SCHOOL:- 19.

STUDENT’S NAME:-
CLASS: JUNIOR SECONDARY SCHOOL ( J.S.S.3)
SUBJECT: BUSINESS – STUDIES
SECOND TERM EXAMINATION 2023 The movement of people and goods from one place to
another is called _____ (a) Aero plane (b) transportation
SECTION A: Instruction: Answer all question (c) banking (d) Ship
1. ______ is the money that is within one’s disposal to use
20. In double entry book – keeping, the two aspects
at one’s discretion (a) personal finance (b) budget (c)
of a transaction are ___ and ___ (a) buying and giving
modesty (d) consumption
(b) buying and selling (c) debit and giving (d) giving and
2. ______ is the summary of a person’s or organization
receiving
income and expenditure (a) personal finance (b) budget
21. The principle of double entry states that every
(c) consumption (d) choice
_____ (a) account must be transferred to the balance
3. One of the attributes of modesty is _____ (a) corruption
sheet (b) credit entry must be posted to the cash book
(b) fighting (c) simplicity (d) typing
(c) debit entry must have a corresponding credit entry
4. Extravagance is living a ____ life (a) playful (b) wasteful
and vice versa (d) items must be debited and posted to
(c) simple (d) prudent
the profit and loss account (e) item must be posted to
5. _____ is the situation where there is openness in
the ledger
carrying out one’s duty without doubt (a) transparency
22. The main purpose of preparing a trading account
(b) corruption (c) accountability (d) probity
is to ascertain _____ (a) accumulated fund (b) capital
6. ______ implies the ability of an individual to be
(c) gross profit (d) net profit
responsible for his action (a) corruption (b) transparency
23. The best means of transporting liquid and gas is
(c) probity (d) accountability
by _____ (a) air (b) pipeline (c) rail (d) road (e) water
7. ______ is the act of doing something according to laid
24. Ade made a budget of N 5200 and spent N 4800,
down rules or procedures (a) corruption (b) due process
what is the balance left with Ade? (a) N 200 (b) N 400
(c) transparency (d) probity
(c) N 600 (d) N 800
8. The following are the attributes of due process except
25. The _____ is use to hold two or more sheets of
_____ (a) truthfulness (b) openness (c) fairness (d)
papers together (a) calculator (b) franking machine (c)
corruption
perforator (d) stapler (e) typewriter
9. _______ means a system of ensuring that consumers
26. Advertising could to said to be ______ (a) clear
derive maximum satisfaction from commodities
and full of jokes (b) competitive and hot (c) informative
purchased (a) production (b) business studies (c)
and destructives (d) persuasive and wasteful
consumer protection (d) human right
27. A _____ is a business described as one man
10. _____ is one of the rights of the consumer in
business (a) co – operative (b) sole proprietorship (c)
Nigeria (a) right to sleep (b) right to safety (c) right to
compute (d) partnership
belong to a professional body (d) none of the above
28. The movement of people and goods from one
11. _____ is the act of using up something that are
place to another is called _____ (a) communication (b)
made or produced (a) choice (b) consumption (c)
transportation (c) banking (d) advertising
Extravagance (d) modesty
29. _____ is the act of informing the public about a
12. The power to select from among different options
new product (a) advertising (b) communication (c)
is called ______ (a) ability (b) fairness (c) choice (d)
transportation (d) information
modesty
30. A place where goods are stored until they are
13. _____ are extra services made available to a
needed is known as ______ (a) bank (b) house (c)
customer after the purchase of the product (a) discount
room (d) warehouse
(b) opportunity (c) after sale services (d) public service
31. Nigeria buys spare parts from America; such
14. ______ are goods and services which we cannot
goods are regarded as _____ (a) trade (b) import (c)
do without (a) needle (b) needs (c) goods (d) values
export (d) home trade
15. The basic needs of life are these except _____ (a)
32. In which of the following is net profit calculated?
food (b) shelter (c) clothing (d) vehicle
(a) trading account (b) cash account (c) profit and loss
16. A cash book has ______ (a) credit and debit
account (d) balance sheet
column (b) balance sheet (c) ledger (d) none of the
33. Nwachukwu has N 800 in her bank account but
above
withdraws N 1200. How much overdraft has been
17. Which is the most effective medium of advertising
granted much to her? (a) N 100 (b) N 800 (c) N 700 (c)
that can penetrate the remote part of the country? (a)
N 600 (d) N 400
newspaper (b) magazine (c) radio (d) catalogue
34. Which of these can be used to improve A5? (a)
A4 (b) A3 (c) foolscap (d) U0 (d) Quarto
18. A credit entry with an immediate corresponding
35. Stock turnover means ______ (a) the value of
debit entry in the same account is called ______ (a)
closing stock (b) the value of opening stock (c) the
double entry (b) single entry (c) contral entry (d) triple
value of sales (d) the number of times goods are bought
entry
36. When payment for goods is delayed until a future
period, it is known as _____ (a) cash sales (b) credit
 sales (c) conditional sales (d) capital sales (e) profit 55. Which of these typing sheets is the longest (a) A4
sales (b) A5 (c) quarto (d) Fool scrap
37. The office equipment used to destroy unwanted 56. An accountant must have the following qualities
document in an office is called _____ (a) stapler (b) except ______ (a) honesty (b) simplicity (c)
perforator (c) typewriter (d) collating machine (e) transparency (d) greediness
shredding machine 57. The mail received in and sent out of an
38. Which of these attracts a wider audience in organization is known as ______ (a) correspondence
advertising? (a) bill board (b) cinema (c) hand bill (d) (b) dispatched book (c) journal (d) news book
radio (e) television 58. The goods which are bought from Japan to
39. The electronic device that accepts data, Nigeria is _____ (a) imported goods (b) entre pot (c)
processes it and give out the result is called _____ (a) exported goods (d) trading
photocopying machine (b) typewriter (c) computer (d) 59. An international way of selling a product through
duplicating machine an electronic media is called _____ (a) internet (b)
40. A cash book has _____ (a) credit and debit television (c) radio (d) bill board
column (b) balance sheet (c) ledger (d) None of the 60. _____ values, principles / rules are behaviour by
above which people live (a) goods (b) ethnics (c) business (d)
41. A periodic document sent to a customer to show cash
his state of accounting is ______ (a) enquiry (b) invoice
(c) credit note (d) statement of account MARKING GUIDE (ANSWERS)
42. Which department sells the goods produced by 1. A 2.B 3.C 4.B 5.A 6.D 7.D 8.D 9.C
10.B 11.B 12.C 13.C 14.B 15.D 16.A 17.C
the organization? (a) sale department (b) production
18.C 19.B 20.D 21.C 22.C 23.B 24.B 25.D
department (c) account department (d) advertising 26.A 27.B 28.B 29.A 30.D 31.B 32.C 33.D
department 34.C 35.C 36.B 37.E 38.C 39.C 40.A 41.D
43. An advertising medium suitable for products 42.A 43.E 44.A 45.D 46.A 47.C 48.C 49.A
requiring demonstration is ______ (a) journal (b) 50.D 51.C 52.C 53.D 54.B 55.D 56.D 57.A 58.A
magazine (c) newspaper (d) radio (e) television 59.A 60.B
44. The advertising media usually found in a strategic
points along major roads and city centers is _____ (a) SECTION B THEORY
bill boards (b) journals (c) newspaper (d) radio (e) 1. What is Book – keeping Ethnics?
television b. Give the full meaning of “TAP” and explain
45. Congestion and holds ups that bring delays in 2. Briefly on these words:
transportation occurs in _____ transport (a) air (b) (i) Personal Finance
pipeline (c) rail (d) road (e) water (ii) (ii) Modesty and Extravagance
46. The fastest means of transporting people from (iii) Consumption and Choice
Sokoto to Lagos is by _____ (a) air (b) pipeline (c) rail 3. Prepare the trading, profit and loss account for the
(d) road (e) water following extracts obtained from the trial balance of Mr.
47. The money kept in the office for small cash Bola Lasisi Enterprises.
payment is called _____ (a) blot (b) coat (c) float (d) oat N : K
(e) vote
48. The fixed amount given out to a petty cashier is Opening Stock 1st 50,000.00
known as ______ (a) cash (b) cheque (c) impress (d) January
invoice (e) pay slips Purchases 20,000.00
49. ______ is one of the effects of production in an
industry on the environment (a) pollution (b) evaporation Return outward 5,000.00
(c) sanitation (d) pollination Return inward 3,000.00
50. All these department can be found in a large
organization except _____ (a) sales department (b) Rent 10,000.00
purchasing department (c) resellers and maintenance
department (d) negotiation department Electricity Bill 5,000.00
51. One who buys in small quantities and sells Sales 100,000.00
directly to the consumer is known as _____ (a) a
wholesaler (b) a manufacturer (c) retailer (d) a Discount Received 2,500.00
middlemen
Discount Allowed 3,000.00
52. Which of the following is an advantage of office
machine? (a) it makes work boring (b) it reduces Commission Allowed 1,500.00
efficiency (c) it saves time (d) it is too expensive
53. The unsold goods at the end of the trading period Commission Received 2,000.00
is called ______ (a) return outwards (b) return inwards Stock as at 31st 8,000.00
(c) cost of sales (d) closing stock December
54. The following are the means of communication
within organization except ______ (a) telex (b) memo
NOTE: Showing entries in profit and loss account
(c) intercom (d) circulars