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PES JS1 Business studies 2nd Term Exam 2025/2026
Contributed by: School
  • 1. What are the four factors of production?
A) Land, labour, capital and entrepreneur
B) Land, Labour, capital and profit
C) Labour, capital, money and technology
D) Land, water, air and fire
  • 2. Which of the factor of production earns rent?
A) Land
B) Capital
C) Labour
D) Entrepreneur
  • 3. The reward for entrepreneurship is ___________
A) Wages
B) Rent
C) Interest
D) Profit
  • 4. Which of the following is a feature of land as a factor of production?
A) It is man-made
B) It is fixed in supply
C) It is mobile
D) It is perishable
  • 5. Why are factors of production important?
A) They help in production of goods and services
B) They increase costs
C) They decrease profit
D) They are useless
  • 6. What does ''occupation'' mean?
A) A person's education
B) A person's location
C) A person's job or work
D) A person's hobby
  • 7. Which factor influences a person's occupation choice?
A) Education
B) Favorite sport
C) Favorite colour
D) Favorite food
  • 8. Which factor does not influence occupation choice?
A) Skills
B) Interest
C) Favorite food
D) Education
  • 9. What is the purpose of occupation?
A) To have fun
B) To relax
C) To travel
D) To earn money
  • 10. What is another word for truthfulness.
A) Dishonesty
B) Kindness
C) Loyalty
D) Honesty
  • 11. Which attribute is associated with truthfulness?
A) Manipulation
B) Corruption
C) Deceit
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) Improved relationships
C) Financial gain
D) Loss of trust
  • 14. Why do people often lie?
A) To help other
B) To protect themselves
C) To show off
D) To protect themselves
  • 15. What does fair play mean?
A) Playing with rules
B) Playing to win at all costs
C) Playing without rules
D) Playing roughly
  • 16. Which attribute is associated with fair play?
A) Aggression
B) Cheating
C) Dishonesty
D) Sportsmanship
  • 17. What is a key aspect of fair play?
A) Ignoring rules
B) Winning at all costs
C) Respecting opponent
D) Disrespecting officials
  • 18. What is ethics in the context of chemical?
A) Following laws only
B) Ignoring risks
C) Maximizing profits
D) Doing what's right and safe
  • 19. Why is ethical sourcing of chemicals important?
A) To increase profit
B) To reduce cost
C) To ignore regulations
D) To protect people and environment
  • 20. What is chemical?
A) A type of energy
B) A living thing
C) A substance with specific properties
D) A type of food
  • 21. What is entrepreneurship?
A) Creating your own business
B) Working for someone else
C) Studying business
D) Selling product
  • 22. What is an enterprise?
A) A government job
B) A hobby
C) A business venture
D) A school project
  • 23. Who is an example of a successful entrepreneur?
A) A random office worker
B) Dangamosa of Dangote Group
C) A retired teacher
D) A street vendor
  • 24. Why is entrepreneurship important?
A) Limits growth
B) Creates a job
C) Decreases innovation
D) Increase problems
  • 25. Entrepreneurship leads to ______________
A) Stagnation
B) Less opportunities
C) More opportunities
D) No change
  • 26. What is a Sole proprietorship ?
A) Business owned by one person
B) Business without owners
C) Business owned by many
D) Business owned by government
  • 27. Who is liable four debts in a sole proprietorship ?
A) The own personally
B) The government
C) On one
D) The business
  • 28. Business owned by two or more is __________.
A) Head of school
B) Sole proprietorship
C) Partnership
D) Government
  • 29. In a partnership profits are __________.
A) Kept by one partner
B) Lost
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
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