Jss1 second Term business studies past questions and answers

Jss1 second Term business studies past questions and answers

Here are 20 JSS1 Business Studies questions with options and answers:

What does the acronym "ICT" stand for?

A) International Commerce and Trade

B) Information and Communication Technology

C) International Currency Transfer

D) Industrial Computer Techniques

Answer: B) Information and Communication Technology

Which of the following is not a factor of production?

A) Land

B) Labor

C) Capital

D) Customers

Answer: D) Customers

What is the primary purpose of marketing in business?

A) Maximizing profits

B) Providing employment opportunities

C) Meeting customer needs and wants

D) Managing financial resources

Answer: C) Meeting customer needs and wants

Which type of business ownership involves the least liability for the owner?

A) Sole proprietorship

B) Partnership

C) Corporation

D) Cooperative

Answer: A) Sole proprietorship

Which document is used to request payment for goods or services in business?

A) Invoice

B) Receipt

C) Purchase order

D) Bill of lading

Answer: A) Invoice

What is the term for the money or property invested in a business by the owner?

A) Revenue

B) Profit

C) Investment

D) Capital

Answer: D) Capital

Which type of business organization has the potential for unlimited growth and multiple owners?

A) Sole proprietorship

B) Partnership

C) Corporation

D) Cooperative

Answer: C) Corporation

What is the primary function of a bank in an economy?

A) Selling goods and services

B) Regulating the stock market

C) Providing financial services and credit

D) Manufacturing products

Answer: C) Providing financial services and credit

Which of the following is not a component of the marketing mix?

A) Product

B) Price

C) Promotion

D) Production

Answer: D) Production

In business, what does the term "SWOT" stand for?

A) Strong, Weak, Opportunity, Threat

B) Sales, Wages, Operations, Taxes

C) Suppliers, Workers, Objectives, Technology

D) Stock, Warehouse, Orders, Transportation

Answer: A) Strong, Weak, Opportunity, Threat

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

A) Solar energy

B) Wind energy

C) Petroleum

D) Forests

Answer: C) Petroleum

What is the purpose of a balance sheet in accounting?

A) To record daily transactions

B) To calculate taxes owed

C) To show a company's financial position at a specific time

D) To track employee salaries

Answer: C) To show a company's financial position at a specific time

What is the role of a human resources department in a company?

A) Marketing the company's products

B) Managing employee recruitment, training, and relations

C) Handling financial transactions

D) Research and development

Answer: B) Managing employee recruitment, training, and relations

Which type of communication occurs within an organization and involves sharing information among employees?

A) Internal communication

B) External communication

C) Marketing communication

D) Government communication

Answer: A) Internal communication

What is the term for a legally binding agreement between two or more parties in which they agree to do or not do something?

A) Contract

B) Invoice

C) Purchase order

D) Warranty

Answer: A) Contract

Which of the following is an advantage of e-commerce for businesses?

A) Limited customer reach

B) High operating costs

C) 24/7 availability

D) Lack of competition

Answer: C) 24/7 availability

What is the main goal of financial management in a business?

A) Maximizing expenses

B) Minimizing revenue

C) Maximizing profits

D) Reducing customer satisfaction

Answer: C) Maximizing profits

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

A) Expenses

B) Profit

C) Loss

D) Debt

Answer: B) Profit

Which of the following is an example of a fixed cost for a business?

A) Wages of temporary employees

B) Rent for a retail store

C) Raw materials

D) Advertising expenses

Answer: B) Rent for a retail store

What is the primary function of a stock exchange in the financial market?

A) To sell products directly to consumers

B) To provide loans to businesses

C) To facilitate the buying and selling of shares of publicly traded companies

D) To offer insurance services

Answer: C) To facilitate the buying and selling of shares of publicly traded companies