FCT/ERC/2019/BECE.
SUBJECT: BUSINESS STUDIES
DATE: JUNE, 2019.
TIME: 2½ HOURS.
INSTRUCTION: ANSWER
ALL QUESTIONS FROM THIS SECTION.
1.
An applicant seeking employment should direct
his application to the _____ office. A. Accounts B.
Personnel C. production. D.
sales
2.
Clerical duties are BEST performed in
_______. A. Company B. Market C. ministry D. office
3.
Which of the following represents the firm's
indebtedness? A. Assets B. Capital C. Liabilities D. Creditors
4.
Partnership deed is otherwise known as
_____ A. Agreement B. Amalgamation C. dissolution D. memorandum.
5.
Which of the following is used for the
production of further wealth? A.
Debenture B. Capital C. Labour D. Loan
6.
Mr Odey is the owner of a memorial hospital
which form of business unit does the hospital belong? A. Cooperatives. B. Limited liability company. C. Partnership D. Sole-proprietorship.
7.
A current account holder with a named bank may use
____ to settle his debt. A. Debit note. B. Invoice C. cheque D. receipts
8.
In rural areas, the most effective media for
announcing a village meeting is _____. A.
Newspaper B. Town crier C. Radio D. poster
9.
In land transportation, rails are used by
______. A. Bicycles B. Cars
C. Motorcycles D. Trains
10. Which
of the following is not useful to a receptionist A. Diary.
B. Card index of visitors C. Cash
book D. Telephone directory
11. In
an organization, first impression is created in the mind of the visitors by the
____. A. Manager B. Receptionist C. Security D. Secretary
12. Receipts
are issued by the ____. A. Creditor B. Customer C. debtor D. purchase
13. The
easiest method of payment by commercial banks is through _____. A. Bank draft B. Cash
C. cheque. D. postal order
14. Seas,
oceans and rivers are components of ______. A. Capital. B. Entrepreneur C.
labour D. land
15. In
a construction industry, cement is considered as a/an _____. A. Finished
product B. Raw material C. manufactured goods D. partly finished goods
16. Which
of the following are divisions of home trade?
A. Private and commercial B. Retail
and commercial C. Wholesale and
retail D. Retail and aids to trade
17. All
goods bought for resale are called______. A. Assets B. Liabilities C. purchases D. sales
18. The
person whom the amount written on cheque is paid is called______. A. Bearer B. Drawee C drawer D. payee
19. Pipelines
are used to transport? A. Goods, water and gases. B. Oil, gases and water C. Water, gases and goods D Water, oil and goods
20. Which
column of the cash book is for description of transaction? A. Amount. B. Particulars. C.
Date D. Falio
21. Trading
account is prepared to show the _____. A. Cash at bank B. Gross purchase C. Gross profit or loss D. Gross sales
22. All
the following are examples of current assets EXCEPT A. Creditor B. Cash C. Debtor D. stock
23. Which
of these is not a method of payment? A. Bank B. Cash. C. cheque D. credit transfer
24. Details
of mails are recorded in a account A.
Cash B. Current C. imprest D. postage
25. The
channel of distribution does not include _____.
A. Consumer B. Manager C
manufacturer D. wholesaler
26. When
buying and selling involves other countries it is referred to as ___ trade. A.
Wholesale B. Foreign C. home
D. retail
27. Farming
is an example of ____ occupation. A. Commercial B. Constructive C. extractive D. service
28. Sending
of credit note to buyers becomes necessary when the goods are _____. A. Bought for sale B. Bought on credit C. In perfect condition D. Overcharged
29. Signing
on the back of a cheque after the instruction "pay" is known as ____.
A. Double crossing B. Endorsement. C. Invoicing D. Single crossing
30. The
____ insurance reduces the financial burden to a family at the death of its
breadwinner. A. burglary B. Fire. C. Life. D. Marine
31. A
document sent by the seller to the buyer showing the description of goods quantity,
price and items of sale is known as A.
credit note B. Invoice. C. debit note D. order
32. Withdrawal
from bank for office use is an example of ____ Entry. A. Contra. B. Credit. C. Debit.
D. Single
33. The
following are types of store record EXCEPT _____. A. Stock record card B. Requisition from C. Gate pass D. Quantity invoice
Use the following information to answer question 34-37
The balances below were extracted from the book of Samuel
Endurance Superstore no 31st July 2017.
Sales ₦17,000
Purchases ₦12.300
Opening Stock ₦1650
Closing Stock
₦1,500
Expenses ₦3000
34. What
is the cost of goods available for sale?
A. ₦17,000. B. ₦13,900 C. ₦12,300. D. ₦3,150
35. The
cost of goods sold amount to ____. A. ₦29,300. B. ₦17,000. C. ₦150. D. ₦12,450
36. How
much was the gross profit? A. ₦4,700. B. ₦4,550. C. ₦3,000. D. ₦3,150
37. The
net Profit of the business for the period was ____. A. ₦4,550.
B. ₦3,000. C. ₦1,550. D. ₦1,650
38. The
excess of gross profit over expenses is _____. A. Cost of sales. B. Gross loss. C. Net Profit. D. Net purchases
39. The
payment made to daily paid workers is called ____. A. Wage.
B. Salary. C. Interest. D. Reward
40. A
book showing a summary of cash receipt for the day is called ____. A. Cash
book. B. Cash register. C. Sales book. D. Invoice
41. Which
of the following is a factor of production? A. Bank B. Communication C. Insurance. D. Labour
42. What
type of transport is most suitable for carrying bulky goods within the country? A. Aeroplane B. Cargo C. Larry D. Ship
43. The
price at which the producer is ready to supply goods to the buyers is called
____. A. Agreed price B. Cash on delivery C. Cost price D. quotation
44. The
process through which new products are brought to the notice of the public is
known as ____. A. Insurance B. Advertisement C. commerce. D. Transportation
45. An
advantage of office machine is that they are ___. A. Cheap to maintain B. Electrically operated C. Time saving devices D. Less costly to purchase
46. The
drawer of the cheque is the ___. A. Bank. B. Creditor. C. Drawer. D. Writer
47. A
current account holder who writes a cheque to withdraw some money from the bank
is called ____. A. Borrower B.
Drawee C. drawer D. lender
48. Which
of these items appears on the left hand side of the balance sheet? A. Capital. B. Cash at bank C. Machinery. D
stock
49. A
mail that is written and sent to someone within an organization is called ____
mail. A. express. B. External. C. Internal. D. Local
50. The
____ is used to hold two or more meets of papers together. A. Calculator B. Franking machine C. perforator D. stapler
51. Which
of these will you recommend to an office for storage of document? A. Chest.
B. Cupboard C. Filling cabinet D. locker
52. The
exchange of goods for goods is referred to as ___. A. Barter.
B Business C. commerce D. trade
53. The
people making use of telephone services are known as A. Subscribers. B. Purchasers. C suppliers D. users
54. The
business organization that are wholly owned by the government are called ____. A.
Public limited company B. Public
enterprises/corporation C. Public
institution D. Public partnership
55. Which
of the following is used to maintain a type writer? A. Gas. B. Hydrogen C. Kerosene D. Methylated spirit
56. Which
of the following are home keys? A. ASDF JKL. B.FDSA JKLK. C.
JKFD DDSE. D. DASF KLJ
57. Which
of these enables the carriage to move freely from left to right? A. Line space lever B. Carriage return level C. Paper release lever D. Paper grip
58. Which
of these best describes type writing? It is an act of using ___. A. electronic
machine to write letters B. Machine
to produce characters in print C.
Photocopier to produce paper D. Type
writer to type
59. On
the keyboard of a computer Ctrl + C functions as ____. A. Copy. B. Cut C. delete D. Paste
60. A
complementary card usually shows the following information except ____. A.
account number B. address. C. Name
D. Profession
SECTION B: ESSAY
1.
The following balances were extracted from the
books of Essien Cecilia on 31st December, 2018.
Stock 1/1/2018 1500
Stock 31/1/2018 830
Purchase 16200
Return outward 2500
Transport expenses 500
Salaries 1700
Electricity bill 600
Insurance premium 200
Sales 25300
You are required to prepare a trading profit and loss
account for the business of Essien Cecilia for the year ended 31st
December 2018.
2.
(a) Define consumer protection. b) Mention two right of the consumer
protection. c) State two reasons for consumers’
protection
3.
(a) What is a cheque? b) State three advantages of cheque
system. c) list the parties to a
cheque.
4.
(a) What is personal finance? b) Mention two sources of finance for an
individual. c) Explain one source of
finance.
ALTERNATIVE TO PRACTICAL
Instruction: Answer all the
questions in this section.
1.
As a secretary, draw a standard visitor’s slip/form.
2.
Draw an invoice and label it for immediate payment.
3.
Write down the meaning of the following keyboard
shortcuts: a. Control+S. b. Shift+S. c. Control+C.
d. Control+V. e. Shift+End
4.
Draw your fingers and label them with the corresponding
“Home key”.
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