank account type does not require the owner to use cheque to
access withdrawal of cash?
a) A cash account b) A current account c) A bank account
d) A savings account
23. If goods are sent by sales van to a buyer, the document issued for the buyer
to check the goods is termed the _____.
a) way bill b) catalogue c) quotation d) receipt
24. The small amount paid periodically by a policy holder to an insurance
company for risk cover is termed the _________.
a) proposal b) agreement c) application d) premium
25. The parties to a cheque are_______.
a) the drawer only b) the drawer, drawee and payee
c) the payee and drawee only d) the drawee only
26. One of the following is NOT an aid to trade.
a) Banking b) Insurance c) Advertising d) Stock
27. The type of life assurance policy which is taken up for a specific period or at
death is called______ assurance.
a) car b) whole life c) endowment d) comprehensive
28. The service which facilitate or make trade easy is called?
a) Home trade b) Occupation c) aids to trade d) trade
29. The type of account which requires only one individual as signatory is a ____
account
a) current b) personal c) savings d) impersonal
30. ______ is the buying and selling of goods through the internet.
a) Foreign trade b) Imported goods c) Home trade d) E-commerce
31. ATM is the acronym for _____.
a) Automated toddler machine b) Automated teenage machine
c) Automated teller machine d) Automated transaction machine

32. Which of these is not a feature of a bank cheque?

a) Time b) Date c) Name d) Amount
33. The aid to trade that involves the movement of people, goods and services
to where they are needed is_____.
a) insurance b) banking c) transportation d) warehouse
34. Safe-keeping of customers’ valuables is common with____ banks
a) merchant b) agricultural c) central d) commercial
35. Insurance is regarded as a contract because_________.
a) more than one person is involved b) it is common c) no one is involved
d) one person is involved

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 SECTION B: STRUCTURED QUESTIONS

36. The insurer, in the event of any loss or damage pays __________ to the
insured.
37. What century was the term entrepreneurship first used ________.
38. An invoice is prepared in _________ copies.
39. The proforma invoice shows______.
40. __________ is the name of the Irish- French economist who first used the term
entrepreneurship

SECTION C: THEORY

INSTRUCTION: Answer only four (4) questions in this section

1. a) In your own words, explain how insurance works.
b) List two (2) principles of insurance and explain one (1)
c) Explain the term Bank statement
d) Write a short note on NAICOM.
2. Explain how banks make their money and how they are able to pay interest to
customers.
a. Define commercial bank
b. List (4) four types of banks
c. List three (3) types of commercial banks
d. List (4) four ethical issues involved in a banking sector.
3. a) State three (3) function of the following:
i) Retailer ii) Wholesaler iii) Consumer
b) Define office document
c) Explain the 2 types of office document
4. a) Rearrange these sales documents in the order of their usage in buying and
selling.
b) Write a short note on the documents (i-vi) listed below.
i. Price list
ii. Letter of enquiry
iii. Delivery note
iv. Quotation
v. Receipts
vi. Invoice
vii. Order
c) Explain the differences between a credit card and a debit card

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5. In an office, we have documents and methods for making payments. The methods
are cash payments and cheque payments. Explain the two (2) methods and
describe the parties involved in cheque payments.

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 CHRISTIAN COMMUNITY SCHOOL
WUSE II, ABUJA
SECOND TERM EXAMINATION (2023/2024)
SUBJECT: BUSINESS STUDIES
DURATION: 1 CLASS: J.S THREE

SECTION A: OBJECTIVES

INSTRUCTION: Answer all the questions in this section

1. ____ is the money that is within one’s disposal to use at one’s discretion.
a) Credit b) Cash c) Budget d) Personal finance
2. The role of insurance in commerce is essentially to _______.
a) prevent damage b) minimize business risk c) prevent wasteful ventures
d) prevent accidents
3. The market where consumer goods are bought and sold is called _______ market.
a) capital b) commodity c) foreign d) money
4. One attribute of modesty is________
a) simplicity b) lavish spending c) giving. d) greediness.
5. The following are factors that affect occupation except_______.

a) climate conditions b) educational background

c) gift of nature d) pleasing customers

6. The service provided by media organisations to enable the public know about a
product or service is referred to as_______.

a) advertising b) communication c) marketing

d) tourism
7. Which of the following information can be obtained from the sales department
of an organisation?
a) Amount of goods sold daily. b) Number of daily visitors.
c) Number of outgoing mails. d) Salary of workers.

8. What is the document sent from the buyer to the seller showing the quantity,
quality and description, price of goods he/she wishes to buy, called?

a) A letter of enquiry b) An order c) proforma invoice d)

Quotation

9.The conversion of raw materials into finished goods is categorized under _______
production.

a) constructive b) commercial c) extractive d) manufaturing

10The primary medium of exchange in business is ________.

a) cash b) money c) trade by barter d) bank

tellers

11.The following are types of bank account except _________.

a) savings account b) current accounts c) fixed deposit account

d) credit account

12._________ is an instruction in writing made upon a bank to pay a certain sum of

money to a named person.

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 a) Teller b) Cash c) Cheque d) Bank document

13. _________ means planning for the best way to allocate resources over a period
of time.

a) Financing b) Allocating c) Budgeting d) Revenue

14. The exchange of goods and services on a large scale explains____.

a) commerce b) finance c) insurance d) production

15. The reward for capital as a factor of production is ________.

a) interest b) profit c) rent d) salary

16 .An insurance policy that covers accident on sea is known as ______insurance.

a) burglary b) fire c) marine d) ship

17. ________can be defined as the protection made against loss or damage to

property or life which may arise from death, accident, theft, fire or any other life
threatening occurrences

a) Provision b) Insurance c) Fire safety d) security

18. The following agents are involved in distribution except_______.

a) producers b) wholesaler c) retailer d) cars

19. ________ are activities that facilitate trade

a) Aids to trade b) Advertising c) Insurance d) Warehousing

20. Which of the following examples of occupation provides indirect service to the
public?

a) Housekeeper b) Medicine c) Sales man d) Sanitation

21. A written document issued by a drawer to the bank to pay an amount of

money is called _____.

a) a teller b) a cheque c) cash d) voucher

22. _________ is the procedure employed to resolve a problem

a) Resolution b) Critical thinking c) Lodging complaint

d) Planning a revolution

23. One of the function of NERC is

a) to issue licenses to drivers b) to provide information

c) to fight for consumers right d) to set and review electricity tariffs

24. The small amount paid periodically by a policy holder to an insurance company
for risk cover is termed the _________.

a) proposal b) agreement c) application d) premium

25.The parties to a cheque are_______.

a) the drawer only b) the drawer, drawee and payee

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 c) the payee and drawee only d) the drawee only

26. One of the following is NOT an aid to trade.

a) Banking b) Insurance c) Advertising d) Stock

27. ____________ is used to test the arithmetical accuracy of ledger.

a) Trial balance b) Cash book c) Balance sheet d) Journal

28. The services which facilitate or make trade easy are called________.

a) home trade b) occupation c) aids to trade d) trade

29. The size of an office can be determined by the __________.

a) intellectual capability of the manager

b) nature and volume of business activities carried out in the office
c) the number of visitors that come to the office
d) the years of its existence

30. ______ is the buying and selling of goods through the internet.

a) Foreign trade b) Imported goods c) Home trade d) E-

commerce

31. ATM is the acronym for _____.

a) Automated toddler machine b) Automated teenage machine

c) Automated teller machine d) Automated transaction machine

32. One of the desired personal qualities a staff must possess before he/she can fit
into an organisation includes the following except_______.

a) minimum of SSCE b) punctuality c) regularity d)

good telephone manners
33. The aid to trade that involves the movement of people, goods and services to
where they are needed is_____.

a) insurance b) banking c) transportation d) warehouse

34. Safe-keeping of customer’s valuables is common with____ banks

a) merchant b) agricultural c) central d) commercial

35. Insurance is regarded as a contract because_________.

a) more than one person is involved b) it is common c) no one is involved

d) one person is involved

36. The insurer in the event of any loss or damage pays __________ to the insured.

a) interest b) indemnity c) premium d) compensation

37. Which of the following is not a purchase document?

a) Purchase order b) Credit card c) Advertising order d) Quotation

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38. An invoice is prepared in _________ copies.

a) two b) three c) four d) five

39. The __________ welcomes visitors to the organisation.

a) clerk b) manager c) receptionist d) typist

40. Which of these is not a chain of distribution?

a) Consumer b) Importer c) Producer d) Retailer

41. SWOT means

a) Strong weak open and treats b) Strengths, Weaknesses
Opportunities and Threats c) Set, Wonders of
transportation d) Stock Weakness Opinion and Treats
42. The type of advertising used when new products are introduced into the
market is referred to as _____ advertising.
a) competitive b) direct c) indirect d) informative
43. Which of these is a type of motor vehicle insurance?
a) Comprehensive b) Coverage c) Endowment d) Premium
44. Which of these services does a teacher give?
a) Commercial b) Direct c) Exchange d) Indirect
45. _____ is trade and aids to trade
a) Commerce b) Construction c) Industry d) Distribution
46. The private limited liability company has a minimum of_____ members.
a) 2 b) 7 c) 10 d) 20
47. The profits of a co-operative society is shared according to ________
a) amount of sales made b) capital contributed c) members purchase
d) loan and over draft
48. _______ is not a form of business
a) Consumer b) Partnership c) Sole proprietorship d) Co-operative
society
49. Which of the following is not a commercial bank.
a) Access bank b) Central bank c) Citi bank d) Eco bank
50. One of the following is not a feature of single column cash book.
a) Date b) Portfolio c) Contra-entry d) amount

51._______is the process of separating office letters.

a) Hearing b) Mailing c) Sorting d) Zebra

52. Inward books are for recording ________ letters.

a) incoming b) just sent out c) sorted d)
tomorrow

53_______is a document issued when one person sells goods to another.

a) Agent b) Purchase book c) Invoice d) Day book

54. The two main classification of an office are

a) large and small offices b) large and up offices

c) small and centre offices d) small and fine offices

55. Which of these staff does the filing and mailing in an office?
a) Apprentice b) Clerk c) Gardener d) Typist

56. The following information is found in an office visitors book except _____
a) date of birth b) date of visit c) purpose of visit d) time of visit
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57. Which of these document is issued after payment is made?
a) Invoice b) Money c) Proforma invoice d) Receipt

58. The Department that is headed by financial controller is known as ________

a) Accounting department b) Biometric department c) Marketing
department
d) Store department

59. The book which records receipts and payments of money in cash or cheque is
known as ____________.
a) bank statement b) cashbook c) cheque book d) credit
book

60. __________ is the name of the Irish- French economist who first used the term
entrepreneurship.
a) Richard Cantillon b) Davis Bacon c) Ali Armed d) Charles
Darwins

SECTION B: THEORY

INSTRUCTION: Answer only four (4) questions in this section question 2

Compulsory

1. a) Define personal finance

b) List five (5) sources of personal finance to individual
c) State the factors of production
d) State (3) differences between modesty and extravagance
e) List the types of occupation

2. Enter the following transactions in a double column cash book for Miss Itohan
from the following transactions;
March 1 Cash in office ₦260
March 1 Cash in bank ₦1,800
March 3 Receive bank charges from Mr. Charles ₦160
March 5 Cash sales ₦500
March 6 Paid cash into bank ₦650
March 9 Paid Mr. Marvel by cheque ₦140
March 12 Paid rent to Mr. Chibuike by cheque ₦100
March 14 Bought stationery by cash ₦100
March 17 Withdrew cash from bank to office ₦400
March 18 Purchase goods for cash ₦160
March 29 Cash sales to date ₦600
March 30 Paid cash to the bank ₦150
March 31 Paid wages in cash ₦100
March 31 Bank charges ₦50
Prepare ledger
Prepare trial balance
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 (10mks)

3. a) Define Consumer Rights

(2mks)
b) State five (6) consumer rights in Nigeria (5mks)
c) State three (3) responsibilities of a consumer (3mks)

4. a) Who is a Receptionist? (2mks)

b) List five (5) duties of a receptionist (5mks)
c) State three (3) qualities of a good receptionist (3mks)

5. Explain the following terms;

i. Trial balance
ii. Commerce
iii. Distribution
iv. Clerical staff
v. Insurance
vi. Occupation

6. Prepare the trading profit and loss account for the following extracts obtained
from the trial balance of Miss Rachael LTD.

₦
Opening stock 200,000
Purchase 50,000
Return outward 6000
Return inward 4000
Rent 10,000
Discount received 2000
Electricity bill 7000
Sales 300,000
Commission allowed 1000
Commission received 2500
Discount allowed 4000
Stock as at 31st December 15000

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