Jss1 second term business studies past questions and answers

Jss1 second term business studies past questions and answers

Here are 20 multiple-choice questions for JSS1 Business Studies, along with options and answers:

What is the primary purpose of a business?

A) To make friends

B) To make money

C) To make art

D) To make sandwiches

Answer: B) To make money

Which of the following is not a factor of production?

A) Land

B) Labor

C) Capital

D) Customer

Answer: D) Customer

What does "SME" stand for in the business context?

A) Super Market Enterprise

B) Small and Medium Enterprise

C) Sales and Marketing Excellence

D) Strategic Management Efficiency

Answer: B) Small and Medium Enterprise

Which of the following is an example of a service business?

A) Bakery

B) Farm

C) Hair Salon

D) Factory

Answer: C) Hair Salon

What is the primary function of marketing in a business?

A) Hiring employees

B) Managing finances

C) Creating products

D) Attracting customers

Answer: D) Attracting customers

Which type of business is owned and operated by a single individual?

A) Corporation

B) Partnership

C) Sole proprietorship

D) Cooperative

Answer: C) Sole proprietorship

Which of the following is not a form of business organization?

A) LLC (Limited Liability Company)

B) NGO (Non-Governmental Organization)

C) PLC (Public Limited Company)

D) SOHO (Small Office/Home Office)

Answer: B) NGO (Non-Governmental Organization)

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

A) Maximizing profits

B) Minimizing taxes

C) Maximizing customer satisfaction

D) Minimizing employee turnover

Answer: A) Maximizing profits

What is the term for the money invested in a business by its owners?

A) Revenue

B) Debt

C) Equity

D) Credit

Answer: C) Equity

Which of the following is not a type of business risk?

A) Financial risk

B) Marketing risk

C) Environmental risk

D) Operational risk

Answer: C) Environmental risk

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

A) Making products

B) Marketing products

C) Managing employees

D) Managing finances

Answer: C) Managing employees

Which of the following is an example of a secondary sector business?

A) Mining company

B) Accounting firm

C) Online retailer

D) Restaurant

Answer: A) Mining company

What is the term for a written legal document that outlines a business's goals and how it will achieve them?

A) Business memo

B) Business card

C) Business letter

D) Business plan

Answer: D) Business plan

Which of the following is an example of a marketing mix element?

A) Profit margin

B) Price

C) Employee training

D) Inventory management

Answer: B) Price

What is the process of dividing a larger market into smaller segments based on specific characteristics?

A) Market expansion

B) Market diversification

C) Market segmentation

D) Market consolidation

Answer: C) Market segmentation

Which economic system is characterized by private ownership of businesses and minimal government intervention?

A) Capitalism

B) Socialism

C) Communism

D) Feudalism

Answer: A) Capitalism

What is the term for money paid to a lender for borrowing money?

A) Interest

B) Dividend

C) Salary

D) Rent

Answer: A) Interest

Which of the following is a common method of payment for goods and services in business transactions?

A) Hugs

B) High-fives

C) Barter

D) Cash

Answer: D) Cash

What is the primary goal of corporate social responsibility (CSR) in business?

A) Maximizing profits

B) Minimizing taxes

C) Social and environmental responsibility

D) Increasing shareholder wealth

Answer: C) Social and environmental responsibility

What is the term for a legal protection granted to an invention or product design?

A) Copyright

B) Trademark

C) Patent

D) Franchise

Answer: C) Patent