Economics J.S 2 3RD TERM EXAM

Welcome to your Economics J.S 2 3RD TERM EXAM

1. A book which records all transactions both sales and purchses is called ---

2. A journal that is used to enter only one type of transaction is called ----

3. A set of policies aimed at regulating the product, service, methods and standard of manufacturers in the interest of the buyer is called ---

4. Anything that is generally accepted as a medium of exchange is ---

5. Consumers should be well informed when they are buying goods and services --

6. The first book of original entry is called----

7. Another name for purchase journal is ---

8. The smallest unit in which the capital of a company is divided is called ---

9. One of these is a type of preference shares i know

10. A type of market where manufacturing and retailing companies add to their capital is called --

11. One of these is not a commodity mearket

12. A business organisation that is controlled, owned and managed by the government is said to be a ---

13. The point of intersection of demand and supply is called --

14. An independently administratered business unit which carries out productive activities is called --

15. A unit of ownership of a business concerns is called --

16. The major objective of a private enterprise is to maximize ----

17. All these are examples of commodity market except

18. A shareholder recevies --

19. A type of market for borrowing money either for long or short term period is called ---

20. A place where productive activities takes place is called --

SUBJECTIVE

1. People invest in big companies by buying----and ----

2. When shares are sold at the nominal value or face value it is said to be at

3. Money can be referred to as ............

4. Those rights aimed at protecting cosumers when they buy goods and services are called ----

5. The price at which the quantity demanded is equal to the quantity supplied is called ---

6. Small rooms, kiosks or stands sometimes locked up but usually open fronted, erected in large walled areas in urban centres is called ----

Buying and selling of goods and services is referred to as.........

8. A market where the value of a country's currency is negotiated against another country's currency is ----

9. The legal tender of Nigeria is ---

10. When part of the goods purchase are damaged or below standard, the goods are returned to the seller who issues a ---

THEORY

1. Write short notes on the following

A. Cash transaction

B. Credit transaction

2a. State any five consumer rights you know and explain two

B.who is a consumer

3. What is a firm?

B. State the difference between a plant and an industry

C. Outline any two differences between private enterprise and public enterprise

4. Enter these transactions in your purchase journal

June 2- Bought office equipment #25,000

June 5 - Bought office furniture #45,000

June 12 - made office supplies of #150,000

1. A book which records all transactions both sales and purchses is called ---

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