JSS1 Business Studies Quiz
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Questions and Answers

Which of the following is NOT a factor of production?

  • Capital
  • Land
  • Profit (correct)
  • Labor

    • What is the meaning of the term 'entrepreneurship'?

  • The ability to manage finances
  • The ability to produce goods
  • The ability to organize resources
  • The ability to create new products (correct)

    • What is the difference between a good and a service?

  • Goods are tangible products while services are intangible products (correct)
  • Goods are consumed immediately while services can be stored for later use
  • Goods are produced by businesses while services are produced by individuals
  • Goods are intangible products while services are tangible products

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