Business studies mock exam questions and answers for Jss3

Business studies mock exam questions and answers for Jss3

Here are 20 business studies mock questions for JSS3 students, along with options and answers:

What does the acronym "SWOT" stand for in business analysis?

a) Strengths, Weaknesses, Opportunities, Threats

b) Sales, Work, Operations, Tasks

c) Success, Wealth, Objectives, Trends

d) Strategies, Workforce, Optimization, Technologies

Answer: a) Strengths, Weaknesses, Opportunities, Threats

Which type of business organization is characterized by limited liability for its owners?

a) Sole proprietorship

b) Partnership

c) Corporation

d) Cooperative

Answer: c) Corporation

Which economic term refers to the total value of goods and services produced within a country's borders in a given time period?

a) Gross Domestic Product (GDP)

b) Balance of Trade

c) Inflation Rate

d) Consumer Price Index (CPI)

Answer: a) Gross Domestic Product (GDP)

What is the primary function of the marketing mix?

a) Managing finances

b) Controlling employee behavior

c) Managing product quality

d) Managing marketing elements

Answer: d) Managing marketing elements

In business, what does ROI stand for?

a) Return on Investment

b) Revenue over Invoices

c) Research on Inventory

d) Rate of Income

Answer: a) Return on Investment

Which of the following is NOT a factor of production?

a) Land

b) Labor

c) Capital

d) Marketing

Answer: d) Marketing

What is the primary purpose of a business plan?

a) To outline a company's mission and vision

b) To secure funding from investors

c) To provide a roadmap for the business's future

d) To track daily operational activities

Answer: c) To provide a roadmap for the business's future

Which of the following is a component of the external business environment?

a) Employees

b) Customers

c) Suppliers

d) Government regulations

Answer: d) Government regulations

What is the term for the money a business earns from selling its products or services?

a) Expenses

b) Liabilities

c) Revenue

d) Equity

Answer: c) Revenue

Which of the following is an example of a non-renewable resource?

a) Solar energy

b) Wind energy

c) Fossil fuels

d) Water

Answer: c) Fossil fuels

Which type of organizational structure is characterized by a clear hierarchy and centralized decision-making?

a) Flat organization

b) Matrix organization

c) Tall organization

d) Network organization

Answer: c) Tall organization

What is the term for a product's unique selling proposition that makes it stand out from competitors?

a) Price point

b) Market share

c) Competitive advantage

d) Market saturation

Answer: c) Competitive advantage

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

a) Income statement

b) Balance sheet

c) Cash flow statement

d) Statement of changes in equity

Answer: b) Balance sheet

What is the process of analyzing a market and its potential before launching a new product or service called?

a) Market research

b) Market segmentation

c) Market expansion

d) Market penetration

Answer: a) Market research

What is the primary function of human resource management in a business?

a) Production management

b) Financial management

c) Employee recruitment and development

d) Sales and marketing

Answer: c) Employee recruitment and development

Which economic system is characterized by private ownership of the means of production and minimal government intervention?

a) Capitalism

b) Socialism

c) Communism

d) Mixed economy

Answer: a) Capitalism

What is the term for a legal document that grants an individual or organization the exclusive right to use, make, and sell an invention for a specified period?

a) Copyright

b) Trademark

c) Patent

d) Franchise

Answer: c) Patent

Which of the following is a key principle of ethical business behavior?

a) Maximizing profits at any cost

b) Honesty and transparency

c) Ignoring customer needs

d) Avoiding competition

Answer: b) Honesty and transparency

What type of marketing strategy involves setting a low initial price to gain market share and then gradually increasing the price over time?

a) Skimming pricing

b) Penetration pricing

c) Premium pricing

d) Competitive pricing

Answer: b) Penetration pricing

Which financial document provides a summary of a company's revenues, costs, and expenses over a specific time period?

a) Balance sheet

b) Income statement

c) Cash flow statement

d) Statement of retained earnings

Answer: b) Income statement