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Business Studies yr8 (2nd and 3rd term)

Total questions: 85

Worksheet time: 43mins

Name
Class
Date
1.

A right given to a company or indvidual to market the products of another organization is called

a)

magazine

b)

franchising

c)

vendoring

d)

factoring

2.

A document used for the purpose of depositing money into an account is

a)

A passbook

b)

paying-in slip

c)

identity card

d)

credit note

3.

The form of life assuarance in which the assured is given back the money after a specified perios of time is called

a)

A whole life assurance

b)

endowment policy

c)

comprehensive insurance

d)

third party insurance

4.

Retailers in an economy perfrom the function of

a)

distribution

b)

exchange

c)

consumption

d)

hoarding

5.

The basic necessities of life which an cannot do without are referred to as

a)

Wants

b)

Desires

c)

Need

d)

RIghts

6.

When considering venturing into a business opportunity, the following may be necessary except

a)

the target market

b)

the family size

c)

the risks involved

d)

the competitors

7.

An order made upon a bank to pay a stated sum of money to the bearer is termed

a)

bill

b)

cheque

c)

promissory note

d)

insurance

8.

If a businessperson is paid N200,000 bu an insurance company for fire damage done to their premises, this sum illustrates

a)

insurable interest

b)

premium

c)

subrogation

d)

indemnity

9.

Which is not a small-scale retail trade

a)

kiosk

b)

itinerant/hawking

c)

supermarket

d)

mobile shop

10.

Which of the following risks cannot be insured agaisnt

a)

accident

b)

stealing from a warehousee

c)

Gambling

d)

Life

11.

Which of the following is known for breaking bulk in the chain of trade?

a)

retailer

b)

Producer

c)

Consumer

d)

Wholeslaer

12.

The middleman who brings the good closet to the consumer and sells at convenient times to them is the

a)

agent

b)

retailer

c)

producer

d)

wholesaler

13.

Insurance is a contract between

a)

landlord and tenant

b)

vendor and vendee

c)

insurer and insuree

d)

insured and insurer

14.

The type of motor vehivle insurance taht covers all risks that the vehicle could be exposed to is called _____ insurance

a)

A third party

b)

comprehensive

c)

theft

d)

endowmnet party

15.

The temporary docuemnt which enables the insured to enjoy vertain insurance benefits while his certificate is being processed is called

a)

form C

b)

subrogation

c)

cover note

d)

re-insurance

16.

A basic principle of insurance is tha the insred and unstrer must not fail to disclose any mateiral fact. This principle is known as

a)

utmost good faith

b)

insurable interest

c)

proximate cause

d)

subrogation

17.

These are local busness oppotunites excpet

a)

a catering service

b)

barbing

c)

bread making

d)

franchising

18.

Which of the following is the olderst form of insurance?

a)

Marine insurance

b)

burgalry insurance

c)

whole life assurance

d)

fire insurance

19.

The amount paid regularly by the insured to the insurer in insurance conrtact is called

a)

indemity

b)

sum assured

c)

premium

d)

interest

20.

Which is not a member of capital makret (does not give a long term loan)

a)

Industrial Development Bank

b)

Mortage bank

c)

Commerical Banks

d)

Agricultural Development Bank

21.

WHich of these is regarded as the banker to other banks

a)

Commercial Banks

b)

Central banks

c)

Mortage banks

d)

Micro finace bank

22.

A cheque is only valid ofr a period of

a)

oney year

b)

one month

c)

five months

d)

six months

23.

The amount given to the insured for his unwillingness to continue an insurance contract is called

a)

actuary

b)

surrender value

c)

underwrting

d)

premium

24.

A cheque book is given to a bank customer who opens a

a)

floating account

b)

deposit account

c)

current account

d)

savings account

25.

Information about an object to be insured can be made availiable to the insurance company through

a)

cover note

b)

proposal form

c)

insurance certifiicate

d)

jettison

26.

In the world of business, P.O box stands for

a)

Public offce box

b)

Post our Box

c)

Post office box

d)

Prive order box

27.

Services provided to customers afger goods are sold consititue

a)

merchandise services

b)

mail services

c)

after sale services

d)

Vendor services

28.

A trader who exposrts goods that were previouslt imported into a country is engaged in ____ trade

a)

eternal

b)

extended export

c)

entrepot

d)

import

29.

Which of the following is activies stimulates slaes

a)

Communication

b)

Tourism

c)

communication

d)

advertising

30.

A voyage policy is tkaen to cover

a)

damages to the body of the ship

b)

damages to the goods in store

c)

goods that aget damdged while on a singe journey

d)

non-payment of frieght

31.

whcih of the following covers damages to the body of a ship

a)

freight insurance

b)

cargo insurance

c)

general average insurance

d)

hull insurance

32.

The toal money provided by a person to start and run a business is known as

a)

assets

b)

capital

c)

liablities

d)

shares

33.

Which of the following activiites aids commerce by reducing the risk involved in trade?

a)

advertising

b)

insurance

c)

warehousing

d)

banking

34.

A crossed cheque

a)

Cannot be cashed at the counter of the bank

b)

can be cashed over the counter of a bank

c)

Has no parallel lines on it

d)

is a cheque that is returned to the drawer, unpaid bu the bank teller

35.

Which of these is the final point of distrubution

a)

Wholesaler

b)

producer

c)

consumer

d)

retailer

36.

The differnence between cost price and sales is knon as

a)

margin

b)

mark-up

c)

profit

d)

turnover

37.

Taking over the place of the insured after payment has been made by the insurer is called

a)

indemity

b)

subrogation

c)

utmost good faith

d)

proximate cause

38.

The following are important aspects of entrepreuership except

a)

ownership

b)

risk-taking

c)

packaging

d)

organizing

39.

The right of a consumer to be attended to a clean surrounding is

a)

right to choose

b)

right to satistfy

c)

right to clean enviroment

d)

right to get value

40.

Expensive cars, tables and make-up are good exmaples of

a)

needs

b)

wants

c)

desire

d)

urge

41.

The process of starting and organizing a business is termed

a)

self starter

b)

self confidence

c)

entreprenuerhsip

d)

capital

42.

An entreprenuer is one who

a)

establishes a business by providing the finance and other factors of production

b)

sells goods in a market

c)

shows an excellent motivational skill

d)

participates in any project

43.

An entreprenue can also be called an/a

a)

agent

b)

insurer

c)

preprietor

d)

staff

44.

The followinf are important aspectsof enrreprenueruship except

a)

ownership

b)

risk taking

c)

packaging

d)

organizing

45.

Which of the following is not a quality of an entreprenuer?

a)

negligence

b)

intelligence

c)

initiative

d)

courage

46.

The following are ways an entreprenuer can discover business ideas and opportunities except

a)

thourgh personal experience

b)

through ont he job exposure

c)

through market research

d)

through the high rate of turnover

47.

Market reserach can be classified into two:

a)

primary and internal

b)

secondary and internal

c)

primary and secondary

d)

secondary and tertiary

48.

Which of the following is not an external source of secondary research?

a)

internet

b)

newspaper

c)

magazines

d)

records of existing business

49.

International business oppotunites are available thorugh the following except

a)

immportation of consumer and industrail goods

b)

setting up a car assembly plant

c)

investing in tourism

d)

selling provisions in shops

50.

A consumer is

a)

a seller

b)

a supplier

c)

a manufacturer of goods

d)

an individual who makes use of goods and services

51.

All people and organizations thath purchase or buy products are called

a)

consumers

b)

purchasers

c)

customers

d)

suppliers

52.

Mobile phone users decided not to make calls to pressurize the GSM companies to do what is tihgt. This is an exmaple of

a)

sovereignity

b)

consumerism

c)

complaint

d)

consent

53.

The right that a consumer has to be updated with information by the producers about products is called

a)

right to satistfy

b)

right to be heard

c)

right to be informed

d)

right to fair pricing

54.

The right of a consumer to be attended to ina clean surrounding ic

a)

right to choose

b)

right to satistfy

c)

right to clena enviroment

d)

right to get value

55.

Consumers must not be forced to but any particulat product due to their

a)

right to be informed

b)

right ot fair pricing

c)

right to chooose

d)

right to safety

56.

Duties of a consumer during and after buying or using product are called

a)

Consumer responsibilty

b)
Manufacturer obligations
c)
Product warranties
d)
Consumer rights
57.

Below are some consumer responibilites except

a)

self education

b)

due care

c)

proper action

d)

regularity

58.

The collective attitude of consumers toward protecting their own interest is called

a)

collective effort

b)

co-operation

c)

joint-force

d)

consumerism

59.

One of the following is not a basic neccestiy of life

a)

education

b)

food

c)

shelter

d)

clothing

60.

Needs are goods and services which we cannot do without while wnats are

a)

goods and services bought

b)

goods and services dreamt

c)

goods and services desired

d)

essentail needs

61.

When all wnats cannot be afforded, the next thing is to

a)

go on to extort them

b)

determine to have them

c)

prepare a scale of preference

d)

visit the seller

62.

Arrangment of wants in order of importance is called

a)

need

b)

want

c)

scale of preference

d)

choice

63.

Mr A ended up buying a T-shirt instead of toiletries he had planned. Such action is termed

a)

after-sales purchases

b)

unbedgeted expenses

c)

impulse buying

d)

pressure

64.

TAP means

a)

transport, association, and preocurement

b)

transperenct, accountability and probity

c)

transperencet, association and procalmation

d)

transparency, accountability and procurement

65.

The code of conduct for all book keeper sand accoutnatns isc called

a)

book-keeping ehtics

b)

booke-keeper guide

c)

book-kepper code of conduct

d)

professional guide

66.

All are attributes of TAP except

a)

truthfullness

b)

openess

c)

due process

d)

partiality

67.

Lack of transparency leads to the following except

a)

faireness

b)

bribery

c)

corruption

d)
Reduced collaboration
68.

Free installation is one of the after sales services .

a)

true

b)

false

c)

true

d)

false

69.

Needs are essential for survival while wants are not

a)

true

b)

false

c)

true

d)

false

70.

The principal book of account is the

a)

cash book

b)

journal book

c)

ledger book

d)

petty cash book

71.

The following except one are the correct format of a standard ledger account

a)

date

b)

particulars

c)

folio

d)

items

72.

Ledger accounds can be classified into

a)

private, classical and payment account

b)

classical, impersonal and private account

c)

impersonal, personal and private account

d)

prive, personal and general accounts

73.

Personal accounts are those of

a)

debtors and creidtors

b)

capital and drawing accoutns

c)

assests and liability account

d)

profit and loss account

74.

A cash book wiht double coloum is called a

a)

three colum cash book

b)

two column cash book

c)

bank column cash book

d)

single column cash book

75.

What is a cashbook

a)

a special boko of accounts

b)

a book in which all transactions are recorded

c)

a book in which all cahs transactionsa re recorded

d)

a book containing both cash and credit transactions

76.

Items recorded on the credit side of the cash book represent

a)

monies paid out

b)

sales

c)

assets

d)

monies recieved

77.

_____ deals with minoe expenses

a)

single column cashbook

b)

double column cashbook

c)

petty cashbook

d)

ledger bok

78.

A petty cash book usually put in the care of a clerk called an/a

a)

petty cashier

b)

petty trader

c)

petty accountant

d)

imprest officer

79.

The original amount given to the petty cashier is called

a)

double entry

b)

float

c)

contra entry

d)

petty expences

80.

How many times should a contra entry be entered in the same cash book

a)

2 times

b)

3 times

c)

4 times

d)

once

81.

These are petty items excpet

a)

pencils

b)

bus fares

c)

mortages

d)

stamps

82.

The discount allowed is written on the ____ side

a)

credit

b)

debit

c)

balance

d)

c/d

83.

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?

a)

N1400

b)

N1600

c)

N600

d)

N400

84.

A petty cashier cannot give out money except there is

a)

a cheque

b)

a voucher

c)

a bank statement

d)

an invoice

85.

What is reimbursement?

a)
Reimbursement is a tax deduction for businesses.
b)
Reimbursement is a penalty for late payments.
c)
Reimbursement is a type of insurance coverage.
d)
Reimbursement is the act of compensating someone for expenses they have paid.