All 100 questions from the Junior Secondary Certificate Examination (JSCE) Business Studies 2024 Objective paper, with the correct answer and a full explanation for each. Free, no signup needed.
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The document used at the gate to check the authorized quantity of goods coming into the organization is ______
A delivery note lists the goods delivered, so it is checked at the gate against the quantity authorised.
The process by which customers and consumers become enlightened and skilled in the art of purchasing goods and services is ______
Consumer education teaches buyers how to choose and buy goods and services wisely.
______ is an open event where goods are displayed and sold at reduced price to customer.
At a trade fair, goods are displayed and sold to customers, often at reduced prices.
In the different department in an organization, one of the department mentioned below see to the welfare of their workers.
The Personnel (human resource) department looks after the welfare of the workers.
A business organization owned by a minimum of two and a maximum of twenty is called ______
A partnership has from 2 to 20 members.
______ can be described as the activities or services that simplify buying and selling of goods and services.
Aids to trade (such as banking, insurance, transport and advertising) make buying and selling easier.
One of the consequences of lateness and irregularity at work may be subjected to ______
Lateness and irregularity at work can lead to punishment such as a query or a pay cut.
Use the following table to answer this question. Calculate the gross profit.
Gross profit = Sales - Cost of goods sold = 20,000 - 3,500 = ₦16,500.
Which of the following is the consumer?
The consumer is the customer who buys and uses the goods and services.
______ is the route or way by which goods are move from the producer or manufacturer to the final consumer.
The channel of distribution is the path goods follow from the producer to the consumer.
A/An ______ is a document which authorize an employee to make payment using cash or cheque.
A payment voucher authorises payment and is signed before cash or a cheque is paid out.
______ is said to have been taken when goods are bought for future payment.
Credit buying means buying goods now and paying later.
The type of production that is involved in bringing and obtaining the natural resources from the soil and water is______
Primary production extracts natural resources from the soil and water (farming, fishing, mining).
Production is not complete until the goods produced get or reach the______
Production is complete only when the goods reach the final consumer.
The system of installment payment where the seller only allow the buyer to take partial possession of goods on hire based after making initial payment is ______
In hire purchase the buyer uses the goods on hire while paying by instalments, and owns them only after the last payment.
______ is a financial provision made to protect individual and organization from loses which might be caused by unforeseen events.
Insurance protects people and organisations against losses from unforeseen events.
The type of market whereby basic foodstuffs are bought is known as ______
Basic foodstuffs are sold in an open market.
Calculate the cost of goods sold from the following information. Opening stock ₦1200, Closing stock ₦400, Purchases ₦3500, Sales ₦5000
Cost of goods sold = Opening stock + Purchases - Closing stock = 1200 + 3500 - 400 = ₦4,300.
A ______ can be described as a place where money and other valuables are kept for safe keeping purpose.
A bank keeps money and other valuables safely.
Right to seek redress is one of the right of the consumer which means ______
The right to redress is the right to have an injustice done to the consumer put right.
______ is the act of buying of items, products or goods without planning to do so in advance or without thinking carefully.
Impulse buying is unplanned buying done on the spur of the moment.
______ is described as method of installment payment where the seller allows the buyer to take complete possession of goods after making initial payment.
Under deferred payment the buyer takes full possession after an initial payment and pays the rest later.
The act of recording financial transaction in a systematic and orderly manner is ______
Bookkeeping is the systematic recording of financial transactions.
______ are things individual wishes to have but may not necessarily needed.
Wants are things we would like to have but do not really need.
______ refers to moral, principles, behaviour that controls and guide book keeping process.
Bookkeeping ethics are the moral principles that guide the bookkeeping process.
The situation whereby the customers are allowed to withdraw more than what he has in his account can be described as ______
Withdrawing more than the balance in one's account is an overdraft.
The acronyms T.A.P in bookkeeping ethics can be described as ______, ______, ______
T.A.P stands for Transparency, Accountability and Probity.
______ is a book that is use and kept for recording small or minor expenses of a business.
The petty cash book records small, day-to-day expenses.
______ are rights aimed at protecting consumers when they buy goods or when rendered services.
Consumer rights protect consumers when they buy goods or receive services.
______ refers to the coming together of end-users of product to fight for their own right common interest.
Consumerism is the movement of consumers organising to protect their common interests.
Choose one among the options given below that is not part of the principles of insurance.
The principles of insurance include indemnity, subrogation, insurable interest and utmost good faith. Documentation is not one of them.
Capital used in starting up business will be recorded in ______
Capital is owed by the business to the owner, so it is recorded on the credit side.
The type of bank that helps their members build their houses can be said to be ______
A mortgage bank gives loans for building or buying houses.
The principal book in which transaction are recorded in a summarize form is ______
The ledger is the principal book where transactions are summarised in accounts.
The movement of goods from the place of production to the place of purchase can be said to be ______
Moving goods from the place of production to the place of purchase is transportation.
If the expenses of selling and running a business exceed the gross profit, it will result in ______
When expenses are more than gross profit, the result is a net loss.
The services rendered by commercial drivers, private doctors are classified as ______
Drivers and private doctors give personal (direct) services to customers.
Source document provides first hand ______ used in preparing account.
Source documents provide first-hand information used to prepare accounts.
______ are normally issued when goods and services are sold on credit.
An invoice is issued when goods and services are sold on credit.
Office measures only by a few square meters is ______
An office that measures only a few square metres is small.
______ are the intangible items which can be bought and sold.
Services are intangible items (they cannot be touched) that can be bought and sold.
The layout of an office can be classified into ______
Office layout is classified into two types: open-plan and private (closed) offices.
The different functional areas found in an organization are called ______
The functional areas of an organisation are called departments.
A ______ is also known as an end user, is an individual that makes use of goods and enjoy services produced by a firm.
A consumer is the end user of goods and services.
The two types of mail handled by the clerical staff in an office is referred to as ______ and ______
Clerical staff handle incoming mail (received) and outgoing mail (sent).
______ department in an organization are responsible for calculating and payment of workers salary.
The accounts (finance) department calculates and pays workers' salaries.
Among the different types of advertising media you know, which one will you advice a business man to use in advertising his new soap?
Television shows the soap and reaches many households, so it suits a new consumer product.
Business studies as a subject exposes students to different kind of skills which can be termed to be ______
The skills taught in Business Studies are commercial activities.
The deduction granted to customers on the amount of goods sold to him/her is referred to as ______
A discount given by the seller to a customer is discount allowed.
The advertising media usually found on strategic points along major roads and cities are called______
Billboards are large boards placed at strategic points along roads and in cities.
Goods produced in Nigeria and transferred to Ghana to be sold is refers to as ______ goods.
Goods sent out of a country to be sold abroad are exported.
The process by which old and newly existing goods in the market are made known to the customers is called ______
Advertising makes goods known to customers.
The correspondence book used for recording letters requiring the use of stamps is called______
The postage book records letters that need stamps.
An asset that can easily change its value during production are ______
Current assets (such as stock and cash) change in value as production goes on.
______ are voluntary organizations whose members range from customer to employees.
A cooperative society is a voluntary organisation whose members can be customers, employees or producers.
Chemicals generally can be described in three major forms.
The three forms of matter, and so of chemicals, are liquid, solid and gas.
Unsuitable chemicals are poisonous and generated for ______ consumption.
Unsuitable chemicals are poisonous and meant for unsafe consumption.
The particular bank which aids business, individual and company in their day to day transaction can be said to be ______
Commercial banks serve businesses, individuals and companies in their daily transactions.
______ is the sum of money given to a petty cashier at the beginning of the month.
The imprest is the fixed sum given to the petty cashier at the start of a period.
The aim of starting a business is to make profit, therefore, it can be described as ______
Profit = Selling price - Cost price.
Trade as the buying and selling of goods and services can be classified into ______ and ______
Trade is classified into home (domestic) trade and foreign trade.
The method of buying where the buyer have to see what to buy physically is called buying by ______
Buying by inspection means the buyer examines the goods physically before buying.
One of the following does not belong to the group of activities that facilitate trade which is known as aid to trade.
Banking, insurance and transportation are aids to trade. Commerce is the whole of which they are a part.
______ is a source document which is used to correct an overcharged in an invoice.
A credit note reduces the amount owed when an invoice has been overcharged.
______ is a legal proof of payment or an evidence showing that sum amount of money has been paid.
A receipt is the legal proof that a payment has been made.
Correspondence used in an organization can be classified as the following EXCEPT______
The mail inward book, mail outward book and postage book are correspondence records. A cash receipt is not.
______ is a document that is used for calculations and recording of cash transaction details.
A cash register records and totals cash transactions.
A ______ note is a source document which is used to correct an undercharged in an invoice.
A debit note increases the amount owed when an invoice has been undercharged.
Among the options given below, which one of the parties issue a cheque?
The drawer (the account holder) issues the cheque.
In every business, letters, paragraphing can be group into three. Choose the correct group that contain the major division of paragraph.
The three paragraph layouts are blocked, indented and hanging.
Home trade is also called domestic trade while foreign trade can also be referred to as ______ trade.
Foreign trade is also called international trade.
A business organization that is formed and owned by the government to provide essential services to the public can be said to be ______
A public corporation is formed and owned by the government to provide essential services.
The various activities which people engage themselves in order to earn a living can be best described as ______
An occupation is any activity a person engages in to earn a living.
The amount of money paid to an employee for the services rendered can be referred to as ______
Payment to an employee for services is salary or wages.
A business organization that has unlimited number of shareholders is known as ______
A public company can have an unlimited number of shareholders.
The electronic mail (E-mail) has the following characteristics EXCEPT ______
E-mail is cheap and quick, so saying it is expensive is the exception.
Credit purchase is said to have taken place when goods are bought for ______ payment.
Credit purchase means paying at a future time.
Invoices, receipts, credit notes and debit notes are example of ______
These documents are the first records of a transaction, so they are source documents.
______ is the study of economic factors and personal decision that ultimately determine the individual financial well-being.
Personal finance is the study of the factors and decisions that determine an individual's financial well-being.
An aid to trade that provides financial services to individual and organizations carrying out legitimate business is called______
Banking provides financial services to individuals and organisations.
A situation where different people perform different work lead to ______
Different people doing different work is specialisation (division of labour).
Monetary measurement implies that only transaction which can be ______ should be recorded.
Only transactions that can be expressed in money (quantified) are recorded.
All goods returned to the supplier due to problems are recorded in the ______
Goods returned to suppliers are recorded in the return outward (purchases returns) journal.
A clerical staff must posses ______ on the job.
A clerical staff needs both personal qualities and job qualities.
Entrepreneurship has three components; ownership, organizing and ______
The three components are ownership, organising and risk-taking.
The technology "e-mail" as an internet service can be described as ______
E-mail stands for electronic mail.
A ______ is a group of people with common interest, who pool their resources to achieve certain objectives.
A cooperative society is a group of people with a common interest who pool resources to achieve certain objectives.
Labour is a human efforts put into production and it can be divided into ______ and ______.
Labour is classified into skilled and unskilled labour.
The ability of a good clerical worker to keep the secret of the business and not expose it to anyone can be referred to as ______
Keeping business secrets is confidentiality.
Living modesty or a prudent life has all the following qualities or characteristic EXCEPT ______
Modest living means simplicity and contentment, not extravagance.
______ is the ability to live within ones income and to be prudent in spending.
Living modestly means living within one's income and spending wisely.
The transformation of raw materials into finished goods, exchange and distribution in order to satisfy human want is ______
Production is the transformation of raw materials into finished goods, and their exchange and distribution, to satisfy human wants.
The ______ clearly differentiate the two column cashbook from three column cashbook.
A two-column cash book has cash and bank columns, while the three-column cash book adds a discount column.
The double entry principle of book keeping states that for every debit entry, there must be a corresponding ______ entry.
For every debit entry there must be an equal credit entry.
The chemicals which household uses and can be purchased in local stores is called ______
Chemicals that households use safely and buy in local stores are suitable chemicals.
A ______ occurs when sales or purchases are initiated or concluded.
A transaction occurs when a sale or purchase is started or completed.
Bookkeepers usually keep close attention to every detail, this implies that they are______
Paying close attention to every detail means being meticulous.
______ is the amount of satisfaction derived from consuming goods and services.
Utility is the satisfaction a consumer gets from goods and services.
The tax collected by the government on every locally made product can be described as ______
Excise duty is charged on goods made within the country.
The following are the types of store records except ______
Store records include the requisition form, delivery note and store record card. 'Sample record' is not one.
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