SS1 First Term Commerce Past Questions And Answers

What is the primary function of a commercial bank?

a) Manufacturing goods

b) Providing financial services

c) Agriculture

d) Transportation

 

Answer: b) Providing financial services

 

What does the term “Sole Proprietorship” refer to in commerce?

a) Business owned by the government

b) Business owned by a single individual

c) Business owned by multiple partners

d) Business owned by a corporation

 

Answer: b) Business owned by a single individual

 

In the business world, what does the acronym “SWOT” stand for?

a) Standard Working Operations and Techniques

b) Strengths, Weaknesses, Opportunities, Threats

c) Sales, Workforce, Operations, Technology

d) Strategic Workflow and Organizational Tactics

 

Answer: b) Strengths, Weaknesses, Opportunities, Threats

 

What is the purpose of a balance sheet in accounting?

a) To record daily transactions

b) To calculate profit and loss

c) To provide a snapshot of a company’s financial position

d) To analyze market trends

 

Answer: c) To provide a snapshot of a company’s financial position

 

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

a) Monopoly

b) Oligopoly

c) Monopolistic competition

d) Perfect competition

 

Answer: d) Perfect competition

 

What is the role of the Securities and Exchange Board of India (SEBI)?

a) Regulating the stock market

b) Promoting agriculture

c) Managing foreign exchange rates

d) Controlling traffic

 

Answer: a) Regulating the stock market

 

What does the term “E-commerce” refer to?

a) Electronic commerce

b) Energy conservation

c) Educational communication

d) Efficient computing

 

Answer: a) Electronic commerce

 

What is the significance of a demand curve in economics?

a) Represents the supply of goods

b) Illustrates the relationship between price and quantity demanded

c) Indicates government regulations

d) Measures production efficiency

 

Answer: b) Illustrates the relationship between price and quantity demanded

 

In the context of marketing, what does the “4 Ps” refer to?

a) People, Product, Price, Promotion

b) Profit, Production, Publicity, Packaging

c) Planning, Placement, Purchase, Production

d) Partnerships, Pricing, Public relations, Products

 

Answer: a) People, Product, Price, Promotion

 

What is the primary function of the World Trade Organization (WTO)?

a) Regulating the internet

b) Facilitating international trade negotiations

c) Promoting space exploration

d) Managing global health crises

 

Answer: b) Facilitating international trade negotiations

 

What does the term “Inflation” mean in economics?

a) Decrease in the general price level of goods and services

b) Increase in the value of currency

c) Persistent rise in the general price level of goods and services

d) Stability in the economy

 

Answer: c) Persistent rise in the general price level of goods and services

 

What is the purpose of a marketing mix?

a) Creating financial reports

b) Analyzing consumer behavior

c) Developing effective marketing strategies

d) Managing human resources

 

Answer: c) Developing effective marketing strategies

 

What does the term “Depreciation” mean in accounting?

a) Increase in the value of an asset

b) Gradual decrease in the value of an asset over time

c) Profit earned from investments

d) Expansion of business operations

 

Answer: b) Gradual decrease in the value of an asset over time

 

Which type of business organization has a separate legal entity from its owners?

a) Sole Proprietorship

b) Partnership

c) Corporation

d) Cooperative

 

Answer: c) Corporation

 

What is the purpose of market segmentation in marketing?

a) Combining diverse products into one

b) Dividing the market into distinct groups based on characteristics

c) Setting universal prices for all products

d) Eliminating competition

 

Answer: b) Dividing the market into distinct groups based on characteristics

 

What does the term “Laissez-faire” mean in economics?

a) Government intervention in the economy

b) Hands-off or non-interference approach by the government

c) State-controlled economic system

d) Centralized planning of production

 

Answer: b) Hands-off or non-interference approach by the government

 

What is the purpose of a cash flow statement?

a) Reporting profits and losses

b) Tracking the movement of cash in and out of a business

c) Analyzing market trends

d) Monitoring employee performance

 

Answer: b) Tracking the movement of cash in and out of a business

 

In accounting, what does the term “Double-entry” mean?

a) Recording financial transactions in two separate ledgers

b) Using two different currencies

c

) Conducting transactions twice for accuracy

d) Entering data twice to prevent