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