PES JS1 Business Studies 2nd Term Exam (Obj) 2025/2026
  • 1. What are the four factors of production?
A) Land, labour, capital and entrepreneur
B) Labour, capital, money and technology
C) Land, water, air and fire
D) Land, Labour, capital and profit
  • 2. Which of the factors of production earns rent?
A) Entrepreneur
B) Capital
C) Land
D) Labour
  • 3. The reward for entrepreneurship is ___________
A) Interest
B) Profit
C) Wages
D) Rent
  • 4. Which of the following is a feature of land as a factor of production?
A) It is perishable
B) It is mobile
C) It is man-made
D) It is fixed in supply
  • 5. Why are factors of production important?
A) They are useless
B) They decrease profit
C) They increase costs
D) They help in production of goods and services
  • 6. What does ''occupation'' mean?
A) A person's job or work
B) A person's hobby
C) A person's location
D) A person's education
  • 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) Skills
C) Education
D) Favorite food
  • 9. What is the purpose of occupation?
A) To travel
B) To earn money
C) To have fun
D) To relax
  • 10. What is another word for truthfulness.
A) Dishonesty
B) Honesty
C) Kindness
D) Loyalty
  • 11. Which attribute is associated with truthfulness?
A) Integrity
B) Deceit
C) Corruption
D) Manipulation
  • 12. What is a reward of being truthful?
A) Financial gain
B) Loss of respect
C) Punishment
D) Trust from others
  • 13. What is the consequence of dishonesty?
A) Loss of trust
B) Increased respect
C) Improved relationships
D) Financial gain
  • 14. Why do people often lie?
A) To protect themselves
B) To hurt other
C) To show off
D) To help other
  • 15. What does fair play mean?
A) Playing without rules
B) Playing to win at all costs
C) Playing with rules
D) Playing roughly
  • 16. Which attribute is associated with fair play?
A) Aggression
B) Dishonesty
C) Cheating
D) Sportsmanship
  • 17. What is a key aspect of fair play?
A) Ignoring rules
B) Disrespecting officials
C) Respecting opponent
D) Winning at all costs
  • 18. What is ethics in the context of chemical?
A) Following laws only
B) Ignoring risks
C) Doing what's right and safe
D) Maximizing profits
  • 19. Why is ethical sourcing of chemicals important?
A) To increase profit
B) To reduce cost
C) To ignore regulations
D) To protect people and environment
  • 20. What is chemical?
A) A type of food
B) A type of energy
C) A living thing
D) A substance with specific properties
  • 21. What is entrepreneurship?
A) Creating your own business
B) Selling product
C) Studying business
D) Working for someone else
  • 22. What is an enterprise?
A) A school project
B) A business venture
C) A government job
D) A hobby
  • 23. Who is an example of a successful entrepreneur?
A) A random office worker
B) A retired teacher
C) Dangamosa of Dangote Group
D) A street vendor
  • 24. Why is entrepreneurship important?
A) Decreases innovation
B) Limits growth
C) Creates a job
D) Increase problems
  • 25. Entrepreneurship leads to ______________
A) Less opportunities
B) No change
C) More opportunities
D) Stagnation
  • 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 government
B) The own personally
C) The business
D) On one
  • 28. Business owned by two or more is __________.
A) Sole proprietorship
B) Partnership
C) Government
D) Head of school
  • 29. In a partnership profits are __________.
A) Lost
B) Given to government
C) Shared among partner
D) Kept by one partner
  • 30. What is a cooperative society?
A) Business owned by members for mutual benefit
B) Business owned by investors
C) Government owned business
D) Non profit organization only
  • 31. Cooperative societies are often formed for ____________.
A) Controlling market
B) Helping members
C) Maximizing profit
D) Reducing competition
  • 32. Advantages of a limited liability company is ______________.
A) Owners have unlimited liability
B) No continuity
C) Difficult to manage
D) Easy to raise capital
  • 33. _______________ is a disadvantage of cooperative society.
A) Profit are high
B) Members have limited liability
C) Decision making can be slow
D) Easy to dissolve
  • 34. Who is a consumer?
A) Someone who produces goods
B) Someone who regulates market
C) Someone who sells goods
D) Someone who buys goods and services
  • 35. What is a market?
A) A place to sell only
B) A place for buying and selling
C) A government office
D) A place to buy only
  • 36. Why is consumer education important for the society?
A) Increases spending
B) Inceases price
C) Protects consumers from exploitation
D) Deceases choice
  • 37. What happens if consumers lack education
A) They make informed decision
B) They are protected from fraud
C) They are exploited
D) They save money automatically
  • 38. The lack of consumer education can leads to ___________.
A) Better choices
B) Financial losses
C) Higher savings
D) Increases awareness
  • 39. Which of the right is part of consumer rights?
A) Right to overcharge
B) Right to limited choice
C) Right to unsafe product
D) Right to clear information
  • 40. What is the benefit of consumer education?
A) Reduced choice
B) Impulsive buying
C) Informed decision making
D) Increased spending
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