Business Study Exam Questions and Answers for JSS1-(First term-third term)

Description

These Business Study Exam Questions and Answers for JSS1 were compiled to serve as a reference material to help teachers set tests and examination questions with theory.
School pupils/tutors will find it very helpful in revision and exam preparation.

SPECIAL FEATURES (Business Study Exam Questions and Answers for JSS1)
• Based on the NERDC curriculum(UBE compliant)
• Book section includes Questions only (Exam mode); and Question & Answers with theory (Practice mode)
• Can be read on all phones and computers. (Can also be printed)
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Sample Questions

TOPIC: BOOK-KEEPING

1. _________ are items bought for resale.

A. Trading items B. Consumer items C. Disposable items D. Sellable items E. None of the above

The correct answer is option [A].

2. What is a receipt?

A. It is a written order to a bank to pay a certain sum of money to another person or to the owner. B. It is a book which the seller issues to the buyer in order to acknowledge receipt of payment for goods sold. C. It is a document which the seller issues to the buyer in order to acknowledge receipt of payment for goods sold. D. It is a document which the buyer issues to the seller. E. None of the above.

The correct answer is option [C].

3. In receipt of an invoice, Asawo discovered that a flash disk costing ₦2,000.00 which had been delivered to him was damaged. What document will the supplier return to Mr. Asawo for returning the damaged good?

A. Refund note B. Damage note C. Credit note D. Debit note E. Receipt The correct answer is option [C].

4. When already sold goods are returned to the seller, they are recorded in the ________.

A. returns outwards book B. cash book C. returns inwards book D. ledger E. purchases returns book

The correct answer is option [C].

5. Goods invoiced worth ₦5,000.00 were sold to Kayode at less 2½% trade discount. How much would he pay?

A. ₦ 2,875.00 B. ₦3,875.00 C. ₦ 4,875.00 D. ₦ 5,125.00 E. ₦5,215.00

The correct answer is option [C] Goods invoiced = ₦ 5,000 Trade discount = 2½% = 2.5% 5,000 x 2.5% = 125 Amount payed = 5,000 – 125 = N 4,875.00

6. Which of these documents is NOT a source document?

A. Invoice B. Receipt C. Cheque D. Purchases day book E. Credit note

The correct answer is option [D]. The purchases day book is not a source document, but a book of account in which credit purchases (purchases invoices) are recorded.

7. _________ refers to the number of times an article is sold over a particular period.

A. Trade cycle B. Trade resale C. Turnover D. Stock exchange E. None of the above

The correct answer is option [C].

8. Which of these is NOT a cash book source?

A. Cheques B. Reciepts C. Debit notes D. Till slips E. None of the above

The correct answer is option [C].

9. Journals are called books of prime or original entries because _______

A. only entries with prime numbers are entered in B. only original entries are entered in C. entries are first recorded in them before being posted D. entries of greater importance pass through them to the ledger E. only entries by the Managing Director are entered in

The correct answer is option [C].

10. ___________ is a chronological list of credit transactions of each sales invoice.

A. Sales invoice B. Sales day book C. Voucher D. Trade book E. Ledger

The correct answer is option [B].