Free Printable J2. BUS Mid Term Assignment

1.

You buy some milk & later realise it was sold after the "use-buy" date. You are entitled to:

a)

Nothing- you should have checked the 'use-by-date'.

b)

An exchange only.

c)

A refund only.

d)

An exchange or refund - you choose!

2.

a person who recognizes a business opportunity and organizes, manages, and assumes the risks of starting and operating a business.

a)

Entrepreneur

b)

Manager

c)

Owner

d)

Boss

3.

Consumers should be protected against goods that are hazardous to health or life.

a)

Right to Safety

b)

Right to Consumer Education

c)

Right to Justice

4.

the amount of goods and services consumers are will to purchase.

a)

Demand

b)

Supply

c)

Cost

5.

amount of goods and services available for purchase.

a)

Demand

b)

Supply

c)

Quantity

6.

Any place where buyers and sellers meet to exchange goods and services.

a)

Trade

b)

Market

c)

Economy

7.

Things that you must have in order to survive.

a)

Want

b)

Need

c)

Inspiration

d)

Goals

8.

Cash book records ………… receipts and payments.

a)

cash

b)

credit

c)

cash and credit both

d)

either cash or credit

e)

neither cash nor credit

9.

The single column cash book records all ……... transactions of the business

a)

cash

b)

bank

c)

cash and bank both

d)

any of cash or bank

e)

savings bank

10.

In double column cash book , how many columns of amount are there in cash book?

a)

one column each side

b)

one column

c)

two columns

d)

two columns each side

e)

any of them

11.

For depositing cash/cheques in the bank account, which form has to be filled ?

a)

withdrawl slip

b)

debit note

c)

credit note

d)

pay-in-slip

e)

receipt

12.

If payment is to be made to the person whose name has been written after the words “pay” on cheque is called a….

a)

bearer cheque

b)

order cheque

c)

dishonour of a cheque

d)

crossed cheque

e)

none of them

13.

When two parallel lines are drawn across the cheque, it is said to be crossed

a)

bearer cheque

b)

order cheque

c)

dishonour of a cheque

d)

crossed cheque

e)

none of them

14.

The payment of a………. cheque cannot be made direct to the party on the counter

a)

bearer cheque

b)

order cheque

c)

dishonour of a cheque

d)

crossed cheque

e)

none of them

15.

Cash book is a form of:

a)

(a) Trial Balance

b)

(b) Ledger

c)

(c) Journal

d)

(d) All of the above

16.

Small payments are recorded in a book called

a)

(a) Cash Book

b)

(b) Small payments book

c)

(c) Purchase book

d)

(d) Petty cash book

17.

In petty cash Book, the system followed:

a)

(a) Accrual System

b)

(b) Imprest System

c)

(c) Cash System

d)

(d) None of these

18.

Double entry in Cash Book is completed when:

a)

(a) Salaries are paid by cheque

b)

(b) Withdrawal of money from bank for personal use

c)

(c) Deposited cash into bank

d)

(d) None of these

19.

In three column Cash Book, when does contra entry occurs?

a)

(a) Withdrawal of cash from bank

b)

(b) Payment to creditors

c)

(c) Withdrawal of cash from bank for personal use

d)

(d) all of the above

20.

Where two aspects of a transaction are posted in the Cash Book, such an entry is called.

a)

(a) Double Entry

b)

(b) Debit Entry

c)

(c) Credit Entry

d)

(d) Contra Entry

21.

Postage stamps purchased for ₹ 30 by business. This transaction will be recorded in:

a)

(a) Purchase book

b)

(b) Cash Book

c)

(c) Petty Cash Book

d)

(d) Journal

22.

Petty cash may be used to pay

a)

(a) The expenses relating to postage and conveyance.

b)

(b) Salary to administrative staff.

c)

(c) For the purchase of furniture and fixtures

d)

(d) For the purchase of raw material.

23.

While balancing three column cash book, the discount column are:

a)

(a) Totaled but not adjusted

b)

(b) Totaled and also adjusted

c)

(c) Totaled but not balanced

d)

(d) Balanced but not totaled

24.

The Balance on the debit side of the bank column in Cash Book indicates

a)

(a) Total amount withdrawn from the Bank

b)

(b) Total amount deposited in the Bank

c)

(c) Cash at Bank

d)

(d) Bank Overdraft

25.

Paid rent by cash $88

a)

Debit

b)

Credit

26.

Bought stationery paying by cheque $90

a)

Debit

b)

Credit

27.

Received $1690 by cheque from D. Fisher

a)

Credit

b)

Debit

28.

D. Clarke pays us by cheque $100

a)

Debit

b)

Credit

29.

Withdrew cash from bank for business use $250

a)

Debit

b)

Credit

c)

Both sides

30.

............. is an accounting book used for recording expenses which are small and of little value.

a)

Cashbook

b)

Ledger

c)

Petty Cashbook

d)

Single Column Cashbook

31.

Which of the following is NOT a column on the Petty Cashbook?

a)

Date given

b)

Fuel price

c)

Voucher number

d)

Particulars of expenses

32.

10. The Date Column shows the .............

a)

The time difference

b)

The organisation's opening time

c)

The exact date the transaction took place

d)

None of the above

33.

"Petty" refers to what?

a)

Big

b)

Large

c)

Increase

d)

Small

34.

The following expenses can be recoded on a Petty Cashbook EXCEPT........

a)

Stamps

b)

Stationaries

c)

Transport fare

d)

Salaries

35.

What is the cash use for the petty cash book called…..

a)

Float

b)

Expense

c)

Cheque

d)

None of the above

36.

What is the name given to the columns in the Petty Cash book?

a)

Line

b)

Miscellaneous

c)

Imprest

d)

Analysis

37.

A cashbook is a book of original entries in which ............. and ........... transactions are recorded

a)

Debit and credit

b)

Cash and money

c)

Cash and cheque

d)

Buying and selling

38.

On a Cashbook, what does the Particular Column explain?

a)

The types of transactions that took place.

b)

The time the transactions took place.

c)

The place the transactions took place.

d)

The types of people involved in the transactions.

39.

The Ledger Folio Column on the Cashbook is used for ............

a)

Remembrance

b)

Reference

c)

Restoration

d)

Returns

40.

How many types of Cashbook are there?

a)

3

b)

2

c)

4

d)

5

41.

The double column cash book is also known as......

a)

Two dot column cashbook

b)

Dual column cashbook

c)

Two column cashbook

d)

None of the above

42.

The difference between a single column cashbook and a double column cashbook is ............

a)

Date column

b)

Bank column

c)

Particulars column

d)

Transaction colum

43.

In a double column cashbook, all receipts and payments made by cheques are recorded under ........column

a)

Cash

b)

Bank

c)

Transfer

d)

ATM

44.

'Contra' means ..........

a)

Opposite

b)

Front

c)

Behind

d)

Aside

45.

A Single Column Cashbook is divided into two sides namely; .......... and ..........

a)

Credit and debt

b)

Credit and cheque

c)

Credit and debit

d)

Cheque and debt

46.

Distribution ends when the goods get to the

a)

producer

b)

retailer

c)

wholesaler

d)

final consumer

47.

The route through which goods move from the producer to the consumer is called

a)

Distribution road

b)

Distribution rope

c)

Distribution cord

d)

Distribution chain

48.

Someone who provides resources used in production is called

a)

consumer

b)

producer

c)

retailer

d)

wholesaler

49.

Which of the following is not a middleman?

a)

Retailer

b)

Wholesaler

c)

Producer

50.

Buying in large quantities from the producer and selling in small quantities to the retailer is called?

a)

Production

b)

Retail trade

c)

Consumption

d)

Wholesale trade

51.

Someone who buys goods in small quantities from the wholesaler and sells in relatively smaller quantities to the consumer is called________

a)

producer

b)

retailer

c)

consumer

d)

wholesaler

52.

Who among the following offers after-sales service to consumers?

a)

Wholesaler

b)

consumer

c)

producer

d)

retailer

53.

Which of the following is NOT an example of small scale retail outlet in Nigeria?

a)

Kiosks

b)

Hawkers

c)

Roadside retailers

d)

Shoprite

54.

Who own the Central Bank

a)

the Prime Minister

b)

Government

c)

Private Business Owner

d)

Opposition Leader

55.

If you are traveling outside Nigeria for a business transaction in another country, which of the following means of payment will you need to carry with you?

a)

Naira notes

b)

Crossed cheque

c)

Naira coins

d)

Traveller's cheque

56.

Before you can obtain loan from a commercial bank, you will be required to provide a/an

a)

premium

b)

collateral security

c)

report

d)

gratuity

57.

What do we call the cash contribution an entrepreneur gives to a business?

a)

Capital

b)

Current income

c)

Cash

d)

Fixed deposit

58.

Selling products to consumers can be seen as

a)

An income

b)

An expense

c)

An asset

d)

A liability

59.

Which item is not an expense?

a)

Material used in the business to render a service

b)

Wages

c)

Salaries

d)

Stationery

e)

Equipment

60.

Ledger is a book of __________ entry

a)

primary

b)

secondary

c)

tertiary

d)

accounting

61.

Invoice is a/an___________-

a)

evidence of payment

b)

request for payment

c)

buy now, pay later system

d)

feasibility study book

62.

A note written to a seller about a promise to pay for goods later in called

a)

tender

b)

promissory note

c)

credit purchase

d)

statement of account

63.

All incoming and outgoing mails in an organisation is called________________

a)

office documents

b)

office accounts

c)

office communication

d)

office correspondence

64.

Which part of the letter consist of an email address, telephone and fax number?

a)

Letterhead

b)

Enclosure

c)

Salutation

d)

Signatory

65.

Which of these is the appropriate way of greeting?

a)

"Thank you for calling B.H.S. This is Susan, how may I assist you?"

b)

"Good afternoon. Thank you for calling B.H.S. This is Susan, how may I assist you?"

c)

"Good afternoon. Thank you for calling B.H.S. This is Susan, what is your name?"

d)

"Good afternoon. This is Susan, how may I assist you?"

66.

How should you treat VIP visitors?

a)

In a manner befitting their position

b)

By offering them a complimentary car park pass

c)

Offering to make them a cup of tea

d)

Just like every other visitor.

67.

To create effective presentations and correspondence you should

a)

Be able to file away paperwork properly

b)

Be prepared to plagiarise and copy other people’s writing

c)

Have good knowledge of Microsoft Office packages like Word & Excel

d)

Know how to add and subtract

68.

Sales documents are those documents prepared and issued by the seller to the buyer during business transactions is called

a)

purchases documents

b)

order

c)

sales documents

d)

requisition letter

69.

Mr. Jackson orders a pack of pizza, and the delivery man insists he signs a document. What document could that be?

a)

Tender

b)

Delivery note

c)

Promissory note

d)

Statement of account

70.

A document issued by banks to their customers showing monthly transactions is called

a)

statement of account

b)

order

c)

catalogue

d)

price list

71.

An evidence of payment for goods or services is called

(a)

72.

Greg bought biscuits from Sarah and promised to pay her later. Greg is the

a)

debtor

b)

accountant

c)

creditor

d)

supplier

73.

The person directly above you on an organization chart is always

a)

the chief executive

b)

your subordinate

c)

your colleague

d)

your boss

74.

What is Barter?

a)

Transfer of Goods & Services

b)

Purchase of Goods & Services

c)

Exchange of Goods & Services

d)

Selling of Goods and Services

75.

goods and services SOLD to other countries

a)

Imports

b)

Exports

c)

Absolute Advantage

d)

Comparative Advantage

76.

goods and services PURCHASED from other countries

a)

Imports

b)

Exports

c)

Absolute Advantage

d)

Comparative Advantage

77.

You buy a top, without trying it on, and when you get home it is too large. You are entitled to

a)

A refund

b)

An exchange, because it is fine to try clothes on at home.

c)

A store credit

d)

Nothing, next time try it on!

78.

What are the owners of private and public limited companies called?

a)

Stakeholders

b)

Managers

c)

Board of directors

d)

Shareholders

79.

What is a sole trader?

a)

A person who is the exclusive owner of a business.

b)

Two people who own a business.

c)

A group of people who own a business

80.

An entrepreneur is someone

a)

Someone who works for a new business

b)

Someone who starts a new business

c)

Someone who takes over an existing business

d)

Someone who does not want to work

J2. BUS Mid Term Assignment

Total questions: 80

Worksheet time: 27mins

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