Jss1 third term business studies past questions and answers

Question: What is the significance of the term “market segmentation” in marketing?

a) Focusing on a single product

b) Dividing the market into distinct groups with similar needs and characteristics

c) Controlling inflation rates

d) Maximizing competition

Answer: b) Dividing the market into distinct groups with similar needs and characteristics

Question: In business, what does the term “SWOT” stand for in a SWOT analysis?

 

a) Sales, Wealth, Operations, Tactics

b) Strengths, Weaknesses, Opportunities, Threats

c) Supply, Workforce, Objectives, Tools

d) Success, Wisdom, Organization, Technology

Answer: b) Strengths, Weaknesses, Opportunities, Threats

Question: What is the purpose of the balance of trade in international economics?

 

a) Calculating corporate taxes

b) Monitoring employee performance

c) Comparing a country’s exports to its imports

d) Controlling inflation rates

Answer: c) Comparing a country’s exports to its imports

Question: What is the significance of the term “elasticity of demand” in economics?

 

a) The measure of how much quantity demanded changes with a change in price

b) The stability of market prices

c) Government regulations on imports and exports

d) Calculating gross domestic product (GDP)

Answer: a) The measure of how much quantity demanded changes with a change in price

Question: What is the primary role of the marketing mix (4Ps) in business strategy?

 

a) Calculating profit margins

b) Managing employee benefits

c) Planning and implementing marketing activities

d) Monitoring interest rates

Answer: c) Planning and implementing marketing activities

Question: What is the meaning of the term “monetary policy” in economics?

 

a) Government regulation of international trade

b) Controlling the money supply and interest rates

c) Analyzing market share

d) Managing employee relations

Answer: b) Controlling the money supply and interest rates

Question: What does the term “product life cycle” refer to in marketing?

 

a) The duration of employee contracts

b) The stages a product goes through from introduction to decline

c) The number of products in a company’s inventory

d) Calculating market share

Answer: b) The stages a product goes through from introduction to decline

Question: What is the purpose of a feasibility study in business planning?

 

a) Analyzing market trends

b) Assessing the viability of a business idea or project

c) Reducing competition

d) Managing employee schedules

Answer: b) Assessing the viability of a business idea or project

Question: What does the term “supply chain” refer to in business operations?

 

a) The quantity of goods and services a business is willing to provide

b) The network of organizations involved in producing and delivering a product

c) Government regulation of market prices

d) Managing employee salaries

Answer: b) The network of organizations involved in producing and delivering a product

Question: What is the significance of the term “time management” in business productivity?

 

a) Analyzing financial statements

b) Maximizing competition

c) Efficiently using time to achieve goals and tasks

d) Focusing on short-term profits

Answer: c) Efficiently using time to achieve goals and tasks

Question: In business, what does the term “collaboration” involve?

 

a) Calculating profit margins

b) Working together with others to achieve common goals

c) Reducing taxes

d) Analyzing international trade agreements

Answer: b) Working together with others to achieve common goals

Question: What is the purpose of a financial statement in business reporting?

 

a) Managing employee benefits

b) Showing the financial position and performance of a business

c) Planning advertising campaigns

d) Controlling inflation rates

Answer: b) Showing the financial position and performance of a business

Question: What is the meaning of the term “opportunity cost” in economics?

 

a) The cost of purchasing opportunities

b) The value of the best alternative forgone when a decision is made

c) Government intervention in business

d) Calculating employee turnover

Answer: b) The value of the best alternative forgone when a decision is made

Question: What is the role of a customer in the success of a business?

 

a) Reducing competition

b) Providing goods and services

c) Maximizing profits

d) Purchasing goods and services

Answer: d) Purchasing goods and services

Question: What is the purpose of a cash flow statement in financial reporting?

 

a) Managing employee relations

b) Analyzing market trends

c) Showing the movement of cash into and out of a business

d) Controlling interest rates

Answer: c) Showing the movement of cash into and out of a business

Question: What is the significance of the term “barter” in economic transactions?

 

a) The exchange of goods and services for money

b) The exchange of goods and services without the use of money

c) Government regulation of market prices

d) Maximizing competition

Answer: b) The exchange of goods and services without the use of money

Question: What does the term “corporate governance” involve in business management?

 

a) Analyzing financial statements

b) Managing employee benefits

c) The system of rules, practices, and processes by which a company is directed and controlled

d) Controlling interest rates

Answer: c) The system of rules, practices, and processes by which a company is directed and controlled

Question: What is the purpose of market segmentation in marketing strategy?

 

a) Analyzing employee performance

b) Dividing a market into distinct groups with similar needs and characteristics

c) Reducing taxes

d) Maximizing competition

Answer: b) Dividing a market into distinct groups with similar needs and characteristics