Business Studies Exam Questions for JSS1 Third Term

You’re welcome to our school exams series where we provide you with termly examination questions in different subjects. In today’s post, we will focus on Business Studies exam questions. We will cover Business Studies exam questions for JSS1 Third term with answers. This means that we’ll be providing you with answers to the questions at the end. Also, you will get a few success tips on how to pass Business Studies examinations with flying colors. 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)

Introduction to Business Studies as a School Subject

Business Studies is a subject taught in junior secondary schools to help students understand how businesses work. It introduces them to the basic principles of buying and selling, how to manage money, the use of office tools, and the importance of honesty and good behavior in business.

The subject combines knowledge from different areas like Commerce, Bookkeeping, Office Practice, and Keyboarding. It helps students develop skills that will be useful if they decide to work in a business environment or start their own business in the future.

Business Studies Exam Questions for JSS1 Third Term

Business Studies Exam Questions for JSS1 Third Term are divided into two 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 specific instruction and answer the required number of questions.

Note that what you have below are JSS1 Business Studies Third Term Exam Past Questions made available to assist students in their revision for 3rd term examinations and also teachers in structuring standard examinations.

SECTION A: Objectives

Instruction: Answer all questions in this section by choosing from the options lettered A—D. Each question carries equal marks.

1. Entries in the prime books of entry are made from the
A. Ledger
B. trial Balance
C. source documents
D. bookkeeping

2. The art of representing spoken sounds by signs is called
A. written words
B. spoken words
C. shorthand
D. longhand

3. Various programs installed in the computer such as PageMaker, CorelDraw, MS words are examples of
A. hardware        B. monitor
C. data                D. software

4. Every debit entry must have a credit entry and vice versa, this is known as
A. double entry
B. source document
C. debit entry
D. bookkeeping

5. To obtain more than one copy of his processed materials while using the typewriter, the typist needs ______
sheets.
A. ribbon       B. cardboard
C. printer       D. carbon

6. The two main keyboarding systems are
A. touch and go
B. touch and sight
C. look and touch
D. touch and type

7. In modern banking, ATM stands for
A. automatic teller machine
B. automated transfer machine
C. automated teller machine
D. automatic teller magnet

8. The ELITE typeface typewriter shows______ characters
A. double        B. small
C. bold            D. medium

9. The process of getting feedback for messages sent out is called.
A. keyboarding     B. information
C. internal             D. communication

10. One who sees needs and understands how to meet them in a way that produces profit is called a/an
A. entrepreneur      B. bookkeeper
C. commerce          D. shareholder

11. An unskilled keyboarder uses the ______ method
A. touch         B. sound
C. sight           D. type

12. The difference between consonant strokes B and P is that______
A. B is thicker than P
B. P is thicker than B
C. B is longer than P
D. P is longer than B

13. The part of the computer which one can neither see nor touch is called
A. CPU               B. hardware
C. keyboard       D. software

14. The two basic rules in bookkeeping records are
A. debit and credit
B. post and balance
C. honesty and fair play
D. regularity and punctuality

15. A public joint stock company has a minimum and maximum membership of
A. 2 – 20 members
B. 7 – 50 members
C. 2 – 50 members
D. 7 – unlimited members

16. The command ctrl + C in computer stands for
A. paste       B. control
C. cut           D. copy

17. Double entry rule demands that items in the subsidiary books must be posted to the
A. trial balance
B. source documents
C. ledger
D. prime books of entry

18. Trade and Ancillary services simply stand for
A. source documents
B. buying and selling
C. occupation
D. commerce

19. Commercial activities are enhanced through the functions of
A. trade by barter
B. aids to trade
C. import and export
D. production

20. Vowel sounds in shorthand are represented by
A. consonants
B. curved strokes
C. straight strokes
D. dots and dashes

21. In shorthand, spoken words are written as they sound, this means that it is
A. phonetic in nature
B. long hand spelling in nature
C. hand written in nature
D. phrasing and joining in nature

22. Raw material fed into the computer for processing is called
A. information
B. output
C. data
D. communication

23. A modifier key on the keyboard which when pressed causes a capital letter as well as other upper case
letters to be typed is called
A. space bar
B. control key
C. shift key
D. cap key

24. The buyer records goods returned by him in his ______ day book
A. purchases
B. returns inwards
C. sales
D. returns outwards

25. The form of business unit with not less than two and not more than fifty members is
A. partnership
B. private joint stock company
C. multi-purpose co-op society
D. public joint stock company

26. Benefits of economic activities include the following except
A. employment opportunities
B. provision of goods/services
C. increase in crime rate
D. economic growth

27. The following but one, fall under the primary stage of production
A. fishing
B. soap making
C. lumbering
D. quarrying

28. The second vowel sound in shorthand is placed ______ the writing line
A. on             B. above
C. across       D. in

29. Debtors and creditors are classified under______ account
A. impersonal       B. real
C. personal           D. private

30. When an A5 paper is horizontally inserted into a typewriter, the paper is in a ______position
A. portrait          B. straight
C. landscape      D. printing point

31. The account under which fixed assets are classified is called ______account
A. nominal          B. private
C. personal         D. real

32. The cash book contains all cash transactions because it is a
A. prime book of entry
B. source document
C. principal book
D. ledger

33. The two basic elements of computer are
A. mouse/keyboard
B. CPU/monitor
C. software/hardware
D. touch/sight

34. Issue of shares and debentures is the main source of capital of
A. one-man business
B. co-op society
C. joint stock company
D. public corporation

35. All these are the features of sole proprietorship business, except
A. owner takes quick decision
B. owner enjoys limited liability
C. waste of capital may occur
D. owner enjoys profit alone

36. In Pitman shorthand, the equality sign (=) represents
A. dash           B. full stop
C. hyphen       D. question mark

37. The source document sent to a debtor stating that his account has been overcharged is
A. receipt         B. debit note
C. invoice         D. credit note

38. Which of the following is not an indirect service provider?
A. cobbler
B. police
C. civil servant
D. military

39. Production refers to the creation of ______ for human satisfaction
A. intangible goods
B. tangible goods
C. goods and services
D. production goods

40. The act of identifying and establishing a business and working hard to see that the business succeeds in
order to make profit is called
A. office employment
B. government employment
C. unemployment
D. self employment

41. A Joint Stock Company is a legal entity because it
A. makes legal businesses
B. has many shareholders
C. is managed by directors
D. is a creation of law

42. Which of the subsidiary books plays double role in bookkeeping records?
A. sales ledger
B. cash book
C. returns inwards book
D. purchases day book

43. The Assets of a business that can change forms within one year are called______ assets
A. current      B. fixed
C. formal       D. real
E. nominal

44. One of the following does not belong in the group
A. machinery       B. motor van
C. stock               D. buildings

45. Items of equipment necessary for the study of Business Studies are: I. calculator II. Typewriter III.
Microscope IV. computer V. duplicating machine.
A. I, II and III
B. I, II, III, IV and V
C. I, II, IV and V
D. I and V only

46. An office is large when
A. there are many tables in it
B. the accommodation is large
C. it has a manager
D. the volume of work is large

47. ______ is the department in a big organization that does business and capacity development
A. Planning        B. Legal
C. Accounts       D. Purchases

48. The provision made by raise traders against possible losses is called
A. capital
B. advertisement
C. insurance
D. transportation

49. When typing, your eyes should be on the
A. roof        B. manuscript
C. floor       D. keyboard

50. The inventor of shorthand was
A. Sir James Pitman
B. Dr. Isaac Pitman
C. Sir Pitman
D. Sir Isaac Pitman

51. Bookkeeping entries in the Trial Balance are made from the
A. source documents
B. subsidiary books
C. ledger
D. invoice

52. Drawings are classified under ______ ledger
A. debtors         B. private
C. general         D. creditors

53. The basic resources channeled towards production of goods /services are called
A. businesses
B. source documents
C. ancillary services
D. factors of production

54. The two main components of general ledger are ______ accounts
A. nominal and real
B. real and private
C. debtors and creditors
D. private and nominal

55. All except one are the features of an entrepreneur
A. brings the capital
B. is fixed asset
C. determines what is to be produce
D. employs labor

56. A consumer must derive ______ from every goods used.
A. joy             B. satisfaction
C. asset          D. product

57. An entrepreneur must be able to ______ for the business.
A. cry             B. undertake risk
C. write          D. jump

58. _______ the reward of an entrepreneur.
A. salaries/wages
B. rent
C. profit
D. interest

59. Entrepreneurship brings about _________ in the economy
A. growth         B. building
C. books           D. laws

60. Which of the following industries takes raw materials from the earth?
A. distribution
B. manufacturer
C. extractive
D. construction

SECTION B: Essay

INSTRUCTION – Answer all five (5) questions in this section.

1a.  Define occupation.
b. List and explain four factors which affect occupation.
c. Differentiate between direct and indirect service.

2a. What is truthfulness in business?
b. List and explain four attributes of being truthful.
c. Outline four factors that cause people to lie.

3a. Define entrepreneurship.
b. List four importance of entrepreneurship.
c. Outline five successful entrepreneurs in Nigeria.

4a. Define (i) sole proprietorship (ii) partnership
b. State four advantages of sole proprietorship
c. List four characteristics of partnership

5. Explain in detail any four (4) of the following
I. Consumer
II. Capital
III. Land
IV. Book-keeping
V. Entrepreneur

Answers to Business Studies Exam Questions for JSS1 Third Term

Answers to Section A (Objective Test)

The following table gives the correct answers to the objective section of Business Studies exam questions for JSS1 Third term. If you are using a mobile device, hold the table and scroll to the right or left for a complete view.

So here you have the answers to the objective section of Business Studies Exam Questions for JSS1 Third term. 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 (Theory)

1a. Occupation is any legal activity or job that a person engages in to earn a living.

1b. Four factors which affect occupation are:

• Environment: The environment determines the type of job available, e.g. fishing in riverine areas.
• Education: The level of education a person has can affect the kind of job they get.
• Interest: People are more likely to take jobs in areas they have passion for.
• Skill and Talent: Special skills and natural talents can influence occupation choices.

1c. Direct service is rendered directly to people such as teaching or nursing, while indirect service is provided to support others in rendering direct services, such as banking or transportation.

2a. Truthfulness in business means being honest in all business dealings, such as giving correct quantity, quality, and prices of goods and services.

2b. Four attributes of being truthful:

• Honesty: Always saying the truth and doing the right thing.
• Loyalty: Being faithful and dependable.
• Transparency: Not hiding anything from customers or partners.
• Integrity: Keeping promises and acting with strong moral values.

2c. Four factors that cause people to lie:

• Greed or selfishness
• Fear of punishment
• Desire to impress others
• Lack of moral values

3a. Entrepreneurship is the ability to start and manage a business successfully, even in the face of risks and challenges.

3b. Four importance of entrepreneurship:

• Creates job opportunities
• Encourages innovation and creativity
• Improves standard of living
• Boosts economic growth

3c. Five successful entrepreneurs in Nigeria:

• Aliko Dangote
• Folorunsho Alakija
• Tony Elumelu
• Femi Otedola
• Innocent Ifediaso Chukwuma (Innoson)

4a.

• Sole proprietorship: A type of business owned and run by one person.
• Partnership: A type of business owned by two or more people who share profits and losses.

4b. Four advantages of sole proprietorship:

• It is easy to set up
• The owner controls everything
• All profits belong to the owner
• Quick decision-making

4c. Four characteristics of partnership:

• Owned by 2 to 20 people
• Profit and loss are shared
• Partners sign an agreement
• Capital is contributed by partners

5. Explanation of four selected terms:

I. Consumer: A consumer is a person who buys and uses goods and services for personal use and not for resale.

II. Capital: Capital refers to money or other resources used to start and run a business.

III. Land: Land includes all natural resources used in production, such as soil, minerals, forests, and water.

IV. Book-keeping: Book-keeping is the process of recording all financial transactions of a business in an orderly and accurate way.

Read Also: Social Studies Exam Questions for JSS1 Third Term

How to Pass Business Studies Exam Questions for JSS1 Third Term

Passing your Business Studies exam questions for JSS1 Third term requires a combination of preparation, understanding, and strategy. Here are actionable tips to help you excel:

1. Understand the Topics: Take time to understand all the major topics like occupation, entrepreneurship, business ethics, and types of business ownership. Don’t just cram; make sure you understand the meaning and importance of each topic.
2. Study Your Notes and Textbook: Go over your class notes and recommended textbook regularly. They contain the exact materials your teacher expects you to know for the exam.
3. Practice Past Questions: Solve past Business Studies exam questions. This will help you know how questions are usually set and how to answer them correctly.
4. Learn Definitions and Terms: Business Studies includes many key terms and definitions. Make sure you can define them and give examples where necessary.
5. Pay Attention in Class: Participate in class discussions and always ask your teacher for help when you don’t understand a topic.
6. Revise Regularly: Don’t wait until exam week to start reading. Make a study timetable and revise your notes little by little every day.
7. Be Neat and Orderly: In exams, present your answers clearly. Label your points properly and write in good English to impress the examiner.

By following these steps and staying focused, you will perform excellently in your Business Studies exam.

It’s a wrap!

If you need more clarification on JSS1 Third Term Questions on Business Studies, you can use the comments box below. We’ll be there to answer you asap.

Best wishes.