Jss1 second term business studies past questions and answers

Question: What is the role of the government in business regulation?

a) Maximizing profits

b) Minimizing competition

c) Enforcing laws and ensuring fair business practices

d) Marketing products

Answer: c) Enforcing laws and ensuring fair business practices

Question: In the context of business, what does the acronym “CEO” stand for?

 

a) Central Economic Officer

b) Chief Executive Officer

c) Corporate Efficiency Organizer

d) Customer Experience Officer

Answer: b) Chief Executive Officer

Question: What is the purpose of a business plan?

 

a) Analyzing market trends

b) Outlining the company’s goals and strategies

c) Managing employee schedules

d) Calculating taxes

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

Question: Which economic system is characterized by private ownership of resources and the role of supply and demand in determining prices?

 

a) Socialism

b) Capitalism

c) Communism

d) Feudalism

Answer: b) Capitalism

Question: What is the significance of the term “break-even point” in business?

 

a) The point where total revenue equals total expenses

b) The highest point of profit in a business cycle

c) The point of market saturation

d) The point where taxes are minimized

Answer: a) The point where total revenue equals total expenses

Question: What does the term “supply and demand” refer to in economics?

 

a) Government regulations

b) The relationship between the quantity of a good and the desire for that good

c) Labor unions

d) Corporate social responsibility

Answer: b) The relationship between the quantity of a good and the desire for that good

Question: What is the purpose of advertising in business?

 

a) Reducing costs

b) Creating brand awareness and promoting products

c) Managing employee benefits

d) Calculating profit margins

Answer: b) Creating brand awareness and promoting products

Question: What is the primary function of the Federal Reserve in the United States?

 

a) Environmental conservation

b) Regulating international trade

c) Controlling the money supply and interest rates

d) Managing corporate mergers

Answer: c) Controlling the money supply and interest rates

Question: What is the meaning of the term “globalization” in the business context?

 

a) Focusing on local markets

b) Expanding business operations to an international level

c) Reducing competition

d) Government intervention in business

Answer: b) Expanding business operations to an international level

Question: What is the purpose of a profit and loss statement (income statement) in accounting?

 

a) Calculating taxes

b) Showing the company’s financial performance over a specific period

c) Managing employee relations

d) Outlining marketing strategies

Answer: b) Showing the company’s financial performance over a specific period

Question: What does the term “diversification” mean in the context of business strategy?

 

a) Focusing on a single product or market

b) Expanding and investing in different products or markets

c) Reducing employee turnover

d) Monitoring inflation rates

Answer: b) Expanding and investing in different products or markets

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

 

a) A person who invests in stocks

b) Anyone who has an interest in or is affected by the success of a business

c) The highest-ranking executive in a company

d) A type of tax

Answer: b) Anyone who has an interest in or is affected by the success of a business

Question: What does the term “capital” refer to in the business context?

 

a) Financial investments

b) Human resources

c) Physical goods and materials

d) Land and natural resources

Answer: a) Financial investments

Question: What is the purpose of a SWOT analysis in business planning?

 

a) Calculating market share

b) Identifying internal strengths and weaknesses and external opportunities and threats

c) Managing employee salaries

d) Tracking daily sales

Answer: b) Identifying internal strengths and weaknesses and external opportunities and threats

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

 

a) Return on Investment

b) Rate of Inflation

c) Revenue from Operations and Investments

d) Return on Income

Answer: a) Return on Investment

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

 

a) Maximizing profits

b) Ensuring products meet specified standards and customer expectations

c) Controlling interest rates

d) Analyzing market trends

Answer: b) Ensuring products meet specified standards and customer expectations

Question: What does the term “franchise” mean in the business world?

 

a) A type of tax

b) A business owned and operated by the government

c) A legal right to operate a business using a recognized brand and business model

d) Environmental conservation efforts

Answer: c) A legal right to operate a business using a recognized brand and business model

Question: What is the purpose of a budget in business management?

 

a) Maximizing competition

b) Controlling expenses and planning for future financial activities

c) Analyzing market share

d) Calculating inflation rates

Answer: b) Controlling expenses and planning for future financial activities

Question: What does the term “corporate social responsibility” (CSR) entail in business?

 

a) Focusing solely on profit maximization

b) A company’s commitment to ethical behavior and contributing to societal well-being

c) Reducing taxes

d) Analyzing international trade agreements

Answer: b) A company’s commitment to ethical behavior and contributing to societal well-being

Question: What is the role of entrepreneurship in economic development?

 

a) Reducing employment opportunities

b) Creating jobs, fostering innovation, and contributing to economic growth

c) Controlling interest rates

d) Analyzing financial statements

Answer: b) Creating jobs, fostering innovation, and contributing to economic growth