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