You’re welcome to our school exams series where we provide you with termly examination questions in different subjects, from different schools. In today’s post, we will focus on Business Education exam questions and our source will be Sure Success International Academy [SSIC]. We will cover JSS1 second term exam questions on Business Education and provide their answers at the end. Remember to use the comments sections if you have questions, and don’t forget to join our Free Online Tutorial Classes on Facebook. (Like and Follow Page)
Table of Contents
JSS1 Second Term Exam Questions on Business Education [SSIC]
In Sure Success International Academy [SSIC], JSS1 Second Term Examination Questions on Business Education are normally divided into two broad sections:
- Section A
- Section B
The first section, namely, Section A is the objective test, and students are expected to attempt all questions in the section. Section B is the theory part, and students are expected to follow the given instructions and answer the specified number of questions.
Note that what you have below are JSS1 Business Education Second Term Examination Past Questions made available to assist students in their revision for 2nd term examinations and also teachers in structuring standard termly examinations.
SURE SUCCESS INTERNATIONAL ACADEMY (SSIA), PORT HARCOURT.
Term: 2nd Term Examination
Class: JSS 1
Subject: Business Education
Duration: 2 hrs
Any form of examination malpractice may lead to a repeat of the subject or suspension. Don’t get involved.
SECTION A: Objectives
Attempt All the Questions in this Section by choosing from the options lettered A—D.
1. Which of these is Not a division of occupation?
A. industrial B. commercial
C. extractive D. service
E. all of the above
2. Which of these can advertise its shares?
A. private company
B. public company
C. both
D. none of the above
3. Lawyer’s office and business are found in ________
A. reputation B. industry
C. services D. commercial
4. Which of the following does not belong to the group?
A. sales records journal
B. purchases day book
C. bank column
D. purchases journal
5. One of these is Not an activity under industrial occupation
A. road construction
B. soap making
C. poultry
D. block making
E. brewery
6. The main aim of business unit is solely for the benefit of its members
A. partnership
B. public corporation
C. joint stock company
D. cooperative society
7. Which of these is Not a feature of sole trade?
A. small capital
B. raw materials
C. risk and reward
D. secrecy
8. The elected representatives of limited liability companies that manage the affairs of the companies are called
A. governors B. shareholders
C. directors D. managers
9. Which of the following is Not an example of joint stock company
A. Pasty Trading Co.
B. MTN Plc
C. First Bank
D. XYZ co., ltd.
10. Sharing back profit in a business means to
A. sell backyards with profit
B. move profit and business forward
C. spending profit
D. invest profit back into the business
11. Members of cooperative societies share their profits based on the
A. number of shares held by each member
B. amount of sales by each member
C. capital contribution by each member
D. amount of purchases by each member
12. Limited liability is to joint stock company as ________ is to
A. limited liability
B. unlimited liability
C. unlimited business
D. none of the above
13. Records of goods bought on credit are made in the ________ journal
A. sales
B. general
C. purchases
D. returns inwards
14. The legal document that regulates the partnership business is called
A. source document
B. act of parliament
C. deed of partnership
D. legislative deed
15. The capital for the production of more wealth is called
A. land
B. labour
C. enterprenuer
D. capital
16. The form of business unit with minimum of seven members and without maximum limit of members is
A. private limited liability company
B. co-op society
C. public limited liability company
D. sole proprietorship
17. Members of limited liability companies are commonly known as
A. directors
B. shareholders
C. profit senders
D. none of these
18. Which of the following is a current asset?
A. machinery
B. motor vehicle
C. stock
D. bills payable
19. The most popular system of entry in book-keeping is
A. double entry
B. common entry
C. business transaction
D. single entry
20. All these are features of a sole trading business except
A. profit not shared with anyone
B. waste of capital may occur
C. account books are not private
D. quick decision taken
21. Profit is to an enterprenuer as ________ is to a shareholder
A. wages B. profit
C. dividend D. interest
22. Office equipment found in ideal office are these, except
A. typewriter
B. steel cabinet
C. paper clip
D. plough
23. The debt owed by an individual or business unit is commonly called a/an
A. debtor B. asset
C. liability D. dividend
24. In production, the process of obtaining raw materials from the ground is called
A. processing B. construction
C. manufacturing D. extractive
25. The common name for real account is
A. fixed asset
B. current liability
C. current asset
D. fixed liability
26. One of the following is Not an example of nominal accounts
A. salaries B. machinery
C. rent D. wages
27. Which of the following does Not belong to the group?
A. invoice B. sales journal
C. receipt D. credit note
28. Prime books of entry are built up with information from
A. subsidiary books
B. source documents
C. ledger
D. trial balance
29. Trade and Aids to Trade simply stand for
A. buying and selling
B. commerce
C. production
D. company
30. The human effort expended in production processes is called
A. business B. capital
C. labour D. entreprenuer
31. Cash book is a prime book of entry because it
A. is part of the ledger
B. contains all cash transactions
C. shows balance
D. records credit sales
31. The basic resources channeled towards production processes are called
A. industry
B. production
C. factors of production
D. commercial activities
32. The other name for returns inwards is ________
A. purchases
B. sales
C. carriage inwards
D. memorandum
33. Memorandum is a journal used to record ________
A. personal drawings of the proprietor
B. cash transactions
C. credit transactions
D. all of the above
34. Purchases day book records ________
A. all purchases
B. all credit purchases
C. all cash purchases
D. purchases of fixed assets
35. Personal account is a ledger account that relates to ________
A. journal B. ledger
C. individuals D. business
36. A mild trafficking, swearing, stealing etc of business through computers is called ________
A. illegal B. cybercrime
C. recording D. swindling
37. The important function of advertising good drugs are ________
A. awareness B. patronage
C. information D. all of the above
38. The buyer enters the details of goods returned by him in his ________
A. sales returns journal
B. purchases returns journal
C. purchases journal
D. sales journal
39. One principle of double entry in book-keeping maintains ________
A. double booking
B. double transaction
C. double column
D. honesty
40. Honesty in business implies all except
A. extortion B. truthfulness
C. confidence D. fair dealing
41. ________ day book is a prime book of entry that plays a dual role in book-keeping records
A. ledger account
B. three column cash book
C. imprest system
D. petty cash book
42. Which of the following is the principal book of account?
A. source document
B. ledger account
C. subsidiary book
D. prime account
43. The following except one, are the careers a business studies student may take to play secondary role in education
A. marketing
B. medicine
C. secretary
D. business administration
E. banking information
44. One of the following is not the function of a clerical officer
A. copying information
B. sorting information
C. writing out information
D. typing information
E. lecturing to school
45. Attributes inconsistent with devotion to studies are
A. reading B. irregularity
C. lateness D. diligence
E. failure to score
46. The source document used in updating the sales ledger is ________
A. debit note
B. credit note
C. invoice
D. cash receipt
E. sales invoice
47. Components of trade ledger include the following except
A. drawings B. capital
C. expenses D. income
48. Merits of a partnership business include the following except
A. higher profits
B. capital
C. expenses
D. more capital
E. limited liability
49. ________ is the business financed and managed by the government
A. joint stock company
B. public organizations
C. co-op society
D. public corporation
50. All these are features of public enterprises except
A. provision of social goods
B. minimum of seven and no maximum of members
C. capital is provided by the govt.
D. set up by acts of parliament
51. The form of business unit that does not have limited liability for business members is
A. sole proprietorship
B. private limited liability company
C. partnership
D. public limited liability company
52. The wholesaler, retailer and transporter provide ________ services
A. business B. indirect
C. commercial D. extractive
53. The aim of the wholesaler and retailer is to make goods reach the
A. final consumers
B. supermarkets
C. raw materials
D. sheep sellers
54. When a buyer’s account is underdebited, the seller issues him
A. credit note B. receipt
C. debit note D. invoice
55. A sole trader’s liability is said to be
A. measured B. limited
C. registered D. unlimited
56. A one-man business can raise capital through these, except
A. personal savings
B. shares
C. relatives
D. overdraft
D. loans from friends
57. ________ is a description of goods, unit price and total value of goods sold or bought are shown in
A. source document
B. analysis book
C. ledger
D. invoice
E. teller
58. The department in an organization that brings together the activities of other departments is
A. personal B. planning
C. central D. administration
59. The three types of trade by occupations
A. white he
B. blue he
C. primary he
D. promotion he
60. Products obtained from extractive occupation are, except
A. crude oil B. fishing
C. gold D. lime stone
E. all the above
SECTION B: Essay
INSTRUCTION – Answer all questions in this section.
1. (a) Define the following:
(I) Trade
(II) Wholesaler
(III) Retailer
(b) Show the Diagram of Trade.
(c) Mention two main divisions of trade.
2. A. What is Joint Stock Company?
(b) List five features of Joint Stock Company
(c) Mention four sources of capital of Joint Stock Company.
3. (a) What is Devotion to Duty?
(b) Mention Three benefits of Devotion to Duty
(c) State Three negative effects of NOT being punctual and regular to school
4. (a) Explain the following: (I) Book-keeping (II) Book-keeper.
(b) Mention three importance of book-keeping.
(c) State three qualities of a book-keeper.
(d) List the steps in common book-keeping practices
Answers to JSS1 Second Term Exam Questions on Business Education (From SSIA)
Answers to Section A (Objective Test)
The following table gives the correct answers to the objective section of JSS1 second term exam questions on Business Education. If you are using a mobile device, hold the table and scroll to the right or left for a complete view.
| Q.No | Ans | Q.No | Ans | Q.No | Ans |
|---|---|---|---|---|---|
| 1 | E | 2 | B | 3 | C |
| 4 | C | 5 | A | 6 | D |
| 7 | B | 8 | C | 9 | A |
| 10 | D | 11 | D | 12 | B |
| 13 | C | 14 | C | 15 | D |
| 16 | C | 17 | B | 18 | C |
| 19 | A | 20 | C | 21 | C |
| 22 | D | 23 | C | 24 | D |
| 25 | A | 26 | B | 27 | B |
| 28 | B | 29 | B | 30 | C |
| 31 | B | 32 | C | 33 | A |
| 34 | B | 35 | C | 36 | B |
| 37 | D | 38 | B | 39 | B |
| 40 | A | 41 | B | 42 | B |
| 43 | B | 44 | E | 45 | E |
| 46 | C | 47 | A | 48 | E |
| 49 | D | 50 | B | 51 | A |
| 52 | C | 53 | A | 54 | C |
| 55 | D | 56 | B | 57 | D |
| 58 | D | 59 | B | 60 | E |
So here you have the answers to the objective section of JSS1 second term exam questions on Business Education. Use the comments section to let me know if you have any questions you would want me to clarify or discuss further.
Answers to Section B
Answer to Question 1:
(a) Definitions:
(I) Trade: Trade is the buying and selling of goods and services for money or its equivalent.
(II) Wholesaler: A wholesaler is a person or business that buys goods in large quantities from manufacturers and sells them in smaller quantities to retailers.
(III) Retailer: A retailer is a person or business that sells goods directly to the final consumers in small quantities.
(b) Diagram of Trade:
(c) Two Main Divisions of Trade:
- Home Trade
- Foreign Trade
Answer to Question 2:
(a) What is Joint Stock Company?
A Joint Stock Company is a business entity where the capital is divided into shares owned by shareholders who enjoy limited liability.
(b) Five Features of Joint Stock Company:
- Separate legal entity
- Limited liability of shareholders
- Perpetual succession
- Transferability of shares
- Managed by a board of directors
(c) Four Sources of Capital of Joint Stock Company:
- Share capital
- Loans from banks
- Retained earnings
- Debentures
Answer to Question 3:
(a) What is Devotion to Duty?
Devotion to duty means being committed, dedicated, and responsible in carrying out assigned tasks and responsibilities.
(b) Three Benefits of Devotion to Duty:
- Increased trust and respect
- Higher productivity and success
- Personal and professional development
(c) Three Negative Effects of Not Being Punctual and Regular to School:
- Poor academic performance
- Missed important lessons and instructions
- Development of bad habits and indiscipline
Answer to Question 4:
(a) Explanations:
(I) Book-keeping: Book-keeping is the process of recording all financial transactions of a business in an orderly and systematic manner.
(II) Book-keeper: A book-keeper is a person who records the financial transactions of a business and maintains accurate financial records.
(b) Three Importance of Book-keeping:
- It helps in tracking income and expenses
- Ît provides useful information for decision-making
- It ensures accurate financial reporting and audit
(c) Three Qualities of a Book-keeper:
- Accuracy
- Integrity
- Attention to detail
(d) Steps in Common Book-keeping Practices:
- Identify and collect financial documents
- Record transactions in the appropriate journals
- Post entries to ledger accounts
- Balance the ledger accounts
- Prepare a trial balance
- Generate final accounts (income statement and balance sheet)
It’s a wrap!
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