Jss2 third Term business studies past questions and answers

Jss2 third Term business studies past questions and answers

Here they are;

What is the term for the money invested by the owner(s) to start or operate a business?

a) Revenue

b) Expenses

c) Investment

d) Liability

Answer: c) Investment

What is the process of creating a detailed plan for the purchase of goods or services to meet a company's needs?

a) Procurement

b) Marketing

c) Production

d) Sales

Answer: a) Procurement

Which of the following represents the funds that a business has after paying its bills and expenses?

a) Revenue

b) Profit

c) Debt

d) Inventory

Answer: b) Profit

What is the term for the exchange of goods and services between countries?

a) Domestic trade

b) International trade

c) Wholesale trade

d) Retail trade

Answer: b) International trade

What is the term for the process of promoting a product or service to increase sales and profits?

a) Production

b) Advertising

c) Inventory control

d) Research and development

Answer: b) Advertising

In business, what does "SWOT" stand for when conducting a SWOT analysis?

a) Strengths, Weaknesses, Opportunities, Threats

b) Sales, Work, Output, Tasks

c) Stock, Warehouse, Orders, Transactions

d) Strategy, Workforce, Objectives, Technology

Answer: a) Strengths, Weaknesses, Opportunities, Threats

What is the term for a business's physical assets, such as buildings and equipment?

a) Liabilities

b) Inventory

c) Capital

d) Fixed assets

Answer: d) Fixed assets

Which of the following is a factor that can affect demand for a product?

a) Government regulations

b) Employee salaries

c) Cost of raw materials

d) Competition

Answer: a) Government regulations

What is the process of setting goals and determining how to achieve them in a business?

a) Accounting

b) Financial analysis

c) Strategic planning

d) Marketing

Answer: c) Strategic planning

What is the term for the total value of all goods and services produced within a country's borders in a given time period?

a) Gross Domestic Product (GDP)

b) Consumer Price Index (CPI)

c) Balance of trade

d) Inflation rate

Answer: a) Gross Domestic Product (GDP)

What is the term for the money a business owes to suppliers, lenders, or other creditors?

a) Revenue

b) Equity

c) Liability

d) Profit

Answer: c) Liability

Which of the following is a marketing strategy that focuses on selling products to a specific group of customers with similar characteristics and needs?

a) Market penetration

b) Market segmentation

c) Diversification

d) Mass marketing

Answer: b) Market segmentation

What is the term for the amount of money a business makes from selling its products or services?

a) Net income

b) Revenue

c) Cost of goods sold

d) Operating expenses

Answer: b) Revenue

Which of the following is a type of financial statement that shows the cash flow into and out of a business?

a) Income statement

b) Balance sheet

c) Cash flow statement

d) Profit and loss statement

Answer: c) Cash flow statement

What is the term for the process of managing the flow of goods and materials from suppliers to customers?

a) Advertising

b) Inventory control

c) Production

d) Distribution

Answer: d) Distribution

Which of the following is a type of business ownership that allows for the separation of ownership and management, with ownership held by shareholders?

a) Partnership

b) Sole proprietorship

c) Corporation

d) Cooperative

Answer: c) Corporation

What is the term for the difference between a business's total revenue and its total expenses?

a) Loss

b) Debt

c) Net income

d) Equity

Answer: c) Net income

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

a) Copyright

b) Patent

c) Trademark

d) Trade secret

Answer: b) Patent

What is the process of identifying, analyzing, and selecting suppliers for a business to purchase goods and services from?

a) Market research

b) Procurement

c) Inventory management

d) Quality control

Answer: b) Procurement

What is the term for a situation in which a business can't meet its financial obligations and is unable to pay its debts?

a) Bankruptcy

b) Liquidation

c) Partnership

d) Equity

Answer: a) Bankruptcy