PES JS1 Business Studies 2nd Term Exam (Obj) 2025/2026
  • 1. What are the four factors of production?
A) Land, Labour, capital and profit
B) Land, labour, capital and entrepreneur
C) Labour, capital, money and technology
D) Land, water, air and fire
  • 2. Which of the factors of production earns rent?
A) Labour
B) Capital
C) Land
D) Entrepreneur
  • 3. The reward for entrepreneurship is ___________
A) Rent
B) Profit
C) Interest
D) Wages
  • 4. Which of the following is a feature of land as a factor of production?
A) It is mobile
B) It is perishable
C) It is man-made
D) It is fixed in supply
  • 5. Why are factors of production important?
A) They help in production of goods and services
B) They decrease profit
C) They increase costs
D) They are useless
  • 6. What does ''occupation'' mean?
A) A person's location
B) A person's job or work
C) A person's education
D) A person's hobby
  • 7. Which factor influences a person's occupation choice?
A) Favorite sport
B) Favorite food
C) Favorite colour
D) Education
  • 8. Which factor does not influence occupation choice?
A) Interest
B) Education
C) Skills
D) Favorite food
  • 9. What is the purpose of occupation?
A) To have fun
B) To earn money
C) To relax
D) To travel
  • 10. What is another word for truthfulness.
A) Loyalty
B) Dishonesty
C) Honesty
D) Kindness
  • 11. Which attribute is associated with truthfulness?
A) Deceit
B) Manipulation
C) Corruption
D) Integrity
  • 12. What is a reward of being truthful?
A) Punishment
B) Trust from others
C) Loss of respect
D) Financial gain
  • 13. What is the consequence of dishonesty?
A) Financial gain
B) Improved relationships
C) Loss of trust
D) Increased respect
  • 14. Why do people often lie?
A) To show off
B) To help other
C) To protect themselves
D) To hurt other
  • 15. What does fair play mean?
A) Playing with rules
B) Playing roughly
C) Playing to win at all costs
D) Playing without rules
  • 16. Which attribute is associated with fair play?
A) Dishonesty
B) Aggression
C) Sportsmanship
D) Cheating
  • 17. What is a key aspect of fair play?
A) Disrespecting officials
B) Winning at all costs
C) Respecting opponent
D) Ignoring rules
  • 18. What is ethics in the context of chemical?
A) Maximizing profits
B) Doing what's right and safe
C) Following laws only
D) Ignoring risks
  • 19. Why is ethical sourcing of chemicals important?
A) To increase profit
B) To reduce cost
C) To protect people and environment
D) To ignore regulations
  • 20. What is chemical?
A) A substance with specific properties
B) A living thing
C) A type of food
D) A type of energy
  • 21. What is entrepreneurship?
A) Working for someone else
B) Studying business
C) Selling product
D) Creating your own business
  • 22. What is an enterprise?
A) A business venture
B) A school project
C) A hobby
D) A government job
  • 23. Who is an example of a successful entrepreneur?
A) A random office worker
B) Dangamosa of Dangote Group
C) A street vendor
D) A retired teacher
  • 24. Why is entrepreneurship important?
A) Increase problems
B) Limits growth
C) Creates a job
D) Decreases innovation
  • 25. Entrepreneurship leads to ______________
A) Less opportunities
B) Stagnation
C) No change
D) More opportunities
  • 26. What is a Sole proprietorship ?
A) Business owned by government
B) Business owned by many
C) Business owned by one person
D) Business without owners
  • 27. Who is liable four debts in a sole proprietorship ?
A) The business
B) The own personally
C) On one
D) The government
  • 28. Business owned by two or more is __________.
A) Sole proprietorship
B) Head of school
C) Government
D) Partnership
  • 29. In a partnership profits are __________.
A) Lost
B) Shared among partner
C) Kept by one partner
D) Given to government
  • 30. What is a cooperative society?
A) Business owned by members for mutual benefit
B) Government owned business
C) Non profit organization only
D) Business owned by investors
  • 31. Cooperative societies are often formed for ____________.
A) Helping members
B) Controlling market
C) Reducing competition
D) Maximizing profit
  • 32. Advantages of a limited liability company is ______________.
A) No continuity
B) Difficult to manage
C) Easy to raise capital
D) Owners have unlimited liability
  • 33. _______________ is a disadvantage of cooperative society.
A) Decision making can be slow
B) Easy to dissolve
C) Members have limited liability
D) Profit are high
  • 34. Who is a consumer?
A) Someone who buys goods and services
B) Someone who sells goods
C) Someone who regulates market
D) Someone who produces goods
  • 35. What is a market?
A) A place to sell only
B) A government office
C) A place for buying and selling
D) A place to buy only
  • 36. Why is consumer education important for the society?
A) Inceases price
B) Increases spending
C) Protects consumers from exploitation
D) Deceases choice
  • 37. What happens if consumers lack education
A) They make informed decision
B) They save money automatically
C) They are protected from fraud
D) They are exploited
  • 38. The lack of consumer education can leads to ___________.
A) Better choices
B) Increases awareness
C) Financial losses
D) Higher savings
  • 39. Which of the right is part of consumer rights?
A) Right to limited choice
B) Right to clear information
C) Right to overcharge
D) Right to unsafe product
  • 40. What is the benefit of consumer education?
A) Impulsive buying
B) Reduced choice
C) Increased spending
D) Informed decision making
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