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WorksheetsBusiness Studies 3rd Term EXAM 2021/2022 ACADEMIC SESSION
Total questions: 50
Worksheet time: 50mins
A debit note is used when there is --------
overcharged
undercharged
credit sales
debit sales
Sandra bought some snacks from Genesis and paid with his Debit/ATM card. This type of transaction is a
cash transaction
credit transaction
card transaction
consumer transaction
The current account holder who issues a cheque is known as the
payee
drawee
drawer
issuer
Documents that provide first-hand information on transactions are called
open documents
source documents
transaction documents
consumer documents
Statement of accounts are sent from the
buyer to the seller
buyer to the buyer
seller to seller
seller to buyer
Which of these documents records the quantity and cost of items bought or sold?
Teller
Invoice
Cheque
Letter of enquiry
One of the uses of source documents is that it
helps in identifying troublesome customers
identifying the source of all problems in a business
helps in analyzing business activities.
attracting more buyers
The document sent by a supplier to a buyer when the buyer has been overcharged is called
credit note
advance note
debit note
access note
Which of these source documents is printed in red
debit note
invoice
statement of account
credit note
Jane is a current account holder with Access Bank. She issues a cheque of #500,000 to Jackson. From the statement above, the drawee is __________
Jane
Access Bank
Jackson
#500,000
Jane is a current account holder with Access Bank. She issues a cheque of #500,000 to Jackson. From the statement above, the payee is __________
Access Bank
Jane
#500,000
Jackson
Jane is a current account holder with Access Bank. She issues a cheque of #500,000 to Jackson. From the statement above, the drawer is __________
#500,000
Jackson
Access Bank
Jane
What is a sole trader?
A person who is the exclusive owner of a business.
Two people who own a business.
A group of people who own a business
Someone who hawks
The manufacturing sector
The manufacturing sector
Which sector does an amusement park belong in?
Primary
Secondary
Tertiary
Quaternary
___________ is not a column in the ledger.
Date
Folio
Cash
Particular
_________ is a column for entering page numbers.
Particulars
Folio
Discount
Amount
The debit side of the ledger is at the _______
left-hand side
right-hand side
centre side
left-right side
CR and DR means
cash book and debtor
Creditor and debtor
credit and debit
debit of journal
A source document used as a means of receipt and payments instead of cash is
Invoice
Cheque
Debit note
Credit note
The two types of transaction are ------------ and ------------
cash and credit
payment and credit
credit and debit
cash and cheque
A debit note is used when there is --------
overcharged
undercharged
credit sales
debit sales
An evidence for payment is -------------
invoice
receipt
credit note
voucher
An invoice should be prepared for a customer when
the customer requests for it.
goods are sold.
the office is ready.
an enquiry is made.
A cheque has
three parties
two parties
four parties
five parties
Which of these documents records the quantity and cost of items bought or sold?
Teller
Invoice
Cheque
Letter of enquiry
The document sent by a supplier to a buyer when the buyer has been overcharged is called
credit note
advance note
debit note
access note
_______________ is a list with company's covering letter, goods offered for sale and their prices.
sales list
price list
number list
product list
The buyer will send an ____________ to the seller when he wants to place an order for goods.
application form
blank form
order form
none of the above
A ___________________ is sent with the goods being delivered. It's then signed by the buyer to state that the goods have been received in good condition.
Receipt
Payment
cash bill
Delivery note
_______________________ is sent from the seller to the buyer at a fixed time, usually at the end of every month.
Statement of Records
Statements of receipts
Statement of Payments
Statement of account
A Characteristic of entrepreneurs?
Friendly
Lazy
Weak communicator
Optimistic
People who are part owners of a company are known as...
Stakeholders
Shareholders
Customers
People
Trading one good or service for another is called
trade
services
barter
scarcity
Bringing in goods or services from another is country
exports
imports
donates
entreport
The United States sells airplane parts to the country of Kenya. This is an example of an ______________
import
export
donation
monopoly
Identify the activity which does not support trade?
Transportation
Warehousing
Advertising
Coal Mining
_______________ is any activity performed or service rendered with goods and services to satisfy human needs and desires.
Business
Marketing
Sales
Technology
________________ is the study of the management of individuals to maintain collective productivity, which accomplishes particular creative and productive goals, usually to generate profits.
Management
Business
Business Studies
Accounting
A _______________ can be defined as the occupation or profession one can do to earn a living.
market
career
company
commerce
An __________________ is define as a room set aside in an organisation for clerical activities.
asset
area
octopus
office
A _______________ office usually have one to ten clerical staff.
small
big
large
huge
There are _____________ types of office.
three
two
four
five
A _____________ is someone employed in an organization who does clerical work in the office.
messenger
clerk
manager
banker
The current Minister of Finance is:
Zainab Shamsuna Ahmed
Kemi Adeosun
Anamekwe Nwabuoku
Pravin Gordon
