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