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PES JS 2 Business Studies Term 1 Exam
  • 1. The protection against the loss of property and life is
A) Insurance
B) Communication
C) Transportation
D) Occupation
  • 2. The following is not a type of insurance
A) Administrative insurance
B) Health insurance
C) Car insurance
D) Life insurance
  • 3. Which of the following is not a benefits of insurance
A) Encourages savings
B) Peace of mind
C) Financial security
D) Less support
  • 4. A person who decides to start a new business ensures the potential risks is
A) An officer
B) An Administrator
C) An Entrepreneur
D) None of the above
  • 5. The assistance that a seller provides a buyer after a good or service is sold is
A) Insurance
B) Impulse buying
C) After sales service
D) None of the above
  • 6. A written guarantee issued to the buyer of a product by its manufacturer is called
A) Distribution
B) Impulse buying
C) Warranty
D) Installation
  • 7. The channel through which goods pass from the hand of the producer to the final consumer is
A) Insurance
B) Installation
C) Distribution
D) Consumption
  • 8. The channel of production which combine all factors of production to produce good that will satisfy wants and needs of consumer is
A) The Middleman
B) The Wholesaler
C) The Manufacturer
D) The Retailer
  • 9. A trader who buys goods in large quantities from the producer and sells to retailers in small quantities is
A) The Wholesaler
B) The Producer
C) The Consumer
D) The Retailer
  • 10. The following is not an example of a small scale retail outlet
A) Kiosk
B) Warehouse
C) Hawker
D) Stall holders
  • 11. Which of the following is a personal quality of an entrepreneur
A) Risk taking
B) Lack of communication
C) Laziness
D) Indefinite leave
  • 12. Favorable situations or circumstances that entrepreneurs can leverage to generate revenue and achieve their business objectives are
A) Consumer rights
B) Business opportunities
C) None
D) Consumer responsibilities
  • 13. Duties and actions consumer should take when purchasing or using goods or services is
A) Business opportunities
B) Shopping tips
C) Consumer responsibilities
D) Consumer rights
  • 14. Which of the following is essential for survival
A) Needs
B) Wants
C) Choice
D) Scarcity
  • 15. An unplanned decision to buy a product or service made just before a purchase is
A) Customer responsibilities
B) None
C) Impulse buying
D) Consumer rights
  • 16. One of the effects of impulse buying is
A) Feeling of guilts and regrets
B) Separating items on your list
C) Globalizing markets
D) Checking quality and safety of products
  • 17. What is referred as something that is extremely necessary for a person to have in order to survive is
A) Wants
B) Needs
C) Opportunity
D) Choice
  • 18. A small open enclosure for selling goods in small quantities is
A) Joint stocks
B) Warehouse
C) Kiosk
D) Chain shops
  • 19. Who helps to advertise the manufacturer’s product
A) Producer
B) Wholesaler
C) Consumer
D) Retailer
  • 20. The basic function of the manufacturer is to
A) Buy goods from the wholesaler and sell to the retailer
B) None
C) Buy goods from the retailer and sells to the consumer
D) Engage in the production of good and services
  • 21. What Insurance protects you financially if your car is involved in a accident
A) Travel insurance
B) Home insurance
C) Car insurance
D) Life insurance
  • 22. Which is a not a personal quality of an entrepreneur
A) Good work ethic
B) Creativity
C) Laziness
D) Risk taking
  • 23. Needs are created through
A) Personal desires
B) None
C) Financial desires
D) Natural desires
  • 24. A large trading organization with many department located in the same building is
A) A Departmental store
B) A joint store
C) Stall
D) Kiosk
  • 25. Which of the following is an example of a departmental store
A) Mr Biggs
B) Shoprite
C) Chicken republic
D) None
  • 26. Which of the following is not an example of a small scale retail outlet
A) Retail co-operatives
B) Kiosks
C) Shops
D) Stalls
  • 27. Reporting defects, issues or any problem with products to the sellers is
A) A Consumer responsibility
B) An wholesaler’s right
C) A Consumer Right
D) A Retailer’s responsibility
  • 28. A safety net that can help you to recover from unexpected losses is
A) None
B) Security
C) Warranty
D) Insurance
  • 29. Trip cancellations, lost luggages is being covered by the
A) Travel insurance
B) None
C) Life insurance
D) Health insurance
  • 30. Which is not a benefit of insurance
A) Peace of mind
B) Saving
C) No financial security
D) Reduced stress
  • 31. Entrepreneurs can also be referred to as
A) Managers
B) Innovators
C) None
D) Executive officers
  • 32. The type of opportunity that extends beyond national border and involves global market is
A) State business opportunity
B) National business opportunity
C) Local business opportunity
D) International business opportunity
  • 33. Which of the following is not an element of a business opportunity
A) An entrepreneur
B) A means to fulfil a need
C) A need
D) A commodity
  • 34. What country did Consumerism originate from
A) Russia
B) United States
C) Korea
D) Nigeria
  • 35. Consumerism originated in the
A) Late 20th centuries
B) None of the above
C) Late 19th and early 20th centuries
D) Early 19th centuries
  • 36. Making informed decisions is the responsibility of a
A) Producer
B) Consumer
C) Retailer
D) Wholesaler
  • 37. Examining goods carefully that they are exactly what you want is a
A) Consumer responsibility
B) Consumer right
C) Shopping tip
D) None
  • 38. Food and water is an example of a
A) None
B) Want
C) Need
D) Commodity
  • 39. Asking yourself if you really need an item is a way to avoid
A) Responsible buying
B) None of the above
C) Impulse buying
D) Both of the above
  • 40. An effect of impulse buying is
A) None of the above
B) Responsible spending and savings
C) Both of the above
D) Waste of financial resources
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