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