All 120 questions from the Basic Education Certificate Examination (Junior WAEC) (BECE) Business Studies 2024 Objective paper, with the correct answer and a full explanation for each. Free, no signup needed.
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The primary purpose of establishing a business is to ______.
The main aim of a business is to make profit.
A product that needs demonstration can be advertised through ______.
Television shows the product in use.
The account operated by customers of commercial banks which requires the use of cheque is ______ account.
Cheques are used on a current account.
The following are rights of a consumer except the right to ______.
Consumers do not have the right to fix prices.
The aid to trade that provides finances for individuals and organizations to carry out their business activities is ______.
Banking provides finance.
When a customer informs a manufacturer of dissatisfaction with his products, this is known as ______.
Telling the maker of dissatisfaction is a complaint.
The reward of capital as a factor of production is ______.
Capital earns interest.
Sole proprietorship is a business that is owned by ______.
A sole proprietorship has one owner.
The internal environment of a business offers ______.
Internal factors give strengths and weaknesses; external give opportunities and threats.
Obtaining natural resources from the land or sea is categorised under ______ occupation.
Extractive occupations take resources from nature.
Which of the following is an advantage of road transport? It ______
Road transport can deliver from door to door.
A businessman who buys goods from Japan and sells them in Nigeria is involved in ______ trade.
Trading with another country is foreign trade.
The process of creating goods and services to satisfy human wants is referred to as ______.
This is the definition of production.
The financial institutions that reduce risks associated with business are called ______.
Insurance companies cover business risks.
Which of the following is not part of the procedures of writing a business plan?
Discounts are decided in day-to-day selling, not in the plan.
Production is said to be complete when goods produced reach the ______.
Production ends when goods reach the consumer.
The rules and standards which practitioners must follow in the discharge of their professional duties are called ______.
Professional rules are ethics.
Bricklaying is categorised under ______ occupation.
Building work is constructive.
Which of the following qualities is required of a businessman in dealing with customers?
Honesty builds customer trust.
The process of sending and receiving information in business is ______.
This is communication.
A trader who buys goods in small quantity and sells in units to consumers is a/an ______.
A retailer sells in small units to consumers.
The principle of insurance which states that the insured should be compensated at the event of a loss is ______.
Indemnity restores the insured to the former position.
When a manufacturer and a dissatisfied customer discuss on how to resolve a matter peacefully, this is a way of seeking redress by ______.
Talking it out is dialogue.
Which of the following aids delivery of goods in business?
Transportation moves goods to buyers.
Chemicals must be properly ______ to give adequate information to users.
Labels give information.
Influencing a potential buyer to purchase a product explains ______ advertisement.
Persuasive advertising influences buyers.
Purchasing a product without planning for it explains ______.
Unplanned buying is impulse buying.
Which of the following business organisations raises capital through sale of shares?
A public limited company sells shares to the public.
The right channel of distribution of goods is ______.
Goods flow from the manufacturer through wholesaler and retailer to the consumer.
Which of the following is not a modern means of communication?
The talking drum is traditional.
Goods unsold at the end of a trading year is ______.
Unsold goods at year end are closing stock.
The act of buying and using goods and services is known as ______.
This is consumption.
The following are found on the debit side of a trial balance except ______.
Return outwards has a credit balance.
A petty cashier is given a cash float of ₦20,000 for the month, out of which he spent ₦17,500. How much is to be refunded?
20,000 - 17,500 = ₦2,500.
Living within one's income is ______.
Spending within income is budgeting.
The column that records reference number of transactions in a ledger is ______.
The folio column holds reference numbers.
Capital ₦5,000; Debtors ?; Creditors ₦1,500; Stock ₦2,500; Cash at bank ₦3,000. What is the amount of debtors?
Capital + creditors = 6,500 = debtors + 2,500 + 3,000, so debtors = ₦1,000.
What is the balance on the credit side of the trial balance?
Capital + creditors = 5,000 + 1,500 = ₦6,500.
A trial balance is prepared on a ______ entry basis.
A trial balance tests double entry.
The left hand side of a balance sheet shows ______
Assets are shown on the left.
The main purpose for preparing profit or loss account is to ascertain ______.
The profit and loss account gives net profit or loss.
Which of the following is found on the credit side of a trial balance?
Return outwards has a credit balance.
The amount of money used to start a business is ______.
Starting money is capital.
Mr. James bought stationery for ₦1,000 by cash. The double entry is ______.
Stationery is received (debit); cash goes out (credit).
The person who takes care of minor expenses in an organisation is the ______.
A petty cashier handles small expenses.
Financial position of a business is determined at the end of the year by preparing ______.
The balance sheet shows financial position.
Petty cash summary: Nov 1 received ₦60,000; Nov 2 postage stamp ₦3,000; Nov 4 petrol ₦6,000; Nov 7 cleaners ₦5,000; Nov 11 travelling ₦2,000; Nov 16 petrol ₦1,200; Nov 20 postage ₦1,500; Nov 24 Segun account ₦1,300; Nov 29 sundry ₦200. How much of stationery was bought?
Postage 3,000 + 1,500 = ₦4,500.
What is the amount used for transportation?
Petrol 6,000 + travelling 2,000 + petrol 1,200 = ₦9,200.
When a chief cashier gives out money to a petty cashier, the chief cashier will ______
Cash leaves the chief cashier, so the cash book is credited.
The full meaning of "TAP" in bookkeeping means transparency, ______ and probity.
TAP = Transparency, Accountability and Probity.
When goods are sold for ₦100,000 by cash, the double entry is ______
Cash received is debited; sales is credited.
Balance sheet can be used to determine the following except ______
A current account is not determined from the balance sheet.
Which of the following expenses is recorded in petty cashbook?
Postage is a minor expense.
Which of the following transactions is recorded in the cashbook?
Cash sales go into the cash book.
The day to day transactions of a business is recorded in ______ book.
The cash book records daily cash transactions.
Trading Account: Opening stock 9,000; Add purchases 21,000 = 30,000; Less closing stock 6,000; Sales 60,000. The amount of gross profit is ______
Cost of goods sold = 30,000 - 6,000 = 24,000. Gross profit = 60,000 - 24,000 = ₦36,000.
What is the cost of goods sold?
9,000 + 21,000 - 6,000 = ₦24,000.
Which of the following assets is temporary in nature?
Cash at hand is a current (temporary) asset.
Trading account is prepared to ascertain ______
The trading account gives gross profit or loss.
Which of the following is not a source of personal finance?
A World Bank grant is not a source of personal finance.
The plan of a journey is called ______.
A journey plan is an itinerary.
The maximum number of people that a small office can accommodate is ______.
A small office holds up to about 10 people.
Personal letters can be referred to as ______ letters.
Personal letters are informal.
Which of the following is a job quality of a clerical staff?
Initiative is a job quality; the others are personal qualities.
An officer responsible for handling incoming and outgoing mails is ______.
Clerical staff handle mail.
A place set aside to receive and welcome visitors into an organization is ______.
Visitors are welcomed at reception.
The attributes of a clerical staff are usually categorized into ______ parts.
Two parts: job qualities and personal qualities.
Arriving at the place of work on time means ______.
Being on time is punctuality.
If an organization is to succeed in a competitive environment, its information should be ______.
Competitors should not get the information.
A situation whereby a worker responds positively to his work is termed ______.
A positive response to work is the right attitude.
The following are attributes of punctuality and regularity except ______.
Truancy is staying away from duty, the opposite of regularity.
The running of day-to-day activities of an organization is the function of ______ department.
Administration runs daily activities.
Procuring right quality and quantity of raw materials in an organization is the responsibility of ______ department.
Purchasing procures materials.
A telephone message pad is used to ______
It records messages for absent officers.
An office in charge of students' career needs is the ______ office.
Career guidance is done by the counsellor.
A place where clerical and administrative activities are carried out is a/an ______.
This describes an office.
An internal control mechanism adopted to check the way of performing task in an organization is office ______.
Office procedure sets steps for tasks.
A device used to perform various activities in an organization is office ______.
Devices are office equipment.
Logistics needs of an organization is handled by ______ department.
Logistics (movement of goods and people) is handled by transport.
A device used to sort documents in an office is ______.
A collator sorts documents.
The machine used to make holes on documents is ______.
A perforator punches holes.
Dispatch book is used for ______
The dispatch book records outgoing mail.
The most common way of making payments through the internet is by ______.
Online card payments use a point of sale/payment terminal.
A place where financial records of the school are kept is ______ office.
The bursar keeps financial records.
The following are importance of office procedure except that it ______
Procedure reduces, not increases, conflict.
Mr. Yahaya bought goods from a supermarket. The evidence that shows he has made payment is ______.
A receipt proves payment.
A financial report of transactions between a buyer and seller for a specific period of time is ______.
This is a statement of account.
Organizations receive e-mail by ______.
E-mail comes through the internet.
The sales document that gives detailed information about the goods and value of transaction is ______.
An invoice details goods and value.
Incoming mails are registered in ______ book.
Incoming mail goes in the inward book.
The act of producing printed characters by manipulating the keyboard on a computer is ______.
This is keyboarding.
Keyboarding is associated with producing printed characters by manipulating fingers on the ______ of a computer.
Fingers press the keys.
The keys used to send special commands to the central processing unit of a computer are ______.
Function keys send special commands.
The computer numeric keys are made up of 0 to ______
Numeric keys run from 0 to 9.
The second row of a computer keyboard contains the ______ key(s).
The second row holds the alphabetic home row keys (A S D F ...).
The application of a wrong cleaning agent on the computer will ______ its life span.
A wrong cleaner can damage and shorten life.
Which of the following items is not used for taking care of a computer?
Engine oil is not for computers.
The computer keyboard consists of ______ rows of keys.
A standard keyboard has five rows.
Computer keyboard can be manipulated by a/an ______ touch.
Keys are pressed with a soft touch.
Which of the following is the correct arrangement of the computer home keys at the left hand side? A, S, D and ______
Left home keys are A S D F.
Letter 'T' is struck by left ______ finger.
T is struck by the left index finger.
The part of computer keyboard that consists of alphabets and numbers is ______ keys.
Letters plus numbers make alphanumeric keys.
Documents typesetted are made mailable with the aid of ______.
Typesetting is done on the computer.
After using brackets, ______ clear space(s) is given.
One space follows a closing bracket.
Manuscript sign 'trs' used in a text means ______
'trs' is transpose, which interchanges words.
'L.C' as correction sign means ______
L.C means lower case.
When a sign appears on the margin of a text, it instructs the typist to ______.
The deletion sign tells the typist to delete.
When an initial line in a text is followed by other lines with three spaces indentation, it is known as ______ paragraph.
This is a hanging paragraph.
When all the typing lines in a text begin at the left hand margin, it is referred to as ______ display.
Block display starts every line at the left margin.
Documents are said to be justified when the edges of the paragraphs are flushed with the ______ margin.
Justified text is flush with the right margin as well.
The command keys to paste a text on a computer are Ctrl + ______.
Ctrl + V pastes.
A brief and short official notice written and received by workers of the same organization is ______.
A memorandum is an internal notice.
The format of a memorandum includes the following except ______.
A memo has no salutation.
Between the main heading and the first paragraph, ______ clear line space(s) should be given.
Two clear line spaces (triple spacing) are left.
Which of the following computer parts is an input device?
A keyboard feeds data in.
How many number keys are on the computer keyboard?
There are ten number keys, 0 to 9.
An electronic device that is used to accept, process and analyse data is ______.
This describes a computer.
The computer command that opens up a new page is Ctrl + ______.
Ctrl + N opens a new document.
Which of the following symbols instructs the typist to insert new paragraph?
The double oblique sign (//) marks a new paragraph.
In word processing, columns and rows are created using ______ key.
The Tab key is used to set columns.
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