Junior Secondary  School

Business Studies JSS 1(Basic 7)

Second Term Lesson Notes

Subject : 

Business Studies

Term :

SECOND TERM

Week:

Week 12

Class :

JSS 1

Topic :

Second Term Examination Business Studies jss 1 (Basic 7)

Part A

Objectives

1. ________factor receives the reward of interest. A. Land Labour    C. Capital     D. Enterpreneur
2. Factors of production are also called ________ of productionA. agents 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) Land Labour C. Capital  D.Enterpreneur
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 group (A) . Teaching B. Fishing C. Hunting D. Farming
10.  A banker is involved in ____ occupation (À) . extractive B. manufacturing C. constructive D. commercial
11. ____ is a term used when players in a game or business play according to the rules without cheating.(a)hardwork B. co-operation             C. obedience    . D. fair play
12. One of the following is NOT an attribute of fair play. (a) reliability B. not being nepotic             C. truthfulness D. cleverness
13. The following are the factors that cause people to tell lies except (a) to deceive B.To cover up a bad behavior C. To cover up misdeeds D. to become popular
14. The attributes of a fruitful person are the following except A. avoiding lies B. Not covering evil         deeds   C, standing by the truth always             D. Reading the minds of people
15. Which of the following is NOT a reward of being truthful? A. Clear consciences B. Receiving awards from reputable bodies C. inability to occupy a position of trust D. receiving trust worthy accommodation.
16. The main aim of establishing a business is to ______A. satisfy customers B. feed well C. make profit D. face competitors
17. The question ‘Are there factories, industries or shops near me? ‘is expected to be answered by(A) primary six exam candidate B.someone thinking of establishing a business C. a common entrance exam candidate D. a university graduate
18. The reward to the entrepreneur as a factor of production is ______A. risk B. money C. Profit D. Capital
19. The facilities available for self-employment are analysed/classified into the following environments except A. economic B. social C. advertising D. natural
20. Which of the following is NOT a member of the group? A. Land B. Transport C. Labour D. Entrepreneur
21. The entrepreneur as a factor of production is rewarded with A. interest B. Profit C. Rent salary
22. The main aim of establishing a business is to _______A. provide service             get many customers        C. pay tax to the government             D. make profit
23. The entrepreneur Organizes A. all the other factors of production              B, Only land and capital C. land and labour  D. only bank loans
24. The entrepreneur helps the growth of the economy in the following ways except (a) avoiding to pay tax B. offering employment opportunities C. contributing to research    D. creation of goods and services
25. Which business organization assists the entrepreneur in risk-taking (a) Transportation B. Banking C. Insurance         (d) . Advertising
26. 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
27. The business that are separate from their owners (i.e separate legal entities) are A. Partnership and sole proprietorship B. Partnership and private companies             C. Sole Proprietorship and public Company D. Private and public companies
28. The business owner who does not share profit with anybody is A. Sole trader B. Partnership (c) Private company D. Share holders
29. ______ is formed to carter for the welfare of its members A. Partnership Co-operative society C. Sole proprietorship             D. Public  company
30. Dividend is a share of profit to ______ A. Debtors Creditors      C. Partners           D. shareholders
31. Any arrangement that enables buyers and sellers to be in close contact with themselves is a / an (à) Advertisement B. Contract C. Market D. Selling
32. ____ makes final use of finished products A. Producer Wholesaler             C. Retailer        D. Consumer
33. Consumers need education because of A. the risk involved in consumption (b) Money they spend (c) Advertisement D. Transportation
34. ________ enables consumers to make wise choices.(a) Consumer education B. Retailer C. Manufacturer             D. Marketing
35. The correct definition of market is A. a place where buyers and sellers meet to buy and sell (b) a place where buyers and sellers meet and also any arrangement that enables buyers and sellers to be in close contact C. a  place where people meet every four days D.  a  place where buyers and sellers meet every five days.
36. _________ regulates, monitors and controls the use of chemicals in Nigeria A. SON B. NBC C. FESTAC NAFDAC
37. If a chemical is toxic, flammable, corrosive and irritant then it is ________ A. suitable for use B. Not suitable for use             C. Costly           D. exportable
38. If a chemical is non-radioactive then it is A. harmful harmless             C. imported     D. exported
39. Toxic chemicals are A. harmful to man and his environment suitable for increasing food production       C. suitable for fish farming             D. suitable for food preservation.
40. One of these is not a reason  for monitoring and control of chemicals, to A. ensure that handlers of chemicals are kitted with safety gadgets     B. ensure that chemicals are not sold in residential areas (c) ensure that people are evacuated from harmless chemical D. ensure non-diversion of chemicals for illicit usage
41. _______ is the name used to describe the recording of cash and credit transactions (a) Records B. Bookkeeping             C. Bookkeeper              D. Accountant
42. These are the essential qualities of a bookkeeper except A. ability to discuss all business financial secrets with anybody B. being careful and accurate C. Writing legibly D. being able to operate any equipment under his or her control.
43. From bookkeeping a businessman can find out the following Except A. value of goods purchased value of goods sold      C. expenses of the business           D. amount of tax to be paid
44. A credit transaction is one that A. involves cheque is made with cash C. is made without immediate payment D. is made with a close friend
45. A cash transaction is one that involves payment with cash or Cheque B. Involves payment with cheque C. Involves payment with cheque only D. involves paying at a future date

Part B

Theory

1. Define each of the factors of production
2. List these factors and their rewards
3. What factor arranges the others?
4. What factors is made by man?
5. Which factor is a gift of nature?
6. Explain extractive occupation and give six examples
7. Define the manufacturing occupation giving six examples
8. Define the constructive occupation; and give four example
9. Differentiate between direct and indirect services occupations.
10. Differentiate between manufacturing and constructive occupation.
11. State three environmental factors to consider in trying to be self-employed.
12. List three notable Nigerian entrepreneurs and the business or founded by them
13. Who is an entrepreneur?
14. What is the chief aim of business enterprise?
15. What is economic environment?
16. Why is entrepreneurship a challenging tasks?
17. State five (5) importance of entrepreneurship.
18. How does entrepreneurship lead to self-sufficiency?
19. How does entrepreneurship make for personal growth and experience?
20. What is the reward of the entrepreneur for contributing to production process?
21. Define a company.
22. List four different types of business units in Nigeria
23. State three advantages and three disadvantages of a private limited liability company.
24. State two similarities between a co-operative society and a public limited company.
25. List three advantages and three disadvantages of a sole proprietorship.
26. Define a consumer.
27. Explain the meaning of market.
28. State four (4) needs of consumer education.
29. State three (3) importance of consumer education.
30. State two (2) ways you have personally benefited from consumer education.
31. State the qualities of chemicals suitable for use
32. List four quantities of chemicals not suitable for use
33. What is a chemical?
34. Which body is responsible for monitoring, regulating and control of importation, exportation,manufacture etc of foods, drugs and chemicals in Nigeria?
35. Why should less knowledgeable people not work with or get near to chemicals?
36. List three common bookkeeping practices you know
37. State three (3) essential qualities of a bookkeeper.
38. Define Bookkeeping.
39. State six (6) importance of bookkeeping to a businessman.
40. Why is the number of people in the bookkeeping occupation expected to increase?