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PES JS 2 Business Studies Term 1 Exam
  • 1. The protection against the loss of property and life is
A) Occupation
B) Transportation
C) Insurance
D) Communication
  • 2. The following is not a type of insurance
A) Health insurance
B) Life insurance
C) Administrative insurance
D) Car insurance
  • 3. Which of the following is not a benefits of insurance
A) Encourages savings
B) Financial security
C) Peace of mind
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) None of the above
D) After sales service
  • 6. A written guarantee issued to the buyer of a product by its manufacturer is called
A) Installation
B) Distribution
C) Warranty
D) Impulse buying
  • 7. The channel through which goods pass from the hand of the producer to the final consumer is
A) Distribution
B) Insurance
C) Installation
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 Wholesaler
B) The Manufacturer
C) The Retailer
D) The Middleman
  • 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 Producer
C) The Retailer
D) The Wholesaler
  • 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) Laziness
D) Risk taking
  • 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) Shopping tips
B) Consumer rights
C) Consumer responsibilities
D) Business opportunities
  • 14. Which of the following is essential for survival
A) Needs
B) Scarcity
C) Wants
D) Choice
  • 15. An unplanned decision to buy a product or service made just before a purchase is
A) None
B) Consumer rights
C) Customer responsibilities
D) Impulse buying
  • 16. One of the effects of impulse buying is
A) Checking quality and safety of products
B) Globalizing markets
C) Separating items on your list
D) Feeling of guilts and regrets
  • 17. What is referred as something that is extremely necessary for a person to have in order to survive is
A) Choice
B) Opportunity
C) Wants
D) Needs
  • 18. A small open enclosure for selling goods in small quantities is
A) Kiosk
B) Chain shops
C) Joint stocks
D) Warehouse
  • 19. Who helps to advertise the manufacturer’s product
A) Producer
B) Retailer
C) Wholesaler
D) Consumer
  • 20. The basic function of the manufacturer is to
A) Buy goods from the retailer and sells to the consumer
B) Buy goods from the wholesaler and sell to the retailer
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) Life insurance
D) Travel insurance
  • 22. Which is a not a personal quality of an entrepreneur
A) Risk taking
B) Creativity
C) Good work ethic
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) A joint store
B) Stall
C) Kiosk
D) A Departmental store
  • 25. Which of the following is an example of a departmental store
A) Shoprite
B) Chicken republic
C) None
D) Mr Biggs
  • 26. Which of the following is not an example of a small scale retail outlet
A) Stalls
B) Kiosks
C) Shops
D) Retail co-operatives
  • 27. Reporting defects, issues or any problem with products to the sellers is
A) A Consumer responsibility
B) A Consumer Right
C) An wholesaler’s right
D) A Retailer’s responsibility
  • 28. A safety net that can help you to recover from unexpected losses is
A) Security
B) None
C) Insurance
D) Warranty
  • 29. Trip cancellations, lost luggages is being covered by the
A) Health insurance
B) Life insurance
C) Travel insurance
D) None
  • 30. Which is not a benefit of insurance
A) Peace of mind
B) No financial security
C) Saving
D) Reduced stress
  • 31. Entrepreneurs can also be referred to as
A) Managers
B) None
C) Executive officers
D) Innovators
  • 32. The type of opportunity that extends beyond national border and involves global market is
A) International business opportunity
B) Local business opportunity
C) State business opportunity
D) National business opportunity
  • 33. Which of the following is not an element of a business opportunity
A) An entrepreneur
B) A need
C) A means to fulfil a need
D) A commodity
  • 34. What country did Consumerism originate from
A) Korea
B) Nigeria
C) United States
D) Russia
  • 35. Consumerism originated in the
A) Late 20th centuries
B) Late 19th and early 20th centuries
C) Early 19th centuries
D) None of the above
  • 36. Making informed decisions is the responsibility of a
A) Wholesaler
B) Retailer
C) Consumer
D) Producer
  • 37. Examining goods carefully that they are exactly what you want is a
A) None
B) Consumer responsibility
C) Consumer right
D) Shopping tip
  • 38. Food and water is an example of a
A) Need
B) Want
C) None
D) Commodity
  • 39. Asking yourself if you really need an item is a way to avoid
A) None of the above
B) Impulse buying
C) Responsible 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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