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WorksheetsBusiness Studies 1st Term Examination
Total questions: 50
Worksheet time: 25mins
What is credit?
The ability to save money in a bank
The ability to borrow money or goods now and pay later
The process of selling goods on cash basis
Money given as a gift
Which of the following is a type of credit?
Salary
Trade credit
Donation
Gift
A loan used to buy a house is called a ________.
Personal loan
Mortgage
Hire purchase
Trade credit
Which of these is a source of credit?
School
Hospital
Cooperative society
Restaurant
Why might someone take credit?
To avoid spending money
To meet urgent financial needs
To give money away
To increase savings
Before taking credit, one should consider ________.
The color of the money
Ability to repay
The weather
Friend’s opinion
A negative effect of taking credit is ________.
Increased savings
Debt
Free gifts
More friends
Money is generally accepted as ________.
A means of barter
A means of payment for goods and services
A piece of paper
A type of food
Which system came before money?
Digital system
Barter system
Credit system
Banking system
Which is NOT a type of money?
Coins
Paper money
Electronic money
Barter goods
Money earned from working is called ________.
Loan
Salary
Gift
Interest
One use of money is as a ________.
Medium of exchange
Source of stress
Tool for farming
Type of food
Money can be saved for future use. This is called ________.
Medium of exchange
Store of value
Measure of value
Unit of account
Which is an example of good money etiquette?
Boasting about wealth
Borrowing unnecessarily
Spending within your means
Ignoring debts
A consumer of financial services is someone who ________.
Sells financial products
Uses services like banking and insurance
Works in a bank
Prints money
Which is a financial service?
Buying bread
Mobile money transfer
Riding a bicycle
Watching television
A major challenge faced by financial consumers is ________.
Free money
Fraud and scams
Too many banks
Easy loans
Hidden charges refer to ________.
Fees clearly explained
Extra fees not easily noticed
Gifts from banks
Tax refunds
How can a consumer protect their money?
Share ATM PIN
Keep transaction records
Ignore bank alerts
Use unknown apps
To avoid fraud, one should ________.
Use only official banking channels
Give OTP to anyone
Click unknown links
Use illegal operators
Digital technology refers to ________.
Stone tools
Electronic tools and systems
Paper files
Handwritten notes
Which tool is used for video meetings?
Microsoft Excel
POS
Zoom
Calculator
A business that wants to track sales should use ________.
Social media
POS system
Radio
Responsible digital citizenship includes ________.
Sharing passwords
Using strong passwords
Ignoring privacy
Using pirated software
To advertise a product, a business can use ________.
Accounting software
Social media
POS
Microsoft Excel
A cashless economy means transactions are done ________.
With physical cash only
Without physical cash
Through barter
With animals
One purpose of cashless policy is to ________.
Increase cash printing
Reduce cost of handling cash
Encourage theft
Slow down transactions
Which is a digital payment system?
Barter
ATM
Cowry
Paper cheque only
An example of mobile banking in Nigeria is ________.
GTWorld app
Radio jingle
Newspaper
Market shouting
USSD banking is done ________.
Only with internet
Without internet, using codes
With a cheque book
Through email
A challenge for businesses in cashless economy is ________.
Free money
Network failure
Too many customers
No bank charges
Consumers may face ________ in cashless economy.
Unlimited free transfers
Loss of funds to scams
No need for phones
Cash-only discounts
How can cashless challenges be reduced?
Stop using phones
Improve network infrastructure
Use only cash
Avoid banks
Which is a type of credit given by government?
Personal loan
Mortgage
Agricultural credit scheme
Hire purchase
Money received as gift is called ________.
Salary
Allowance
Loan
Interest
Good money etiquette includes ________.
Avoiding saving
Giving to charity
Boasting about money
Hiding money
A licensed financial institution is approved by ________.
Market association
Central Bank of Nigeria
School principal
Individuals
If there is a wrong deduction from your account, you should ________.
Keep quiet
Report to customer care
Close the account
Stop banking forever
Before choosing a financial service, you should ________.
Compare fees
Let friends decide
Pick the nearest
Avoid questions
Electronic money is also called ________.
Commodity money
E-money
Paper money
Metal money
Barter system failed because of ________.
Too much money
Lack of double coincidence of wants
Easy trading
Government ban
Money helps to compare prices. This is called ________.
Store of value
Unit of account
Medium of exchange
Standard of deferred payment
An example of a source of credit is ________.
Library
Money lender
Church
Stadium
Taking credit can lead to ________.
More income
Stress
Free house
Friendship
A POS machine is used to ________.
Watch movies
Make card payments
Cook food
Drive cars
Digital wallets in Nigeria include ________.
Opay
Naira notes
Cheque books
Barter goods
Cyber fraud in cashless economy can be reduced by ________.
Sharing passwords
Enhancing cybersecurity
Using simple passwords
Ignoring updates
One strategy for financial consumers is to ________.
Use unlicensed operators
Keep no records
Protect personal information
Share account details
Money as a resource should be ________.
Wasted
Managed wisely
Hidden
Burned
The origin of money started because barter had ________.
No problems
Many problems
Only one problem
Government support
