Business Studies

JSS1

1. All these are factors of production except (a) labour (b) trade (c) land (d) capital
2. The reward for land is ___________ (a) wages (b) rent (c) capital (d) interest
3. The reward for an entrepreneur is ________ (a) interest (b) profit (c) rent (d) wages
4. Interest is the reward for _________ (a) trade (b) capital (c) labour (d) land
5. Which of the factors of production is the initiator? (a) Entrepreneur (b) Trade (c) Capital (d) Labour
6. Which of the factors of production is provided by nature? (a) Labour (b) Trade (c) Capital (d) Land
7. Which of these people do not provide direct services? (a) Soldiers (b) Tailors (c) Hairdressers (d) Mechanics
8. The following provide indirect services except (a)Soldiers (b) Policemen (c) Tailors (d) Public School teachers
9. Indirect services are services rendered and being paid for directly by the beneficiaries (a) True (b) False (c)
Maybe (d) I don’t know
10. Extractive, manufacturing and construction occupation are classified under _____________ occupation. (a)
Industrial (b) Commercial (c) Personal services (d) None of the above
11. All these can be classified under commercial occupation except _________ (a) transportation (b) banking (c)
warehousing (d) road construction
12. Which of these can be classified under extractive occupation _________ (a) mining (b) banking (c) cloth
weaving (d) road construction
13. One of these is not an attribute of fair play (a) Equity (b) Openness (c) Partiality (d) Impartiality
14. Desperation to survive can cause people to lie in business (a) True (b) False (c) Maybe (d) I don’t know
15. All these are attributes of truthfulness except (a) courage (b) accountability (c) greediness (d) integrity
16. The quality of being honest and having strong moral and ethical principles is __________ (a) integrity (b)
courage (c) equity (d) impartiality
17. __________ involves treating customers and other stakeholders equally. (a) consistency (b) accountability (c)
integrity (d) fair play
18. Having a good business reputation is a reward for _____________ (a) buying and selling (b) truthfulness (c)
lying (d) overpricing
19. All these are factors that facilitate self-employment except ___________ (a) Infrastructure (b) Illiteracy (c)
Government policies (d) Business Ideas
20. One of these is not a business objective of an enterprise (a) To make profit (b) To grow or expand (c) To
increase market share (d) To decrease market share
21. Which of these is not an important aspect of entrepreneurship (a) ownership (b) risk-taking (c) wage taking
(d) organising
22. All these are successful entrepreneurs in Nigeria except (a) Aliko Dangote (b) Femi Otedola (c) Tony Elumelu
(d) Precious Akinola
23. All these are qualities of an entrepreneur except ___________ (a) over confidence (b) resilience (c)
intelligence (d) self confidence
24. ____________ entails carrying out profitable ventures for financial sustainability (a) Unemployment (b) Self
employment (c) Natural endowment (d) Expansion
25. A business owned and managed by two or more persons who are binded by a written agreement. (a) Sole
proprietorship (b) partnership (c) Cooperative society (d) Pubic enterprise
26. A _______________ is a business owned and directed by only one person. (a) Sole proprietorship (b)
partnership (c) Cooperative society (d) Pubic enterprise
27. A limited liability can be limited either by ___________ or _____________ (a) share, assurance (b) pair,
guarantee (c) share, guarantee (d) pair, assurance.
28. All these Except one are advantages of one man business. (a) easy to start (b) little capital (c) quick decision
(d) huge capital.
29. An untruthful business is bound to _____ eventually. (a) lie (b) succeed (c) overcome (d) fail
30. The ____ is the provider of capital and organizer of other factors of production. (a) manager (b) accountant
(c) marketer (d) entrepreneur
 31. Any activities in which people engaged themselves in order to earn a living is termed (a) promotion (b)
communication (c) occupation (d) interest.
32. Business enterprises owned by the government with the key objective of providing essential services are
called (a) cooperative societies (b) partnership (c) public enterprise (d) sole proprietorship
33. In which of the following organisations is profit shared among the members on the basis of patronage. (a)
cooperative societies (b) partnership (c) public enterprise (d) sole proprietorship
34. A private limited liability company has its official name ending as (a) PLC (b) LTD (c) NGO (d) PPC
35. The end user of a product is a _________(a) producer (b) marketer (c) retailer (d) consumer
36. Where buyers and sellers meet in order to transact business is called __________ (a) market (b) premises (c)
space (d) platform
37. Consumer __________ helps consumers to make wise buying decisions (a) persuasion (b) teleprompting (c)
selling (d) education
38. Consumers have rights and ______________ (a) accessibilities (b) lefts (c) responsibilities (d) liabilities
39. jumia.com is an example of a ______________ (a) physical market (b) e-commerce platform (c) chemical
market (d) j-commerce platform
40. Consumer education protects consumers against ___________ goods (a) quality (b) dangerous (c) right (d)
safe
41. A set of principles that can guide people in deciding right from wrong are called (a) ethics (b) sourcing (c)
handling (d) purchasing
42. Which of these people must not be given the responsibility of buying chemicals (a) minors (b) managers (c)
adults (d) chemists
43. Distribution of chemicals should be by (a) unlicensed vendors (b) unauthorised distributors (c) black market
sellers (d) licensed vendors
44. Chemical waste can be allowed to escape into the _______ (a) rivers (b) sea (c) ocean (d) none of the above
45. Which of the following is an agency that regulates the use and sale of chemicals in Nigeria (a) INEC (b)
NERDC (c) NAFDAC (d) NBA
46. Which of the following should be made available in factories that store chemicals (a) hazardous materials (b)
fire extinguisher (c) flammable materials (d) inflammable materials
47. Hazardous chemicals are not ____________ (a) flammable (b) toxic (c) safe (d) corrosive
48. Food preservatives are ___________ (a) flammable (b) toxic (c) safe (d) corrosive
49. Which of these chemicals is suitable for use (a) ammonia (b) cyanide (c) cinnamon (d) caustic soda
50. All these agencies monitor the sale of chemicals except ____________ (a) NERDC (b) NAFDAC (c) SON (d)
NDLEA

Theory

Answer question 1 and other three (3) questions

1. (a) Define Sole Proprietorship

(b) Define Partnership
(c) Mention three forms of business organization
2. (a) Define an entrepreneur as a factor of production.
(b) Mention four features of Labour as a factor of production.
3. (a) What is Occupation?
(b) Mention four factors that influence occupation
4. (a) Mention four characteristics of Non- hazardous chemicals
(b) Mention three characteristics of hazardous chemicals
5. (a) Define Book keeping
(b) Mention four essential qualities of a book keeper
6. (a) What is Consumer Education?
(b) Mention four consequences of lack of consumer education