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XMAS TERM YEAR 8 BUSINESS STUDIES REVISION BOOK

Total questions: 81

Worksheet time: 41mins

Name
Class
Date
1.

A ____ is a man or woman who receives visitors into an organization and attends to their needs.

a)

secretary

b)

receptionist

c)

receptionist

d)

clerk

2.

The reception is a room located at the ______ of an organization where visitors are received.

a)

back

b)

entrance

c)

side

d)

heart

3.

_____ means that a receptionist must be able to read and write

a)

Calmness

b)

Confidentiality

c)

Literacy

d)

Politeness

4.

A business card is also known as a

a)

competition

b)

complaint

c)

complimentary

d)

commonwealth

5.

Which of the following cannot be found in a visitor's book?

a)

name and address of visitor

b)

time of arrival

c)

purpose of visit

d)

age of visitor

6.

A business card contains the following information about an employee expect ___

a)

name and title

b)

telephone number

c)

email address

d)

bank account number

7.

A place designed for handling all office correspondence in an organization is called ___ room.

a)

rest

b)

board

c)

mail

d)

call

8.

A mail leaving the organization should be recorded in

a)

mail inward register

b)

ledger

c)

journal

d)

mail outwards register

9.

The filling cabinet is used for the storage of

a)

wears

b)

documents

c)

goods

d)

utensils

10.

___ is used to record mail to be delivered by hand

a)

postage book

b)

dispatch book

c)

mail inward book

d)

mail outward book

11.

____ is used to record the details of the letter sent and the amount spent on stamps

a)

stamp book

b)

postage book

c)

dispatch book

d)

mail book

12.

Office documents, in this context, refer to ________ documents

a)

current and future

b)

sales and purchase

c)

buying and selling

d)

past and present

13.

Quotation, price list, and delivery note are examples of ____ documents.

a)

purchase

b)

official

c)

sales

d)

legal

14.

Upon receipt of a letter of enquiry, which of the following is issued?

a)

receipt

b)

quotation

c)

order

d)

invoice

15.

Buyers are expected to check goods and sign the _____ if they are satisfied.

a)

delivery note

b)

letter of enquiry

c)

price list

d)

catalogue

16.

Who prepares a delivery note?

a)

buyer

b)

seller

c)

customer

d)

none

17.

Which of the following takes care of the changes in prices of products?

a)

catalogue

b)

price list

c)

delivery note

d)

receipt

18.

Which of the following is not a source document for recording sales?

a)

sales

b)

credit

c)

receipt

d)

debit note

19.

A document which shows the total amount expected from the buyer is

a)

delivery

b)

invoice

c)

price list

d)

receipt

20.

The document usually sent to the supplier upon receipt of quotation is called.

a)

Invoice

b)

receipt

c)

order

d)

price list

21.

____ in an evidence of payment

a)

invoice

b)

receipt

c)

price list

d)

sales order

22.

Buying and selling of fish and tomatoes of Oyingbo market in Logos state in regarded on

a)

entrepot

b)

import

c)

home trade

d)

external trade

23.

Finished goods reach consumers with the aid of

a)

Retailers and Consumers

b)

Brothers and Retailers

c)

Wholesalers and Retailers

d)

Manufacturers and Consumers

24.

___ Is an economic institution that brings people together for buying and selling?

a)

Industry

b)

Banks

c)

Shopping malls

d)

Markets

25.

Which of the following instruments is traded in the money market?

a)

Bonds

b)

Debentures

c)

Treasury bills

d)

Shares

26.

Individuals who buy goods for sale are called?

a)

Hazards

b)

Customers

c)

Agents

d)

Traders

27.

The following are instruments traded in the money market except?

a)

Bills of exchange

b)

Commercial paper

c)

Treasury certificate

d)

Treasury bills

28.

A place where buyers and sellers meet to exchange goods and services is called

a)

Commerce

b)

Bank

c)

Store

d)

Market

29.

If buying and selling takes place at an open place, we call it

a)

Stadium

b)

a stall market

c)

a Shop market

d)

an open market

30.

A market can take any of these forms except

a)

Church

b)

Shop

c)

Stalls

d)

Open market

31.

A document that serves as proof of payment is?

a)

Statement of account

b)

Invoice

c)

Sales deed

d)

Receipt

32.
Money put into an account.
a)
Deposit
b)
Withdraw
33.

I'm an institution which performs the function of accepting deposits, lending funds & making an investment with the main aim of profit maximization.


What am I?

a)

Commercial Bank

b)

Central Bank

c)

Government

d)

None of these

34.

Which of them is an example of Commercial banks

a)

merchant bank

b)

UBA

c)

Mortgage bank

d)

micro finance

35.

For the bank, the amount of money in the account of the accountholder is called:

a)

Profit

b)

Deposit

c)

Interest

d)

Loan

36.

Which bank accepts the deposits from the public?

a)

Commercial Banks

b)

State Bank

c)

Mortgage Bank

d)

All of the above

37.
Which is NOT a function of commercial bank?
a)
Providing financial and tax planning advice
b)
Print money
c)
Providing insurance
d)
Exchanging foreign currencies
38.

Commercial banks perform the following functions:

a)

Primary Functions

b)

Agency Functions

c)

General Utility Functions

d)

Tertiary Functions

39.

The essential functions that a financial institution must perform in order to become a bank are:

a)

Acceptance of chequable deposit

b)

Clearing Agent

c)

Lender of last resort

d)

Lending

40.

We should deposit our funds at a commercial bank because:

a)

Idle money is kept safe

b)

Money can be withdrawn any time using cheque

c)

We can earn interest over the funds

d)

We can bring uniformity in note circulation

e)

We can purchase and sell government securities

41.

There is only ONE Commercial Bank in Nigeria

a)

True

b)

False

42.

UBA, GTB, Access, are the example of

a)

Commercial Bank

b)

Central Bank

c)

Co-operative Bank

d)

Nationalized Bank

43.

What is the main function of commercial banks?

a)

Processing payroll and managing employee benefits

b)

Issuing credit cards and managing investments

c)

Providing insurance services and financial planning

d)

Accepting deposits and providing loans

44.

Which type of bank is responsible for issuing currency and controlling monetary policy?

a)

commercial bank

b)

retail bank

c)

central bank

d)

investment bank

45.

Which type of bank acts as a banker to the government?

a)

investment bank

b)

central bank

c)

commercial bank

d)

retail bank

46.
Depositing money into an account will increase the balance
a)
true
b)
false
47.
What type of intermediary would purchase baseball bats from one producer, mitts from another, and balls from still another, and then sell an assortment to sporting goods stores
a)
Agent
b)
Producer
c)
Retailer
d)
Wholesaler
48.
Which of the following intermediaries never actually owns the products it promotes and sells
a)
Agents 
b)
Retailers 
c)
Industrial users
d)
Wholesalers
49.
Top-Notch Wheels buys mountain bikes from The Great Colorado Mountain Bike Company and sells them to bike shops. Top-Notch Wheels is an example of a(n)
a)
agent
b)
retailer
c)
producer
d)
wholesaler 
50.
Where does a channel of distribution begin
a)
With the industrial user
b)
With the ultimate consumer
c)
With the producer
d)
With the intermediary
51.
Path a product takes from producer or manufacturer to final user  
a)
Channel of Distibution
b)
Retailer
c)
Intermediaries
d)
Wholesaler
52.
Sell goods to the ultimate consumer through their own stores
a)
Retailer
b)
Wholesaler
c)
Manufacturer
d)
Producer
53.

(+):

The quickest method especially for goods that need to be consumed as soon after production as possible.

a)

Producer --> consumer

b)

Producer --> retailer --> consumer

c)

Producer --> WS --> retailer --> consumer

d)

Producer --> agent --> WS --> retailer --> consumer

54.

(+):

WS buys in bulk from the producer and then breaks this down into smaller quantities for retailers.

a)

Producer --> consumer

b)

Producer --> retailer --> consumer

c)

Producer --> WS --> retailer --> consumer

d)

Producer --> agent --> WS --> retailer --> consumer

55.

Which of the following document is not associated with sales

a)

Quotation

b)

pricelist

c)

invoice

d)

ledger

e)

proforma invoice

56.

A document that shows the price of goods for sale is

a)

invoice

b)

receipt

c)

price list

d)

ledger

e)

proforma invoice

57.

Books kept to show records of transactions in a company is generally called (a)  

58.

Catalogue is an example of____________

a)

purchases documents

b)

gift documents

c)

sales documents

d)

give-away item

59.

Documents prepared and issued by the seller to the buyer during business transactions is known as ______

a)

purchases documents

b)

invoice

c)

sales documents

d)

receipt

60.

A list that gives the current prices of goods for sale in a shop is called_______

a)

quotation

b)

tender

c)

price list

d)

statement of account

61.

__________ is a document issued by the seller to the buyer to show the quantity and cost of goods sold.

a)

invoice

b)

statement of account

c)

tender

d)

order

62.

Mr. Udoh ordered a cake and the delivery boy insist he signs a document. What document could that be?

a)

Letter of enquiry

b)

Delivery note

c)

Requisition letter

d)

Receipt

63.

Glassdor Ltd has just realized Mrs. Jackson (one of their customers) has been overcharged. What document would be sent to the customer?

a)

Debit note

b)

Apology note

c)

Credit note

d)

Transfer note

64.

As a buyer, you like the products and price seen in a quotation. What document are you most likely going to send to the seller?

a)

Requisition letter

b)

Invoice

c)

Order

d)

Tender

65.

Which of the following document is not associated with sales

a)

Quotation

b)

pricelist

c)

invoice

d)

ledger

e)

proforma invoice

66.

A document that shows the price of goods for sale is

a)

invoice

b)

receipt

c)

price list

d)

ledger

e)

proforma invoice

67.

A document which shows the total amount expected from the buyer is

a)

quotation

b)

price list

c)

invoice

d)

delivery note

e)

cash book

68.

A document used by buyers to check goods on arrival is a

a)

delivery note

b)

receipt

c)

price list

d)

letter ofenquiry

e)

quotation

69.

Who prepares the delivery note

a)

the customer

b)

the supplier

c)

terms of trade

d)

name of buyer

e)

name of seller

70.

upon receipt of letter of enquiry, which of the following document is issued

a)

invoice

b)

quotation

c)

price list

d)

proforma invoice

e)

receipt

71.

The document usually sent to supplier upon receipt of quotation is called

a)

invoice

b)

order

c)

letter of enquiry

d)

price list

e)

receipt

72.

The visitors book in an organisation is handled by the

a)

Clerk

b)

Receptionist

c)

Secretary

d)

Security

73.

The document sent by a seller to a customer when there is an overcharge is called

a)

Cheque book

b)

credit note

c)

debit note

d)

invoice

74.

Buying on credit means ----------

a)

paying immediately

b)

hire purchase

c)

paying later

d)

paying in advance

75.

Accounting source document which is prepared by the buyer to show that goods have been returned to the seller and to reflect the fact that, in the books of the buyer the seller’s account have been debited (the amount the buyer owes the seller has been reduced).

a)

Delivery Note

b)

Invoice

c)

Purchase order

d)

Debit Note

76.

It does the opposite of an invoice. If a seller sells goods to a buyer on account, and the buyer returns some of the goods to the seller, then the seller will issue this document. It will typically show particulars of the goods returned, including the parties to the transaction, the date, quantity, and amount of credit.

a)

Check

b)

Credit Note

c)

Debit Note

d)

Receipt

77.

The following are methods of buying except

a)

description

b)

sample

c)

hoarding

d)

inspection

78.

Examining or checking little bits of goods before buying is called

a)

grading

b)

inspection

c)

sampling

d)

auction

79.

When goods are paid for instantly, we call it

a)

credit sales

b)

rebate sales

c)

cash sales

d)

instant sales

80.

When the payment of goods is deferred to a later date, we call it

a)

discount sales

b)

deferred sales

c)

debt sales

d)

credit sales

81.

When the buyer fixes the price of a product is called

a)

buying by auction

b)

buying by fixing

c)

buying by sample

d)

buying by grade

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