NECO BECE
Business studies 2024
Paper 1
Commerce
1.
The primary purpose of establishing a business
is to A. create employment B. generate revenue for the government C. make profit D. provide goods and services E. sell goods at discounted price
2.
A product that needs demonstration can be
advertised through ______ A. catalogue B. handbill
C. newspaper D. radio E. television
3.
The discount operated by customers of commercial
banks which requires the use of cheque is ______ account A. current
B. deposit C. domiciliary D. salary
E. savings
4.
The following are rights of a consumer except
the right to _____ A. be informed B. choose
C. fix prices D. healthy environment E. safety
5.
The aid to trade that provides finances for
individuals and organization to carry out their business activities is
_____ A. advertising B. banking
C. insurance D. tourism E. warehousing
6.
When a customer informs a manufacturer of
dissatisfaction with his products, this is known as _____ A. challenging B. communication c. complaint
D. interaction E. reporting
7.
The reward of capital as a factor of production
is ____ A. commission B. interest
C. profit D. rent E. salary
8.
Sole proprietorship is a business that is owned
by _____ A. individual B. employees
C. shareholders D.
government E. the public
9.
The internal environment of a business
offers A. opportunities and threats B. strength
and weakness C. threat and strength D.
threat and weakness E. weakness and opportunities
10.
Obtaining natural resources from the land or sea
is categorized under _____ occupation.
A. commercial B.
constructive C. extractive D. manufacturing E. service
11.
Which of the following is an advantage of road
transport? A. has standard rate of charge B. is suitable for carrying fragile goods C. is the fastest means of
transportation D. is usually affected by
traffic congestion E. offer
door-to-door services
12.
A businessman who buys goods from Japan and
sells them in Nigeria is involved in _____ trade A. entreport B. foreign
C. home D. multilateral E. retail
13.
The process of creating goods and services to
satisfy human wants is referred to as ____
A. commerce B. marketing C. occupation
d. production E. trading
14.
The financial institution that reduce risks
associated with business are called _____
A. commercial banks B. discount houses C. insurance companies D. microfinance banks E. pension administrators
15.
Which of the following is not part of the procedures
of writing a business plan? A. analyzing
the strength and weakness of competitors
B. carrying out market analysis
C. designing the organizational structure D. determining discount to be granted E. writing a business proposal
16.
Production is said to be complete when goods
produced reach the ____ A. consumer B. distributor C. retailer
D. warehouse E. wholesaler
17.
The rules and standards which practitioners must
follow in the discharge of their professional duties are called ___ A.
culture B. ethics C. morals
D. norms E. values
18.
Bricklaying id categorized under _____
occupation A. commercial B. constructive C. extractive
D. manufacturing E. service
19.
Which of the following qualities is required of
a business in dealing with customers? A. honesty B. indolence
C. nonchalant D. obedience E. strictness
20.
The process of sending and receiving information
in business is _____ a. advertising B.
communication C. distribution d. marketing
E. production
21.
A trader who buys goods in small quantity and sells
in units to customers is a/an A.
agent B. producer C. retailer
D. supplier E. wholesaler
22.
The principle of insurance which states that the
insured should be compensated at the event of a loss is ___ A. contribution B. indemnity
C. insurable interest D.
proximate cause E. subrogation
23.
When a manufacturer and a dissatisfied customer
discuss on how to resolve a matter peacefully, this is a way of seeking redress
by _______ A. arbitration B.
confrontation C. dialogue D. intervention E. meditation
24.
Which of the following aids delivery of goods in
business? A. advertising B. insurance
C. marketing D. production E. transportation
25.
Chemicals must be properly ______ to give adequate information to
users A. diluted B. kept
C. labeled D. sourced E. stored
26.
Influencing a potential buyer to purchase a
product explains ____
advertisement. A. competitive B. direct
C. informative D. mass E. persuasive
27.
Purchasing a product without planning for it
explains ______ A. impulsive buying B. pre-sale service C. rational purchase D. seasonal prevalence E. window shopping
28.
Which of the following business organizations
raises capital through sale of shares?
A. cooperative society B.
partnership business C. private limited
company D. public limited company E. sole proprietorship
29.
The right channel of distribution of goods is
_____ A. consumer wholesaler
retailer manufacturer B. consumer
retailer agent manufacturer
C. manufacturer wholesaler retailer
consumer D. producer retailer
wholesaler consumer E. wholesaler producer
retailer consumer
30.
Which of the following is not a modern means of
communication? A. e-mail B. internet
C. talking drum D. television E. text message
BOOK KEEPING
31.
Goods unsold at the end of a trading year
is A. closing stock B. cost of goods available C. cost of goods sold D. net purchases E. opening stock
32.
The act of buying and using goods and services
is known as ______ A. business B. consumption C. marketing D. purchases E. trading
33.
The following are found on the debit side of a
trial balance except______ A.
buiding B. furniture C. motor vehicle D. return outwards E. salaries
34.
A petty cashier is given a cash float of ₦20,000
for the month, out of which he spent 
17,500. How much is to
be refunded? A 4,000 B. 3,500
C. 3,000 D. 2,500 E. 2,000
35.
Living within one’s income is ____ A. budgeting
B. choice C. demand D. modesty
E. need
36.
The column that records reference number of
transactions in a ledger is _____ A.
amount B. date C. discount
D. folio E. particular
Use the following information to answer questions 37 and 38.
Capital ₦5,000
Debtors ?
Creditors ₦1,500
Stock ₦2,500
Cash at bank ₦3,000
37.
Which is the amount of debtors? A. 3000
B. 2500 C. 2000 D. 1500
E. 1000
38.
What is the balance on the credit side of the
trial balance? A. 6,500 B. 5,000
C. 4,500 D. 3,000 E. 1,000
39.
A trial balance is presented on a _____ entry
basis, A. contra B. double
C. journal D. ledger E. single
40.
The left hand side on a balance sheet shows A. current and fixed assets B. fictitious and liquid assets C. income and expenses D. liabilities and capital E. profit or losses
41.
The main purpose for preparing profit and loss
account is to ascertain ______ A. gross
profit or loss B. gross sales C. net profit or loss D. net purchases E. net sales
42.
Which of the following is found on the credit
side of a trial balance? A.
building B. furniture C. motor vehicle D. return outward E. salaries
43.
The amount of money used to start a business is
______ A. capital B. gain
C. grant D. loan E. profit
44.
Mr. James bought stationery for ₦1,000
by cash. The double entry is ______ A. Cr
Mr. James and Dr. Cash B. Cr.
Stationery and Dr. Cash C. Dr Cash and Cr James
D. Dr Purchases and Cr Cash E. Dr stationary and Cr cash
45.
The person who takes care of minor expenses in
an organization is the ______ A. counter
cashier B. office clerk C. petty cashier D. secretary
E. treasurer
46.
Financial position of a business is determined
at the end of the year by preparing ________
A. balance sheet B.
cashbook C. profit and loss account D. trading account E. trial balance
Use the following information to answer questions 47 and 48
The following is a stationary of petty cash transaction of
Ada Ltd for the month of November, 2020.
November 1: Received from Accounts ₦60,000 as cash floats
November 2 Bought postage stamp ₦3,000
November 4: Bought petrol for delivery van ₦6,000
November 7: Paid cleaners ₦5,000
November 11: Paid ₦2,000 for travelling epenses
November 16: Bought petrol ₦1,200
November 20: Paid for postage ₦1,500
November 24: Settlement of Segun account ₦1,300
November 29: Sundry expenses ₦200
47.
How much of stationery was bought? A. ₦4,700
B. 4,500 C. 3,500 D. 3,000
E. 2,500
48.
What is the amount used for transportation? A. ₦10,500
B.9,400 C. 9,200 D. 8,000
E. 7,200
49.
When a chief cashies gives out money to a
petty cashier, the chief cashier will
A. credit capital account B.
credit cash account C. credit purchases
account D. debit capital account E. debit cashbook
50.
The full meaning of “TAP” in bookkeeping means
Transparency, ______, and Probity. A.
Accountability B. Accountancy C. Accountant D. Accounting E. Accuracy
51.
When goods are sold for ₦100,000 by cash, the
double entry is _____ A. credit cash
and credit sales B. credit sales and
debit cash C. debit purchases and debit cash D. debit sales and credit cash E. debit sales and debit cash
52.
Balance sheet can be used to determine the
following except ______ A. current
account B. financial position of the
business C. total current assets D. total fixed assets E. working capital
53.
Which of the following expenses is recorded in
petty cashbook? A. insurance B. postage
C. rent D. salaries E. wages
54.
Which of the following transactions is
recorded in the cashbook? A.
accrual B. bad debt C. cash sales
D. Credit sales E. prepayments
55.
The day to day transactions of a business is
recorded in _____ book A. cash B. ledger
C. pass D. purchases day E. sales day
Use the following information to answer questions 56 and 57.
Trading Account
|
₦ Opening stock
9,000 Add purchases
21,000
Less closing stock
6,000
|
₦ Sales 60,000
|
56.
The amount of gross profit is _______ A. ₦45,000
B. 36,000 C. 27,000 D. 21,000
E. 15,00
57.
What is the cost of goods sold? A. ₦ 60,000
B. 36,000 C. 30,00 D. 24,000
E. 21,000
58.
Which of the assets is temporary in
nature? A. cash at hand B. furniture and fittings C. land and building D. machinery and equipment E. motor vehicle
59.
Trading account is prepared to ascertain
______ A. gross profit or loss B. gross
sales C. net profit D. net profit or loss E. net sales
60.
Which of the following is not a source of
personal finance? A. borrowing from
friends and relations B. grant from
world bank C. loan from cooperative
societies D. personal savings E. wages and salaries from occupation
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