Jss1 third Term business studies past questions and answers

Jss1 third Term business studies past questions and answers

JSS1 Business Studies, along with options and answers:

What is the term for a document that specifies the rights and responsibilities of partners in a partnership?

A) Business plan

B) Bylaws

C) Articles of incorporation

D) Partnership agreement

Answer: D) Partnership agreement

Which of the following is a characteristic of a sole proprietorship?

A) Limited liability

B) Multiple owners

C) Separate legal entity

D) Unlimited liability

Answer: D) Unlimited liability

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

A) Income statement

B) Cash flow statement

C) Balance sheet

D) Budget statement

Answer: C) Balance sheet

What is the process of turning raw materials into finished products called?

A) Production

B) Marketing

C) Sales

D) Accounting

Answer: A) Production

In business, what does "ROI" stand for?

A) Return on Investment

B) Return on Inventory

C) Revenue of Income

D) Rate of Interest

Answer: A) Return on Investment

What type of business is characterized by a single owner who makes all decisions and has unlimited liability?

A) Corporation

B) Partnership

C) Sole proprietorship

D) Cooperative

Answer: C) Sole proprietorship

Which of the following is a type of economic resource that includes natural resources such as land and water?

A) Labor

B) Capital

C) Entrepreneurship

D) Land

Answer: D) Land

What is the term for the process of identifying and addressing customer needs and preferences?

A) Production

B) Marketing

C) Accounting

D) Research and development

Answer: B) Marketing

Which of the following is a document that outlines a company's financial plan and revenue projections?

A) Business card

B) Business plan

C) Business memo

D) Business letter

Answer: B) Business plan

Which of the following is a type of business organization where members have equal say and ownership in the business?

A) Corporation

B) Partnership

C) Sole proprietorship

D) Cooperative

Answer: D) Cooperative

What is the term for the process of developing, promoting, and distributing products to customers?

A) Production

B) Marketing

C) Financing

D) Accounting

Answer: B) Marketing

What is the legal form of business that is a separate entity from its owners and offers limited liability?

A) Partnership

B) Corporation

C) Sole proprietorship

D) Franchise

Answer: B) Corporation

What type of business ownership structure is characterized by shared ownership, decision-making, and profits?

A) Sole proprietorship

B) Partnership

C) Corporation

D) Non-profit organization

Answer: B) Partnership

Which of the following is an example of a liability on a company's balance sheet?

A) Cash on hand

B) Inventory

C) Accounts receivable

D) Loans payable

Answer: D) Loans payable

In business, what does "SWOT" stand for in SWOT analysis?

A) Strengths, Weaknesses, Opportunities, Threats

B) Sales, Work, Output, Tasks

C) Strategic, Workforce, Operations, Technology

D) Shareholders, Wages, Overhead, Taxes

Answer: A) Strengths, Weaknesses, Opportunities, Threats

What is the term for the process of obtaining and using funds to accomplish a company's goals?

A) Marketing

B) Financing

C) Production

D) Human resource management

Answer: B) Financing

Which type of business organization is known for issuing shares of stock to its owners?

A) Partnership

B) Corporation

C) Sole proprietorship

D) Cooperative

Answer: B) Corporation

What is the primary role of the Securities and Exchange Commission (SEC) in the United States?

A) Enforcing labor laws

B) Regulating the stock market

C) Issuing patents

D) Collecting taxes

Answer: B) Regulating the stock market

What is the term for the excess of revenue over expenses in a business's income statement?

A) Gross profit

B) Net profit

C) Operating profit

D) Sales revenue

Answer: B) Net profit

Which of the following is a characteristic of a partnership?

A) Limited liability for partners

B) Unlimited life of the business

C) Multiple owners

D) Double taxation

Answer: C) Multiple owners