JODA COMPREHENSIVE COLLEGE

ZONE 2, KAJOLA AKILE, ELEWERAN, ILE-IFE

THIRD TERMINAL EXAMINATION 2022/2023 ACADEMIC SESSION
SUBJECT: BUSINESS STUDIES CLASS: JSS1 DURATION: 1 HOUR 30 MINUTES

SECTION A: OBJECTIVES
Instructions: Choose the correct answer from options a to d and shade in your answer sheet
1. Which of this is an agricultural chemical? a) fertilizer b) herbicide c) fungicide d) all of the above
2. ……………. is a written or printed acknowledgement on a piece of paper that money has been received. a) cash
receipt b) invoice c) cheque d) deposit slip
3. ……. is a first book of entry of financial transactions done in an organization. a) ledger b) journal c) receipt
d) imprest
4. When goods bought are returned to a shop because of a faut, the receiver records it inside a a) return inward
journal b) return outward journal c) debit journal d) purchase journals
5. Which of the following is not included in the information presented in a journal? a) date b) folio c)
particulars d) name of customer
6. On a cashbook, debit side is on the___ side of the book a) right b) left c) either side d) center
7. Which of the following is not a thing to consider when classifying office into small and large? a) number of
personnels b) size of machines c) size of the office d) type of transactions taking place there
8. Integrity in book keeping means a) being punctual b) being honest c) being confidential d) being smart
9. One of the main disadvantages of sole proprietorship is a) decision making is fast b) profit is not shared
c) liability and risks are unlimited d) it is easy to set up
10. The maximum number of people that can be involved in partnership form of business is a) five b) seven
c) fifteen d) twenty
11. Which of this is a voluntary association run and benefited by its members? a) limited liability companies
b) cooperatives c) partnerships d) public corporations
12. People lie for all of these reasons except a) fear b) greed c) sincerity d) gain
13. Mining is an example of a) primary occupation b) secondary education c) tertiary occupation d)
commercial occupation
14. …………. Services are paid for on the spot. a) Expensive b) cheap c) Indirect d) Direct
15. Which of the following is an example of industrial occupation? a) fishing b) agriculture c) soap making
d) lumbering
16. Which of these factors does not affect the choice of occupation of a person? a) education level b) height
c) age d) individual interest
17. There are ……. factors of production. a) 1 b) 2 c) 3 d) 4
18. All the surface of the earth and the natural resources found in it are together called a) debenture b)
resources c) capital d) land
19. Which of the following combines land, labour and capital during production? a) entrepreneur b) manager
c) supervisor d) worker
20. Occupations that make trade possible are referred to as a) deterrents to trade b) aids to trade c) factors of
trade d) means of trade
21. International trade can be all of these except a) import b) export c) deport d) entrepot
22. One of this is a negative effect of production. a) availability of goods b) environmental pollution c)
employment opportunities d) none of the above
23. Production can be divide into the following except a) aids to trade b) industry c) commerce d) service
24. Export promotion has the following importance except a) earning foreign exchange b) grants access to
foreign market c) make food surplus d) improves manufacturers’ income
25. The wholesaler and retailer are jointly called a) first consumers b) middlemen c) final destinations d) last
men
 26. ……………. plays a very important role in commerce by moving goods from producer to consumers. a) Banking
b) Advertising c) Transportation d) Tourism
27. The department responsible for buying things for an organization is the a) sales department b) auditing
department c) purchasing department d) maintenance department
28. The reward for land is a) profit b) rent c) wage d) capital
29. Maintaining good standards for a long time is known as a) consistency b) accountability c) punctuality
d) regularity
30. When a record is confidential, it means … a) it is not good b) it is not for everyone to see c) no one can see it
d) it is not worth seeing
31. All these are effects of leaking office secrets except a) gives competitors advantages b) leads to lack of trust
c) makes the organization popular d) brings suspicion and disrespect
32. An example of an office furniture is a) shelf b) stapler c) printer d) computer
33. An invoice will show all of these except a) quantity of goods sold b) address of supplier c) discounts
granted d) expiry date of product
34. …….. is a system of book keeping used when money involves two accounts or more. a) single entry b) null
entry c) double entry d) early entry
35. The process of making information available to consumer about goods and services offered for sale is known as
a) consumer rights b) consumer knowledge c) consumer education d) consumer influence
36. A place where buyers and sellers meet is known as a a) market b) business c) venture d) office
37. ………. is the final link in a distribution chain. a) Wholesaler b) Retailer c) Consumer d) Producer
38. Which of the following is a consequence of lack of consumer education? a) access to quality product b)
access to cheap goods c) avoidance of malpractices of sellers d) lack of maximum satisafaction
39. RAM in computer means a) read advance memory b) random access memory c) random accrued memory
d) read all memory
40. ………. memory of a computer is meant for long term storage of data a) Priamary b) Secondary c) Tertiary
d) Added
41. Which among these is not a secondary memory device? a) flash drive b) ROM c) Hard disk d) DVD
42. Components of a computer can be divided into a) 2 b) 4 c) 6 d) 7
43. Devices that are used to display signal and information from the computer are known as a) processors b)
input devices c) output devices d) hardware devices
44. ………… is used for storing goods till when they will be distributed. a) Warehouse b) Garage c) Cold room
d) Dispensary
45. An example of non-monetary reward is a) raise in salary b) cash gift c) cash bonus d) certificate of merit
46. ………….. are punishments imposed on workers as a result of breaking the law a) Deduction b) Sanctions
c) Dividend d) Awards
47. The moral principles that govern a person’s behaviour and activity is known as a) character b) ethics c) trait
d) punctuality
48. An example of an illegal chemical is a) petrol b) detergent c) air freshener d) cocaine
49. …………… involves reconceiving a business idea, sourcing money for it, and running the business. a) Employment
b) Capitalism c) Entrepreneurship d) Enterprise
50. Which of these is not an area in Business Studies? a)Book keeping b) Keyboarding c) Mensuration d)
office practice

SECTION B: THEORY
1. A. What are source documents?
B. Mention any four uses of source documents
2. A. What is book keeping?
B. Mention any three book keeping ethics you know
C. Mention any three essential qualities of a book keeper
3. A. Explain the meaning of the following:
i. Balance carried down
ii. Balance brought forward
B. What is a ledger?
C) State and define the three classes of accounts
D) Enter the following transactions appropriately in the cashbook
Mr. Akinwale, a wood seller, started a business on October 1 with N200,000 in cash. He purchased the following
to enable him run his business.
Oct. 5: Bought furniture from woodwork limited for N60,000
Oct. 15: Bought office equipment from Mrs. Okorocha for N35,000
4. a) What is an office?
b) Mention any three input devices
c) State three differences between suitable and unsuitable chemicals