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