Business Studies JSS 2 Second Term Examination

Second Term Examination

Subject: Business Studies

Class : JSS 2

Instruction: Answer all questions.

Part A: Objectives Questions

1. A place where buyers and sellers meet to exchange goods and services is called __________ (a) bank (b) commerce (c) market (d) store

2. Finished goods reach consumers with the aid of __________ (a) wholesalers and retailer (b) bankers (c) consumers (d) retailer and consumers.

3. All the following are methods of buying except __________ (a) by inspection (b) by hoarding (c) by sampling (d) by auction

4. The method of buying goods where goods are sold to the highest bidder is _______________ ( a) auction sales (b) samples sales (c) inspection (d) description

5. A document which serves as a proof of payment is called _____________ (a) invoice (b) receipt (c) quotation (d) delivery note

6. Where payment for goods sold is deferred to a later date is known as __________ (a) credit sales (b) cash sales (c) auction sales (d) prepaid sales.

7. When goods sold are paid for instantly, we call it _____________ (a) cash sales (b) credit sales (c) rebate sales (d) journal sales

8. A polite way of reminding a customer of his debt is sending a/an  ___________. (a) statement if account (b) delivery note (c) receipt (d) invoice

9. Which of the following is not traded in the financial institution? (a) shares (b) customer goods (c) stock (d) treasury bills

10. The various channels through which goods pass before reaching the final consumers is called (a) channel of distribution (b) channel of buying (c) chain of distribution (d) chain of command.

11. Which of these has direct contact with the manufacturer? (a) producer  (b) retailer  (c) wholesaler  (d) hawkers

12. The link between wholesaler and consumer is occupied by ______________ (a) wholesaler (b) consumer (c) producer (d) retailer

13. Traders who carry their goods about soliciting for patronage from all and sundry are called (a) wholesaler (b) hawker (c) producer (d)  manufacturer

14Which of the following service is not offered by commercial bank? (a) sale of money order (b) granting overdraft (c) issuing cheque (d) sales if travellers cheque.

15. When a cheque is returned because of insufficient money in account, it is said to be ___________ (a) dishonoured (b) honoured  (c) paid (d) sale through

16. If goods are sold above the cost price the business has made ___________. (a) loss (b) discount (c) rebate (d) profit.

17. Mr. Okoro bought goods worth #275 and sold  it at #250 he has therefore made a ___________. (a) profit of #25 (b) loss of #25 (c) gain of #50 (d) rebait.

18. Which of this bank account is operated with cheque book? (a) savings a/c  (b) current a/c  (c) loan a/c  (d) asset a/c.

19. Which one of these is not a party to a cheque? (a) drawer  (b) payee  (c) drawee  (d) depositor.

20. A cheque that must be paid into a bank account is a/ an __________ (a) open cheque (b)  crossed cheque (c) stale cheque  (d) dud cheque

21. Bank statements are traditionally sent to _____________ (a) current a/c holders (b) deposit a/c holders (c) bank staff alone (d) payees account

22. Which of the following account holders must be present in the bank for cash withdrawals? (a) current account holders (b) savings a/c holders (c) basic a/c holders (d) business account holder.

23. A licensed chemical vendor would be given approval to sell by ___________ (a) community  (b) managing director (c) manufacturer  (d) government.

24. When chemicals are sold through licenses chemical vendors, the use of chemicals can be ___________ (a) abused (b) controlled (c) freely used (d) poorly monitored

25. Which of these can increase the capital of a sole trader? (a) break even profit (b) a loss (c) profit  (d) bad debts.

26. A cheque is said to be opened when, _________ (a) no transverse line is drawn on it  (b) transverse line is drawn (c) it is given multiple colour  (d) it is not signed

27. The link between producer and retailer is called ___________ (a) retailer  (b) wholesaler (c) distributor (d) banker

28. Which of these is not a means if payment in Nigeria modern days? (a) cash  (b) cheque  (c) bank draft  (d) cowries

29. The person to whom a cheque is payable is known as ____________. (a) drawer  (b) drawee  (c) payee  (d) banker

30. Which of the following is authorized to carry on insurance business in Nigeria? (a) Ministry of Trade  (b) Ministry of Sports (c) National Insurance Corporation of Nigeria  (d) Stock Exchange

31. An agreement between the insurance company and the insured can be found in ___________ (a) policy (b) underwriting  (c) indemnity (d) contribution

32. Which of these is not among the various types of insurance available in Nigeria? (a) motor vehicle  (b) marine insurance  (c) profit insurance  (d) fire insurance

33. All mails leaving the organization should be recorded in a ___________ (a) journal  (b) mail inward register  (c) mail outward register (d) ledger

34. If letters are sent by hand to an organization it is referred to as ____________ (a) express mail  (b) delivery by hand  (c) criminal  (d) EMS.

35. In manual form of banking, bank passbook is associated with __________ (a) current account  (b) fixed capital account  (c) savings account  (d) deposit/ day call account

36. An insurance company can be called the ___________ (a) insured  (b) insurer  (c) customer  (d) financial

37. Which of these insurance covers human beings and not properties? (a) life insurance  (b) motor insurance  (c) marine insurance  (d) fire insurance

38. The insurance policy that covers risk associated with transportation on high seas is called _________ (a) life insurance  (b) bulglary insurance  (c) marine insurance  (d) fire insurance

39. One of these is not a function of commercial banks,  (a) granting loan to a customer  (b) printing new brand notes  (c) issue of traveller’s cheque  (d) granting overdraft

40. The insurance cover taken to compensate the insured for loss of vehicle through accident is _________ (a) marine insurance  (b) life insurance  (c) fire insurance  (d) motor vehicle insurance

 

Section B: Theory

Answer any three (3) questions out of all.

1a Define insurance

1b.. List three types of insurance policy and write brief notes in each.

1c. List two types of risk and explain.

 

2. Define the following :

a.) Proximate cause

b.)  Subrogation

c.) Indemnity

d.) Policy

e.) Proposal form

 

3a. What is an entrepreneur?

3b. List four (4) personal qualities of an entrepreneur

3c.  Define Consumer right.

 

4a. List the eight (8) universal rights of a consumer.

4b. Mention four business opportunities in Nigeria

4c. State four responsibilities of the consumer.