Jss2 first term Business studies past questions and answers

Question: What is the primary aim of a business?

 

a) Profit maximization

b) Cost minimization

c) Employee satisfaction

d) Customer complaints

Answer: a) Profit maximization

 

Question: Which type of business organization is characterized by unlimited liability for its owners?

 

a) Sole proprietorship

b) Partnership

c) Corporation

d) Limited liability company

Answer: a) Sole proprietorship

 

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

 

a) Strengths, Weaknesses, Opportunities, Threats

b) Sales, Workforce, Output, Technology

c) Supply, Warehouse, Operations, Transportation

d) Success, Wealth, Organization, Teamwork

Answer: a) Strengths, Weaknesses, Opportunities, Threats

 

Question: Which economic factor is concerned with the overall well-being of the population in a country?

 

a) Gross Domestic Product (GDP)

b) Inflation rate

c) Unemployment rate

d) Standard of living

Answer: d) Standard of living

 

Question: What is the purpose of marketing in a business?

 

a) To increase costs

b) To create legal documents

c) To satisfy customer needs and wants

d) To manage human resources

Answer: c) To satisfy customer needs and wants

 

Question: Which function of management involves setting goals and determining the best way to achieve them?

 

a) Planning

b) Organizing

c) Leading

d) Controlling

Answer: a) Planning

 

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

 

a) Managing finances

b) Hiring and managing employees

c) Production of goods and services

d) Marketing and sales

Answer: b) Hiring and managing employees

 

Question: Which of the following is a factor of production?

 

a) Money

b) Land

c) Advertising

d) Stocks

Answer: b) Land

 

Question: What is the term for the money left over after deducting expenses from revenue?

 

a) Debt

b) Loss

c) Profit

d) Investment

Answer: c) Profit

 

Question: In business, what is the purpose of quality control?

 

a) Maximizing profits

b) Ensuring products meet standards

c) Reducing competition

d) Managing human resources

Answer: b) Ensuring products meet standards

 

Question: Which form of communication is often used for official, written communication within a business?

 

a) Oral communication

b) Informal communication

c) Non-verbal communication

d) Memorandum (memo)

Answer: d) Memorandum (memo)

 

Question: What is the term for the total value of goods and services produced by a country in a specific period?

 

a) National debt

b) Gross Domestic Product (GDP)

c) Consumer Price Index (CPI)

d) Fiscal policy

Answer: b) Gross Domestic Product (GDP)

 

Question: Which pricing strategy involves setting prices based on what competitors charge for similar products?

 

a) Penetration pricing

b) Cost-plus pricing

c) Competitive pricing

d) Skimming pricing

Answer: c) Competitive pricing

 

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

 

a) Tracking daily expenses

b) Summarizing revenue

c) Showing the financial position of a business at a specific time

d) Budgeting for future expenses

Answer: c) Showing the financial position of a business at a specific time

 

Question: Which type of business organization offers limited liability to its owners?

 

a) Sole proprietorship

b) Partnership

c) Corporation

d) Cooperative

Answer: c) Corporation

 

Question: What is the role of a supply chain in business?

 

a) Managing employees

b) Distributing products to customers

c) Setting financial goals

d) Creating advertising campaigns

Answer: b) Distributing products to customers

 

Question: What is the function of the Securities and Exchange Commission (SEC)?

 

a) Regulating financial markets and protecting investors

b) Controlling inflation

c) Managing international trade agreements

d) Enforcing labor laws

Answer: a) Regulating financial markets and protecting investors

 

Question: What is the term for the process of converting raw materials into finished goods?

 

a) Marketing

b) Production

c) Sales

d) Distribution

Answer: b) Production

 

Question: In business, what does the acronym ROI stand for?

 

a) Return on Investment

b) Rate of Inflation

c) Return on Income

d) Revenue Overhead Index

Answer: a) Return on Investment

 

Question: Which economic system relies on supply and demand to determine

prices and allocate resources?

 

a) Planned economy

b) Mixed economy

c) Market economy

d) Command economy

Answer: c) Market economy