Economics Exam j.s 1

Welcome to your Economics Exam j.s 1

Regent School of Science Third Term Examination on Economics for JSS1

1. An arrangement for deferred payment of a loan or purchase is called ......

2.People go for deferred payment for this reason...

3. Anybody who purchases goods and services for his or her personal use is a ...

4. The rights one has to be informed about the quality , potency on standard of price of good sis called......

5. An independently administered business unit which carries out productive activities is called .......

6. A firm carries it's productive activity in a .......

7. ....... Is defined as a resource because it is needed to enable a person carry out in economic or productive activities

8. An enterprise set up by individual and government or it's agencies for the purpose of making profit is a ........

9. A type of business organisation where ownership is between 2 and twenty is ...,.......

10. When the government manages or owns a business enterprise it is called....

11. In a private limited liability ownership is between.....

12. Any type of business that is carried out between two or more people no matter how simple or complicated it is a .....,.

13. Those books which form the first source of information from which the accounting books are prepared are called ....

14. A...... document is issued in case of overcharged.......

15. When a buyer is undercharged on the invoice the seller issues a ....... to the buyer

16. A cheque with two parallel lines drawn on it is called......

17. A type of demand I know is ......

18. All can be source of capital to a sole proprietorship excep

19. A type of partner that takes no active part in partnership business is called ...

20. All these are source documents except

SUBJECTIVE

1. A business has the ultimate purpose of making......

2. A good book keeper should be.......

3. Another name for credit note is......

4. Credit note is issued when there is an...,...

5. Two type of cheque I know are ......... And 6........

7. Two items found on a filled cheque are .,....... And 8......

9. The reward of an entrepreneur is ......

10. Another name for one man business.......

PART THREE THEORY

Answer any three questions. 1a. Define sole proprietorshipestions

b. Mention any three features of sole proprietorship

c. Identify any three source of capital to a sole proprietor

d. Mention any two examples of sole proprietorship found in the primary industries

2a. Define partnership

b. Mention the two type of partnership

c. Outline the five types of partners in partnership business and explain any two

3a. What is cheque?

b. Identify the two types of cheque you know

c. Differentiate between the two

d. Which of the cheque requires no further identification

e. Draw any of the two types mentioned

f. Draw to the vicious circle of poverty

4a. Issue a debit note to Mr Hassan for an undercharged on 25 cartons of milk supplied at #2500 per cartoon. Payment of #50,000 was made as against..... Amount of money

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