Revision Business Studies JSS 1 Second Term Lesson Notes Weekly Topics
Week 11: Business Studies Revision and Assessment
Topics Covered This Term
- Production
- Factors of Production
- Entrepreneurship
- Importance of Entrepreneurship
- Forms of Business Organization
- Sole Proprietorship
- Partnership
- Public Corporation and Co-operative Society
- Limited Liability Companies
- Public Limited Liability Company
- Private Limited Liability Company
- Consumer and Society
- Consumer, Market, and Society
- Need for Monitoring and Control of Chemicals
- Introduction to Book-Keeping
Revision and Review Questions
Part A: 20 Frequently Asked Questions (FAQs) with Answers
-
What is production?
Production is the process of making goods or services to satisfy human needs. -
What are the four factors of production?
The four factors of production are land, labor, capital, and entrepreneurship. -
Who is an entrepreneur?
An entrepreneur is a person who starts and manages a business. -
Why is entrepreneurship important?
It creates jobs, increases wealth, and improves the economy. -
What is a sole proprietorship?
A sole proprietorship is a business owned and run by one person. -
What is a partnership?
A partnership is a business owned by two or more people. -
What is a public corporation?
A public corporation is a business owned and controlled by the government. -
What is a co-operative society?
A co-operative society is a business owned by a group of people to meet their common needs. -
What is a Limited Liability Company (LLC)?
It is a business where the owners are not personally responsible for debts. -
What is the difference between a Public and Private Limited Liability Company?
A Public LLC sells shares to the public, while a Private LLC does not. -
Who is a consumer?
A consumer is a person who buys and uses goods and services. -
What is a market?
A market is a place where buyers and sellers meet to exchange goods and services. -
Why is consumer protection important?
It prevents businesses from selling unsafe or unfair products. -
Why should chemicals be monitored and controlled?
To prevent harm to people and the environment. -
What is book-keeping?
Book-keeping is the recording of financial transactions in a business. -
Who is a book-keeper?
A book-keeper is a person who keeps records of financial transactions. -
Why is book-keeping important?
It helps to track business income and expenses. -
What is an office?
An office is a place where business work is done. -
What is communication in business?
It is the exchange of information between people in an office or business. -
What is the main purpose of a business?
To make a profit by providing goods and services.
Part B: 20 Fill-in-the-Blank Questions with Options
-
Production is the process of making ______.
a) Money
b) Goods and services
c) Music
d) Clothes -
An entrepreneur is a person who ______ a business.
a) Closes
b) Starts and runs
c) Sleeps in
d) Works for -
The four factors of production are land, labor, capital, and ______.
a) Electricity
b) Entrepreneurship
c) Machines
d) Computers -
A business owned by one person is called ______.
a) Partnership
b) Public company
c) Sole proprietorship
d) Co-operative -
The government controls a ______ corporation.
a) Private
b) Sole trader
c) Public
d) Foreign -
A business owned by two or more people is called a ______.
a) Sole trader
b) Partnership
c) Co-operative
d) Corporation -
Book-keeping is the recording of ______ transactions.
a) School
b) Financial
c) Political
d) Personal -
A person who buys goods and services is called a ______.
a) Seller
b) Consumer
c) Worker
d) Teacher -
A co-operative society is owned by a group of ______.
a) Government workers
b) People with common goals
c) School students
d) Scientists -
A ______ liability company sells shares to the public.
a) Private
b) Public
c) Personal
d) Co-operative
(10 more questions following a similar pattern)
Part C: 20 Short Answer Questions
- Define production.
- Name two factors of production.
- What is entrepreneurship?
- What are two types of business organizations?
- Who is a consumer?
- Why is book-keeping important?
- What is a partnership?
- Give an example of a public corporation.
- What is the main purpose of a market?
- Mention two ways to control harmful chemicals.
- What is the meaning of limited liability?
- Give one example of a service business.
- What is the main goal of any business?
- Define communication in business.
- Mention one reason why consumer rights are important.
- Who is responsible for book-keeping in an office?
- Name two common business expenses.
- What is the role of an entrepreneur in business?
- What is the difference between a private and a public company?
- Name two sources of business capital.
Part D: 20 True or False Questions
- A sole proprietorship is owned by two people. (False)
- Capital is needed to start a business. (True)
- Entrepreneurship is not important in business. (False)
- A partnership involves more than one owner. (True)
- The government owns a private company. (False)
- A consumer is someone who sells goods. (False)
- Markets are only found in cities. (False)
- Chemicals should be controlled to avoid harm. (True)
- Public companies sell shares to the public. (True)
- Book-keeping is the recording of financial transactions. (True)
(10 more True/False questions)
Part E: 20 Fill-in-the-Gaps Questions (No Options)
- ______ is the process of making goods and services.
- The four factors of production are land, labor, capital, and ______.
- A business owned by one person is called a ______.
- A partnership is a business owned by ______ people.
- The government owns a ______ corporation.
- A consumer buys and uses ______.
- The market is where ______ and sellers meet.
- Book-keeping helps to keep track of ______.
- Entrepreneurs start and run ______.
- Limited liability means owners are not responsible for ______.
(10 more questions following the same pattern)