MENTOR GROUP OF SCHOOLS

SECOND TERM EXAMINATION, 2019/2020 SESSION.

SUBJECT: Business studies
CLASS: JSS 1 TIME ALLOWED: 1H30min

1. The type of the village market is (a) supermarket (b) shops (c) mini-mart (d) open air market
2. 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
3. A store having so many departments or sections under the same roof is known as (a) Departmental store (b) Kingsway (c) super store (d) chain
store
4. What is a buyer given for purchasing goods from seller (a) An order (b) an invoice (c) a receipt (d) A letter of enquiry
5. What is the document sent from the buyer to the seller showing the quantity, quality and description, price of goods he wishes to buy is called
(a) A letter of enquiry (b) An order (c) An invoice (d) Quotation
6. A document which is used to send messages from one person to another in the same firm, from one department to another or from one
department to another or from one head office to the branches or from a principal to his agents is known as (a) a manuscript (b) a memorandum
(c) menu (d) document
7. Book keeping could be defined as (a) keeping of book in the store (b) keeping of book in the library (c) systematic recording of business
transaction in manner that financial position will be known at any given time (d) recording of business in manner that the financial position will not
be known easily
8. Which of the following is not a type of buying (a) by description /grade (b) by sample (c) by auction (d) by selection
9. In book keeping, all transactions involving cash and bank at the bank is called (a) double (b) real (c) contra (d) triple
10. …………. Can be defined as the means through which the goods produced get to the final consumer (a) production (b) distribution (c)
communication (d) Advertising
11. The primary medium of exchange in business is (a) cash (b) money (c) trade by barter (d) bank tellers
12. ………. Is the path through which goods move from the producer to the consumers (a) channel (b) advertisement (c) transportation (d)
communication
13. ……….. are traders who usually move from one place to the other or from one street to the other to make their goods available to people (a)
sellers (b) traders (c) hawkers (d) retailers
14. The following are types of bank account except (a) savings deposit account (b) current accounts (c) fixed deposit (d) cash account
15. …………… 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
16.The following are the reasons for dishonouring of cheque except (a) sufficient funds (b) irregular signature (c) a stale cheque (d) insufficient
funds
17. The type of account that we use cheque to with draw from is ………… (a) fixed deposit (b) cash account (c) current account (d) savings account
18.Choose the type of cheque that must first be paid into a current account and could not be exchanged for cash across the counter (a) bear (b)
order (c) unsigned (d) crossed
19. The two forms of cheque are the …………. Cheques (a) dishonoured and honoured (b) crossed and opened (c) order and bearer (d) payee and
not negotiable
20. An insurance policy that covers accident on sea is known as ………… insurance (a) burglary (b) fire (c) marine (d) ship
21…………… can be defined as the protection made against loss or damage to property or life which may arise from death, accident, theft, fire, etc
(a) production (b) Insurance (c) fire insurance (d) security
22. The following agents are involved in distribution except (a) Producers (b) wholesaler (c) retailer (d) hawker
23.The following the documents facilitates easy transaction when buying and selling except (a) letter of equiry (b) price list (c) catalogue (d)
internet
24. ……… are activities that facilitates trade (a) aids to trade (b) advertising (c) insurance (d) warehousing
SECTION B
1. (a)List 5 Insurance policies that can be taken by a business
2 (a) list three documents used in buying and selling
(b) List the types of accounts that we have
3. List four benefits of insurance
(b) list six personal quality of an entrepreneur
4. With the use of diagram show how to generate business ideas
(b) list five business opportunities in your areas
5. What is consumers right? List five universal consumers right
(c) list two responsibility of a consumer
6. In a tabular form list three different between need and want
(b) list two shopping tips you Know
7. Write short note on the following: (I) sale ledger (ii) purchase ledger (iii) general ledger.