McROYAL COLLEGE

3, 0LA STREET NDIKE BUSSTOP, OBAWOLE ESTATE, OFF OLD AKUTE ROAD, IJU LAGOS.
FIRST TERM EXAMINATION 2024 /2025
SUBJECT: ECONOMICS CLASS: SS1 TIME: 2hrs
Instruction: The paper is divided into three parts, Part A( comprises of statistics, it contain 2
questions, students are expected to answer 1 question only); Part B (contains 6 questions,
students are expected to answer 4 questions only); Part C ( this contains test of objectives,
comprises of 50 questions, no option answer all)

PART A
Answer one (1) question only from this part.
1. Present the data below in the form of a component bar chart.

Year 1984 1985 1986 1987 1988

Savings 100 120 120 180 200
Current 65 75 70 100 130
2. Fixed 40 45 60 145 50 The raw scores of 20
deposit students of
McROYAL COLLEGE who took part in an examination in Economics are given below.
The pass mark is 40%
38 28 70 43 39 20 64 66 12 46 52 53 20 34 48 69 18 20 64 34.
(a) Calculate the mean, the median and the mode of the students marks
(b) How many students passed the examination? What is the percentage of the
students that failed the examination?
(c) What is the range of the scores and how many students scored below the
mean score?

SECTION B
3. Economics problems arises because a country’s resources are limited in relation to her
unlimited wants, identify and explain these economic problems.
4. Distinguish briefly but clearly between opportunity cost and money cost
4b. Scarcity is the central problem of economics, explain
5. Economics is a science which studies human behavior, explain
6. Define land as a factor of production. (b) State three features of land
6c. Explain four ways in which land contributes to the economic development of your
country
7. Explain each of the following measures of central tendency (I) Mean; (ii) Median; (iii)
Mode (b) Calculate the mean, median and mode of the following set of numbers: 21,
22, 23, 24, 25, 26, 23, 28, 29, 30, 24, 31, 34, 23.
8. What are the basic concept of Economics?

SECTION C
1. There is scarcity when (a) The means exceeds society’s wants (b) Demand for
resources is greater than its supply (c) Productive resources are in excess (c) Supply of
resources is greater than its demand
2. Which of the following is not a feature of labour (a) It is an active factor (b) It is highly
mobile (c) Its reward is wages or salary (d) It’s efficiency depends on its size
3. The study of economics is mainly concerned with how to (a) Rank individuals wants
given the abundant resources (b) Make choice when resources are inadequate (c)
Satisfy every member of the societies (d) Produce all the goods needed by everyone.
4. Warehousing is an economic activity that falls under (a) Tertiary production (b)
Intermediate production (c) Secondary production (d) Primary production
5. The marks obtained by 9 student in a class test are recorded below: 9, 8, 7, 5, 7, 6, 8, 9,
and 7. What is the median mark? (a) 7 (b) 7.5 (c) 8 (d) 8.5
6. Scale of preference shows (a) Incomes of consumers in order of size (b) Utilities
enjoyed by consumers (c) Opportunity cost of goods consumed (d) Consumers wants
in order of priority
7. There is unemployment of resources when production is (a) Within the production
possibility curve (c) Outside the production possibility curve (c) Along the production
possibility curve (d) Adequate to meet market demand
8. A major characteristics of natural resources is that they (a) Are unlimited in supply (b)
Have high cost of production (c) Are free gifts of nature (d) Do not command any price
9. The middleman is responsible for (a) Providing research facilities (b) Purchasing raw
materials (c) Designing the product (d) Breaking the bulk
10. A major function of the retailer is to (a) Grant credit to the wholesaler (b) Break bulk
and sell products in small units (c) Reduce cost of distribution (d) Generate demand
for production through advertisement
11. The use of mass advertising media will enable firm to enjoy (a) Managerial economies
(b) Financial economies (c) Marketing economies. (d) Welfare economies
12. The distinguishing function of an entrepreneur is (a) Planning (b) Control (c) Risk-
bearing (d) Management
13. When a commodity market operates without government interference, commodities
are distributed through (a) Government distribution agencies (b) The operation of
price mechanism (c) A central planning commitee (d) Retailers only
14. One way of maintaining the median of a given data is to (a) Sum the value and divide
by the number of items (b) Arrange the data in ascending order and subtract each
item from the mean (c) Arrange the data in descending order and add each item to the
least (d) Arrange the data in either ascending or descending order and find what items
divides the set into two equal parts
15. Abundant natural resources Do not contribute to economic growth in developing
countries because of (a) High rate of inflation (b) Urban congestion (c) Over-reliance
on multiple commodities (d) Mismanagement and corruption
16. Which of the following is central to definition of Economics (a) Resources (b) Wants (c)
scarcity (d) capital
17. Land as a factor of production is made useful through (a) Application of human efforts
(b) Acts of nature (c) Application of fertilizer (d) Use of machines
18. Labour productivity is defined as (a) Output per man hour (b) Average output (c) The
maximum number of hours worked (d) Total output of labour
19. The desire for profit is a major feature of (a) Traditional economy (b) Mixed economy
(c) Market economy (d) command economy
20. The wages of a group of workers in dollars are stated below: 40, 30, 70, 20, 60, 10, 10,
80, 30 and 10. What is the mean wage? (a) $35 (b) $36 (c) $37 (d) $38
21. The fundamental economic problem in every society is (a) The large number of the
unemployed (b) Inadequate supply of money (c) Corruption and Mismanagement (d)
Limited supply of productive resources
22. Economic problem arise in all societies because (a) Resources are mismanaged by
leaders (b) There is no proper planning (c) Resources are not in adequate supply (d)
The services of economists are not employed
23. The organization of productive factors is the responsibility of the (a) Management (b)
Entrepreneur (c) Production manager (d) Labour union
24. Producers operating in a free market economy are more efficient as a result of (a) The
existence of competition (b) The very few number of participant (c) The commitment
of the shareholders (d) Governments regulation of their activities
25. In a pie chart, population of a city is represented by a sector 45°. If the country has a
population of 10 million people, then the city’s population is (a) 0.0045 million (b) 4.5
million (c) 1.25 million (d) 16 million
26. If a house wife has meat and wants tomatoes, she must find someone who has
tomatoes to give and wants meat. This concept is described as (a) Scale of preference
(b) Opportunity cost (c) Complementary demand (d) Double coincidence of wants
27. One benefit a country can derive from the extraction of crude oil is increase in (a)
Population (b) Employment (c) Money (d) Demand for imports
28. Which of the following cannot be classified as a natural resource? (a) Iron rod (b)
Wildlife (c) Solar energy (d) Gold
29. In a free market economy, resources are allocated through the (a) Government
department (b) Price mechanism (c) Trade union (d) State planning committee
30. Economics is regarded as a science because (a) Its issues can be easily verified by
reference to facts (b) It adopts scientific method in making its analysis (c) Its issues are
relevant for national development (d) Its subject matter studies human behavior
31. The opportunity cost of a worker going to the university is (a) Tuition, fees and books
(b) Boarding and lodging (c) The wages given up to attend university (d)
Transportation and entertainment
32. In a maket economy, the problem of what goods to produce is solved primarily by (a)
Directives of the government (b) The pattern of consumer’s spending (c) Producers of
consumer goods (d) People producing what they want
33. If the weights of five puppies in kilograms are 3.5, 3.0, 4.2, 5.0 and 4.3, then the mean
weight of the puppies is (a) 3.5 kg (b) 4.0 kg (c) 4.2 kg (d) 5.0 kg
34. The amount of money that a firm receives from the sale of its output is called (a) Total
profit (b) Total revenue (c) Total cost (d) Average revenue
35. An entrepreneur is encouraged to adopt division of labor in production because it (a)
Provides more employment opportunities (b) Leads to increased output and lower
cost of production (c) Brings about equal cost and employment opportunities (d) Leads
to increased cost of production and lower output
36. Which of the following cannot be described as land? (a) Forest (b) Diamond (c) Roads
(d) Crude oil
37. Economics is regarded as a science because it (a) Studies law that govern human
behavior (b) Uses scientific methods to explain human behavior (c) Make use of
controlled experiments to explain human behavior (d) Make use of machines to study
human behavior
38. A table which shows the price of a commodity and the quantity of it that is demanded
per unit time is a (a) Time series (b) Demand series (c) Demand curve (d) Demand
schedule
39. The greatest disadvantages of the barter system is the need for (a) Durability (b)
Divisibility (c) Homogeneity (d) Double coincidence of wants
40. Data presented in tables are usually arranged in (a) Chart and tables (b) Rows and
columns (c) Graphs and rows (d) Pictograms and pie chart
41. Choice is necessary because resources (a) Are available (b) Can be found everywhere
(c) Are unlimited (d) Are scarce
42. The most basic concern of Economics is to (a) Create human wants (b) Allocate scarce
resources to satisfy human wants (c) satisfy all human wants (d) Redistribute income
so that it is used correctly
43. In economics, production is complete when (a) Goods are produced in the factory (b)
Goods are sold to wholesalers (c) Prices are fixed for goods and services (d) Goods and
services reach the consumers
44. The real cost of a commodity is (a) The cost of the alternative that has to be sacrificed
for it (b) The alternative that has to be forgone in order to purchase it (c) It’s market
 price (d) The alternative costs involved when the opportunity of buying the
commodity is missed

45. An entrepreneur will locate his industry In a place (a) Nearest to his hometown (b)
Where the cost of production will be minimized (c) Where the government directs him
to locate it (d) Where there is no industry
46. Capital as a factor of production is important because (a) It enables us to carry out
tasks which cannot be done by human efforts only (b) Most tasks can be done with
bare hands (c) People can work without capital (d) Without capital all other factors are
useless
47. The concept of economic efficiency primarily implies (a) Obtaining the maximum
output from the available resources at the lowest possible cost (b) Conserving our
petroleum resources (c) Equity in the distribution of the nation’s wealth (d) Producing
without waste
48. Mr Idowu needs a television and a refrigerator. Each cost ₦500.00, the exact amount
he has. If Mr Idowu buys the television, refrigerator will be regarded as the (a)
Marginal cost (b) Money costs (c) Opportunity costs (d) Inferior item
49. Factory buildings, machineries and raw material are known in Economics as (a)
Personal wealth (b) Social wealth (c) Government wealth (d) Business wealth
50. Which of the following economic system is in operation in Nigeria (a) Capitalist
economy (b) Mixed economy (c) socialists economy (d) Capitalist and free economy

HOLIDAY ASSIGNMENT
1. Explain division of labour and specialization in full detail
2. Differentiate between small scale and large scale production.

McROYAL COLLEGE
3, 0LA STREET NDIKE BUS STOP, OBAWOLE ESTATE, OFF OLD AKUTE ROAD, IJU LAGOS.
 FIRST TERM EXAMINATION 2024 /2025
SUBJECT: ECONOMICS CLASS: SS2 TIME: 2hrs. 30mins
Instruction: The paper is divided into three parts, Part A( comprises of statistics, it contain 2
questions, students are expected to answer 1 question only); Part B (contains 6 questions,
students are expected to answer 4 questions only); Part C ( this contains test of objectives,
comprises of 50 questions, no option answer all.
SECTION A : Answer one question only
1. A dealer in deep freezers increased the price of his product from $450 to $500 and sales
dropped from 800 units to 600 units a week. Use the information above to answer the
questions that follows.
(i) Calculate the price elasticity of demand
(ii) What type of elasticity is it? Explain your answer
(b). State four factors influencing price elasticity of demand
2. Calculate the mean deviation, the standard deviation, variance and the median using the
grouped data median formula.
X 10 20 30 40 50 60
F 8 6 12 18 6 4

SECTION B : Answer four questions only

3.
Commodity Original New Commodity Original New
price price price price
Maltina 30 80 Maltonic 200 300
Close up 50 60 Maclean 120 150
(a) Calculate the cross elasticity of demand for (i) Maltina and Maltonic (ii) Close up and Maclean
(b) State the type of elasticity of demand
(c) Give a reason for your answer
4. Explain in detail, the theory of consumer behavior.
5. Hoarding has a major effect on the availability of goods in the economy, explain.
6. Explain the following (i) Elasticity of supply (ii) Income elasticity of demand (iii) Cross
elasticity of demand (iv) Price elasticity of demand (v) Rationing
7. Explain price control Legislation.
8. Explain in details and with graphical illustration on change in demand and quantity
demanded, change in supply and quantity supplied

SECTION C
1. Points within a production possibility curve (PPC) indicate (a) Optimum production
levels (b) Attainable but inefficient production levels (c) Unattainable production
levels (d) Attainable and efficient production levels
2. The pursuit of private profit is a feature of (a) Command economies (b) Socialist
economies (c) Capitalist economies (d) Statutory corporation
3. A major feature of the socialists economic system is (a) Setting of production targets
by public authorities (b) Freedom of choice for consumers (c) Determination of price
by the market forces (d) private ownership of productive inputs
4. If the budget on education is $50m out of an annual national budget of $300m. The
sector of a pie chart representing education is (a) 16.6° (b) 60° (c) 150° (d) 300°
5. Price elasticity of demand is the responsiveness of quantity demanded to a change in
(a) Demand for the products (b) Price of another product (c) Income of the buyer (d)
Price of the product
6. If the quantity demanded for rice decreased from 150 bags to 100 bags, the
percentage change in quantity demanded is (a) 30.0% (b) 33.3% (c) 50. 0% (d) 66.7%
7. The law of demand will not hold when (a) Normal goods are involved (b) Size of the
population changes (c) Rare commodities are involved (d) Incomes of consumers
increases
8. If demand for postal service decline as a result of increased use of emails, then two
services are in (a) Composite demand (b) Derived demand (c) Competitive demand (d)
complementary demand
9. Other things being equal, an increase in the demand for land in the short-run will
cause an increase in the (a) Price only (b) Price and supply (c) Quantity supplied only
(d) Supply only
10. If the coefficient of price elasticity of supply of a commodity is 0.8, then supply is (a)
Perfectly elastic (b) Fairly inelastic (c) Perfectly inelastic (d) Fairly elastic
11. Which of the following best explains diseconomies of scale? Increase in output causes
the (a) Average cost to rise (b) Marginal revenue to fall (c) Marginal cost to fall (d)
Firm to be destabilized
12. Warehousing of goods in the process of distribution is the function of (a) Supermarket
(b) Departmental store (c) Retailers (d) Wholesalers
13. The low productivity per worker in agriculture experienced in West African countries
is due to (a) Laziness on the part of farmers (b) The use of simple traditional
implements (c) The presence of many extension workers (d) The law of increasing
returns to scale
14. The function of money that enables credit purchases of goods and services is (a) Unit
of account (b) Store of value (c) Standard for deferred payments (d) Relative scarcity
15. An increase in the country’s production capacity usually leads to economic (a)
Development (b) Stability (c) Growth (d) Efficiency
16. The mark obtained by 9 students in a class test are recorded below: 9, 8, 7, 5, 7, 6, 8, 9
and 7. What is the median mark (a) 7 (b) 7.5 (c) 8 (d) 8.5
17. Petrol and kerosene are jointly obtained from the crude oil, if the supply of petrol
increases, the (a) Supply of kerosene will fall (b) Cost of crude oil production has
 increased (c) Supply of kerosene will rise (d) Supply of kerosene will remain
unchanged
18. Consumers have access to a variety of goods through the activities of the (a)
advertising agencies (b) Wholesalers (c) Retailers (d) Mass media
19. If the quantity demanded of a commodity increases from 20 units to 30 units when
there is an increase in price from $4.00 to $5.00, the elasticity of demand is (a) 0.50 (b)
0.65 (c) 2.00 (d) 2.50
20. In manufacturing, division of labour may be hindered by (a) Excessive demand for the
product (b) Low level of technology (c) Excess supply of labour (d) Increase in the
export of goods
21. Cooperative societies are formed mainly to (a) Assist producers to maximize their
profit (b) Encourage thrift and credit among members (c) Promote and maintain the
welfare of members (d) Break the monopolies of private companies
22. The middleman is responsible for (a) Providing research facilities (b) Purchasing raw
materials (c) Designing the product (d) Breaking the bulk
23. A major function of the retailer is to (a) Grant credit to the wholesalers (b) Break bulk
and sell products in small units (c) Reduce cost of distribution (d) Generate demand
for product through advertisement
24. If the central bank increases its bank rate (a) Many banks will shut down their
operations (b) Customers will borrow more from banks (c) The supply of money may
be reduced (d) Interest charges by bank will fall
25. Commercial banks are different from development banks in the latter that (a) Lends
on short-term basis (b) Pay interest on current accounts only (c) Are mostly joint stock
companies (d) Do not deal in foreign currencies
26. A consumer with $10 needs a dress, a pair of shoes, a handbag and jewelry costing
$20, $10, $7 and $3 respectively. The opportunity cost of buying the pair of shoes is
the (a) Dress (b) Jewellery (c) Handbag and Jewellery (d) Dress and Jewellery
27. One way of obtaining the median of a given data is to (a) Sum the value and divide by
the number of items (b) Arrange the data in ascending order and subtract each item
from the mean (c) Arrange the data in descending order and add each item to the
least (d) Arrange the data in either ascending or descending order and find what items
divide the set in two equal parts
28. The supply of mangoes is represented as P = o. 3Q, where P is the price ($) and Q is the
quantity. What is P when Q is 50? (a) $1.50 (b) $15.00 (c) $150.03 (d) $166.67
29. The output of an extra unit of an input is referred to as (a) output of the input (b)
Marginal product of the input (c) Average product of the input (d) Utility of the input
employed
30. Separation of ownership of resources and their control is mostly found in a (a) Sole
proprietorship (b) Partnership (c) Joint stock company (d) Consumer cooperative
31. A seller increased the quantity he offered for sale from 200 units to 250 units when
price of his product increased by 12.5%. What is the price elasticity of supply of his
product? (a) 2.00 (b) 1.50 (c) 1.00 (d) 0.50
32. If a beef market is in equilibrium at $4.00 per kg, an increase in price to $6.00 per kg
may cause (a) Surplus in the market (b) Shortage in the market (c) Black market to
come into operation (d) Rationing to be introduced
33. A large firm may experience diseconomies of scale if there is (a) Difficulty in
coordinating decisions (b) Division of labour in production (c) Employment of more
specialists (d) Decrease in the cost of production
34. Increasing returns to a scale suggests that (a) A firm can make profit by reducing
output (b) A firm can make more profit by increasing output (c) As the producer
reduces the quantity of raw materials used, the marginal product will double (d) As
the producer increases the quantity of raw materials used, the marginal product will
fall
35. Population growth rate can be calculated as (a) Birth rate – death rate – emigrants –
immigrants (b) Birth rate – death rate + migration rate – immigration rate (c) Birth rate
– death rate (d) Birth rate – death rate + immigrants
36. Labour productivity is defined as (a) Output per man hour (b) Average output (c) The
maximum number of hours worked (d) Total output of labour
37. Money would cease to be a good store of value when (a) Prices of goods and services
are falling slowly (b) There is high level of unemployment (c) Prices of goods and
services are rising rapidly (d) Prices of goods and services are rising slowly
38. If the demand function is Qd = - 0.5p + 20, calculate the quantity demanded when
price is $15.00 (a) - $27.50 (b) - $12.50 (c) $12.50 (d) $27.50
39. If less of a good is bought as one’s income increases, such goods is (a) A normal good
(b) A luxury (c) A necessity (d) An inferior good
40. In perfect competition, the average revenue curve of a firm is (a) Below the marginal
revenue curve (b) Downward sloping (c) The marginal revenue curve (d) Convex to the
origin
41. Which of the following means of funding a business is very reliable and cheap? (a)
Bank loans (b) Loans from friends (c) Plough back profit (d) Debentures
42. Middlemen are made up of (a) Manufacturers, wholesalers, and consumers (b)
Manufacturers, wholesalers and retailers (c) Wholesalers, retailers and hawkers (d)
Wholesalers, retailers and consumers
43. Public limited liability companies are democratic in nature because of (a) Government
appointees are members of the board (b) They are run by elected public leaders (c)
Electoral principles are adopted in the day-to-day management (d) Shareholders elect
the board of directors
44. Wholesalers play an important role in the distribution of goods and services because
they (a) Are located very close to the consumers (b) Finance both producers and
retailers (c) Pass information on from retailers to consumers (d) Sell in small units to
consumers
45. An industry is described as a group of firms (a) That provides job for many people (b)
Which uses advance technology in production (c) Which produces similar products (d)
That provides jobs for few people
 46. The specialization of labour enhances production because people (a) Can concentrate
on all goods they can produce better (b) Can efficiently produce their own needs (c)
Can save time and produce more (d) Become experts in all areas of production
47. If the quantity of men’s hat demanded per week is represented by the function Qd =
20 – 1÷3p, Where p is price, how many hats are demanded when the price is $9.00? (a)
11 (b) 17 (c) 23 (d) 47
48. In a partnership, the conduct of members is guided by (a) A memorandum of
understanding (b) The articles of partnership (c) An article of Association (d) A
partnership constitution
49. Which of the following measures will hinder efficient distribution of goods in west
Africa? (a) Improving road networks (b) Provision of adequate storage facilities (c)
Instituting price control (d) Formation of producers cooperative societies
50. One feature of a growing population is (a) Increase in the number of young people (b)
Increase in the number of old people (c) Decrease in the dependent population (d)
Decrease in the life expectancy

HOLIDAY ASSIGNMENT
1. Explain and with graphical illustration the production possibility curve. (ppc)
 MCROYAL COLLEGE, OBAWOLE
3, OLA STREET NDIKE BUS STOP, OBAWOLE ESTATE, OFF OLD AKUTE ROAD,
IJU, LAGOS.
FIRST TERM EXAMINATION 2024/2025 SESSION
SUBJECT: BUSINESS STUDIES CLASS: J.S.S 1 TIME: 1hr.30mins
INSTRUCTION: Read the questions carefully and choose the correct options from A-D.
SECTION A: OBJECTIVE
1. Changing raw materials into finished product is an example of __________ production (a)
Direct (b) Indirect (c) Primary (d) Secondary
2. _________ is making of goods and provision of services to satisfy human wants (a)
Production (b) Trade (c) Department (d) Reward
3. Extractive industry is also known as (a) Primary industry (b) Production industry (c)
Manufacturing industry (d) Advertising industry
4. Which of the following is not a type of production (a) Primary production (b) Secondary
production (c) Modern production (d) Tertiary production
5. The work done in order to give relief to people is called (a) Construction (b) service (c)
Production (d) Trade
6. Which of the following is not a characteristics of home trade? (a) No language barrier (b)
Takes place within a country (c) Use of two or more countries (d) Goods are locally made
7. Which of the following is not an aid to trade? (a) Retail (b) Communication (c) Transportation
(d) Warehousing
8. Foreign trade involves one of the following: (a) Import (b) Banking and accounting (c) Tourism
and festivals (d) Retail trade and wholesale trade
9. Which of the following is a division of commerce (a) Trade (b) Banking (c) Transport (d)
Insurance
10. One who purchases large quantities of goods from the manufacturer is known as (a)
Consumer (b) Wholesaler (c) Retailer (d) Exporter
11. The production process is complete when (a) Goods leave the factory after production (b)
Goods leave the factory premises (c) Goods reach the final consumer (d) Goods are stored in
the warehouse
12. Which of the following services aid buying and selling? (a) Advertising (b) Production (c)
Stocking (d) Filling
13. Trading within the same country is termed as (a) Foreign trade (b) Home trade (c) Wholesale
trade (d) Retail trade
14. Home trade can be classified into (a) Import trade (b) Export trade (c) Classical trade (d)
Wholesale and retail trade
15. Government department are often referred to as (a) Ministries (b) Units (c) Directorates (d)
Bureau
16. All but one of the following departments are in business organizations (a) Sales department
(b) Purchasing department (c) State service department (d) Accounts department
17. The department responsible for buying things in an organization is called (a) Marketing (b)
Accounts department (c) Purchasing department (d) Personnel department
18. Finance records of an organization are in the _________ department (a) Production (b)
Marketing (c) Administration (d) Accounts
19. The department charged with staff recruitment is known as (a) Sales department (b)
Personnel department (c) Production department (d) Finance and administration department
20. Wrong attitude to work manifests in all of the following except: (a) Nonchalance (b)
Inefficiency (c) Lateness (d) Paying attention to details
21. Right attitude to work does not manifest in (a) Punctuality at work (b) Regularity at work (c)
Efficiency (d) Laziness
22. The following are the consequences of not being punctual and regular at work except (a) Low
productivity (b) Demotion (c) Higher remuneration (d) Reduction in income of the organization
23. ____________ is a reward for being punctual and regular at work in an organization (a)
Interest (b) Promptness (c) Promotion (d) Production
24. The following are the attributes of punctuality and regularity except (a) Commitment (b)
Interest (c) consistency (d) Gossiping
25. Those who carry out the day to day office routine duties of an organization are called (a)
Management staff (b) Organization staff (c) Routine staff (d) Clerical staff
26. The duties of the clerical staff do not include one of the following: (a) Writing reports (b)
Record keeping (c) Filling of documents (d) Driving of a vehicle
27. Which of the following options is not part of the essential qualities of a clerical staff? (a) Job
qualities (b) Personal qualities (c) Machine operation qualities (d) None of the above
28. An honest clerical staff is (a) Fraudulent (b) Disobedient (c) Diligent (d) Disloyal
29. Confidentiality of office information can be seen as (a) Keeping secret information of an
organization (b) Discreetly divulging secret information (c) Withholding relevant information
from stakeholders (d) None of the above
30. The place where the administrative activities of an organization are coordinated is called (a) A
room (b) A department (c) An office (d) A warehouse
31. A small office can be referred to as (a) An open office (b) A close office (c) A new office (d) A
wide office
32. An office that can accommodate a large number of workers is called (a) Small office (b)
Principals office (c) Bursars office (d) Large office
33. Good interpersonal relationship is one of the advantages of a (a) Big office (b) Wide office (c)
Shop (d) Small office
34. One of the function of an office is (a) Firing workers (b) Providing medical assistance (c)
Providing security (d) Processing information
35. Business studies is a subject that prepares an individual to (a) Defraud an organization (b)
Work successfully in a business organization (c) Work as a scientist (d) Work as a security
officer
36. Business studies is divided into ____ components (a) 2 (b) 3 (c) 4 (d) 5
37. Which of the following is not a career in business studies (a) Accounting (b) Auditing (c)
Entrepreneurship (d) Engineering
38. Business studies implies the (a) Study of different areas of business studies (b) Study of
insurance (c) Study of accounting (d) Study of economics
 39. Which of the under listed is not found in an office (a) Typewriter (b) Telephone (c) Cigarette
(d) File
40. All the following are aids to trade except: (a) Warehousing (b) Banking (c) Hoarding (d)
Insurance

THEORY: Answer four questions only

1. Define Department
(b). List four departments in an organization and explain any two you know
2. Define Production? (b) list and explain the types of production
3. Define the following (I) Business Studies (ii) Clerical Staff (iii) Puntuality (iv) Regularity
(v) Devotion to Duty
4. Define Commerce. (b) Mention three importance of commerce (c) list all the aids to trade
5. Define trade. (b) List and explain the types of trade (c) Mention four products involved each in
home trade and foreign trade.

Holiday Assignments
1. List and explain the types of production.
2. List three importance of each of the types of productuio

McROYAL COLLEGE
3, 0LA STREET NDIKE BUSSTOP, OBAWOLE ESTATE, OFF OLD AKUTE ROAD, IJU LAGOS.
FIRST TERM EXAMINATION 2024 /2025
 SUBJECT: BUSINESS STUDIES CLASS: JSS2 TIME: 1hr.30mins
INSTRUCTION: Read the questions carefully and choose the correct options from A-D.
SECTION A: OBJECTIVE
1. A pay in slip is used for (a) Withdrawing Money (b) Reading statement of account (c) Depositing money
(d) Borrowing money
2. A cheque is crossed by (a) Writing the word ‘& Co. On it (b) Writing “ pay x or order” on it (c) Drawing two
parallel lines on it (d) Writing the amount on and signing it
3. One who issues a cheque is the (a) Payee (b) Drawee (c) Drawer (d) Borrower
4. Which one of the following is related to a current account (a) Interest is paid on the account (b) Cheque is
drawn on the account (c) Money not needed for a long period (reserve) is paid into the account (d) A
withdrawal form must be completed to draw money from the account
5. If you are traveling outside the country for business transactions, you will need which of the following
(a) Naira notes (b) Open cheque (c) Travellers cheque (d) Crossed cheque
6. Which of the following statements is correct? (a) wholesaler increase unit cost price of goods
(b) Retailers may not sell on credit to their trusted customers (c) wholesalers sell only on credit to retailers
(d) Retailers buy in large quantities from wholesalers.
7. Which one of the underlisted is not a retail outlet? (a) Market stall (b) Mail order forms (c) Warehouse
(d) Kiosk
8. The most important function of the wholesaler is to (a) sell goods to retailers (b}) give personal service
(c) store goods for future distribution (d) provide attractive premises
9. __________ is the one that produces goods (a) consumer (b) Retailer (c) Manufacturer (d) Wholesaler
10. _________ is an interaction between two or more people who wish to buy and sell goods and services.
(a) Transaction (b) Action (c) Turnover (d) Stocks
11. A _________ is a speculator who buys securities with the intention of reselling them at a higher price.
(a) Bull (b) Banker (c) Broker (d) Leverage company
12. _________ is offering of goods and services for sale in exchange for cash or credit (a) Buying (b) Selling
(c) Sample (d) Auction
13. ________is a worker that compete for the right to help people to buy and sell something of value.
(a) Broker (b) Jobber (c) Bull (d) Speculator
14. The act of purchasing goods and services by paying cash or on credit is (a) selling (b) buying
(c) production (d) none of the above
15. _________is a place where goods and services are bought and sold. (a) school (b) Market (c) Bus stop
(d) Factory
16. The sole aim of trading is for (a) helping people (b) exchanging goods for services (c) profit making
(d) non-profit making
17. Aids to trade include the following except (a) communication (b) advertising (c) transportation (d) land
18. The tax imposed on goods and services brought into any country is called (a) import duties (b) export
duties (c) excise duties (d) tax
19. Which one of the following is not an office document? (a) Invoice (b) Receipt (c) Debit note (d) Lagal
tender
20. Proforma invoice shows (a) seller’s name and address (b) buyer’s name and address (c) date originated
(d) drivers name
21. The features of a cheque do not include (a) drawee’s name (b) drawers signature (c) amount of money to
be paid (d) postal stamp
22. Which of the following documents is prepared by the buyer? (a) Invoice (b) Letter of enquiry (c) Delivery
note (d) Statement of account
23. Which of the following is used in making payments? (a) Cheque (b) Delivery note (c) Order (d) Statement
of account
24. Which of these are examples of correspondence records? (a) Inward and Outward mail registers
(b) Drawing book and exercise books (c) Receipt and payment books (d) Profit and loss book
25. ______ is used to record any letter that is dispatched from an organisation’s. (a) Address list (b) Diary
(c) Postage book (d) Remittance inward book
26. Dispatch book is used for (a) carrying mail (b) recording minutes (c) moving records (d) recording
outgoing mails
27. A receptionist is employed to (a) receive visitors and handles telephone calls (b) make trouble with
visitors (c) discharge visitors (d) deliver telephone messages
28. A telephone message pad is used to (a) answer calls (b) record telephone messages (c) state the
purpose of visiting an organisation’(d) record the names of visitors
29. Who is the first person a person comes in contact with in an organization? (a) receptionist (b) clerk
(c) gateman (d) manager
30. One of the services is not offered by commercial banks (a) Current account (b) Print currencies
(c) Savings account (d) Fixed deposit account.
31. Which of these does not constitute banking ethics (a) Diligence (b) Hard work (c) Gossiping
(d) Integrity.
32. Which of the following is not among the banking services? (a) Overdrafts (b) Loans
(c) Traveller's cheque (d) Banker's draft.
33. A ________ is usually operated with the use of a cheque book. (a) Current account (b) Savings
account (c) Fixed account (d) Deposit account.
34. A cheque is crossed by (a) Writing the word' & co.' on it (b) Writing" pay x or Order" on it.
(c) Drawing two parrallel lines on it. (d) Writing the amount on and sighing it.
35. The money paid for the cheque book upon opening a current account is called. (a) Registration
fee (b) Administrative fee. (c) Ethnical fee (d) Stamp duty.
36. Which of the following statement is not true? (a) The consumer is the last stage of distribution
(b) The manufacturer produces goods (c) The wholesaler packages goods and labels them.
(d) The retailer also produces goods
37. A store with many department selling different commodities under the same roof is called
(a) Special store (b) Mobile shop. (c) Departmental store. (d) Supermarket.
38. One of the following is a disavantage of hawking on the road. (a) Hawkers may sell large
quantities of goods. (b) Hawkers will always lose their money on the way (c)Hawkers may have
an accident on the road. (d) Hawkers won't sell at all.
39. The markets where currencies of different countries are traded is called the __________.
(a) Capital markets (b) Money markets (c) Stock exchange (d) Foreign Exchange Markets
40. Customs agents can collect the following revenues except (a) Import duties (b) Export duties
(c) Local Government duties (d) Excise duties

Theory : Answer question one and any other three questions

1. Mrs udoh bought 50 packs of indomitable at #1500 per pack. She later sold it for #2000 per
pack. Calculate (i) Cost price (ii) Turn over (iii) Profits (iv) Mark up (v) Margin
2. Explain the following :(i) Office correspondence (ii) Office documents (iii) Capital market (iv)
Money market (v) Bank services
3. Trade plays a major role in the economic growth and development. Explain.
4. Define distribution. (b) List and explain the channel of distribution and give two of their
functions each.
5. Define aids to trade. (b) List and explain any five aids to trade

Holiday assignments
1. What is insurance? State the services provided by insurance companies
2. List the types of insurance and explain any two.

McROYAL COLLEGE
3, 0LA STREET NDIKE BUSSTOP, OBAWOLE ESTATE, OFF OLD AKUTE ROAD, IJU LAGOS.
FIRST TERM EXAMINATION 2024 /2025
SUBJECT: BUSINESS STUDIES CLASS: JSS3 TIME: 1hr.30mins
INSTRUCTION: Read the questions carefully and choose the correct options from A-D.
SECTION A: OBJECTIVE
1. The complaint of a consumer is justified if it has been properly ______and found to be true. (a) processed
(b) investigated (c) sort out (d) dealt with
2. Complaint can be made through submitting letter of complaint (a) seeking revenge (b) seeking redress
(c) seeking the director (d) seeking employment
3. _____ is a procedure employed to resolve a problem. (a) Lodging complaint (b) Critical thinking
(c) Planning a revolution (d) Passing company resolution
4. The agency Established by the government to eradicate fake drugs and food in Nigeria is called
(a) NERC (b) NACCA (c) EFCC (d) NAFDAC
5. One of the roles of NCC is (a) promoting the interests of consumers against unfair practices (b) issuing
licenses to motorists (c) encouraging human rights (d) providing electricity bills
6. Organisation’s established to ensure that consumers are not denied of their rights are referred to as
(a) religious organization (b) consumer protection agencies (c) business organizations (d) consumer
protection
7. Media advertisement results in (a) reduction in sales (b) increase in product sales (c) transportation of
goods (d) beautifying products
8. All these are purposes of advertising except: (a) bringing a product to the awareness of consumers
(b) increasing the sales of a product (c) educating the consumer about the worth of a product
(d) dissuading the consumers from patronising a product
9. Steps involved in the performance of office work is known as (a) office procedures (b) staff office (c) office
performances (d) office ethics
10. Official documents that show the amount that is owed to the third party for goods and services is a /an
(a) bill (b) receipt (c) record (d) invoice
11. Which one of the following is not an advantage of office equipment? (a) They minimize error in the
preparation of office record (b) They make reproduction of documents easy (c) They make safekeeping of
documents easy (d) They make misplacement of documents easy
12. All of the following are examples of road transportation except (a) vehicles (b) trailers (c) pipes
(d) motorcycle
13. The following except one are the factors for consideration in the choice of transportation (a) Cost
(b) Distance (c) Urgency (d) power
14. Communication can be classified into (a) verbal and non-verbal (b) forward and backwards (c) verbal and
oral (d) technical and non-technical
15. The following are the means of communication except (a) post (b) Telephone (c) Courier services
(d) Registered letter
16. The analysis that is essential for achievement of business goals is (a) Mathematical analysis (b) SWOT
analysis (c) Production analysis (d) Education analysis
17. The factors that can prevent the entrepreneur from achieving set goals or objectives are known as
(a) opportunities (b) threat (c) weaknesses (d) opinion
18. Business plan is divided into (a) exterior and interior (b) formal and informal (c) verbal and non-verbal
(d) internal and external
19. Procedure for drawing up simple single business plan includes the following except (a) identification of
business opportunity (b) business environment (c) business sense (d) business studies.
20. The following are content of a business plan except (a) cover page (b) table of content (c) purpose
(d) proposal.
21. Internal business plan can also be referred to as (a) business presentation (b) business operation plan
(c) business line (d) business action.
22. Consumer protection aims at ensuring that consumers derive _______ from commodities they purchase.
(a) minimum satisfaction (b) maximum satisfaction (c) less satisfaction (d) no satisfaction.
23. ________ is not an organ of consumer protection. (a) price control board (b) student union congress
(c) standard organization of Nigeria (d) trade professional union.
24. ______ must be provided to wrongly treated consumers. (a) gift (b) money (c) compensation (d) help.
25. Consumers and manufacturers should handle a complaint situation well so as not to (a) spoil their
relationship (b) cause Increase in price of product (c) cause increase in price of raw materials (d) cause
decrease in quality of product.
26. The exchange of goods and services within a particular country is called ________ (a) home trade
(b) foreign trade (c) international trade (d) real trade
27. _______is the selling of goods to a foreign country. (a) import (b) export (c) entrepot (d) resale
28. Which of the following is not one of the bank services provided by commercial banks? (a) acceptance of
deposits (b) provisions of loans and overdrafts (c) provision of foreign exchange (d) none of the above
29. ______ occurs when payment for goods and services takes place immediately. (a) credit transaction
(b) family transaction (c) cash transaction (d) friendly transaction
30. The _______ is the market where goods are displayed openly for the buyers to examine and purchase
(a) enclosed market (b) capital market (c) open-air market (d) money market.
31. The _____ is a person who buys goods from a retailer. (a) producer (b) consumer (c) wholesale
(d) dealer
32. __________ follows the double entry principles or double entry system. (a) The journal (b) The cash book
(c) all accounts in the ledger (d) subsidiary books
33. The ________column in the ledger shows where a corresponding account is recorded (a) date
(b) amount (c) particulars (d) folio
34. Which of the following is an example of sundry expenses? (a) envelopes (b) toilet soap (c) fuel
(d) printing cost
35. An entrepreneur who is flexible is_______. (a) non-rigid (b) sensible (c) intelligent (d) all of the above
36. The person who has taken an insurance policy is called the ________ (a) taker (b) insurer (c) Insured
(d) premium
37. A successful entrepreneur should _________ (a) not shift responsibility (b) shift responsibility
(c) Procrastinate responsibility (d) overlook responsibility
38. A/an ________is something a person is entitled to legally, or according to the law (a) obligation
(b) responsibility (c) duty (d) right
39. Consumerism started in Nigeria in the early ______ (a) 1970s (b) 1950s (c) 1990s (d) 1960s.
40. Failing in carrying out his responsibilities, a consumer can_______. (a) enjoy his rights (b) purchase
quality products (c) be denied his rights (d) buy products that satisfy him

THEORY : Answer four questions only

1. Transportation facilitate the economy and commerce, Discuss
2. Trade is not feasible without communication,discuss
3. Define simple business goals. (b) Explain the Swot analysis of a business
4. Explain the following :(i) consumer protection (ii) complaint (iii) business plan (iv) consumer
protection agencies (v) justified and unjustified complaints
5. Explain six services each provided by communication agencies.

Holiday Assignments
1. State how to seek redress
2. Prepare your family budget for a month.