Jss2 second term Business studies past questions and answers

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

a) Setting financial goals

b) Providing a roadmap for the company’s purpose and values

c) Managing human resources

d) Calculating production costs

Answer: b) Providing a roadmap for the company’s purpose and values

 

Question: In business, what is the term for the total revenue minus total expenses?

 

a) Gross profit

b) Net profit

c) Operating profit

d) Break-even point

Answer: b) Net profit

 

Question: Which type of market structure is characterized by a large number of sellers offering similar but differentiated products?

 

a) Monopoly

b) Oligopoly

c) Monopolistic competition

d) Perfect competition

Answer: c) Monopolistic competition

 

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

 

a) Assessing the company’s long-term goals

b) Showing the inflow and outflow of cash over a specific period

c) Evaluating employee performance

d) Calculating inventory turnover

Answer: b) Showing the inflow and outflow of cash over a specific period

 

Question: What does the term “e-commerce” refer to in the business context?

 

a) Electronic communication within the company

b) Employee training programs

c) Online buying and selling of goods and services

d) Export-import procedures

Answer: c) Online buying and selling of goods and services

 

Question: Which economic indicator reflects the average change in prices of a basket of goods and services over time?

 

a) Gross Domestic Product (GDP)

b) Inflation rate

c) Unemployment rate

d) Consumer Price Index (CPI)

Answer: d) Consumer Price Index (CPI)

 

Question: What is the primary purpose of corporate social responsibility (CSR) in business?

 

a) Maximizing profits

b) Reducing competition

c) Balancing financial accounts

d) Operating ethically and contributing to societal well-being

Answer: d) Operating ethically and contributing to societal well-being

 

Question: Which leadership style involves giving employees the freedom to make decisions within their roles?

 

a) Autocratic

b) Democratic

c) Laissez-faire

d) Transformational

Answer: c) Laissez-faire

 

Question: What is the purpose of a business plan?

 

a) Managing daily expenses

b) Outlining the company’s goals, strategies, and financial forecasts

c) Setting product prices

d) Conducting market research

Answer: b) Outlining the company’s goals, strategies, and financial forecasts

 

Question: In the context of marketing, what is the product life cycle?

 

a) The duration of employee contracts

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

c) The turnover rate of inventory

d) The number of products in a product line

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

 

Question: Which financial statement provides a snapshot of a company’s financial position at a specific point in time?

 

a) Income statement

b) Cash flow statement

c) Balance sheet

d) Statement of retained earnings

Answer: c) Balance sheet

 

Question: What is the purpose of quality assurance in business operations?

 

a) Reducing production costs

b) Ensuring compliance with legal regulations

c) Maximizing shareholder dividends

d) Setting marketing strategies

Answer: b) Ensuring compliance with legal regulations

 

Question: In business negotiations, what does the term “BATNA” stand for?

 

a) Business And Trade Negotiation Agreement

b) Best Alternative To a Negotiated Agreement

c) Bargaining And Trade Negotiation Approach

d) Business Acceptance of Terms and Agreements

Answer: b) Best Alternative To a Negotiated Agreement

 

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

 

a) Evaluating the viability of a business idea or project

b) Setting employee performance goals

c) Calculating inventory turnover

d) Conducting market research

Answer: a) Evaluating the viability of a business idea or project

 

Question: Which marketing mix element involves activities that communicate the value of a product to potential customers?

 

a) Product

b) Price

c) Promotion

d) Place

Answer: c) Promotion

 

Question: What is the role of a mentor in business?

 

a) Managing financial accounts

b) Providing guidance and support to less experienced individuals

c) Setting production targets

d) Conducting market research

Answer: b) Providing guidance and support to less experienced individuals

 

Question: In the context of international trade, what does the term “tariff” refer to?

 

a) A tax on imports or exports

b) Trade agreements between countries

c) International marketing strategies

d) Currency exchange rates

Answer: a) A tax on imports or exports

 

Question: What is the purpose of a break-even analysis in business?

 

a) Calculating profits

b) Identifying the point where total revenue equals total costs

c) Setting employee wages

d) Evaluating market demand

Answer: b) Identifying the point where total revenue equals total costs

 

Question: What is the significance of a patent in the business world?

 

a) Protecting the environment

b) Securing exclusive rights to an invention

c) Managing employee benefits

d) Controlling inflation

Answer: b) Securing exclusive rights to an invention

 

Question: Which economic indicator measures the percentage of the labor force that is unemployed and actively seeking employment?

 

a) Gross Domestic Product (GDP)

b) Inflation rate

c) Unemployment rate

d) Consumer Price Index (CPI)

Answer: c) Unemployment rate