SECOND TERM EXAMINATION
CLASS : JSS 2
SUBJECT : BUSINESS STUDIES
DURATION : 1 HOUR 30 MINUTES
NAME : ______________________________________
INSTRUCTION: ANSWER ALL QUESTIONS CORRECTLY .
SECTION A : OBJECTIVE TESTS
1. Risk that insurance firms will not assume are called _________. (a) Uninsurable risks (b) Insurable risks (c) endorsements (d) pure risks
2. Which one of the following does not belong to the main products of life insurance? (a) Endowment (b) Personal accident insurance (c) term (d) whole life
3. Which of the following does not give services? (a) The labour (b) The tailor (c) The teacher (d) The house
4. The following are examples of goods except ________. (a) Chair (b) Clay (c) Television viewers (d) Cocoa
5. Book-keeping is the act of ________. (a) Performing office duties (b) Buying and selling (c) Recording business transaction (d) Typing office document
6. The following are types of cash book except ________. (a) column (b) Double column (c) Double column cashbook with contra entries (d) Four column cashbook
7. A trader buys goods at #250 and sells the goods for #400. What will be the profit? (a) #650 (b) #400 (c) #300 (d) #150
8. Transparency is the quality of being ______ and open in whatever you do. (a) quarrel (b) honesty (c) fighting (d) regid
9. In shopping for our goods and services, we must be ________. (a) prudent (b) spend lavishly (c) purchase anyhow (d) a spender
10. The difference between the two column cash book and three column cash book is __________. (a) cash (b) bank (c) discount (d) date
11. In cash book all payments are recorded on the ________. (a) right (b) left (c) debit (d) credit
12. The individual taking out the insurance policy pays an agreed amount monthly or quarterly known as _______. (a) premium (b) agreement (c) indemnity (d) money
13. Insurance help to minimize _______ of equipment and factory. (a) loss (b) health (c) wealth (d) money
14. Balance b/d means ________. (a) brought down (b) bill down (c) bill debt (d) brought deep
15. The term credit is usually abbreviated as ______. (a) Cr (b) Mr (c) Dr (d) Mc
16. The left- hand side of the ledger account is referred to as the _________. (a) Credit side (b) Credit and Debit sides (c) Debit side (d) Discount side
17. The purpose of going into business is to make _________. (a) Friends (b) Loss (c) Profit (d) All of the above
18. Consumers have the following right except right to ________. (a) die (b) be informed (c) to safety (d) to choose
19. ________ is the process of transferring journal entries to ledger accounts. (a) Posting (b) Copying (c) Ledgering (d) Balancing
20. _______ is the abbreviation used for debit. (a) Cr (b) Mr (c) Dr (d) Sr
21. Marine insurance involves ________. (a) Insurance to cover goods and houses (b) Insurance to cover goods and business (c) Insurance to cover shop and life (d) Insurance to cover goods and ship
22. The following are needs except ___________. (a) Water (b) Food (c) Oxygen (d) Money
23. The following are the types of cash book except ________ column. (a) Double (b) Three (c) Petty cash book (d) Five
24. Small payments are recorded in a book called _______. (a) Cash Book (b) Small payments book (c) Purchase book (d) Petty cash book
Use the information to answer questions 25 – 26:
An imprest amount of #500 was given to a petty cashier. The expenses incurred are : Telephone #150, small repairs #30, general expenses #100, Tiffin #50.
25. What will be the re-imbursement? (a) #300 (b) #170 (c) #330 (d) #830
26. The total expenses incurred is __________. (a) #330 (b) #500 (c) #170 (d) #830
27. The basis of risk is ________. (a) liability (b) uncertainty (c) possibility of loss (d) insurance
28. Warrantee is part of ________ services. (a) trade (b) after -sales (c) all the sale (d) market sales
29. The readiness to give reason for any action is ________. (a) probity (b) accountability (c) trustworthiness (d) transparency
30.
SECTION B: THEORY
Instruction: Answer three questions in all. Question one and any other two.
1. Enter the following transactions in Larry Shines two column cash book and balance the account.
October 1 Balance b/d #30 Cash in hand #350 October 3 Received cheque from Azuka #100 October 7 Cash sales #50 October 8 Purchased goods and paid by chèque #200 October 12 Sold goods to Nuru and received chèque #120 October 15 Withdraw cash from bank for office use #100 October 20 Paid rent by cash #115 October 25 Paid wages by cheque #120 October 27 Paid a creditor , Hazan by cheque #250
2. Explain the following terms in book keeping:
i. Transparency
ii. Accountability
iii. Probity
3a. What is Petty Cash Book?
3b. State two differences between a cash book and a petty cash book.
4a. What is insurance?
4b. Give five examples of insurance policies.
5a. Define ledger
5b. Mention the classifications of ledger.
6a. Define Shopping tips
6b. Explain the following:
i. Consumption
ii. Want
iii. Needs