PES JS1 Business studies 2nd Term Exam 2025/2026
  • 1. What are the four factors of production?
A) Land, labour, capital and entrepreneur
B) Labour, capital, money and technology
C) Land, Labour, capital and profit
D) Land, water, air and fire
  • 2. Which of the factor of production earns rent?
A) Land
B) Entrepreneur
C) Capital
D) Labour
  • 3. The reward for entrepreneurship is ___________
A) Wages
B) Profit
C) Rent
D) Interest
  • 4. Which of the following is a feature of land as a factor of production?
A) It is perishable
B) It is man-made
C) It is fixed in supply
D) It is mobile
  • 5. Why are factors of production important?
A) They decrease profit
B) They increase costs
C) They help in production of goods and services
D) They are useless
  • 6. What does ''occupation'' mean?
A) A person's hobby
B) A person's job or work
C) A person's education
D) A person's location
  • 7. Which factor influences a person's occupation choice?
A) Favorite sport
B) Education
C) Favorite food
D) Favorite colour
  • 8. Which factor does not influence occupation choice?
A) Skills
B) Education
C) Favorite food
D) Interest
  • 9. What is the purpose of occupation?
A) To relax
B) To have fun
C) To earn money
D) To travel
  • 10. What is another word for truthfulness.
A) Loyalty
B) Dishonesty
C) Kindness
D) Honesty
  • 11. Which attribute is associated with truthfulness?
A) Deceit
B) Corruption
C) Integrity
D) Manipulation
  • 12. What is a reward of being truthful?
A) Punishment
B) Trust from others
C) Financial gain
D) Loss of respect
  • 13. What is the consequence of dishonesty?
A) Loss of trust
B) Financial gain
C) Improved relationships
D) Increased respect
  • 14. Why do people often lie?
A) To protect themselves
B) To show off
C) To help other
D) To protect themselves
  • 15. What does fair play mean?
A) Playing to win at all costs
B) Playing with rules
C) Playing roughly
D) Playing without rules
  • 16. Which attribute is associated with fair play?
A) Sportsmanship
B) Aggression
C) Dishonesty
D) Cheating
  • 17. What is a key aspect of fair play?
A) Winning at all costs
B) Disrespecting officials
C) Ignoring rules
D) Respecting opponent
  • 18. What is ethics in the context of chemical?
A) Doing what's right and safe
B) Following laws only
C) Maximizing profits
D) Ignoring risks
  • 19. Why is ethical sourcing of chemicals important?
A) To protect people and environment
B) To increase profit
C) To ignore regulations
D) To reduce cost
  • 20. What is chemical?
A) A substance with specific properties
B) A type of food
C) A living thing
D) A type of energy
  • 21. What is entrepreneurship?
A) Working for someone else
B) Creating your own business
C) Studying business
D) Selling product
  • 22. What is an enterprise?
A) A hobby
B) A government job
C) A school project
D) A business venture
  • 23. Who is an example of a successful entrepreneur?
A) A street vendor
B) A retired teacher
C) A random office worker
D) Dangamosa of Dangote Group
  • 24. Why is entrepreneurship important?
A) Increase problems
B) Creates a job
C) Limits growth
D) Decreases innovation
  • 25. Entrepreneurship leads to ______________
A) Less opportunities
B) More opportunities
C) Stagnation
D) No change
  • 26. What is a Sole proprietorship ?
A) Business owned by many
B) Business owned by government
C) Business owned by one person
D) Business without owners
  • 27. Who is liable four debts in a sole proprietorship ?
A) The own personally
B) The government
C) The business
D) On one
  • 28. Business owned by two or more is __________.
A) Head of school
B) Sole proprietorship
C) Partnership
D) Government
  • 29. In a partnership profits are __________.
A) Given to government
B) Lost
C) Shared among partner
D) Kept by one partner
  • 30. What is a cooperative society?
A) Government owned business
B) Non profit organization only
C) Business owned by investors
D) Business owned by members for mutual benefit
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