jss 3 business studies 2nd term exam

1. The management of one’s personal money is termed as _____   A.  budget  B. scale of preference 

C. personal finance  D. consumption

• All these are sources of fund that may be available for an individual except____  A. loan from bank 

B. trade credit   C. issue of shares  D. personal savings

• The arrangement of needs in order of  importance is known as _____ A. personal finance B. choice  

C. budget   D,. scale of preference

• Governments prepare budget _____  A. monthly  B. yearly   C. quarterly D. bi-annually

• The estimate of income and expenditure is called_____   A. scale of preference B. consumption 

C. budget   D. personal finance

1. All expenses are ———– in the trial balance A.   debited     B.  credited      C.  added      D.  deducted

  All liabilities and incomes should be ——— A. debited      B  earmarked       C  credited       D  added

Which of the following is credited in the trial balance? A  Loan     B  Purchases      C  Wages       D  rent

   Drawings is ————- in the trial balance A. credited     B.  debited      C  added      D  deducted

   All liabilities are ———— in the trial balance A  debited      B.  credited       C.  added       D.  deducted