JSS 3 BUSINESS STUDIES MOCK EXAMINATION

1. The most suitable means of 7. The book of account that is a prime

transportation petrol is by book as well as a ledger is ------ book
a. Air a. Cash
b. gear b. Purchases day
c. Rail c. Returns inward
d. Road d. Returns outward
e. Water e. Sales day
2. The following items are entered on 8. Service as an occupation is provided
the debit side of a trial balance by the following people, expect
a. Cash a. Doctor
b. Creditors b. Fisherman
c. Debtors c. Lawyer
d. Loan d. Tailor
e. Purchases e. Teacher
3. Which of the following is not a 9. The following are job attributes of a
function of clerical staff? clerk, except
a. Filing of documents a. Loyalty
b. Forwarding outgoing mails b. Neatness
c. Keeping wages and account c. Politeness
records d. Punctuality
d. Sorting and collating e. Tact
e. Writing of annual financial reports 10. The maximum number of people
4. The services provided by the post required to form a private limited
office for a client who want their liability company
letters or parcels to arrive at the a. 2
required destination within a day or b. 7
two is called c. 10
a. Express letters d. 20
b. Money order e. 50
c. Postal 11. A transaction affecting both the cash
d. Redelivery of letters and bank column of the cash book is --
e. Registered letters ------ entry
5. Trial balance is based on ----------------- a. Contra
--- entry system b. Control
a. Accounting c. Credit
b. Credit d. Debit
c. Debit e. Double
d. Double 12. A principal’s office is a good example
e. Single of a ------- office
6. The following are functions a. Departmental
performed in an office expect ---------- b. Large
information c. Sales
a. Giving d. Small
b. Preventing e. Ticket
c. Processing
d. Receiving
e. Recording
13. A book of account for recording 20. The fixed and regular payment by a
receipts and payments is called client to an insurance company is
a. Cash book called
b. Invoice note a. Interest
c. Ledger account b. Levy
d. Quotation c. Premium
e. Voucher d. Profit
14. The place in an organisation where a e. Surplus
visitor receives information about the 21. The request slips usually filled by the
person he wants to visit is called ------- a. manager
room b. messenger
a. Guest c. receptionist
b. Information d. secretary
c. Reception e. visitor
d. Strong 22. The following are examples of current
e. Visitors assets, except
15. The end point in the channel of a. Bank
distribution of goods is b. Cash
a. Consumer c. Debtors
b. Manufacturer d. Furniture
c. Middlemen e. Stock
d. Retailer 23. The advertising medium mostly found
e. Wholesaler along major roads in cities is
16. Which of the following is an a. Billboard
acknowledgement of payment? b. Leaflet
a. Cash c. Magazine
b. Cheque d. Radio
c. Draft e. Television
d. Order 24. Which of these is not a duty of a
e. Receipts receptionist?
17. Which of these is used to produce the a. Analysing
exact copy of a document? b. Answering telephone calls
a. Collator c. Handling mails
b. Duplicator d. Keeping details of callers
c. Perforator e. Receiving visitors
d. Photocopier 25. The following are hardware, except
e. Typewriter a. C.P.U
18. A complementary card usually shows b. Input device
the following information, except c. Monitor
a. Account number d. Operating system
b. Address e. Output device
c. Name
d. Profession Use the following transactions
e. Telephone extracted from the books of XYZ to
19. The following are columns in two answer questions 26 and 27.
columns in two column cash book, Carriage inward------- Ꜻ1200
except Returned outward--------Ꜻ400
a. Bank Sales--------------------------Ꜻ10500
b. Cash Purchases--------------------Ꜻ5800
c. Discount
d. Folio
e. Particulars
26. What is the amount of purchases? 32. The following are components of a
a. Ꜻ7000 business studies except
b. Ꜻ6600 a. Book keeping
c. Ꜻ5800 b. Commerce
d. Ꜻ3900 c. Economics
e. Ꜻ1200 d. Office practice
27. What is XYZ’s gross profit? e. Shorthand
a. Ꜻ10500 33. A place where information is received,
b. Ꜻ7000 sorted, acted upon and field for future
c. Ꜻ6600 reference is called a /an
d. Ꜻ5800 a. Office
e. Ꜻ3900 b. Reception
c. Room
Use the following information to
d. Typing pool
answer questions 28-30
e. Workshop
Land ------------Ꜻ70,000 34. Which of the following is not a career
opportunity that may be open to a
Debtors---------Ꜻ2000 business studies student?
Creditors---------Ꜻ13000 a. Accountancy
b. Banking
Cash in hand -------Ꜻ10000 c. Marketing
Cash at bank----------Ꜻ15000 d. Management
e. Pharmacy
Loan -------------------Ꜻ11000 35. Which of these department is
responsible for the procurement of
28. What is the value of current
materials in a company?
liabilities?
a. Administrative
a. Ꜻ21000
b. Accounts
b. Ꜻ22000
c. Personnel
c. Ꜻ23000
d. Production
d. Ꜻ24000
e. Purchasing
e. Ꜻ25000
36. The role of wages and salaries unit of
29. What is the value of fixed assets?
a company is to prepare
a. Ꜻ97000
a. Credit note
b. Ꜻ73000
b. Delivery note
c. Ꜻ70000
c. Payroll
d. Ꜻ60000
d. Requisition form
e. Ꜻ50000
e. Store records
30. Opening stock is Ꜻ400, purchases are
37. The method of paying wages at equal
Ꜻ5000, and closing stock is Ꜻ600. The
amount per week or month
cost of goods sold is
irrespective of quantity of works done
a. Ꜻ600
is called
b. Ꜻ4400
a. Commission bonus
c. Ꜻ4800
b. Flat rate
d. Ꜻ5000
c. Piece rate
e. Ꜻ5600
d. Premium bonus
31. Which of these is not a personal
e. Time rate
quality of clerk?
a. A good appearance
b. A sound educational background
c. Being hostile
d. Has to be intelligent
e. The ability to answer question
38. Which of the following 45. The prime book of account as well as
correspondences contains condition a ledger is known as -------- book.
of service for a newly recruited a. Cash
employee? b. Purchase day
a. Application letter c. Return inwards
b. Appointment letter d. Return outwards
c. Circular e. Sales
d. Memorandum 46. The book which records receipts and
e. Notice payment of money in cash or cheque
39. The following are parts of a personal is known as
letter except a. Bank statement
a. Body of the letter b. Cash book
b. Date c. Cheque book
c. Salutation d. Credit book
d. Senders address e. Debit book
e. Yours faithfully 47. A document issued by banks which
40. Which of the following is not an has global acceptance for exchange is
advantage of office equipment? the
a. Energy wasting a. Deposit slip
b. Enhances accuracy b. Share certificate
c. Increases productivity c. Standing order
d. Promotes efficiency d. Travellers cheque
e. Time saving e. Withdrawal cheque
41. If a bank allows a customer to 48. Carriage inwards is shown on the ------
withdraw more than his credit --- account
balance, he has been given a/ an a. Credit side of the trading
a. Dividend b. Credit side of the profit and loss
b. Credit note c. Debit side of the cash
c. Loan d. Debit side of profit and loss
d. Mortgage e. Debit side of the trading
e. Overdraft 49. Which of the following is an example
42. The following are sources of finance of the fixed assets?
opened to a sole trader except a. Cash in hand
a. Personal saving b. Creditors
b. Borrowing from friends c. Goodwill
c. Borrowing from family members d. Investment
d. Credit purchase from suppliers e. Plant and machinery
e. Debentures 50. The following are types of journals
43. The following are problems created expect
by lack of transparency, accountability a. Cash
and probity except b. Purchases
a. Embezzlement c. Return inwards
b. Increased incidence of bribery d. Return outwards
c. Influence peddling e. Sales
d. Partiality 51. The original amount given to the
e. Tax avoidance petty cashier is called
44. The balance of trading account shows a. Double entry
a. Capital b. Impress or float
b. Gross profit/ loss c. Sancile entry
c. Interest d. Contra entry
d. Net profit/loss e. Petty expenses
e. Reserves
52. Which of the following items cannot c. Principal investment of a business
be found in the petty cash book d. Principal property of a business
a. Postage and telegram e. Principal folio in which an account
b. Travelling expenses is kept
c. Stationery and printing 57. Ledger accounts can be classified into
d. Purchases a. Personal and private
e. General office expenses b. Nominal and private
53. Sales ledger is known as c. Personal and impersonal
a. Purchases ledger d. Purchases and sales
b. Debtors ledger e. Creditors and sales
c. Book keeping ledger 58. ATM means
d. General ledger a. Automatic transport signal
e. Book ledger machine
54. A person account of those who have b. Automatic telecommunication
supplied goods to the business on machine
credit is called c. Automatic teller machine
a. Sales ledger d. Automatic telephone machine
b. Personal ledger e. Automatic tipping machine
c. Credit ledger 59. Buying and selling of goods and
d. Purchase ledger services on the internet is
e. None of the above a. Eco-tourism
55. A ledger used by a proprietor to keep b. Electronic commerce
confidential information outside the c. Internet service
reach of other staff is d. Cyber service
a. Sales ledger e. On-line banking
b. Private ledger 60. An aid to commerce which involves
c. Personal ledger the movement of people, goods and
d. General ledger services to where they are needed is
e. Personal ledger a. Communication
56. A ledger is the b. Insurance
a. Principal book which accounts are c. Transportation
kept. d. Banking
b. Principal sits of accounts e. Advertising

SECTION B ANSWER NUMBER ONE AND ANY THREE QUESTION

1. Prepare a trading, profit and loss account from extracts obtained from the trail balance of
chief Mafeng Nig Ltd
Ꜻ

Stock as at 1 January 6,0000

Purchases 27,000

Returns inwards 150

Returns outwards 1000

Sales 41000

Cleaning of premises 300

Electricity bills 150

Rent 240

Discount allowed 400

 Discount received 750

Commission allowed 100

Commission received 80

Stock at 31st Dec 2500

2.(a) Explain the attributes of punctuality and regularity.

(b) Explain the rewards for punctuality

3.(a) list and explain five aids to trade

(b) Explain five functions of central bank of Nigeria

4.(a)what is a Ledger?

(b) what are the divisions of the ledger?

5.(a) graphically show the classification of ledger account

(b) what is cashbook ans list three columns of a cashbook?