Jss1 first term business studies past questions and answers

Question: What is the primary purpose of a business?

a) To provide entertainment

b) To make a profit

c) To offer free services

d) To promote social activities

Answer: b) To make a profit

Question: Which of the following is an example of a service business?

 

a) Grocery store

b) Manufacturing company

c) Hair salon

d) Furniture factory

Answer: c) Hair salon

Question: What is the meaning of the term “entrepreneur”?

 

a) A large corporation

b) A person who starts and runs a business

c) A government agency

d) A nonprofit organization

Answer: b) A person who starts and runs a business

Question: What does the acronym “SWOT” stand for in business analysis?

 

a) Sales, Wealth, Operations, Technology

b) Strengths, Weaknesses, Opportunities, Threats

c) Supply, Workforce, Organization, Tools

d) Success, Wisdom, Objectives, Tactics

Answer: b) Strengths, Weaknesses, Opportunities, Threats

Question: Which economic resource refers to the effort people contribute to the production of goods and services?

 

a) Land

b) Capital

c) Labor

d) Entrepreneurship

Answer: c) Labor

Question: In business, what does the term “inventory” typically refer to?

 

a) Employees

b) Goods and materials held for future use or sale

c) Financial statements

d) Marketing strategies

Answer: b) Goods and materials held for future use or sale

Question: What is the purpose of a balance sheet in accounting?

 

a) To track daily sales

b) To show the financial position of a business at a specific point in time

c) To plan future marketing campaigns

d) To calculate taxes

Answer: b) To show the financial position of a business at a specific point in time

Question: Which form of business ownership provides limited liability to its owners?

 

a) Sole proprietorship

b) Partnership

c) Corporation

d) Cooperative

Answer: c) Corporation

Question: What is the purpose of market research in business?

 

a) To increase taxes

b) To identify and understand customer needs and preferences

c) To reduce competition

d) To create financial reports

Answer: b) To identify and understand customer needs and preferences

Question: Which of the following is a characteristic of a monopoly?

 

a) Many sellers offering similar products

b) A single seller dominating the market

c) Perfect competition

d) Limited government intervention

Answer: b) A single seller dominating the market

Question: What is inflation in the context of economics?

 

a) A decrease in the general price level of goods and services

b) A stable economic condition

c) An increase in the general price level of goods and services

d) A surplus in the balance of trade

Answer: c) An increase in the general price level of goods and services

Question: What does the term “dividend” refer to in the context of a corporation?

 

a) A tax paid by shareholders

b) A share of profits distributed to shareholders

c) The company’s total assets

d) A type of debt owed by the company

Answer: b) A share of profits distributed to shareholders

Question: What is the purpose of a marketing plan?

 

a) To calculate profits

b) To outline the company’s financial statements

c) To outline marketing goals and strategies

d) To track employee attendance

Answer: c) To outline marketing goals and strategies

Question: What is the significance of the term “branding” in business?

 

a) Calculating production costs

b) Creating a unique identity for a product or company

c) Monitoring employee performance

d) Negotiating business contracts

Answer: b) Creating a unique identity for a product or company

Question: In business ethics, what does the term “conflict of interest” refer to?

 

a) A situation where personal interests interfere with professional duties

b) Healthy competition among businesses

c) Government regulations

d) Corporate philanthropy

Answer: a) A situation where personal interests interfere with professional duties

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

 

a) To calculate profit margins

b) To outline the company’s long-term goals and purpose

c) To track employee attendance

d) To determine advertising budgets

Answer: b) To outline the company’s long-term goals and purpose

Question: What is the role of the Securities and Exchange Commission (SEC) in the business world?

 

a) Regulating environmental policies

b) Overseeing financial markets and protecting investors

c) Controlling inflation rates

d) Managing international trade agreements

Answer: b) Overseeing financial markets and protecting investors

Question: What is the primary function of human resources in a business?

 

a) Financial planning

b) Recruiting, training, and managing employees

c) Product development

d) Market research

Answer: b) Recruiting, training, and managing employees

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

 

a) Environmental conservation efforts

b) Electronic buying and selling of goods and services over the internet

c) Export-import regulations

d) Employee relations

Answer: b) Electronic buying and selling of goods and services over the internet

Question: What is the purpose of quality control in manufacturing?

 

a) Calculating profits

b) Reducing competition

c) Ensuring products meet specified standards

d) Managing customer complaints

Answer: c) Ensuring products meet specified standards