AIC JSS 2 3rd Term Business Studies Exam 2022/23
  • 1. 1. The apex bank in Nigeria is called
A) The First Bank of Nigeria
B) The Century Bank of Nigeria
C) The Central Bank of Nigeria
D) The Center Bank of Nigeria
  • 2. 2. Which of the following bank regulates the money market?
D) The CBN
  • 3. 3. The First Bank of Nigeria is an example of ____________
A) savings bank
B) merchant bank
C) mortgage bank
D) commercial bank
  • 4. 4. Which of the following regulates the capital market?
B) The CBN
C) The SEC
  • 5. 5. E-commerce means
A) Electronic consumption
B) Electronic
C) Electronic Commerce
D) Election Commerce
  • 6. 6. E-retailing is sometimes used for ______________
A) e- commerce
B) e--bay
C) e- pay
D) e-- uber
  • 7. 7. The aim or purpose of doing business is to make __________
A) profit
B) fun sake
C) loss
D) charitable purpose
  • 8. 8. Commerce is subdivided into __________
A) five
B) four
C) two
D) three
  • 9. 9. ATM means
A) Automatic Toll machone
B) Automated Teller Machine
C) Automatic Telling Machine
D) None of the above
  • 10. 10. Capital markets are of _________ major types.
A) two
B) six
C) three
D) seven
  • 11. 11. The primary market is where __________ are created.
A) goods
B) second hand
C) money
D) securities
  • 12. 12. Examples of financial securities are following except
A) stock
B) money
C) shares
D) bond
  • 13. 13. ____________ serves as a link between savers and investors.
A) money market
B) commodity market
C) labour market
D) capital market
  • 14. 14. The secondary market is also known as
A) store
B) market
C) Agbara Market
D) aftermarket
  • 15. 15 The SEC means
A) The Specimen and Exchange Corporation
B) The Standard and Exchange Commission
C) The Security and Exchange Commission
D) The Securities and Exchange Commission
  • 16. 16. Money market is for short-- term loans.
A) False
B) True
C) I've not been taught
D) I don't known
  • 17. 17. ____________ supplies money for working capital requirements.
A) Money market
B) Oshodi market
C) capital market
D) market
  • 18. 18. ___________ supplies funds for fixed capital requirements.
A) money market
B) Capital market
C) common market
D) labour market
  • 19. 19. ___________ involves lending and borrowing for long term finance
A) Capital market
B) Money market
C) Common market
D) Commodity market
  • 20. 20. A retailer bought 10 refrigerators at #60,000 each with 5% discount allowed, calculate the discount allowed.
A) #45,000
B) #3,000
C) #30,000
D) #60,000
  • 21. 21. A retailer bought 10 refrigerators at #60,000 each with 5% discount allowed by seller. Calculate the amount payable by the retailer.
A) #30,000
B) #600,000
C) #60,000
D) #570,000
  • 22. 22. _____________ are traded in capital market.
A) Financial monies
B) Currencies
C) Papers
D) Financial securities
  • 23. 23. Production is not complete until goods produced get to the _______________.
A) wholesaler
B) consumer
C) retailer
D) supplier
  • 24. 24. ___________ means the number of times a retailer replenishes stock.
A) Mark up
B) Turnover
C) Gross profit
D) Cost of goods sold
  • 25. 25. ______________ is the difference between the cost of goods and the profit of doing business.
A) Make up
B) Profit
C) Overhead cost
D) Mark up
  • 26. 26. ____________ are the expenses incurred when doing business.
A) Average costs
B) Overhead costs
C) Marginal costs
D) Overhand costs
  • 27. 27. Gross profit is total sales less ___________
A) total revenue
B) total costs
C) total sales
D) total amount
  • 28. 28. What must be deducted from gross profit to arrive at net profit?
A) Purchases
B) Overhead costs
C) Return inwards
D) Sales
  • 29. 29. The acquisition of goods for sale is known as _______________.
A) Selling
B) None of the above
C) profiting
D) purchasing
  • 30. 30. _____________ is the amount of money added to the cost of goods as profit.
A) Mark up
B) Discount allowed
C) Make up
D) Sales
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