AIC SS1 Economics 3rd Term Exam 2022/23
  • 1. 1. An independently administered business unit is called ______
A) Farm
B) Factory
C) Firm
D) Administrative
  • 2. 2. A place where a firm carries out its productive activities is referred to as __________
A) Factory
B) Company
C) Firm
D) Office
  • 3. 3. The main aim of engaging in business activities is __________
A) to make profit
B) for fun sake
C) for charitable purpose
D) to give out goods freely
  • 4. 4. Another name for public enterprise is ____________
A) Public domain
B) Private establishment
C) Public office
D) Public Corporation
  • 5. 5. Public enterprises are established by ____________
A) Company Affairs Commission
B) Acts of parliament
C) Corporate affiliate Commission
D) Corporate Affairs Commission
  • 6. 6. There are _________ major types of business organizations.
A) twenty
B) two
C) four only
D) three
  • 7. 7. _____________ are the enterprises owned and managed by private individuals.
A) Small Enterprises
B) Public Enterprises
C) Large Enterprises
D) Private Enterprises
  • 8. 8. Business organizations that are owned, controlled and managed by the government is called _________
A) Public domains
B) Private Enterprises
C) Public Enterprises
D) Entrepreneurial activities
  • 9. 9. One of the features of private enterprise is
A) Ownership belongs to the government
B) None of the above
C) Public enterprise is a legal entity
D) Private individuals provide the capital
  • 10. 10. A form of business owned and managed by one person is called
A) Sole Proprietorship
B) All of the above
C) Sole materials
D) Sole enterprise
  • 11. 12. Economics is a social science because it
A) studies materialism
B) studies human behaviour
C) studies animal behaviour
D) operate human behaviour
  • 12. 13. ____________ deals with the smaller unit or component of the economy
A) Mixed economy
B) Macro economics
C) Micro economics
D) economy
  • 13. 14. Macro economics deals with the _____________
A) agency
B) aggregate economy
C) smaller agent
D) smaller unit
  • 14. 15. ____________ is a form of business organization whose life span depends on the owner.
A) Sole Proprietorship
B) Corporation
C) Partnership
D) Company
  • 15. 16. In banking industry, ownership is between __________________.
A) 2 to 10
B) 2 to 20
C) 2 to 50
D) 2 to infinity
  • 16. 17. The main objective of partnership is _____________
A) to make profit
B) for fun sake
C) to make wishes
D) to dole out cash
  • 17. 18. PLC means
A) Private limited company
B) Public limited Company
C) None of the above
D) Public-Private limited Company
  • 18. 19. ___________ is a form of company whose articles restricts the right to transfer its shares.
A) Public domain
B) Statutory Corporation
C) Private limited liability company
D) Public Corporation
  • 19. 20. Bluebird Nigeria Limited is an example of
A) Sole trade
B) Public company
C) Private limited liability company
D) Sole Proprietorship
  • 20. 21. Another name for public corporation is _____________
A) Private Enterprise
B) Private Corporation
C) Statutory Corporation
D) Partnership
  • 21. 22. The main objective of public corporation is
A) to make huge profit
B) to create fun
C) to render social services to the people
D) to give out cash
  • 22. 23. Nigeria Port Authority, Nigerian Railway Corporation and Nigerian Communication Commission are examples of ______________
A) Cooperative Societies
B) Private Company
C) Private Corporation
D) Public Corporation
  • 23. 24. Public Enterprises are monopolistic in nature.
A) I don't know
B) No idea
C) True
D) False
  • 24. 25. The reward for land is ___________
A) interest
B) profit
C) rent
D) salary
  • 25. 26. The reward for entrepreneur is __________
A) lease
B) profir
C) Let
D) interest
  • 26. 27. Production is not complete until goods produced reach the _____________
A) final seller
B) final consumer
C) final distributor
D) final retailer
  • 27. 28. The most populous continent in the world is _______________
A) Antarctica
B) America
C) Asia
D) Europe
  • 28. 29. The most populous country in the world is _____________
A) India
B) North Korea
C) Nigeria
D) China
  • 29. 30. ______________ is defined as the total number of people living in a country.
A) Scale of preference
B) Opportunity Cost
C) People
D) Population
Students who took this test also took :

Created with That Quiz — a math test site for students of all grade levels.