bece model questions vol1 2017 business_studies | Practical

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Question 1 View Details
A small retail shop sells two products, namely Product A and Product B. The shopkeeper recorded the following information for the month of March: | Product | Quantity sold | Selling price per unit (₦) | Cost price per unit (₦) | |---------|---------------|----------------------------|--------------------------| | A | 150 | 2,500 | 1,800 | | B | 80 | 3,200 | 2,500 | Using the data above, answer the following:
Question Parts
(a)
Calculate the total sales revenue for each product.
(b)
Determine the gross profit for each product. (Gross profit = (Selling price – Cost price) × Quantity sold)
(c)
Find the overall gross profit for the shop for the month.
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Question 2 View Details
A small business owner is preparing an invoice for a client. The items to be billed are shown below: | Item | Quantity | Unit price (₦) | Calculation | |---------------------|----------|----------------|------------------------------------------| | Consultancy (hrs) | 5 | 4,000 | 5 × 4,000 = ₦20,000 | | Installation (hrs) | 3 | 5,500 | 3 × 5,500 = ₦16,500 | | Cable (metres) | 20 | 250 | 20 × 250 = ₦5,000 | | Connector (pieces) | 15 | 150 | 15 × 150 = ₦2,250 | | Delivery charge | – | – | Fixed ₦2,000 | The client is eligible for a 5 % early‑payment discount on the total amount before VAT. VAT is charged at 7.5 % on the amount after the discount has been applied. Using the information above, answer the following:
Question Parts
(a)
Calculate the subtotal (total of all items before discount and VAT).
(b)
Determine the discount amount and the amount after discount.
(c)
Calculate the VAT payable and the final amount payable (including the delivery charge).
(d)
List three common errors that could occur when preparing such an invoice.
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Question 3 View Details
A retail shop sells three types of items as shown in the table below. The shop offers a 5% discount on the total amount before tax if the gross amount exceeds ₦50,000. Value Added Tax (VAT) is charged at 7.5% on the amount after discount. The shop prepares a sales invoice for a customer who purchases the items listed. | Item | Unit Price (₦) | Quantity | |------|----------------|----------| | A | 12,500 | 2 | | B | 8,750 | 3 | | C | 5,600 | 4 | Using the information above, answer the following:
Question Parts
(a)
Calculate the gross amount (total before any discount or tax).
(b)
Determine the discount amount, if any, and state the amount after discount.
(c)
Calculate the VAT payable on the discounted amount.
(d)
State the net amount payable by the customer (discounted amount + VAT).
(e)
Identify two possible sources of error that could occur when preparing this invoice and suggest a way to avoid each error.
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Question 4 View Details
A medium‑size manufacturing firm wishes to introduce a new uniform policy for its staff. The manager decides to communicate the policy through an internal memo. The memo must include the purpose of the policy, the details of the uniform, the date from which it will be effective, and the consequences of non‑compliance. Using the situation described, answer the following:
Question Parts
(a)
Draft a concise internal memo (maximum 120 words) addressed to all staff, covering the points mentioned above.
(b)
List three advantages of using email as the primary channel for sending this memo to staff.
(c)
Identify two common barriers to effective communication that could hinder staff understanding of the new policy and suggest one way to overcome each barrier.
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Question 5 View Details
A bank branch keeps a daily record of cash transactions for one week. The table below shows the opening balance, cash received, cash paid out and the closing balance for each day. | Day | Opening Balance (₦) | Cash Received (₦) | Cash Paid Out (₦) | Closing Balance (₦) | |-----------|----------------------|-------------------|-------------------|----------------------| | Monday | 200,000 | 50,000 | 30,000 | 220,000 | | Tuesday | 220,000 | 40,000 | 25,000 | 235,000 | | Wednesday | 235,000 | 55,000 | 45,000 | 245,000 | | Thursday | 245,000 | 30,000 | 20,000 | 255,000 | | Friday | 255,000 | 60,000 | 50,000 | 265,000 | | Saturday | 265,000 | 20,000 | 15,000 | 270,000 | | Sunday | 270,000 | 0 | 10,000 | 260,000 | Using the information above, answer the following questions:
Question Parts
(a)
Calculate the average daily balance for the week.
(b)
The bank offers a 4.5 % per annum simple interest on savings accounts. Using the average daily balance as the basis, compute the interest that should be credited to a customer who kept the average balance for the entire year.
(c)
During the week, the bank incurred the following operational expenses: rent ₦15,000, salaries ₦45,000, utilities ₦8,000 and security ₦5,000. Compute (i) the total operating expense for the week and (ii) the expense ratio (operating expense ÷ total cash inflows) expressed as a percentage.
() Total operating expense for the week.
() Expense ratio as a percentage.
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