Examination on Business Studies
Class: JSS 3
Term: Second Term
Time: 1 Hour
Total Marks: 70

SECTION A: OBJECTIVES (40 Marks)
Instruction: Answer all questions.

1. ________ is an individual who buys goods and services for personal use. (a) Seller (b) Consumer (c) Producer (d) Retailer
2. The main reason for consumer protection is to prevent ________. (a) high prices (b) exploitation (c) competition (d) advertising
3. Which of the following is a fundamental right of a consumer? (a) Right to sell (b) Right to choose (c) Right to manufacture (d) Right to export
4. All of these are agencies of consumer protection in Nigeria except ________. (a) NAFDAC (b) SON (c) CBN (d) FCCPC
5. A complaint is an expression of ________. (a) satisfaction (b) joy (c) dissatisfaction (d) agreement
6. An unjustified complaint is one that ________. (a) has strong evidence (b) is based on facts (c) lacks reasonable grounds (d) is made in writing
7. Which is NOT a step in lodging a complaint? (a) Gather evidence (b) Contact the manufacturer (c) Wait indefinitely (d) Write a formal letter
8. The correct step in writing a complaint letter is to include the ________. (a) sender’s address (b) recipient’s address (c) date (d) all of the above
9. Personal finance refers to managing an individual’s ________ resources. (a) public (b) government (c) monetary (d) business
10. Which of these is not a common source of finance for individuals? (a) Salary (b) Inheritance (c) Company profit (d) Loan
11. The main reason for preparing a personal budget is to ________. (a) spend recklessly (b) plan and control spending (c) impress friends (d) avoid saving
12. Scale of preference helps individuals to ________. (a) buy everything (b) prioritize needs (c) ignore wants (d) save less
13. A trial balance is a list of all ________ balances extracted from the ledger. (a) debit and credit (b) asset and liability (c) income and expense (d) capital and drawing
14. Which of the following is NOT a function of a trial balance? (a) Checking arithmetical accuracy (b) Preparing final accounts (c) Detecting all errors (d) Summarizing ledger balances
15. The left side of a ledger account is known as the ________ side. (a) credit (b) debit (c) balance (d) total
16. To balance a ledger account, the difference between the debit and credit totals is called the ________. (a) surplus (b) deficit (c) balance (d) profit
17. Goods returned by customers are known as ________. (a) returns outwards (b) returns inwards (c) purchases (d) sales
18. The purpose of a Trading Profit and Loss Account is to determine the ________. (a) financial position (b) capital (c) profitability (d) liquidity
19. Cost of Goods Sold is calculated as Opening Stock + Purchases – ________. (a) Closing Stock (b) Sales (c) Expenses (d) Revenue
20. Which of these is a Balance Sheet item? (a) Rent