PES JS 2 Business Studies Term 1 Exam

1. The protection against the loss of property and life is

A) Transportation
B) Occupation
C) Communication
D) Insurance

2. The following is not a type of insurance

A) Life insurance
B) Health insurance
C) Administrative insurance
D) Car insurance

3. Which of the following is not a benefits of insurance

A) Peace of mind
B) Less support
C) Financial security
D) Encourages savings

4. A person who decides to start a new business ensures the potential risks is

A) An officer
B) An Entrepreneur
C) None of the above
D) An Administrator

5. The assistance that a seller provides a buyer after a good or service is sold is

A) None of the above
B) Insurance
C) Impulse buying
D) After sales service

6. A written guarantee issued to the buyer of a product by its manufacturer is called

A) Warranty
B) Installation
C) Impulse buying
D) Distribution

7. The channel through which goods pass from the hand of the producer to the final consumer is

A) Insurance
B) Installation
C) Consumption
D) Distribution

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 Wholesaler
B) The Middleman
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 Producer
B) The Wholesaler
C) The Consumer
D) The Retailer

10. The following is not an example of a small scale retail outlet

A) Warehouse
B) Stall holders
C) Kiosk
D) Hawker

11. Which of the following is a personal quality of an entrepreneur

A) Lack of communication
B) Indefinite leave
C) Risk taking
D) Laziness

12. Favorable situations or circumstances that entrepreneurs can leverage to generate revenue and achieve their business objectives are

A) Consumer responsibilities
B) Business opportunities
C) None
D) Consumer rights

13. Duties and actions consumer should take when purchasing or using goods or services is

A) Business opportunities
B) Consumer rights
C) Consumer responsibilities
D) Shopping tips

14. Which of the following is essential for survival

A) Wants
B) Needs
C) Choice
D) Scarcity

15. An unplanned decision to buy a product or service made just before a purchase is

A) None
B) Impulse buying
C) Consumer rights
D) Customer responsibilities

16. One of the effects of impulse buying is

A) Globalizing markets
B) Feeling of guilts and regrets
C) Separating items on your list
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) Choice
B) Needs
C) Wants
D) Opportunity

18. A small open enclosure for selling goods in small quantities is

A) Warehouse
B) Chain shops
C) Joint stocks
D) Kiosk

19. Who helps to advertise the manufacturer’s product

A) Retailer
B) Consumer
C) Producer
D) Wholesaler

20. The basic function of the manufacturer is to

A) None
B) Buy goods from the retailer and sells to the consumer
C) Buy goods from the wholesaler and sell to the retailer
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) Car insurance
C) Life insurance
D) Home insurance

22. Which is a not a personal quality of an entrepreneur

A) Good work ethic
B) Risk taking
C) Creativity
D) Laziness

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) Stall
B) Kiosk
C) A Departmental store
D) A joint store

25. Which of the following is an example of a departmental store

A) Mr Biggs
B) Chicken republic
C) None
D) Shoprite

26. Which of the following is not an example of a small scale retail outlet

A) Retail co-operatives
B) Shops
C) Stalls
D) Kiosks

27. Reporting defects, issues or any problem with products to the sellers is

A) A Retailer’s responsibility
B) An wholesaler’s right
C) A Consumer responsibility
D) A Consumer Right

28. A safety net that can help you to recover from unexpected losses is

A) Warranty
B) None
C) Insurance
D) Security

29. Trip cancellations, lost luggages is being covered by the

A) Health insurance
B) Travel insurance
C) Life insurance
D) None

30. Which is not a benefit of insurance

A) Peace of mind
B) Reduced stress
C) Saving
D) No financial security

31. Entrepreneurs can also be referred to as

A) Innovators
B) Managers
C) None
D) Executive officers

32. The type of opportunity that extends beyond national border and involves global market is

A) International business opportunity
B) National business opportunity
C) State business opportunity
D) Local business opportunity

33. Which of the following is not an element of a business opportunity

A) A means to fulfil a need
B) A commodity
C) An entrepreneur
D) A need

34. What country did Consumerism originate from

A) United States
B) Nigeria
C) Korea
D) Russia

35. Consumerism originated in the

A) Early 19th centuries
B) Late 19th and early 20th centuries
C) Late 20th centuries
D) None of the above

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 right
B) Consumer responsibility
C) Shopping tip
D) None

38. Food and water is an example of a

A) Commodity
B) Need
C) None
D) Want

39. Asking yourself if you really need an item is a way to avoid

A) Both of the above
B) Responsible buying
C) None of the above
D) Impulse buying

40. An effect of impulse buying is

A) Both of the above
B) None of the above
C) Waste of financial resources
D) Responsible spending and savings

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