AIC Exam 1st Term -Business Studies for JS 3 - 2022/2023
  • 1. 1. The apex bank in Nigeria is called
A) The Central bank of Niger
B) The Center bank of Nigerian
C) The Centre bank of Nigeria
D) The Central bank of Nigeria
  • 2. 2. The following are commercial banks in the country except
A) Stanbic
B) Jaiz
C) GTB
D) Lotus
E) Al Ameen Bank Plc
  • 3. 3. Commerce is subdivided into
A) Seller and buyer
B) Trade and the trader
C) Trade and aids to trade
D) Seller only
  • 4. 4. Advertising is one of the aids to trade.
A) True
B) I don't know
C) complex to understand
D) false
  • 5. 5. The ways , processes, procedures for doing something is referred to
A) proceeds
B) office procedure
C) process
D) Procedural
  • 6. 6. ____________ helps work to be done faster.
A) Office procedure
B) procedural
C) Office category
D) Official work
  • 7. 7. E- payment means
A) Elected payment
B) Electioneering payment
C) Election payment
D) None of the above
  • 8. 8. _________ is a system of making transactions or paying for goods and services electronically without using cash or cheque.
A) E- payment
B) Paymasters
C) We are yet to be taught
D) Pay as you go
  • 9. 9. VAT means
A) Value Added Tax
B) Valuation Added Tax
C) Value Added Test
D) Value Added thesis
  • 10. 10. ATM means
A) Automated Teller Machine
B) Autonomous Teller Machines
C) None of the above
D) Automobile Tellers Machinery
  • 11. 11. Using an ATM is faster than going into the bank to withdraw cash.
A) cannot understand
B) It is fraud
C) false
D) True
  • 12. 12. Cash can be withdrawn from an ATM machine at anytime.
A) It is so fraudulent.
B) false
C) totally disagree
D) True, provided there is network service.
  • 13. 13. POS machine provides greater convenience for consumers due to ease of payments.
A) None of the above
B) True with good network service.
C) Incorrect
D) totally disagree
  • 14. 14. A crossed cheque is a cheque with ______ parallel lines drawn across the payee's name.
A) four
B) three
C) one
D) none of the above
  • 15. 15. A cheque can be open or crossed.
A) false
B) True
C) I have not seen a cheque before to know that
D) I don't know
  • 16. 16. _________ is designed for making multiple electronic payments that recur periodically.
A) Automatic
B) Autopay
C) Autoservice
D) Autonomous
  • 17. 17. _________ are usually issued for all money received in most business organization.
A) Receptors
B) Recipients
C) Vouchers
D) Receipts
  • 18. 18. ________ are associated with the provision of services.
A) Services
B) Goods
C) Promotion
D) Bills
  • 19. 19. _______ is a written order to a bank to pay on demand
A) Cheque
B) All of the above
C) Banker
D) Bank
  • 20. 20. There are ______ types of wage payment system
A) six
B) three
C) two
D) four
  • 21. 21. The reward for an entrepreneur is ___________
A) capital
B) interest
C) rent
D) Profit
  • 22. 22. _________________ is used in starting up a business.
A) rent
B) Capital
C) interest
D) Wages
  • 23. 23. The objective or motive or aim of setting up a business venture or business organization is to make ___________
A) donation
B) losses
C) friends
D) profit
  • 24. 24. Production is not complete until the goods get to the final consumers
A) too complex to understand
B) True
C) False
D) No idea
  • 25. 25. The last chain or channel of distribution is called _________
A) final final
B) none of the above
C) final consumer
D) final retailer
  • 26. 26. Credit what goes out and
A) debit or credit
B) debit what comes in
C) credit what comes in
D) debit what goes out
  • 27. 27. Income, gains, commissions are referred to as
A) profits
B) linkages
C) shortages
D) expenses
  • 28. 28. The ways, processes, system ir procedures for doing something usually make up an operation.
A) True
B) Not taught
C) No idea
D) I don't know
  • 29. 29. Cash remains the most common means of making payment.
A) True
B) I disagree
C) I think not
D) False
  • 30. 30. The use of POS, ATM, bank transfers are common means and easiest ways of making payments for goods and services.
A) I agree
B) False
C) I totally disagree
D) Partly incorrect
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