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WorksheetsBUSINESS STUDIES SECOND TERM Examination, 2021/2022
Total questions: 50
Worksheet time: 50mins
The first form of production usually referred to as primary production consists of
manufacturing industry
extractive industry
commercial services
constructive industry
There are ------- forms of production
2
5
4
3
---------- as a factor of production is a free gift of nature.
land
capital
labour
entrepreneur
The reward for capital is _______
rent
interest
profit
wages/salaries
The factor of production that organizes or coordinates other factors is
Entrepreneur
capital
labour
land
One of this is not a factor that could determine occupation.
Salary and Wages
Skill and Training
Friend’s choice
Health factor
Mining, Agriculture, Fishing are examples of --------form of occupation
Extractive
Service
Construction
Manufacturing
Assembling of manufactured products into usable forms are the responsibility of ------- industry.
Extractive
Manufacturing
Construction
Assembly
Those who render personal or direct services to people who need their services and they are paid directly or indirectly are called ------
Commercial occupation
Service workers
Industrial worker
Government worker
The removal of the raw material from the air, land and sea is the responsibility of -------- industry.
Industrial worker
Extractive
Services
Commercial
Another name for Sole Trade is --------
Sole Proprietorship
Partnership
Restaurant
Co-operative society
Sole Trade is the business of ----------
two people
two men
one person
three people
Two of the following images are examples of extractive occupation.
The........ sector includes the production industry/ services that is offered by the business and consumers
quality control
primary
Government
secondary
Who is a sole trader?
A person who is the exclusive owner of a business.
Two people who own a business.
A group of people who own a business
The occupation in which people work for others and get remunerated in return is known as
Business
Profession
Employment
Which sector does an amusement park belong in?
Primary
Secondary
Tertiary
Quaternary
Quinary
Which of these examples is a service?
Mr. Farr sells guitars.
Mr. Swenson gives art supplies to consumers.
Coach provides lessons for different sports.
Ms. Miller writes books.
_____ is the distribution and exchange of goods and services.
insurance
commerce
banking
book keeping
Which of the following persons is not an office worker?
receptionist
hawker
messenger
accountant
All human efforts whether physically or mentally directed towards the production of wealth is _____
land
labor
capital
entrepreneur
All chemicals sold in Nigeria must be registered with _____
NBTE
NABTEB
NAFDAC
House of Assembly
All except one are forms of business
co-operative society
partnership
public/private company
Nigeria labour congress
The production of goods and supply of services require _____
land, labor, management, money
land, labour, money and raw materials
land, labour, cash and enterprise
land, labour, capital and entrepreneurs
Ethics refer to ______
values of the school
values and rules of a school (
values, rules and behavior that govern people
values and rules governing school exams
All except one are factors that cause people to steal or tell lies
to cover up bad behavior
dishonesty
to become popular
to save face over a promise not kept
All except one are the features of an entrepreneur
brings the capital
is fixed asset
determines what is to be produce
employs labor
A consumer must derive ______ from every goods used.
joy
asset
product
satisfaction
An entrepreneur must be able to ______ for the business.
cry
undertake risk
write
jump
Entrepreneurship brings about _____ in the economy
growth
building
books
laws
If chemicals are not properly handled, they could cause the following except ________
harm
happiness
burn
death
Which of the following occupations is against the law of Nigeria?
farming
teaching
smuggling
trading
The money paid to an employee for services rendered is called ______
rent
commission
gain
salaries/wages
Machines are called capital goods because ______
they are not easy to get
they help in the production of other goods
they are very cheap
they are not easy to get
Another name for Sole Trade is -------- (a) Sole Proprietorship (b) Partnership (c) Restaurant
Sole Proprietorship
Partnership
Limited liability company
Public enterprises
One of the disadvantages of Sole trade is ----------
He takes all decisions affecting his business
He bears and suffers risk alone
he enjoys his profits alone
Quick decision making
The minimum number of Partners in Partnership is
5
2
4
20
One of the sources of capital for partnership is ------
contribution of capital by members
personal saving
limited partners
contribution of capital by family members
The disadvantage of partnership is ----------
Wrong decision of one partners affect others
Losses are shared among partners
it has more capital than sole trading
Partners meet to discuss matters relating to the firm
All are advantages of Partnership except
Death of one partner may end the business
Responsibilities are shared among partners
It has more capital than sole trading
Partners meet to discuss matters relating to the firm
What is the maximum of number of persons that can be admitted into cooperative society?
No maximum
20
30
50
Cooperative Society is managed by (a) Board of Directors (b) Committee of management (c) shareholders
Board of Directors
Committee of management
shareholders
Minister
The main purpose of cooperative society is to
buy goods for everybody
provide essentials services at cheaper rate
sell goods and services to members at a cheap rate
to maximize maximum profit
The maximum number of members in a private limited liability company is
50
100
10
20
The following are disadvantages of private limited liability company except
not listed in the stock exchange
cannot sell shares
management structure is simple.
Capacity to raise external finance to expand business is limited
Public Limited Liability Company is owned by -----------
government
politicians
Shareholders
board of directors
Which of this can sell shares to the public?
Sole proprietor
Private Limited Company
Public Limited Company
Partnership
The major source of capital for Public Limited Liability Company is
selling of shares
personal savings
partnership contribution
contribution by family members
