Examination on Business Studies

Class: JSS 1

Term: Second Term

Time: 1 Hour

Total Marks: 70

SECTION A: OBJECTIVES (40 Marks)

Instruction: Answer all questions.

________ is the factor of production that refers to all natural resources. (a) Labour (b) Capital (c) Land (d) Entrepreneur
The ________ is the person who takes the risk of starting a business. (a) Manager (b) Entrepreneur (c) Labourer (d) Vendor
An example of a primary occupation is ________. (a) Teaching (b) Farming (c) Banking (d) Trading
Which of the following is a factor of production? (a) Market (b) Money (c) Labour (d) Transport
All of these are divisions of occupation except ________. (a) Industrial (b) Commercial (c) Services (d) Consumption
Which is NOT a factor that affects the choice of occupation? (a) Interest (b) Education (c) Climate (d) Dancing skills
The main reason for ethics in sourcing chemicals is ________. (a) To make money (b) Safety and health (c) To hide secrets (d) To increase weight
The correct step in sourcing chemicals is ________. (a) Buying from any street hawker (b) Sourcing from licensed vendors (c) Storing in open tins (d) Dumping in rivers
Which of these is not a form of business organization? (a) Sole Proprietorship (b) Partnership (c) Occupation (d) Cooperative Society
________ refers to the legal and moral principles guiding a business. (a) Ethics (b) Profit (c) Labour (d) Capital
The ________ services are provided directly to the consumer by the person performing them. (a) Indirect (b) Direct (c) Industrial (d) Primary
A business owned and managed by one person is ________. (a) Partnership (b) Sole Proprietorship (c) LLC (d) Cooperative
Which of the following is an example of an indirect service? (a) Hairdressing (b) Civil service (c) Tailoring (d) Private doctor
All of these are successful entrepreneurs in Nigeria except ________. (a) Aliko Dangote (b) Mike Adenuga (c) Bill Gates (d) Abdulsamad Rabiu
Which is NOT a characteristic of a Partnership? (a) Owned by 2-20 people (b) Shared profits (c) Owned by one person (d) Written agreement
The ________ of entrepreneurship to the society includes job creation. (a) Disadvantage (b) Meaning (c) Importance (d) Factor
________ is the act of being self-employed or starting an enterprise. (a) Occupation (b) Entrepreneurship (c) Labour (d) Land
An example of a commercial occupation is ________. (a) Mining (b) Insurance (c) Quarrying (d) Fishing
All of these are factors of production except ________. (a) Capital (b) Entrepreneur (c) Building (d) Machinery
Which of these is not a feature of a Cooperative Society? (a) Voluntary membership (b) Democratic control (c) Profit at all cost (d) Mutual help
________ is a factor of production that involves human physical and mental effort. (a) Land (b) Labour (c) Capital (d) Money
The ________ of chemicals must be done in a proper and safe manner. (a) Sourcing (b) Disposal (c) Mixing (d) Tasting
An example of a successful entrepreneur in the world is ________. (a) Jeff Bezos (b) Local tailor (c) School boy (d) Street cleaner
Which of the following is a facility available for self-employment? (a) Micro-finance banks (b) Playing field (c) Cinema (d) Forest
All of these are importance of entrepreneurship to the family except ________. (a) Improved living standard (b) Income (c) Poverty (d) Education
Which is NOT a category of industrial occupation? (a) Extractive (b) Manufacturing (c) Construction (d) Advertising
The main reason for starting a Limited Liability Company is ________. (a) To lose money (b) To raise large capital (c) To work alone (d) To avoid taxes
The correct step in handling chemicals is ________. (a) Using bare hands (b) Good handling techniques (c) Testing with tongue (d) Storing near food
Which of these is not an advantage of Sole Proprietorship? (a) Quick decision making (b) Privacy (c) Unlimited liability (d) Keeping all profit
________ involves the production, distribution, and exchange of goods and services. (a) Occupation (b) Exercise (c) Hobbies (d) Recreation
The ________ is the reward for land. (a) Wages (b) Interest (c) Rent (d) Profit
An example of capital as a factor of production is ________. (a) Rain (b) Machinery (c) Forest (d) Air
Which of the following is a disadvantage of a Cooperative Society? (a) Poor management (b) Low prices (c) Unity (d) Cooperation
All of these are ethics of sourcing chemicals except ________. (a) Licensed vendors (b) Proper disposal (c) Illegal smuggling (d) Good distribution
Which is NOT a benefit of entrepreneurship to the individual? (a) Independence (b) Self-reliance (c) Laziness (d) Skill acquisition
The main reason for division of occupation is ________. (a) Confusion (b) Specialization (c) Unemployment (d) High cost
The correct step in forming a partnership is ________. (a) Fighting (b) Having a partnership deed (c) Closing the shop (d) Working alone
Which of these is not a type of service occupation? (a) Direct service (b) Indirect service (c) Public service (d) Extracting service
________ is a factor that determines where a business is located. (a) Proximity to raw materials (b) Color of the roof (c) Name of the street (d) Type of shoes
An example of a successful entrepreneur in your locality is ________. (a) A famous singer (b) A local bakery owner (c) A footballer (d) An actor

SECTION B: THEORY (30 Marks)

Instruction: Answer any THREE questions.

Question 1

(a) Define the term “Factors of Production”. (2 marks)

(b) List and explain two factors of production and their rewards. (3 marks)

(d) Give two examples of extractive industrial occupation. (2 marks)

Question 2

(a) What is “Occupation”? (2 marks)

(b) Draw a diagram showing the division of occupation. (3 marks)

(d) Mention two factors that affect the choice of occupation. (2 marks)

Question 3

(a) Define “Ethics” in relation to sourcing chemicals. (2 marks)

(b) List four ethics of sourcing and handling chemicals. (3 marks)

(d) Identify two facilities available for self-employment in Nigeria. (2 marks)

Question 4

(a) What is a “Sole Proprietorship”? (2 marks)

(b) State two advantages and two disadvantages of a partnership. (3 marks)

(d) Name two successful entrepreneurs in Nigeria and their business areas. (2 marks)

Question 5

(a) Define a “Cooperative Society”. (2 marks)

(b) Highlight three features of a Limited Liability Company. (3 marks)

(d) Give two examples of commercial occupations. (2 marks)

Objective Marking Scheme

Question 1 – ✅ (c) Land

Question 2 – ✅ (b) Entrepreneur

Question 3 – ✅ (b) Farming

Question 4 – ✅ (c) Labour

Question 5 – ✅ (d) Consumption

Question 6 – ✅ (d) Dancing skills

Question 7 – ✅ (b) Safety and health

Question 8 – ✅ (b) Sourcing from licensed vendors

Question 9 – ✅ (c) Occupation

Question 10 – ✅ (a) Ethics

Question 11 – ✅ (b) Direct

Question 12 – ✅ (b) Sole Proprietorship

Question 13 – ✅ (b) Civil service

Question 14 – ✅ (c) Bill Gates

Question 15 – ✅ (c) Owned by one person

Question 16 – ✅ (c) Importance

Question 17 – ✅ (b) Entrepreneurship

Question 18 – ✅ (b) Insurance

Question 19 – ✅ (c) Building

Question 20 – ✅ (c) Profit at all cost

Question 21 – ✅ (b) Labour

Question 22 – ✅ (b) Disposal

Question 23 – ✅ (a) Jeff Bezos

Question 24 – ✅ (a) Micro-finance banks

Question 25 – ✅ (c) Poverty

Question 26 – ✅ (d) Advertising

Question 27 – ✅ (b) To raise large capital

Question 28 – ✅ (b) Good handling techniques

Question 29 – ✅ (c) Unlimited liability

Question 30 – ✅ (a) Occupation

Question 31 – ✅ (c) Rent

Question 32 – ✅ (b) Machinery

Question 33 – ✅ (a) Poor management

Question 34 – ✅ (c) Illegal smuggling

Question 35 – ✅ (c) Laziness

Question 36 – ✅ (b) Specialization

Question 37 – ✅ (b) Having a partnership deed

Question 38 – ✅ (d) Extracting service

Question 39 – ✅ (a) Proximity to raw materials

Question 40 – ✅ (b) A local bakery owner