THIRD TERM EXAMINATION
CLASS : JSS 1
SUBJECT : BUSINESS STUDIES
INSTRUCTION : Read and answer the following questions.
SECTION A: OBJECTIVES QUESTIONS
1. Which of the following source of document is printed in red? (a) Debit note (b) Credit note (c) Invoice (d) Receipt
2. A source of document that has two transverse lines across the surface is known as _____________. (a) state cheque (b) crossed cheque (c) open cheque (d) dishonoured cheque
3. The three parties to a cheque are __________, ____________ and __________. (a) payee, drawer and drawee (b) giver, taker and receiver (c) payee, taker and giver (d) giver, receiver and drawee
4.Which of the following is not a source document for business transaction? (a) Textbook (b) Invoice (c) Receipt (d) Credit note
5. Which of the following does a bank drawn on itself on behalf of the customer? (a) bank draft (b) purchase invoice (c) stale cheque (d) postdated cheque
6. The following are examples of an asset except _______________. (a) cash (b) bank (c) plants (d) rent
7. The assets of a business are divided into two namely __________ and __________. (a) rent and rate (b) expense and rent (c) current and fixed (d) tangible and investment
8. Which of the following explains why Entrepreneurship is important? (a) Entrepreneurship creates employment opportunities (b) Entrepreneurship discourages individuals (c) Entrepreneurship does not grow the economy (d) Entrepreneurship reduces the standard of living
9. The final destination of all transactions recorded in the journal is the _________________. (a) ledger (b) cash book (c) purchases day book (d) sales day book
10. The act of working for yourself instead of working for an employer is called ____________. (a) self – improvement (b) self-employment (c) self-organization (d) None of the above
11 Which of the following is NOT an occupation? (a) Transportation (b) Eating (c) Insurance (d) Banking
12. Book-keeping is usually performed by a/ an _____________. (a) Insurance broker (b) Book-keeper (c) Marketer (d) Real-estate agent
13. The following are two basic types of journal (a) general and special journals (b) book keeping and account journals (c) double and single entry journals (d) day and night book
14. A journal that is used to record goods returned by the customer is recorded where? (a) Return inwards journal (b) Return outwards journal (c) Purchase journal (d) Sales journal
15. In a double entry transaction, you __________ the giver/ giving account and then __________ the receiver/ receiving account. (a) credit and debit (b) debit and credit (c) debit and debit (d) credit and credit
16. Keyboarding is a communication tool which requires the use of ________ and _______.(a) typewriter and computer (b) television and radio (c) ship and car (d) gas cooker and burner
17. A journal can be called the following except _____________. (a) a book of first entry (b) a book of original entry (c) a book of prime entry (d) a main book of account
18. A ledger is a _____________. (a) main book of account (b) subsidiary book (c) daily book of account (d) book of first entry
19. The double entry system seeks to record every transaction how many times? (a) once (b) twice (c) single (d) thrice
20. The following are examples of special journal except ____________. (a) proper journals (b) sales journal (c) purchases journal (d) return outwards journal
SECTION B: THEORY
Answer three questions in this section. (Choose one questions from Part 1 and any other two from Part II)
PART 1
1. Post the following transaction into sale journal of the sales and customer account.
May 3, 2021 Sold pairs of sanders on credit to Adegoke at #450 each
May 5, 2021 Sold 5 notebooks at #120 each on credit to Mary
May 7, 2021 Credit sale to Ogechi for 8 textbooks at #200 each
2.Dec. 8, start a business with the sum of #800 cash
Dec. 11, sold goods for cash #420
Dec. 15, purchase goods worth of #815 with cash.
Open the above account, using the double entry system.
PART II
3a.) Define a document
b.) List five (5) source of document and explain any two (2) of it.
4a.) What are the two types of journals?
b.) List other types of journals you know and explain two
5a) What is a double entry system?
b.) List four (4) cardinal rules of double entry system
c.) Draw a format for the double entry
6a.) What is keyboarding?
b.) Mention three (3) importance of keyboarding
c.) List four (4) importance in using typewriter to produce document