BUSINESS STUDIES JSS1

1. The three key components of entrepreneurship are ownership, organizing and

_____________ (a) risk-taking (b) capital (c) initiative (d) profit
2. Entrepreneurship involves starting and organising a business with a
determination to ___________ (a) fail (b) employ (c) succeed (d) struggle
3. __________ is a business which is set up to achieve specific objectives (a) An
enterprise (b) An entrepreneur (c) An arbitrator (d) An orator
4. The ___________ is the provider of capital and organiser of other factors of
production (a) Manager (b) Accountants (c) marketer (d) entrepreneur
5. Anyone who does not depend on an employer for salaries or wages is
__________ (a) self-reliant (b) self-defeated (c) non-productive (d) over-reliant
6. A good entrepreneur must be ___________ (a) timid (b) arrogant (c) shy (d) self-
confident
7. Electricity, road, network and communication facilities can be classified under
_____________ (a) natural endowment (b) finance (c) business ideas (d)
infrastructure
8. A ____________ is anything which can be conceived and translated into a
product that can meet specific needs (a) business resource (b) business
research (c) business idea (d) business goal
9. One of the advantages of entrepreneurship is ____________ (a) over-
dependence (b) huge losses (c) independence (d) wastage
10. Banks, family support and personal savings are sources of _____________ (a)
business objectives (b) business finance (c) business ownership (d) business
risks
11. A business owned by a minimum of two and a maximum of twenty is called
____________ (a) public enterprise (b) public corporation (c) public limited
company (d) partnership
12. A ________________ is a business owned and directed by one person (a)
partnership (b) sole proprietorship (c) cooperative society (d) public enterprise
13. _____________ of partnership is a written agreement which governs the affairs
of partner (a) Deed (b) Deal (c) Disclaimer (d) Description
14. ___________ liability implies that the personal belongings of the owner of a
business can be sold to repay debts (a) Limited (b) External (c) Unlimited (d)
Personal
15. The liability off shareholder is ________________ (a) unlimited (b) accrued (c)
unknown (d) limited
16. A public limited company is owned by a minimum of shareholders (a) 2 (b) 10 (c)
50 (d) 7
17. A _______________ is a group of people with common interests who pool their
resources to achieve certain objectives (a) public corporation (b) sole
proprietorship (c) partnership (d) co-operative society
 18. The payment made from the profit of a company to shareholders is
called_______ (a) sacrifice (b) interest (c) dividend (d) debenture
19. Anyone who purchases good or services from an organisation is regarded as a
______________ (a) customer (b) consumer (c) producer (d) wholesaler
20. A ______________ consists of people united by location, tradition and customs
(a) society (b) market (c) business (d) club
21. The term market can be viewed as a place, an electronic medium or a
_______________ (a) location (b) state (c) group of people (d) local government
22. Consumer education involves __________ end-users about the art of purchasing
goods (a) threatening (b) warning (c) enlightening (d) discouraging
23. Proper disposal of waste is a ____________ of a consumer (a) right (b) left (c)
legality (d) responsibility
24. Consumers all over the world have rights and ______________ (a) liabilities (b)
legality (c) lefts (d) responsibilities
25. Scale of preference is a list of our wants in order of _____________ (a) pride (b)
importance (c) familiarities (d) concept
26. It is the ______________ of consumer to be provided with safe and quality
products (a) responsibility (b) right (c) legality (d) left
27. The following are examples of gaseous chemicals except ______________ (a)
cooking gas (b) kerosene (c) welding gas (d) biological weapons
28. Gold is am example of ______________ chemicals (a) solid (b) gaseous (c)
liquid (d) mineral
29. Crude oil is an example of ___________ chemicals (a) solid (b) gaseous (c)
liquid (d) mineral
30. _____________ is the art of recording business transaction in a systematic
manner (a) stocktaking (b) arithmetic (c) bookkeeping (d) businesskeeping

SECTION B
Answer three Questions
1. Define the term bookkeeping
1b. What are the relationship between bookkeeping and accounting?
2. What are the three major forms of chemicals?
2b. Give three examples under each category
3. Explain the term market from the following perspectives:
● A place
● A medium
● A group of people
4. What are limited liability companies?
4b. State four differences between private limited companies and public limited
companies
____________________________________________________________________
 BUSINESS STUDIES JSS 2
SECTION A
Read the questions very well and choose the correct answers from the options

1. To be able to take risks, entrepreneur need to be _____________ (a) afraid (b) shy
(c) timid (d) bold
2. Entrepreneurs who reflect on their activities and correct mistakes are __________ (a)
self-critical (b) team-player (c) pro-active (d) self-confident
3. A / an _____________is a risk-taker who establishes a business and co-ordinates
other factors of production (a) Manager (b) Entrepreneur (c) Engineer (d) Co-ordinator
4. An entrepreneur who works very well with other people is a ______________ (a) self-
starter (b) team player (c) demotivator (d) recluse
5. __________ implies that entrepreneurs continue to pursue their goals in the face of
difficult situations (a) Intelligence (b) Brilliance (c) Resilience (d) Demotivation
6. Business opportunities can be ___________ in various ways (a) destroyed (b)
ignored (c) discovered (d) covered
7. There are many unsatisfied ____________ all around us (a) desires (b) preferences
(c) tastes (d) needs & wants
8. The term business opportunity refers to a ___________ in the market which
entrepreneurs can take advantage of (a) mountain (b( hill (c) valley (d) gap
9. Which of the following is used to gather original data? (a) Primary research (b)
secondary research (c) upper research (d) lower research
10. Secondary research is also known as __________ research (a) canopy (b) umbrella
(c) periodic (d) desk
11. ____________ is the verbal questioning of consumers to identify their needs and
wants (a) Questionnaire (b) interview (c) observation (d) Experiment
12. Nestle plc, Chevron plc, and Unilever plc are examples of ______________
business (a) local (b) national (c) small (d) multinational
13. Magazines, newspaper and the internet are external sources of ___________
research (a) field (b) secondary (c) periodic (d) promotional
14. Investing in tourism and forex trading are _____________ opportunities (a)
community (b) international (c) local (d) national
15. Jumia, E-bay,and Konga are involved in ___________ (a) drumming business (b)
shipping business (c) advertising (d) e-commerce
16. _____________ has to do with using previously collected data to predict future
needs and wants (a) Primary research (b) secondary research (c) current research (d)
Experimenting
17. ____________ involves watching the people in an environment in order to
determine what they will like to spend money on (a) observation (b) Experimenting (c)
secondary research (d) Desk research
18. A customer is one who makes a purchase, while a consumer is the __________ (a)
end-user (b) intermediary (c) producer (d) seller
19. ________________ is the liberty which end-user are free to enjoy (a) consumerism
(b) consumer sovereignty (c) consumer right (d) caveat emptor
20. The coming together of end-users to protect a common interest is known as
___________ (a) caveat emptor (b) consumer sovereignty (c) consumerism (d)
consumer responsibility
21. Wise entrepreneurs help to protect the ______________ of consumers (a)
responsibilities (b) limits (c) boundaries (d) rights
22. Self-education implies that customers and consumers must _____________ (a)
enrol in a school (b) read newspaper (c) collect information about products (d) create
their products (d) create their products
23. The expectations placed upon consumers and customers are regarded as
____________ (a) rights (b) privileges (c) a burden (d) responsibilities
24. Adherence to instructions means that consumers must use products according to
the __________ will (a) manufacturer’s (b) consumer’s (c) customer’s (d) wholesaler’s
25. “Buyers beware ” summarises the the principle of ____________ (a) consumerism
(b) caveat emptor (c ) consumer rights (d) consumer responsibility \
26. Consumers are expected to use the __________ means of waste disposal (a)
appropriate (b) illegal (c ) cheaper (d) inadequate
27. _________ are the goods and services which we desire but are not essential for our
existence (a) Wants (b) Desires (c ) Expectations (d) Needs
28. ___________ consists of goods and services which we can not do without (a)
Wants (b) Desires (c ) Expectations (d) Needs
29. __________ represents the acceptable ways or modes of behaviour for
professionals (a) ethics (b) Probity (c ) Due process (d) Truthfulness
30. The principle of ___________ implies that professionals ought to be responsible for
their action (a) accountability (b) probity (c ) transparency (d) fairness

Section B
Answer three questions from this Section
1. Distinguish between Entrepreneurship and Entrepreneurs
1b. List and explain five key personal qualities of successful entrepreneur
2. Explain the term consumer rights
2b. List five universal rights of consumers
3. List 3 types of business opportunities available:
I. Locally
II. Nationally
III. Internationally
4. Give a definition of:
I. Needs
II. Wants
4b. List four examples of needs and four examples of wants

BUSINESS STUDIES JSS 3

SECTION A
Read the questions very well and choose the correct answers from the options
1. Which of the following is not an office equipment? (a) Calculating machine (b)
Duplicating machine (c) Filling cabinet (d) Loud speaker
2. Which of the following is not an asset of a company (a) Furniture (b) Motor vehicle
(c) Rent (d) Land
3. Cash at hand is also called __________ (a) Liabilities (b) Stock (c) Loan (d) Liquid
assets
4. Which bank account allows the use of a cheque book by the owner? (a) Fixed
deposit account (b) Savings account (c) Current account (d) Diamond account
5. What is the full meaning of ATM? (a) Automatic Teller Machine (b) Automated Teller
Machine (c) Automatic Teller Monetary (d) Automobile Teller Money
6. _________ is a place where business activities take place (a) An office (b) A room
(c) A class (d) A department
7. The profit and loss account is prepared to determine ________ (a) Net profit/loss
(b) Net sales (c) Overall purchases (d) gross profit / loss
8. Bad debts refer to ___________ (a) Discount allowed (b) dividends received (c)
irrecoverable debts (d) recoverable debts
9. Which of the following advertising media can be used widely to reach the rural
population (a) Radio (b) Billboards (c) Handbills (d) Newspaper
10. When thinking of setting up a small business, attention must be paid to the following
except __________ (a) convenience to customers (b) future expansion (c) location
of business (d) nearness to bank and post office
11. The last link in the channel of the distribution of goods is the ___________ (a)
consumer (b) Retailer (c) producer (d) wholesales
12. The most common and simplest forms of communication is through __________ (a)
cable service (b) ordinary letter (c) telephone (d) Telex
13. When a cheque is crossed, it means that (a) it will be paid over the counter (b) it
can not be cashed over the counter (c) no money in the account of the drawer (d)
the money is a large sum
14. The payment made to daily paid workers is called _________ (a) wage (b) salary
(c) commission (d) interest
15. Land, water and air are all means of ___________ (a) advertisement (b)
exploitation (c) inducement (d) transportation
16. Goods bought on credit are recorded in the ____________ (a) purchase journal (b)
trial balance (c) sales journal (d) return outwards journal
17. Another name for turnover is called __________ (a) interest (b) markup (c) sales (d)
loss
18. Which of the following is not a method of buying? (a) buying by description or grade
(b) buying by sample (c) buying by auction (d) buying by selection
19. A co-operative society must be registered with _________ (a) ministry of economic
planning (b) ministry of education (c) ministry of health (d) ministry of trade and co-
operatives
20. Which of the following is not a type of partners? (a) Active partner (b) Sleeping /
Dormant partner (c) Nominal partner (d) Working partner
21. Which of the following is not a source of document? (a) Invoice (b) Exercise book
(c) Cheque (d) Receipt
22. Re-exporting of goods brought into Nigeria to other countries is known as (a)
Entrepot (b) Export (c) Import (d) Retail
23. Double entry principle states that __________ (a) every entry must double in figure
(b) every entry must be doubled in amount (c) every debit entry must have a
corresponding credit entry (d) every entry must have a single recording
24. Who is a sole proprietorship? (a) A person who trades in soles (b) A person who
sells leather soles (c) a group of person working together (d) a person who runs
business on his own
25. Journal is a book of ___________ (a) middle entry (b) duplicate entry (c) first or
original entry (d) last entry
26. Land is to rent as capital is to __________ (a) rentage (b) interest (c) wages (d)
states in Nigeria
27. The primary medium of exchange is called ______________ (a) cash (b) money (c)
trade by barter (d) bank drafts
28. ____________ is a responsible for sourcing and buying the finished goods used by
other department in the organisation (a) sales department (b) purchasing
department (c) account department
29. A place where goods are kept until they are needed could be referred to as
__________ (a) Police station (b) Selling depot (c) wear house (d) Warehouse
30. A good clerical staff must be ___________ (a) lousy (b) lazy (c) presentable and
neatly dressed (d) dishonest

THEORY
Answer ALL Questions
1. What is commerce ?
1b. explain briefly the following aids to trade
i. Transportation
ii. Communication
iii. Insurance
iv. Banking
1c. Mention four attributes of truthfulness

2. Define consumer protection

2b. List five rights of the consumer
2c. Explain the following terms
i. Transparency
ii. Accountability
iii. Probity

3. Prepare a Trading profit and loss account of Omolabi Alabi for the year ended 28 th
March, 2016
Naira (₦)
Opening stock 500
Sales 7,000
Purchases 4,000
Rent 200
 Transport fare 100
Advertising 250
Discount allowed 80
Air conditioning 100
Electricity 50
Closing stock 2000
4. Show the channel of distribution with a simple chart
4b. Who is a Receptionist?
4c. Mention four qualities of a receptionist