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, water, air and fire
B) Land, labour, capital and entrepreneur
C) Labour, capital, money and technology
D) Land, Labour, capital and profit
  • 2. Which of the factors of production earns rent?
A) Land
B) Entrepreneur
C) Capital
D) Labour
  • 3. The reward for entrepreneurship is ___________
A) Interest
B) Profit
C) Wages
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 mobile
C) It is fixed in supply
D) It is perishable
  • 5. Why are factors of production important?
A) They help in production of goods and services
B) They are useless
C) They increase costs
D) They decrease profit
  • 6. What does ''occupation'' mean?
A) A person's job or work
B) A person's location
C) A person's education
D) A person's hobby
  • 7. Which factor influences a person's occupation choice?
A) Favorite sport
B) Favorite colour
C) Favorite food
D) Education
  • 8. Which factor does not influence occupation choice?
A) Skills
B) Interest
C) Education
D) Favorite food
  • 9. What is the purpose of occupation?
A) To earn money
B) To have fun
C) To relax
D) To travel
  • 10. What is another word for truthfulness.
A) Honesty
B) Loyalty
C) Kindness
D) Dishonesty
  • 11. Which attribute is associated with truthfulness?
A) Corruption
B) Deceit
C) Manipulation
D) Integrity
  • 12. What is a reward of being truthful?
A) Financial gain
B) Trust from others
C) Loss of respect
D) Punishment
  • 13. What is the consequence of dishonesty?
A) Increased respect
B) Loss of trust
C) Financial gain
D) Improved relationships
  • 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 without rules
B) Playing with rules
C) Playing to win at all costs
D) Playing roughly
  • 16. Which attribute is associated with fair play?
A) Aggression
B) Dishonesty
C) Cheating
D) Sportsmanship
  • 17. What is a key aspect of fair play?
A) Respecting opponent
B) Disrespecting officials
C) Winning at all costs
D) Ignoring rules
  • 18. What is ethics in the context of chemical?
A) Ignoring risks
B) Maximizing profits
C) Following laws only
D) Doing what's right and safe
  • 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 type of food
B) A substance with specific properties
C) A type of energy
D) A living thing
  • 21. What is entrepreneurship?
A) Creating your own business
B) Selling product
C) Working for someone else
D) Studying business
  • 22. What is an enterprise?
A) A government job
B) A school project
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) Dangamosa of Dangote Group
D) A random office worker
  • 24. Why is entrepreneurship important?
A) Limits growth
B) Increase problems
C) Decreases innovation
D) Creates a job
  • 25. Entrepreneurship leads to ______________
A) No change
B) More opportunities
C) Less opportunities
D) Stagnation
  • 26. What is a Sole proprietorship ?
A) Business owned by government
B) Business without owners
C) Business owned by many
D) Business owned by one person
  • 27. Who is liable four debts in a sole proprietorship ?
A) On one
B) The own personally
C) The business
D) The government
  • 28. Business owned by two or more is __________.
A) Sole proprietorship
B) Partnership
C) Government
D) Head of school
  • 29. In a partnership profits are __________.
A) Given to government
B) Kept by one partner
C) Lost
D) Shared among partner
  • 30. What is a cooperative society?
A) Non profit organization only
B) Business owned by investors
C) Business owned by members for mutual benefit
D) Government owned business
  • 31. Cooperative societies are often formed for ____________.
A) Reducing competition
B) Maximizing profit
C) Helping members
D) Controlling market
  • 32. Advantages of a limited liability company is ______________.
A) Difficult to manage
B) Easy to raise capital
C) No continuity
D) Owners have unlimited liability
  • 33. _______________ is a disadvantage of cooperative society.
A) Easy to dissolve
B) Decision making can be slow
C) Profit are high
D) Members have limited liability
  • 34. Who is a consumer?
A) Someone who buys goods and services
B) Someone who regulates market
C) Someone who produces goods
D) Someone who sells goods
  • 35. What is a market?
A) A place to buy only
B) A government office
C) A place for buying and selling
D) A place to sell only
  • 36. Why is consumer education important for the society?
A) Protects consumers from exploitation
B) Increases spending
C) Inceases price
D) Deceases choice
  • 37. What happens if consumers lack education
A) They save money automatically
B) They are exploited
C) They make informed decision
D) They are protected from fraud
  • 38. The lack of consumer education can leads to ___________.
A) Better choices
B) Higher savings
C) Increases awareness
D) Financial losses
  • 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) Impulsive buying
B) Informed decision making
C) Reduced choice
D) Increased spending
Students who took this test also took :

Created with That Quiz — where a math practice test is always one click away.