bece model questions vol1 2025 business_studies | Practical

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Question 1 View Details
A group of senior secondary students decides to start a small business selling homemade biscuits to their school community.
Question Parts
(a)
State the form of business organisation that best describes the students’ venture and give one reason for your choice.
(b)
List three internal stakeholders and three external stakeholders of the biscuit business. For each stakeholder give one specific interest they have in the business.
(c)
The students estimate that the fixed costs for the first month will be ₦12,500 and the variable cost per biscuit is ₦150. They plan to sell each biscuit at ₦250. Calculate the break‑even quantity of biscuits for the first month.
(d)
Suggest two non‑financial performance measures the students could use to assess the success of their biscuit business in the first month.
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Question 2 View Details
You are appointed as the office assistant in a medium‑size trading company, XYZ Traders Ltd. The company uses a standard office filing system and processes purchase orders and invoices manually.
Question Parts
(a)
Prepare a correctly formatted purchase order for 50 units of office chairs. The unit price is ₦8,500, delivery is required within 10 days, and payment terms are 30 days after delivery. Include all essential details such as company name, address, date, supplier name and address, item description, quantity, unit price, total amount, and terms.
(b)
The supplier’s invoice shows a total amount of ₦442,500. Verify whether this amount is correct based on the purchase order you prepared and state any discrepancy.
(c)
Propose an efficient filing method for all purchase orders in XYZ Traders Ltd and justify why it is suitable for the company.
(d)
During June the company received three invoices with due dates 5 June, 12 June and 20 June. The company’s policy is to settle invoices within 15 days of receipt. Assuming each invoice was received on the day it was issued, indicate which invoices, if any, will be overdue by 30 June and calculate the total amount overdue. The invoice amounts are ₦120,000, ₦85,000 and ₦150,000 respectively.
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Question 3 View Details
A small retail shop, BrightMart, needs to order 150 units of a new product from its supplier, Alpha Supplies. The unit price is ₦2,500. The shop is required to prepare a purchase order (PO) that includes all mandatory details and calculate the total amount payable including a 5% value added tax (VAT).
Question Parts
(a)
List the five essential items that must appear on the purchase order.
(b)
Calculate the total amount payable (including VAT) for the order.
(c)
Suggest two improvements that could make the purchase order clearer for the supplier.
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Question 4 View Details
A manufacturing firm, GreenTech Ltd., has been informed that a shipment of raw materials from its supplier, EcoChem, will arrive three days later than the agreed delivery date. The manager must send a formal email to EcoChem to request an updated delivery schedule and to minimise the impact on production.
Question Parts
(a)
Write the email, ensuring you include a suitable subject line, appropriate salutation, clear body paragraphs, and a courteous closing.
(b)
Identify three possible barriers to effective communication in this situation and suggest one way to overcome each.
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Question 5 View Details
A small trading business keeps a monthly bank statement. The following information is recorded for the months of January, February and March 2025. | Month | Opening Balance (₦) | Deposits (₦) | Withdrawals (₦) | Bank Charges (₦) | Closing Balance (₦) | |-------|---------------------|--------------|-----------------|------------------|----------------------| | Jan | 150,000 | 150,000 | 110,000 | 2,000 | 188,000 | | Feb | 188,000 | 140,000 | 115,000 | 5,000 | 208,000 | | Mar | 208,000 | 150,000 | 135,000 | 3,000 | 220,000 | The bank pays interest at a rate of 0.5 % per month on the average daily balance. Assume each month has 30 days and that the average daily balance can be approximated by (Opening Balance + Closing Balance) ÷ 2. Answer the following:
Question Parts
(a)
Determine the total cash inflow and total cash outflow for each month.
(b)
Calculate the average daily balance for each month using the method described.
(c)
Using the bank's monthly interest rate of 0.5 %, compute the interest earned for each month and the total interest earned over the three‑month period.
(d)
Identify two possible sources of error that could cause a discrepancy between the recorded cash balance and the actual cash on hand, and suggest one precaution for each identified error.
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