ThatQuiz Test Library Take this test now
PES JS1 Business Studies 2nd Term Exam (Obj) 2025/2026
Contributed by: School
  • 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) Labour
B) Entrepreneur
C) Capital
D) Land
  • 3. The reward for entrepreneurship is ___________
A) Wages
B) Interest
C) Rent
D) Profit
  • 4. Which of the following is a feature of land as a factor of production?
A) It is mobile
B) It is perishable
C) It is fixed in supply
D) It is man-made
  • 5. Why are factors of production important?
A) They decrease profit
B) They help in production of goods and services
C) They are useless
D) They increase costs
  • 6. What does ''occupation'' mean?
A) A person's hobby
B) A person's location
C) A person's education
D) A person's job or work
  • 7. Which factor influences a person's occupation choice?
A) Favorite colour
B) Favorite food
C) Education
D) Favorite sport
  • 8. Which factor does not influence occupation choice?
A) Interest
B) Education
C) Skills
D) Favorite food
  • 9. What is the purpose of occupation?
A) To travel
B) To have fun
C) To relax
D) To earn money
  • 10. What is another word for truthfulness.
A) Kindness
B) Dishonesty
C) Loyalty
D) Honesty
  • 11. Which attribute is associated with truthfulness?
A) Deceit
B) Manipulation
C) Corruption
D) Integrity
  • 12. What is a reward of being truthful?
A) Punishment
B) Trust from others
C) Financial gain
D) Loss of respect
  • 13. What is the consequence of dishonesty?
A) Loss of trust
B) Improved relationships
C) Financial gain
D) Increased respect
  • 14. Why do people often lie?
A) To show off
B) To hurt other
C) To help other
D) To protect themselves
  • 15. What does fair play mean?
A) Playing with rules
B) Playing without rules
C) Playing to win at all costs
D) Playing roughly
  • 16. Which attribute is associated with fair play?
A) Sportsmanship
B) Dishonesty
C) Aggression
D) Cheating
  • 17. What is a key aspect of fair play?
A) Winning at all costs
B) Respecting opponent
C) Disrespecting officials
D) Ignoring rules
  • 18. What is ethics in the context of chemical?
A) Ignoring risks
B) Following laws only
C) Doing what's right and safe
D) Maximizing profits
  • 19. Why is ethical sourcing of chemicals important?
A) To protect people and environment
B) To increase profit
C) To reduce cost
D) To ignore regulations
  • 20. What is chemical?
A) A living thing
B) A substance with specific properties
C) A type of energy
D) A type of food
  • 21. What is entrepreneurship?
A) Studying business
B) Selling product
C) Creating your own business
D) Working for someone else
  • 22. What is an enterprise?
A) A hobby
B) A business venture
C) A school project
D) A government job
  • 23. Who is an example of a successful entrepreneur?
A) A random office worker
B) A street vendor
C) A retired teacher
D) Dangamosa of Dangote Group
  • 24. Why is entrepreneurship important?
A) Creates a job
B) Increase problems
C) Limits growth
D) Decreases innovation
  • 25. Entrepreneurship leads to ______________
A) Less opportunities
B) No change
C) Stagnation
D) More opportunities
  • 26. What is a Sole proprietorship ?
A) Business owned by one person
B) Business without owners
C) Business owned by government
D) Business owned by many
  • 27. Who is liable four debts in a sole proprietorship ?
A) The government
B) The business
C) The own personally
D) On one
  • 28. Business owned by two or more is __________.
A) Government
B) Partnership
C) Sole proprietorship
D) Head of school
  • 29. In a partnership profits are __________.
A) Given to government
B) Lost
C) Kept by one partner
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) Helping members
B) Maximizing profit
C) Controlling market
D) Reducing competition
  • 32. Advantages of a limited liability company is ______________.
A) No continuity
B) Difficult to manage
C) Easy to raise capital
D) Owners have unlimited liability
  • 33. _______________ is a disadvantage of cooperative society.
A) Members have limited liability
B) Profit are high
C) Decision making can be slow
D) Easy to dissolve
  • 34. Who is a consumer?
A) Someone who sells goods
B) Someone who regulates market
C) Someone who produces 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) Protects consumers from exploitation
C) Inceases price
D) Deceases choice
  • 37. What happens if consumers lack education
A) They are exploited
B) They make informed decision
C) They are protected from fraud
D) They save money automatically
  • 38. The lack of consumer education can leads to ___________.
A) Financial losses
B) Higher savings
C) Increases awareness
D) Better choices
  • 39. Which of the right is part of consumer rights?
A) Right to clear information
B) Right to limited choice
C) Right to overcharge
D) Right to unsafe product
  • 40. What is the benefit of consumer education?
A) Reduced choice
B) Impulsive buying
C) Increased spending
D) Informed decision making
Created with That Quiz — where a math practice test is always one click away.