1. Regular payments made by a bank on behalf of a customer are called
A. Standing orders
B. Credit clearings
C. Deferred payments
D. Monthly statements
2. Consumers in Brunei Darussalam generally use credit cards to purchase goods. The credit card allows the card holder to
A. Have a free after-sale service
B. A discount on good purchased
C. Purchase goods on credit without limit
D. Purchase goods on credit with limit
3. A sole proprietorship is owned by ___________ owner(s)
A. One
B. Two
C. Fifty
D. Twenty
4. The institution which provides many valuable financial services for people engaged in business is
A. Central bank
B. Commercial Bank
C. Brunei Investment Agency
D. Department of Telecommunications
5. A cheque will be considered stale after _________ from the date of issuance
A. One week
B. One month
C. Six months
D. Twelve months
6. Which one of the following is NOT an example of sole proprietorship
A. Food stall
B. Sundry shop
C. Beauty saloon
D. Architects’ firm
7. A place where a person can put important items such jewellery, shares and gold is called a/an ______________ box
A. Night Safe
B. Safe Deposit
C. Fixed Deposit
D. Automatic Safe
8. All of the following are functions of Central Bank except,
A. Print Money
B. Accepts and keeps money safely for the public
C. Regulate the activities of the commercial banks
D. Banker and Financial advisor to the government
9. The person who signs a cheque is called ___________ of the cheque
A. Payee
B. Owner
C. Drawer
D. Drawee
10. Hafiz owns a motorcar repair workshop. He has three other mechanics who are working for him. His business is classified under
A. Partnership
B. Sole proprietorship
C. Public limited company
D. Private limited company
11. A cheque which is date in the future is called
A. Antedated
B. Pre - date
C. Post – date
D. Future date
12. In partnership, the profit and losses are divided among the partners depending on the partnership agreement. But if there no agreement is made, the profit and losses are
A. Equally divided among the partner
B. Equally divided among the Broad of Directors
C. Given only to the founder of the business
D. Given to the Bank since no agreement was made
13. The form of cheque which is the least safe is a
A. Order cheque
B. Bearer cheque
C. Special Crossing cheque
D. General Crossing cheque
14. Which one of the following is a real account?
A. Sales
B. Salaries
C. Furniture
D. Ahmad (debtors)
15. When cash is received, cash account will be
A. Closed
B. Debited
C. Credited
D. Balanced
16. Which one of the following is an example of Central Bank
A. HSBC
B. Baiduri
C. Bank Negara
D. Islamic Bank of Brunei
17. Debtors, Creditors, Capital and Drawing account are example of ______________ account
A. Real
B. Goods
C. Personal
D. Impersonal
18. The owners of a limited liability company are know as
A. Partners
B. Directors
C. Proprietors
D. Shareholders
19. In Cash book, “Paid into bank from office cash” we will
A. Debit Cash account and Debit Bank account
B. Debit Bank account and Credit Cash account
C. Credit Bank account and Debit Office account
D. Credit Office account and Debit Bank account
20. When $500 cash is received, the amount should be _________ in the __________ in the Cash Book
A. Debit, Cash column
B. Debit, Bank column
C. Credit, Cash column
D. Credit, Bank column
21. Account referring to a person are called ____________ account
A. Real
B. Goods
C. Personal
D. Nominal
22. The double entry for “withdrew of goods for personal use” are
A. Debit - Drawing account, Credit - Sales account
B. Debit - Drawing account, Credit - Purchase account
C. Debit - Withdrawal account, Credit - Sales account
D. Debit - Withdrawal account, Credit - Sales account
23. A limited company is managed by
A. Partners
B. Creditors
C. Shareholders
D. Board of directors
24. When goods are purchase, the accounts that needs to be debited is ___________ account
A. Cash
B. Goods
C. Capital
D. Purchases
25. The most serious disadvantages a sole trader may encounter is ________________
A. Difficulties in locating his business
B. Expenses incurred in purchasing stocks
C. Cost of keeping accounts all by himself
D. Personal liability for debts incurred by his business
26. The distribution of the profits of a limited company to its shareholder is known as ___________
A. Profit
B. Capital
C. Interest
D. Dividend
27. The maximum number of partners in a partnership are
A. Two
B. Fifty
C. Seven
D. Twenty
28. Examples of goods account are purchases and _____________ account
A. Sales
B. Fixed
C. Nominal
D. Personal
29. What ATM stand for
A. Auto Teller Machine
B. Auto Talker Machine
C. Audi Teller Machine
D. Audi Talker Machine
30. Only ___________ account holder can withdraw their money by using cheque
A. Saving
B. Current
C. Fixed Deposit
D. Saving and Current
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