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