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