WorksheetsBusiness Studies yr8 (2nd and 3rd term)
Total questions: 85
Worksheet time: 43mins
A right given to a company or indvidual to market the products of another organization is called
magazine
franchising
vendoring
factoring
A document used for the purpose of depositing money into an account is
A passbook
paying-in slip
identity card
credit note
The form of life assuarance in which the assured is given back the money after a specified perios of time is called
A whole life assurance
endowment policy
comprehensive insurance
third party insurance
Retailers in an economy perfrom the function of
distribution
exchange
consumption
hoarding
The basic necessities of life which an cannot do without are referred to as
Wants
Desires
Need
RIghts
When considering venturing into a business opportunity, the following may be necessary except
the target market
the family size
the risks involved
the competitors
An order made upon a bank to pay a stated sum of money to the bearer is termed
bill
cheque
promissory note
insurance
If a businessperson is paid N200,000 bu an insurance company for fire damage done to their premises, this sum illustrates
insurable interest
premium
subrogation
indemnity
Which is not a small-scale retail trade
kiosk
itinerant/hawking
supermarket
mobile shop
Which of the following risks cannot be insured agaisnt
accident
stealing from a warehousee
Gambling
Life
Which of the following is known for breaking bulk in the chain of trade?
retailer
Producer
Consumer
Wholeslaer
The middleman who brings the good closet to the consumer and sells at convenient times to them is the
agent
retailer
producer
wholesaler
Insurance is a contract between
landlord and tenant
vendor and vendee
insurer and insuree
insured and insurer
The type of motor vehivle insurance taht covers all risks that the vehicle could be exposed to is called _____ insurance
A third party
comprehensive
theft
endowmnet party
The temporary docuemnt which enables the insured to enjoy vertain insurance benefits while his certificate is being processed is called
form C
subrogation
cover note
re-insurance
A basic principle of insurance is tha the insred and unstrer must not fail to disclose any mateiral fact. This principle is known as
utmost good faith
insurable interest
proximate cause
subrogation
These are local busness oppotunites excpet
a catering service
barbing
bread making
franchising
Which of the following is the olderst form of insurance?
Marine insurance
burgalry insurance
whole life assurance
fire insurance
The amount paid regularly by the insured to the insurer in insurance conrtact is called
indemity
sum assured
premium
interest
Which is not a member of capital makret (does not give a long term loan)
Industrial Development Bank
Mortage bank
Commerical Banks
Agricultural Development Bank
WHich of these is regarded as the banker to other banks
Commercial Banks
Central banks
Mortage banks
Micro finace bank
A cheque is only valid ofr a period of
oney year
one month
five months
six months
The amount given to the insured for his unwillingness to continue an insurance contract is called
actuary
surrender value
underwrting
premium
A cheque book is given to a bank customer who opens a
floating account
deposit account
current account
savings account
Information about an object to be insured can be made availiable to the insurance company through
cover note
proposal form
insurance certifiicate
jettison
In the world of business, P.O box stands for
Public offce box
Post our Box
Post office box
Prive order box
Services provided to customers afger goods are sold consititue
merchandise services
mail services
after sale services
Vendor services
A trader who exposrts goods that were previouslt imported into a country is engaged in ____ trade
eternal
extended export
entrepot
import
Which of the following is activies stimulates slaes
Communication
Tourism
communication
advertising
A voyage policy is tkaen to cover
damages to the body of the ship
damages to the goods in store
goods that aget damdged while on a singe journey
non-payment of frieght
whcih of the following covers damages to the body of a ship
freight insurance
cargo insurance
general average insurance
hull insurance
The toal money provided by a person to start and run a business is known as
assets
capital
liablities
shares
Which of the following activiites aids commerce by reducing the risk involved in trade?
advertising
insurance
warehousing
banking
A crossed cheque
Cannot be cashed at the counter of the bank
can be cashed over the counter of a bank
Has no parallel lines on it
is a cheque that is returned to the drawer, unpaid bu the bank teller
Which of these is the final point of distrubution
Wholesaler
producer
consumer
retailer
The differnence between cost price and sales is knon as
margin
mark-up
profit
turnover
Taking over the place of the insured after payment has been made by the insurer is called
indemity
subrogation
utmost good faith
proximate cause
The following are important aspects of entrepreuership except
ownership
risk-taking
packaging
organizing
The right of a consumer to be attended to a clean surrounding is
right to choose
right to satistfy
right to clean enviroment
right to get value
Expensive cars, tables and make-up are good exmaples of
needs
wants
desire
urge
The process of starting and organizing a business is termed
self starter
self confidence
entreprenuerhsip
capital
An entreprenuer is one who
establishes a business by providing the finance and other factors of production
sells goods in a market
shows an excellent motivational skill
participates in any project
An entreprenue can also be called an/a
agent
insurer
preprietor
staff
The followinf are important aspectsof enrreprenueruship except
ownership
risk taking
packaging
organizing
Which of the following is not a quality of an entreprenuer?
negligence
intelligence
initiative
courage
The following are ways an entreprenuer can discover business ideas and opportunities except
thourgh personal experience
through ont he job exposure
through market research
through the high rate of turnover
Market reserach can be classified into two:
primary and internal
secondary and internal
primary and secondary
secondary and tertiary
Which of the following is not an external source of secondary research?
internet
newspaper
magazines
records of existing business
International business oppotunites are available thorugh the following except
immportation of consumer and industrail goods
setting up a car assembly plant
investing in tourism
selling provisions in shops
A consumer is
a seller
a supplier
a manufacturer of goods
an individual who makes use of goods and services
All people and organizations thath purchase or buy products are called
consumers
purchasers
customers
suppliers
Mobile phone users decided not to make calls to pressurize the GSM companies to do what is tihgt. This is an exmaple of
sovereignity
consumerism
complaint
consent
The right that a consumer has to be updated with information by the producers about products is called
right to satistfy
right to be heard
right to be informed
right to fair pricing
The right of a consumer to be attended to ina clean surrounding ic
right to choose
right to satistfy
right to clena enviroment
right to get value
Consumers must not be forced to but any particulat product due to their
right to be informed
right ot fair pricing
right to chooose
right to safety
Duties of a consumer during and after buying or using product are called
Consumer responsibilty
Below are some consumer responibilites except
self education
due care
proper action
regularity
The collective attitude of consumers toward protecting their own interest is called
collective effort
co-operation
joint-force
consumerism
One of the following is not a basic neccestiy of life
education
food
shelter
clothing
Needs are goods and services which we cannot do without while wnats are
goods and services bought
goods and services dreamt
goods and services desired
essentail needs
When all wnats cannot be afforded, the next thing is to
go on to extort them
determine to have them
prepare a scale of preference
visit the seller
Arrangment of wants in order of importance is called
need
want
scale of preference
choice
Mr A ended up buying a T-shirt instead of toiletries he had planned. Such action is termed
after-sales purchases
unbedgeted expenses
impulse buying
pressure
TAP means
transport, association, and preocurement
transperenct, accountability and probity
transperencet, association and procalmation
transparency, accountability and procurement
The code of conduct for all book keeper sand accoutnatns isc called
book-keeping ehtics
booke-keeper guide
book-kepper code of conduct
professional guide
All are attributes of TAP except
truthfullness
openess
due process
partiality
Lack of transparency leads to the following except
faireness
bribery
corruption
Free installation is one of the after sales services .
true
false
true
false
Needs are essential for survival while wants are not
true
false
true
false
The principal book of account is the
cash book
journal book
ledger book
petty cash book
The following except one are the correct format of a standard ledger account
date
particulars
folio
items
Ledger accounds can be classified into
private, classical and payment account
classical, impersonal and private account
impersonal, personal and private account
prive, personal and general accounts
Personal accounts are those of
debtors and creidtors
capital and drawing accoutns
assests and liability account
profit and loss account
A cash book wiht double coloum is called a
three colum cash book
two column cash book
bank column cash book
single column cash book
What is a cashbook
a special boko of accounts
a book in which all transactions are recorded
a book in which all cahs transactionsa re recorded
a book containing both cash and credit transactions
Items recorded on the credit side of the cash book represent
monies paid out
sales
assets
monies recieved
_____ deals with minoe expenses
single column cashbook
double column cashbook
petty cashbook
ledger bok
A petty cash book usually put in the care of a clerk called an/a
petty cashier
petty trader
petty accountant
imprest officer
The original amount given to the petty cashier is called
double entry
float
contra entry
petty expences
How many times should a contra entry be entered in the same cash book
2 times
3 times
4 times
once
These are petty items excpet
pencils
bus fares
mortages
stamps
The discount allowed is written on the ____ side
credit
debit
balance
c/d
Samson was given a flaot at N2000 at the beginning of the week and within 2 days he had paid out N600. What should be his reimbursement?
N1400
N1600
N600
N400
A petty cashier cannot give out money except there is
a cheque
a voucher
a bank statement
an invoice
What is reimbursement?
