ASCEND ROYAL ACADEMY
2024/2025 ACADEMIC SESSION
THIRD TERM EXAMINATION
NAME: ____________________________________________________
SUBJECT: Business Studies Objective: ………………………..……………
CLASS: JSS One Theory: …………………………..……………
DURATION: One Hour Total Marks Obtainable: ……..……….
SECTION B: Theory Questions (25 Marks). Total Marks Obtained: …………………
INSTRUCTION: Answer all questions. Academic Officer: ………………………….
1. One importance of book-keeping is to________________.
a) Reduce competition b) Determine if the business is
profitable or not
c) Advertise the business d) Attract more customers
2. A cash receipt is issued when
a) A customer borrows money b) An order is cancelled
c) A customer makes a payment d) A loan is approved
3. Which class of ledger accounts includes accounts for income and expenses?
a) Real acct b) Personal acct c) Nominal acct d) Capital acct
4. A ledger is a book that contains accounts for all the following
EXCEPT______________.
a) Assets b) Liabilities c) Day-to-day business transactionsd)
Revenues
5. A journal used to record all cash transactions is the___________.
a) Sales journal b) Purchases journal c) General journal d) Cash
book
6. Which of the following statements is true about Double Entry Book-keeping?
a) Every transaction affects only one account
b) Debit entries must always be higher than credit entries
c) Every transaction involves at least one debit entry and one credit entry
d) Double Entry Book-keeping is only used for large businesses
7. Which of the following is NOT an item used to care for a computer?
a) Antivirus software b) Uninterrupted Power Supply (UPS) c) Dry cloth d)
Scanner
8. What is the purpose of using an Uninterrupted Power Supply (UPS) for a computer?
a) To boost the computer’s performance
b) To prevent power surges from damaging the computer
c) To maintain a steady connection to the internet
d) To help clean the computer
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9. Which device is used to input data into a computer?
a) Monitor b) Printer c) Keyboard d) Speaker
10. If a business owes ₦30,000 in liabilities and has capital of ₦70,000, what are its
total assets?
a) ₦30,000 b) ₦100,000 c) ₦40,000 d)
₦50,000
11. A quality of a good book-keeper is_____________.
a) Being absent often b) Tolerance under pressure
c) Always being late to work d) Gossiping with clients
12. Chemicals should not be sold in residential areas because____________.
a) People may not buy them b) They may explode or cause
harm
c) They are too expensive d) They increase house rent
13. What is a chemical?
a) A substance found in nature b) A living organism
c) A product obtained through a chemical process d) A mechanical tool
14. One of the importance of consumer education is____________.
a) Encourages producers to ignore standards b) Educates consumers on
investment
c) Helps consumers know their rights d) Helps sellers increase profit
15. Society can be defined as________________.
a) A group of unrelated people b) A place where people buy and
sell
c) A group of people living together in an organized way d) An
institution of learning
16. Distinguishing between quality and substandard products is a result
of____________.
a) Marketing strategy b) Consumer education
c) Pricing control d) Advertising
17. Which of the following is an example of a Personal Account?
a) Salaries account b) Mr. Paul’s account c) Rent account d) Bank account
18. Which account would be classified as a Nominal Account?
a) Bank account b) Rent account c) Vehicle account d) Mr.
John’s account
19. What is the primary function of the Space Bar key on a computer keyboard?
a) To enter a new line b) To type numbers
c) To give a space between words d) To delete text
20. What is the source document for the return inward journal?
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a) Receipt b) Debit note c) Invoice d) Credit note
21. On May 17, 20 cartons of A4 paper were sold at ₦1,500 each. What is the total
amount to be recorded in the sales journal?
a) ₦25,000 b) ₦30,000 c) ₦20,000 d) ₦15,000
22. Which of the following keys is used to move the cursor in any direction on the
screen?
a) Shift key b) Enter key c) Cursor keys (Arrow keys d)
Space bar
23. Transparency in book-keeping means___________.
a) Hiding information from clients b) Doing business in a dishonest
way
c) Being open and clear in financial dealingsd) Copying other people's records
24. Goods costing ₦12,000 were sold at a loss of ₦2,000. What was the selling
price?
a) ₦10,000 b) ₦12,000 c) ₦14,000 d) ₦8,000
25. Which of the following keys is used to execute a command or operation on a
computer?
a) Shift key b) Enter key c) Caps Lock key d)
Delete key
26. A business receives ₦150,000 in cash from sales. What journal should record
this and what amount?
a) Sales journal – ₦100,000 b) General journal – ₦150,000
c) Cash book – ₦150,000 d) Purchases journal – ₦100,000
27. Which of the following is the correct way to care for a computer keyboard?
a) Keep it in a humid area b) Clean it with a wet cloth
c) Use a dry cloth to clean it d) Keep food near the keyboard
28. A book-keeper’s handwriting must be____________.
a) Stylish b) Decorative c) Legible d) Coded
29. The Caps Lock key on a keyboard causes all the letters to be typed in__________.
a) Lowercase b) Uppercase c) Both uppercase and lowercase d)
Random case
30. Which part of the keyboard is the longest key?
a) Shift key b) Space bar key c) Enter key d) Caps Lock
key
31. 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
32. One right of a consumer is to___________.
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a) Produce goods b) Be deceived by ads
c) Use substandard products d) Get correct product
information
33. A market is best described as_______________.
a) A storage location for goods b) A place where production happens
c) A venue where buyers and sellers meet d) A shopping mall
34. What does the Delete key do on a computer keyboard?
a) Deletes text to the left of the cursor b) Deletes text to the right of
the cursor
c) Deletes the last typed character d) Deletes the entire document
35. Organized human living describes______________.
a) Marketing b) Society c) Distribution d) Packaging
36. Understanding expiry dates of products helps prevent___________.
a) Low sales b) Consumption of harmful goods c) High profits d) Low
quality
37. The use of online markets like Jumia and Konga shows that markets can
be_________.
a) Only physical b) Government-run c) Virtual d)
Temporary
38. A chemical used in treating water is___________.
a) Hydrochloric acid b) Iodine c) Chlorine d) Lead
39. Pesticides are chemicals suitable for____________.
a) Cleaning hospitals b) Food preservation
c) Agricultural purposes d) Human consumption
40. Which of these is NOT a reward for a factor of production?
a) Rent b) Wages c) Interest d) Tax
41. Which of the following is a reason for monitoring chemicals?
a) To increase their price b) To reduce their availability
c) To prevent misuse and harm d) To stop their production
42. One important role of entrepreneurs is to _____________.
a) Increase unemployment b) Create jobs
c) Waste resources d) Pollute the environment
43. Lack of monitoring chemicals can lead to__________.
a) Efficient farming b) Genetic mutations c) Better storage d) Reduced pollution
44. Which of the following best describes a Liabilities account in a ledger?
a) Accounts that record tangible assets b) Accounts that record income
or expenses
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c) Accounts that track debts owed by the business d) Accounts that track
owner's equity
45. According to the law of Double Entry Book-keeping, for every debit entry, there
must be a corresponding____________.
a) Credit entry b) Cash entry c) Expense entry d) Purchase
entry
46. What is a consequence of unethical chemical sourcing?
a) Increased profits for the company b) Pollution and health problems
c) Lower prices for consumers d) More jobs
47. Which of the following occupations is against the law of Nigeria?
a) farming b) teaching c) smuggling d) trading
48. The person who is the sole provider of business capital and suffers losses alone
is called the________.
a) Partner b) trader c) Salesman d) sole proprietor
49. The minimum number one can find in a partnership business is ____________.
a) two b) four c) seven d) twenty
50. Capital as a factor of production includes ________________.
a) Money only b) Money and raw materials
c) Money, tools, and machines d) Finished goods
51. Why should JSS1 students learn about ethics in chemical sourcing?
a) They will all become chemists b) It is a difficult subject
c) Everyone needs to understand how to make ethical choices d) It is not
important
52. An entrepreneur is someone who _____________.
a) Works in a factory b) Takes risks to start a new
business
c) Goes to school d) Works for the government
53. A partnership agreement is ___________.
a) Not necessary b) A written document outlining the terms of the
partnership
c) A verbal agreement only d) A secret agreement
54. How should the computer be positioned relative to your eyes?
a) Above your eyes b) Directly at eye level c) Below your eyes d) Off to
the side
55. A credit note is issued when___________.
a) A cheque is bounced b) Goods are returned or overcharged
c) Payment is made in cash d) A bank statement is received
56. Someone who puts out fires is a _____________.
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a) Police officer b) Firefighter c) Soldier d) Security guard
57. One important role of entrepreneurs is to _____________.
a) Increase unemployment b) Create jobs
c) Waste resources d) Pollute the environment
58. Which of the following is NOT a factor of production?
a) Land b) Labour c) Profit d) Capital
59. A company that is ethical when sourcing chemicals will ____________.
a) Ignore safety regulations b) Ensure that the chemicals are transported
safely
c) Dump waste chemicals in the river d) Exploit workers
60. Labour refers to ______________.
a) Physical effort only b) Mental effort only
c) Both physical and mental effort d) Machines and tools
ASCEND ROYAL ACADEMY
2024/2025 ACADEMIC SESSION
THIRD TERM EXAMINATION
NAME: ____________________________________________________
SUBJECT: Business Studies Objective: ………………………..……………
CLASS: JSS One Theory: …………………………..……………
DURATION: One Hour Total Marks Obtainable: ……..……….
SECTION B: Theory Questions (35 Marks). Total Marks Obtained: …………………
INSTRUCTION: Answer only four (4) questions Academic Officer: ………………………….
in this section. Question One (1) is compulsory.
1. a. On 4th July, 2025, Mr. Harvir bought goods for his business worth N30,000
from Ms. Purity. Enter the transaction in a double entry book.
b. Mention four [4] qualities of a book keeper
c. List five [5] importance of book keeping to a business [14
marks]
2. a. Identify four [4] factors that affect occupation
b. State the classifications of occupation
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c. Give one example of a direct service and one example of indirect service. [7
marks]
3. a. Define a source document
b. Mention four [4] source documents
c. Mention two [2] uses of a source document
4. a. List the classes of ledger you know
b. Differentiate between personal and impersonal accounts
c. State the golden rule of double entry book keeping [7
marks]
5. a. Mention four [4] importance of keyboarding
b. Mention five [5] correct sitting positions for keyboarding [7
marks]
6. a. List six (6) career opportunities available in business studies
b. Mention four (4) components of business studies [7
marks]
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