Business Studies Questions and Answers - Grade 7 Mid Term 2 Exams 2023 Set 1

QUESTIONS

SECTION A: Answer all the questions in this section.

1. Which of the following is not an importance of Business Studies in the society? It
   1. help individuals acquire self discipline towards work.
   2. assist community members embrace their various cultures.
   3. equip people with knowledge needed to start and run business.
   4. build financial literacy among members of the society.
2. Which component of Business Studies refers to the systematic way of keeping business records used for decision making?
   1. Economics.
   2. Enterpreneurship.
   3. Accounting.
   4. Commerce.
3. Which of the following can be used as a unit of account?
   1. Treasure.
   2. Land.
   3. Wealth.
   4. Money.
4. Which of the following animal portraits is found in sh 1 Kenyan coin?
   1. Lion
   2. Giraffe
   3. Rhino.
   4. Elephant.
5. Which of the following is common in all Kenyan currencies?
   1. Bars
   2. Watermark
   3. Security thread! 
   4. Coat of arms

SECTION B. Answer all the questions

6. Write down an example of a business that deals in wants only.
7. What is the correct business term to refer to the next forgone alternative after choosing another good or service?
8. How is scale preference important for economic or financial decision?
9. State one example of extraction as a business activity.
10. Who links producers and consumers?
    
    Write two examples of intermediate goods.
11. .........................................................................
12. .........................................................................
13. Between goods and services, which ones are tangible?

Study the chart below. 

Give an example of M and N respectively.

14. M .........................................................................
15. N ......................................................................... 

MARKING SCHEME

1. B
2. C
3. D
4. B
5. D
6. toy shop
7. opportunity cost
8. efficient use of available resources
9. minning
10. retailers
11. cotton
12. sisal
13. goods
14. factory
15. farmer