SHIMA ACADEMY

SECOND TERM EXAMINATION OF THE 2024/25 ACADEMIC SESSION

Examination malpractices may lead to a repeat of the subject or suspensions don’t be
involved.
SUBJECT: BUSINESS STUDIES TIME: 1HR 15 MINS CLASS: JSS2

1. _______ is a legal proof of evidence of payment. (a) invoice (b) catalogue (c) receipt (d) waybill
2. Which of the following is not a type of insurance?(a) vehicle accident insurance (b) life assurance
(c) marine insurance (d) public insurance
3. Marine insurance involves _________ (a) insurance to cover goods and houses (b) insurance to
cover goods and business (c) insurance to cover goods and ship (d) insurance to cover ship and
waters
4. Insurance can be taken out on all but one of the following (a) vehicle (b) house (c) business (d) income
5. _______ is also known as a caller. (a) visitor (b) customer (c) receptionist (d) boss
6. All are personal qualities of an entrepreneur except ______ (a) selfish (b) determined
[c.] disciplined {d} focus
7. The following are ways of treating incoming mails except ______ (a) opening the mails
(b) recording the contents (c) sorting the mails (d) repackaging the mail
8. _________ is the mail received in and sent out of an organization. (a) journal (b) news book
(c) correspondence (d) dispatch book
9. ______ is the identification of the need of people in which an entrepreneur can invest money for
profit making (a) business mindedness (b) business passion (c) business discipline (d) business
opportunity
10. Buying and selling of goods is called _______ (a) occupation (b) purchases (c) business (d) trading
11. Which of the following pairs are the major duties of a receptionist? (a) gossiping and receiving
callers (b) handling the telephone and posting letters (c) receiving callers and handling the
telephone (d) smiling and conversing with visitors
12. Moving good form Nigeria to Ghana is called _________ (a) export trade (b) gift of unit (c) import
trade (d) production
13. Aids to trade consist of the following except ________(a) insurance (b) advertising (c) shipping (d) banking
14. A financial book where all transactions are recorded is called ______(a) cash book (b) purchases
book (c) credit book (d) credit book
15. The trader who buys in large quantities and sells in smaller quantities is called ______________
(a) wholesaler (b) producer (c) retailer (d) sole proprietor
16. ______ is a market where long term loans are traded. (a) money market (b) capital market
(c) commodity market (d) financial market
17. The following but one are business sectors in which businessmen can invest in. (a) fishing
(b) construction (c) hospitality (d) motivation
18. Which of these documents are handled by a receptionist? (a) a sales book (b) account book
(c) minute book (d) visitor’s book.
19. _______ is the final link in channel of distribution. (a) marketet (b) producer (c) consumer (d) retailer
20. A trader who carries his goods from place to place is called _______. (a) a trader (b(a carrier
(c) an hawker (d) a seller
21. The department that is responsible for buying of goods and raw materials in large quantities for an
organization is called _____ (a) accountant department (b) sales department (c) production
department (d) purchase department
22. _______ is a place where money and other valuables are kept. (a) warehouse (b) safe (c) bank (d) cold room
23. _________ is a branch of commerce that covers business risk. (a) banking (b) insurance (c) finance
(d) marketing
24. Office documents are also known as _____ (a) store documents (b) sales document (c) source
documents (d) file documents
25. _______ coordinates all other factors of production. (a) capital (b) land (c) labour (d) entrepreneur
26. An ambassador of an organization from whom the visitor gets his first impression is called _____
(a) clerical officer (b) receptionist (c) author (d) clerk
27. The following except one are aids to trade (a) banking (b) advertising (c) insurance (d)buyer
28. Production is the ______ (a) planning capital goods (b) creation of goods and services
(c) purchasing goods for export (d) producing of goods only
29. All these departments can be found in a large organization, except __________
a) sales department (b) resellers department (c) purchasing department (d) account department
30. In a business organization, who is a risk bearer? (a) coordinator (b) trader (c) entrepreneur
(d) middleman
31. Which of the following is not a function of an office? (a) receives information (b) employs
information (c) provides information (d) records information (e) dispatch information
32. When a mail is delivered by hand ______ has to be signed by the receiver as a proof of delivery
(a) mail register (b) dispatch book (c) register book (d) outward book
33. Import and export business is an example of _________ business. (a) home (b) International
(c) local (d) buying
33. When other countries are involved in buying and selling, it is called ______ (a) home trade
(b) foreign trade (c) entrepot (d) import
34. One of the personal qualities of a clerk is ____ (a) impatience (b) obedience (c) lateness (d) unreliable
35. All human efforts whether physically or mentally directed towards the production of wealth is
______ (a) land (b) labour (c) capital (d) entrepreneur
36. The pocket – size calculator is useful for performing _____ (a) erasure (b) simple mathematical
work (c) typing (d) keyboarding
37. What is the reward of an entrepreneur as a factor of production? (a) interest (b) rent (c) profit (d) wages
38. The accounting record used to record small expenses in an organization is known as (a) cash book
(b) petty cash book (c) journal (d) ledger
39. Letters coming into an organization from other firms is known as__ (a) incoming mail (b) outgoing
mail (c) air mail (d) inland mail
40. Ethics refer to ______ (a) values of the school (b) values and rules of a school (c) values, rules and
behavior that govern people (d) values and rules governing school exams

SECTION B:INSTRUCTION : ANSWER QUESTION 5 AND ANY OTHER TWO QUESTIONS IN THIS
SECTION
1a. Define insurance. b. Outline and explain 4 important concepts of insurance.
c. List 5 types of insurance.
2a. Who is an entrepreneur? b. List and explain 4 personal qualities of an entrepreneur.
c. Outline 4 importance of insurance.
3a. Define (i) consumer (ii) consumerism (iii) consumer right
3b. Outline 8 universal consumer rights.

4a. Define consumer responsibility.

b. Outline 4 consumer responsibilities.
c. Differentiate between needs and wants.
5. Enter the following transactions into the cash book of A.O Jaji for the month of January, 2013.
Jan. 1 Started a retail business with #250,000 cash
Jan. 6 Bought goods worth #40,000 by cash
Jan. 7 Received #10,000 cash in respect of sales
Jan. 11 Paid the following expenses in cash: stamps #200, Diesel #3,700
Jan. 13 Paid cash #20,000 to Hassan Adamu
Jan. 16 Bought a motor cycle by cash: #75,000
Jan. 18 Received a cash loan of #30,000 from Tolu Aliyu
Jan. 24 Bought goods worth #15,000 by cash
Jan. 30 Paid salaries of sales persons: #40,000