Second Term Examination
Subject: Business Studies
Class : JSS 3
Instruction: Answer all questions in both sections.
Section A : Objectives Questions
1. The part of typewriter that moves from right to left when typing, is known as: (a) carriage (b) keyboard (c) roller (d) shift key
2. When typing, the fingers must be __________ on the home key. (a) rested (b) heavy (c) straight (d) light
3 Tipex as a correction fluid is used to correct mistake on ___________ (a) machine (b) stencil (c) typing sheet (d) carbon
4 ____________ is used to hold the paper firmly. (a) paper release lever (b) paper guide (c) cylinder (d) shift lock
5. The act of passing information from one place to other is called _________ (a) warehousing (b) advertising (c) communication (d) banking
6. Which of the following is the best method of correcting mistakes on stencil? (a) over typing (b) crossing (c) correction fluid (d) red fluid
7. The knowledge of Book-keeping is essential to find out the following except __________. (a) expenses of the business (b) financial position of the business (c) value of goods purchases (d) expenses of the competitors value of goods purchases
8. DR in a ledger stands for __________ (a) debit (b) debtor (c) discount (d) director
9. The listing of the balance of all accounts in a ledger is called __________ (a) trial balance (b) impress (c) petty cash (d) journal entry
10. The study of accounting is entered on the principle of _________ entry. (a) complete (b) double (c) single (d) trade
11. The following items are found on the debit side of a trial balance except _______ (a) loan (b) electricity bill (c) rent (d) wages
12. For every credit in an account, there must be corresponding _________ entry. (a) complete (b) debt (c) double (d) single
13. The error that will affect the correctness of a trial balance is ______________________ error. (a) compensation ( b) commission (c) omission (d) transposing
14. In a trial balance the total debit balance should be equal to the total _________ balance. (a) assets (b) bank (c) cash (d) credit
15. A transparent book keeper must be ________ (a) hardworking (b) honest and trustworthy (c) nice and faithful (d) punctual
16. An obligation to expose, explain or justify an action is called __________ (a) accountability (b) accuracy (c) hard work (d) optimism
17. The transfer of entries from journal into ledger is called ________ (a) classifying (b) drafting (c) posting (d) shifting
18. Which of the following is small office? (a) commercial bank (b) departmental store (c) patient medicine store (d) cement factory
19. The filing system that uses date sequence in filing is known as __________ (a) alphabetical (b) chronological (c) geographical (d) numerical
20. In the three column cash book, we have bank, cash and columns (a) capital (b) discount (c) receipt (d) profit
Use the information below to answer questions 21 – 23.
(a) opening stock #20, 000.00
(b) purchases # 30,000. 00
(c) Closing stock # 2,000.00
(d) Sales #70, 000.00
(e) rent #3,000.00
(f) Electricity #2, 000. 00
21. The cost of good sold is _________ (a) #t8000 (b) #10000 (c) #20000 (d) #48,000
22. Gross profit is ___________ (a) #22,000 (b) #30, 000 (c) #4000 (d) #2000
23. Total expenses is ____________. (a) #5000 (b,) #4000 (c) #3000 (d) #2000
24. Cost of goods sold means ________ (a) the amount of total purchases (b) the amount of stock (c) the cost price of goods sold (d) the selling price of goods sold
25.The following are examples of source documents EXCEPT ________. (a) cash book (b) debit note (c) cheque (d) credit note
26. The simplest form of a ledger has a total of _________ columns. (a) 2 (b) 4 (c) 6 (d) 8
27.. Another name for sales ledger is __________ ledger (a) creditors (b) debtors (c) generator (d) personal
28. The office where the receptionist works is called __________. (a) canteen (b) studio (c) receptionist (d) open office
29. Consumer Protection Council (CPC) was formed in what year. (a) 2004 (b) 2005 (c) 2007 (d) 2006
30. National Agency for Food and Drugs Administration Control ( NAFDAC) is under the ministry of (a) Health (b) Education (c) Welfare (d) Housing
31 All cash transactions are recorded in the _________ (a) cash purchase book (b) sales journal (c) cash book (d) balanced sheet
32. In an office, the amount to start a petty cash system is known as _________ (a) capital (b) profit (c) float (d) asset
33. The account record used to record small expenses in an organization is known as _______ (a) cash book (b) petty cash book (c) journal (d) trial balance
34. Which of the following is NOT a method of stock control? (a) minimum level (b) maximum level (c) re-order level (d) store level
35. Mr. Baruwa returned goods with #350 to Mra. Dada out of the goods purchased on credit, which of his book will this transactions be recorded? (a) return inward (b) return balance return outward (c) purchases (d) sales
36. Return outwards goods means ___________ (a) returned to the seller (b) returned to the buyer (c) sold to customer (d) brought back
37. All are negotiable instruments except ___________ (a) Stock of goods (b) Cheques (c) Pistal orders (d) Bill of exchange
38. _________ is the correction sign/ symbol to denote capital letter. (a) LC (b) UC (c) i. e (d) MS
39. In analyzing an organization’s capacity, which of this tool is used? (a) SINOT (b) SWTO (c) SWOT (d) STOKL
40. Nigeria Communications Commission (NCC) was established in which year? (a) 1992 (b) 1995 (c) 2006 (d) 1997