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JSS 1 2nd Term Business Studies Exam. 2022/2023 session
Answer all Objective questions.
– SECTION A
1. ________factor receives the reward of interest. A. Land B. Labour C. Capital D. Enterpreneur.
2. Factors of production are also called ________ of productionA. agents B. owners C. givers D. friends
3. The factors that are provided by God and by man are rewarded with _____ and ______ according
by A. wages and profit B. rent and wages C. rent and interest D. Profit and salaries
4. _____ is defined as all the physical and mental efforts of man in production
A. capital B. Labour C.Enterpreneure D. Land
5. _____ is defined as wealth set aside for the production of more wealth
A. Labour B. Land. C.Market. D. CAPITAL
6. A bridge engineer is involved in ____ occupation. A. Manufacturing B. Constructive C. Extractive D. Commercial
7. ______is what a person does in order to earn a livingA. Teaching B. Music C. Occupation D. Labour
8. ______ involves all the activities concerned with enabling products move from the factory to the final consumers. A. Extractive occupation B. direct services occupation C. commercial occupation D. Manufacturing occupation
9. One of the following is NOT a member of the groupA. Teaching B. Fishing C. Hunting D. Farming
10. A banker is involved in ____ occupationA. extractive B. manufacturing C. constructive D. commercial
11. The list of licensed sellers of chemicals can be obtained from _____ and _____
A. NAFDAC and EFCC B. EFCC and SON C. NAFDAC and SON D. CBN and UB
12. ______ are the rules/principles, value and behavior by which people live.
.A. Ethics B. Chemical C. Licensed vendors D. NAFDAC
13. ______ is someone that has been given the permit to import, buy and sell chemicals
A. a licensed vendor B. an agent C. a retailer D. a consumer
14. The rule to classify the chemicals by how dangerous they are relates to chemicals _____
A. distribution B. storage C. disposal D. delivery
15. The rule that ‘upon receipt the chemical should be labelled as to its content relate to
A. storate B. delivery C. disposal D. distribution
16. The business unit that must publish its financial statements in the national newspaper is
A. Partnership B. Private company C. Public Company D. Sole proprietorship
17. The business that are separate from their owners (i.e separate legal entities) are A. Partnership and
18. Sole proprietorship B. Partnership and private companies C. Sole Proprietorship and public Company D. Private and public companies
19. The business owner who does not share profit with anybody is A. Sole trader B.
C. Private company D. Share holders
20. ______ is formed to carter for the welfare of its members A. Partnership B. Co-operative society C. Sole proprietorship D. Public company
Dividend is a share of profit to ______ A. Debtors B. Creditors C. Partners D. shareholders
SECTION A (Theory)
Answer 4 question in this section, number 1(One) is compulsory.
1a. List the Four Factors Of production
b. What is their respective rewards in production process?
2a. What is occupation?
b. List Five examples of extractive occupation.
3a. Explain manufacturing occupation and constructive occupation
b. List 3 example of manufacturing occupation and 2 constructive occupation.
4a. Define truthfulness?
b. List 3 consequences of not being truthful.
5a. Who is an entrepreneur?
b. List the names of 5 successful entrepreneurs in Nigeria and their business
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