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Business Studies 3rd Term EXAM 2021/2022 ACADEMIC SESSION

Total questions: 50

Worksheet time: 50mins

Name
Class
Date
1.

A debit note is used when there is --------

a)

overcharged 

b)

undercharged

c)

credit sales

d)

debit sales

2.

Sandra bought some snacks from Genesis and paid with his Debit/ATM card. This type of transaction is a

a)

cash transaction

b)

credit transaction

c)

card transaction

d)

consumer transaction

3.

The current account holder who issues a cheque is known as the

a)

payee

b)

drawee

c)

drawer

d)

issuer

4.

Documents that provide first-hand information on transactions are called

a)

open documents

b)

source documents

c)

transaction documents

d)

consumer documents

5.

Statement of accounts are sent from the

a)

buyer to the seller

b)

buyer to the buyer

c)

seller to seller

d)

seller to buyer

6.

Which of these documents records the quantity and cost of items bought or sold?

a)

Teller

b)

Invoice

c)

Cheque

d)

Letter of enquiry

7.

One of the uses of source documents is that it

a)

helps in identifying troublesome customers

b)

identifying the source of all problems in a business

c)

helps in analyzing business activities.

d)

attracting more buyers

8.

The document sent by a supplier to a buyer when the buyer has been overcharged is called

a)

credit note

b)

advance note

c)

debit note

d)

access note

9.

Which of these source documents is printed in red

a)

debit note

b)

invoice

c)

statement of account

d)

credit note

10.

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 __________

a)

Jane

b)

Access Bank

c)

Jackson

d)

#500,000

11.

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 __________

a)

Access Bank

b)

Jane

c)

#500,000

d)

Jackson

12.

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 __________

a)

#500,000

b)

Jackson

c)

Access Bank

d)

Jane

13.

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

d)

Someone who hawks

14.
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
15.
Which industry sector is an advertising agency part of?
a)
The primary sector
b)
The secondary sector
c)
The tertiary sector
d)

The manufacturing sector

16.
Which industry sector are raw materials a part of?
a)
The primary sector
b)
The secondary sector
c)
The tertiary sector
d)

The manufacturing sector

17.
This is NOT part of the primary sector of the economy
a)
Mining
b)
Forestry
c)
Retail
d)
Fishing
18.
Fishing, Mining, Farming, and Forestry are examples of what economic activity?
a)
Primary
b)
Secondary
c)
Teritiary
d)
Quaternary 
19.

Which sector does an amusement park belong in?

a)

Primary

b)

Secondary

c)

Tertiary

d)

Quaternary

20.
What is meant by the term production?
a)
Changing raw materials into goods and service
b)
What happens on a movie set
c)
A small shop selling groceries
d)
Producing products by recycling
21.

___________ is not a column in the ledger.     

a)

Date

b)

Folio 

c)

Cash

d)

Particular

22.

_________ is a column for entering page numbers.  

a)

Particulars 

b)

Folio 

c)

Discount

d)

Amount

23.

The debit side of the ledger is at the _______  

a)

left-hand side

b)

right-hand side  

c)

centre side

d)

left-right side

24.

CR and DR means

a)

cash book and debtor

b)

Creditor and debtor

c)

credit and debit

d)

debit of journal

25.

A source document used as a means of receipt and payments instead of cash is

 

a)

Invoice

b)

Cheque

c)

Debit note

d)

Credit note

26.

The two types of transaction are ------------ and ------------

         

a)

cash and credit

b)

payment and credit 

c)

credit and debit

d)

cash and cheque

27.

A debit note is used when there is --------

a)

overcharged 

b)

undercharged

c)

credit sales

d)

debit sales

28.

An evidence for payment is -------------

a)

invoice 

b)

receipt

c)

credit note

d)

voucher

29.

An invoice should be prepared for a customer when

a)

the customer requests for it.

b)

goods are sold.

c)

the office is ready.

d)

an enquiry is made.

30.

A cheque has

a)

three parties

b)

two parties

c)

four parties

d)

five parties

31.

Which of these documents records the quantity and cost of items bought or sold?

a)

Teller

b)

Invoice

c)

Cheque

d)

Letter of enquiry

32.

The document sent by a supplier to a buyer when the buyer has been overcharged is called

a)

credit note

b)

advance note

c)

debit note

d)

access note

33.

_______________ is a list with company's covering letter, goods offered for sale and their prices.

a)

sales list

b)

price list

c)

number list

d)

product list

34.

The buyer will send an ____________ to the seller when he wants to place an order for goods.

a)

application form

b)

blank form

c)

order form

d)

none of the above

35.

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.

a)

Receipt

b)

Payment

c)

cash bill

d)

Delivery note

36.

_______________________ is sent from the seller to the buyer at a fixed time, usually at the end of every month.

a)

Statement of Records

b)

Statements of receipts

c)

Statement of Payments

d)

Statement of account

37.

A Characteristic of entrepreneurs?

a)

Friendly

b)

Lazy

c)

Weak communicator

d)

Optimistic

38.

People who are part owners of a company are known as...

a)

Stakeholders

b)

Shareholders

c)

Customers

d)

People

39.

Trading one good or service for another is called

a)

trade

b)

services

c)

barter

d)

scarcity

40.

Bringing in goods or services from another is country

a)

exports

b)

imports

c)

donates

d)

entreport

41.

The United States sells airplane parts to the country of Kenya. This is an example of an ______________

a)

import

b)

export

c)

donation

d)

monopoly

42.

Identify the activity which does not support trade?

a)

Transportation

b)

Warehousing

c)

Advertising

d)

Coal Mining

43.

_______________ is any activity performed or service rendered with goods and services to satisfy human needs and desires.

a)

Business

b)

Marketing

c)

Sales

d)

Technology

44.

________________ is the study of the management of individuals to maintain collective productivity, which accomplishes particular creative and productive goals, usually to generate profits.

a)

Management

b)

Business

c)

Business Studies

d)

Accounting

45.

A _______________ can be defined as the occupation or profession one can do to earn a living.

a)

market

b)

career

c)

company

d)

commerce

46.

An __________________ is define as a room set aside in an organisation for clerical activities.

a)

asset

b)

area

c)

octopus

d)

office

47.

A _______________ office usually have one to ten clerical staff.

a)

small

b)

big

c)

large

d)

huge

48.

There are _____________ types of office.

a)

three

b)

two

c)

four

d)

five

49.

A _____________ is someone employed in an organization who does clerical work in the office.

a)

messenger

b)

clerk

c)

manager

d)

banker

50.

The current Minister of Finance is:

a)

Zainab Shamsuna Ahmed

b)

Kemi Adeosun

c)

Anamekwe Nwabuoku

d)

Pravin Gordon