jss 3 business studies 2nd term exam

1. The management of one’s personal money is termed as (a)      A.  budget  B. scale of preference 

C. personal finance  D. consumption

• All these are sources of fund that may be available for an individual except (a)     A. loan from bank 

B. trade credit   C. issue of shares  D. personal savings

• The arrangement of needs in order of  importance is known as (a)   A. personal finance B. choice  

C. budget   D,. scale of preference

• Governments prepare budget (a)     A. monthly  B. yearly   C. quarterly D. bi-annually

• The estimate of income and expenditure is called (a)      A. scale of preference B. consumption 

C. budget   D. personal finance

1. All expenses are ———– in the trial balance A.   debited     B.  credited      C.  added      D.  deducted

(a)  

  All liabilities and incomes should be ——— A. debited      B  earmarked       C  credited       D  added

(a)  

Which of the following is credited in the trial balance? A  Loan     B  Purchases      C  Wages       D  rent

(a)  

   Drawings is ————- in the trial balance A. credited     B.  debited      C  added      D  deducted

(a)  

   All liabilities are ———— in the trial balance A  debited      B.  credited       C.  added       D.  deducted

(a)