Past Question JSS 3 Business Studies NECO Revision

1. A written document issued by a drawer to the bank to pay an amount of money is called …………… (a) Teller (b) Cheque (c) Cash (d) voucher 

2. In which bank account does the owner use cheque to withdraw (a) cash (b) current (c) bank (d) savings

3. An advantage of office machine is that they are (a) cheap to maintain (b) electrically operated (c) manually operated (d) time saving

4. The processes through which new products are brought to the notice of the public is known as …………… (a) Commerce (b) transport (c) insurance (d) advertising
5. The act of making financial plan or income and expenditure is called (a) tax (b) salary
(c) Budget (d) finance
6. In communication, the response or reply to a message from the sender to the receiver is (a) Letter (b) telephone (c) feedback (d) communication
7. A trial balance is ……(a) list of all debit and credit payment (b) list of cash receipt and payment (c) list of income and expenditure (d) list of all balances extracted from the ledger
8. Petty cash book is also known as …… (a) Cash book (b) imprest account (c) book keeping (d) single column cash book
9. The officer in-charge of imprest account is known (a) petty cashier (b) imprest officer (c) accountant (d) head of department
10. Paying back to the petty cashier, the amount already spent will lead to (a) decrease in balance (b) increase in balance (c) restoration in imprest (d) ordinary system of accounting
11.If goods are sent by sales van to a buyer, the document issued for the buyer to check the goods is termed the ……… (a) way bill (b) catalogue (c) quotation (d) receipt 12. The small amount paid periodically by a policy holder to an insurance company for risk cover is termed the (a) proposal (b) agreement (c) application (d) premium
13. For proper recording of minor expenses on daily basis a business must keep (a) a ledger (b) a journal (c) a petty cash book (d) a cash book
14. Bursar's office and principal's office in a secondary school are typical examples of ……. Office (a) open (b) general (c) large (d) closed
18. …… is a book of original entry (a) balance sheet (b) trading account (c) journal (d) bank account
19. P.A.Y.E means ………. (a) Pay as you earn (b) pay after you earn (c) pay as you expend (d) pay according to your earning
20. Typewriters use carbon papers to produce more copies, while duplicating machines use to produce more copies (a) films (b) papers (c) stencils (d) notes
21. A banker's bank in Nigeria is the ………. (a) First bank (b) National bank (c) Central bank (d) Nigeria bank
22. A document which is used to send messages from one person to another in the same firm, from one department to another or from one department to another or from one head office to the branches or from a principal to his agents is known as (a) a manuscript (b) a memorandum (c) menu (d) document
23. Book keeping could be defined as (a) keeping of book in the store (b) keeping of book in the library (c) systematic recording of business transaction in manner that financial position will be known at any given time (d) recording of business in manner that the financial position will not be known easily
24. A machine used to destroy all mails, document that are no longer needed in an office is the ……….. (a) Destroyer (b) shredder (c) cabinet (d) perforator
25. An instrument used for holding copies or pages of document together is ………….. (a) Pin (b) cello tape (c) stapler (d) perforator
26. The parties to a cheque are ………… (a) the drawer only (b) the drawer, drawee and payee (c) the payee and drawee only (d) the drawee only
27. A small and instrument for driving staples into paper is known as ……….. (a) Perforator (b) stapler (c) driver (d) stamp pad
28. The document that shows how the monthly earnings of a worker is calculated and arrives at is a (a) calculator (b) pay slip (c) cheque (d) salary
29. In book keeping, all transactions involving cash and bank at the bank is called (a) double (b) real (c) contra (d) triple
30. W hen a cheque is crossed with two parallel lines, it means that (a) it cannot be cross the read (b) it cannot be cashed over the counter (c) no money in the account (d) it can be paid over the counter
31. Journal is a book of ……… (a) Last entry (b) middle entry (c) duplicate entry (d) first or original entry
32. ……… is the principal book of account (a) invoice (b) credit note (c) debit note (d) ledger
33. Assets could be referred to as ……….. (a) properties owned by the business (b) properties loaned by the business (c) properties borrowed by the business (d) properties sold by the business
34. ------------ can be referred to the situation in which a person says only what is true (a) honesty (b) truthfulness (c) facts (d) forthrightness
35. One of the following is NOT an aid to trade (a) Banking (b) Insurance (c) Advertising (d) Stock
36. The place where goods are stored until they are needed is known as ­­­------------ (a) Space bar (b) room (c) bank-house (d) warehouse
37. One of the following is a factor of production (a) land (b) agriculture (c) industry (d) rent
38. Coal mining is an example of ……… (a) Constructive industry (b) extractive industry (c) direct service (d) tertiary production
39. The business financed, formed and controlled by one person is termed ……. (a) Corporation (b) partnership (c) sole proprietorship (d) cooperative society
40. The factor that coordinates or makes use of the other factors of production is the …… (a) Land (b) capital (c) labour (d) entrepreneur
41. Staff matters in any organization are treated by …….. (a) Personnel department (b) production department (c) sales department (d) finance department
42. The role of insurance in commerce is essentially to ……… (a) Prevent damage (b)minimize business risk (c) prevent wasteful ventures (d) none of the above
43. Which of the following is not an extractive occupation (a) Dentistry (b) farming (c) fishing (d) Mining?
44. ………. Is the reward of land (a) Entrepreneur (b) Money (c) Capital (d) Rent?
46. The written agreement between partners is (a) partners document (b) partners salary (c) partnership deed (d) partnership business
47. Land is to rent as capital is to ……… (a) Rent age (b) interest (c) wages (d) states in Nigeria
48. Which of the following is not a characteristic of a sole trader?
(a) He provides capital alone (b) He makes decisions on his own (c) He shares his profits with his partner (d) He takes all the profit or loss
50. Coal mining is an example of ………….. (a) Constructive industry (b) extractive industry (c) direct service (d) tertiary production
51. Which of the following functions is not performed by a retailer (a) Giving credit facility (b) breaking bulk (c) storing various articles for sales (d) buying in small quantities
52. Who of the following renders direct services (a) teacher (b) miner (c) oil driller (d) cook
53. Who is a sole trader (a) a person who trades in soles (b) a person who sells leather soles (c) a person who runs business on his own (d) a group of person who works together
54. Which of the following is NOT a type of partners (a) working partner (b) active partners (c) sleeping or dormant partner (d) nominal partner
55. What is commerce (a) producing raw materials (b) selling raw materials (c) buying and selling of goods and services (d) giving of arms to the poor
56. Which of the following is not a type of production (a) primary production (b) secondary production (c) tertiary production (d) modern production
57. Workers engaged in mining, quarrying and farming are called (a) primary producers (b) tertiary producers (c) secondary producers (d) commercial producers
59. Which of the following is an example of direct service (a) mining (b) petroleum refining (c) medical service (d) farming
60. The type of business own and financed by two or more people is known (a) partners (b) partnership (c) sole proprietorship (d) two man business

1. (a) Identify 5 types of office equipments and state their uses

(b) List 5 Insurance policies that can be taken by a business man

(a) Define fair play and state five of its attribute

2 (a) state five functions of the following
 (i) commercial bank 
 (ii) central bank
(b) State three function of the following (i) retailer (ii) wholesaler
(c) list the factors of production and state their reward

3 Enter the following transactions in the double column cashbook of Orisunbare for July 2000
July 1 Started business with capital 1,000
1 Capital at bank 2,000
2 Sold goods for cash 500
7 Received cheque from Dejo 600
10 Paid salaries by cheque 500
13 Sold goods and received cheque 400
18 Paid okafor by cash 200
20 Paid rent by cheque 200
25 Withdraw cash from bank 100
27 Paid cash into bank 500
29 Bought goods into bank 200
30 Received cheque from salisu 500
31 cash sales 300


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