Jss1 mid term test (Business studies)

A sole proprietorship business is one in which

• decision making is done after consultation with partners

• more than two people own the business

• only one person owns and manages the business

• profits are shared among shareholders

The knowledge of book keeping is essential to find out the following except

• expenses of the business

• financial position of the business

• expenses of all competitors

• value of goods purchases

Which of these is not a reward for being a truthful employee

• Demotion

• Favour

• Promotion

• Trust

Mr. Amos sets aside a sum of #50,000 for business purposes, this amount is referred to as

• Capital

• Drawings

• Profit

• reserve

A transparent book keeper must be _____

• hardworking and corrupt

• honest and trustworthy

• optimistic and extravagant

• pessimistic and highhandedness

The following are functions performed in an office except___

• giving

• preventing

• processing

• receiving

Which of the following is an acknowledgement of payment?

• Cheque

• Debit note

• Credit note

• Receipt

A cheque that has two parallel lines drawn on it is face called ---- cheque

• dishonoured

• blank

• open

• crossed

One of the advantages of cooperative society is

• granting remember the ability to solve problems beyond their individual remember

• improper planning

• long time decision

• poor management of the society's resources

Which of the following is not a book of original entry?

• Debit note

• Purchase day book

• Sales day book

• Return outwards book