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This short revision blog contains 10 likely questions from GSS / Business Studies topics, especially useful for exams like GCE, WAEC, NECO, and ND-level tests. Each question is arranged in real exam format (A–D options) with the correct answer and a brief explanation to make learning easier. Let’s master these concepts together!
1. Payment made by a buyer after the due date is called what?
A. Advance payment
B. Cash discount
C. Credit transfer
D. Trade discount
✔️ CORRECT ANSWER: D – Trade discount
Explanation: Trade discount is given when payment is delayed or made after the expected date. It helps encourage future business with the buyer.
2. A cheque that is not presented on time becomes what?
A. Open cheque
B. Stale cheque
C. Certified cheque
D. Post-dated cheque
✔️ CORRECT ANSWER: B – Stale cheque
Explanation: When a cheque is presented too late, usually after six months, it becomes invalid and is referred to as a stale cheque.
3. Who is responsible for recording business transactions in an organization?
A. Supervisor
B. Receptionist
C. Accountant
D. Manager
✔️ CORRECT ANSWER: C – Accountant
Explanation: The accountant is responsible for recording all financial transactions and keeping proper books of accounts.
4. What is consumer education mainly focused on?
A. Teaching laws
B. Training employees
C. Educating buyers
D. Solving debts
✔️ CORRECT ANSWER: C – Educating buyers
Explanation: Consumer education helps people understand their rights, how to make wise purchases, and avoid exploitation.
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5. Buying on credit is mostly done by who?
A. Customers
B. Bankers
C. Wholesalers
D. Civil servants
✔️ CORRECT ANSWER: A – Customers
Explanation: Customers often buy items on credit when they lack cash but intend to pay later.
6. What is a business transaction?
A. A phone conversation
B. Any financial activity involving exchange
C. A simple request
D. A daily report
✔️ CORRECT ANSWER: B – Any financial activity involving exchange
Explanation: A business transaction always involves money or exchange of goods/services for value.
7. A cheque paid directly into the customer’s account is called what?
A. Certified cheque
B. Direct deposit
C. Crossed cheque
D. Cash cheque
✔️ CORRECT ANSWER: C – Crossed cheque
Explanation: A crossed cheque cannot be cashed over the counter; it must go through the customer’s bank account.
8. Whose signature is mandatory on a cheque before it can be processed?
A. Accountant’s
B. Cashier’s
C. Payee’s
D. Drawer’s
✔️ CORRECT ANSWER: D – Drawer’s
Explanation: The drawer is the person who issues and signs the cheque; without their signature, it is invalid.
9. Why do businesses give trade discounts?
A. To punish the customer
B. To attract quick payment
C. To make profit from delay
D. To reduce bank charges
✔️ CORRECT ANSWER: B – To attract quick payment
Explanation: Trade discounts encourage the buyer to pay promptly and maintain good business relationships.
10. What is the main purpose of consumer protection?
A. To choose workers for firms
B. To train retailers
C. To defend buyers from exploitation
D. To increase sales
✔️ CORRECT ANSWER: C – To defend buyers from exploitation
Explanation: Consumer protection laws and policies ensure fair treatment and prevent fraud or overpricing.
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Conclusion
These questions cover key areas of business transactions, cheques, consumer education, and basic financial terms. Regular practice will improve your confidence and help you score higher in any GSS or Business Studies exam. Keep revising — your success is loading! 🚀
Keywords
Likely GSS exam questions
Business Studies WAEC questions
Trade discount and stale cheque
Consumer education explained
Business transactions examples
Credit: Allschool, Allcbt
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