Jss3 first term business studies past questions and answers

Jss3 first term business studies past questions and answers

Here they are:

Question: What is the primary purpose of a business?

a) Maximizing profits

b) Providing free goods

c) Minimizing competition

d) Ignoring customer needs

Answer: a) Maximizing profits

Question: Which of the following is a factor of production?

a) Advertising

b) Labor

c) Profit

d) Sales

Answer: b) Labor

Question: What does the term "SWOT" stand for in business analysis?

a) Sales, Work, Opportunities, Threats

b) Strengths, Weaknesses, Opportunities, Threats

c) Strategy, Wealth, Objectives, Tactics

d) Success, Workforce, Objectives, Targets

Answer: b) Strengths, Weaknesses, Opportunities, Threats

Question: In business, what does ROI stand for?

a) Return on Investment

b) Rate of Income

c) Revenue Overhead Index

d) Risk of Inflation

Answer: a) Return on Investment

Question: Which type of business organization has limited liability for its owners?

a) Sole proprietorship

b) Partnership

c) Corporation

d) Cooperative

Answer: c) Corporation

Question: What is the purpose of market research in business?

a) Increasing taxes

b) Identifying customer needs and preferences

c) Ignoring competitors

d) Reducing production costs

Answer: b) Identifying customer needs and preferences

Question: Which economic system relies on supply and demand to determine prices and production?

a) Command economy

b) Mixed economy

c) Market economy

d) Traditional economy

Answer: c) Market economy

Question: What is a balance sheet used for in business?

a) Tracking daily sales

b) Monitoring employee attendance

c) Summarizing a company's financial position

d) Creating marketing strategies

Answer: c) Summarizing a company's financial position

Question: Which of the following is a form of external communication in business?

a) Staff meetings

b) Memos

c) Emails within the company

d) Advertising

Answer: d) Advertising

Question: What is the purpose of a business plan?

a) Setting personal goals

b) Outlining the steps for a company's success

c) Ignoring market trends

d) Reducing customer satisfaction

Answer: b) Outlining the steps for a company's success

Question: What is the role of human resources in a business?

a) Maximizing profits

b) Managing financial accounts

c) Handling employee recruitment and development

d) Ignoring workplace safety

Answer: c) Handling employee recruitment and development

Question: What is the function of a marketing mix in business?

a) Maximizing production costs

b) Setting prices

c) Ignoring customer preferences

d) Balancing product, price, promotion, and place

Answer: d) Balancing product, price, promotion, and place

Question: In business, what is the purpose of quality control?

a) Increasing production costs

b) Ensuring products meet standards

c) Ignoring customer feedback

d) Reducing market share

Answer: b) Ensuring products meet standards

Question: What does the term "e-commerce" refer to in business?

a) Electronic communication

b) Employee coordination

c) Online buying and selling of goods and services

d) Energy conservation

Answer: c) Online buying and selling of goods and services

Question: What is the significance of branding in business?

a) Ignoring customer loyalty

b) Reducing product prices

c) Creating a unique identity for products or services

d) Minimizing advertising efforts

Answer: c) Creating a unique identity for products or services

Question: What is the role of a board of directors in a corporation?

a) Day-to-day management

b) Decision-making and governance

c) Customer service

d) Employee recruitment

Answer: b) Decision-making and governance

Question: What is the purpose of a profit and loss statement in business?

a) Tracking employee attendance

b) Summarizing financial performance over a specific period

c) Reducing product quality

d) Ignoring market trends

Answer: b) Summarizing financial performance over a specific period

Question: What is a franchise in business?

a) Government regulation

b) A legal dispute

c) A business model where individuals purchase the right to operate a branch of a larger company

d) Labor union

Answer: c) A business model where individuals purchase the right to operate a branch of a larger company

Question: What is the concept of supply and demand in economics?

a) Government intervention in markets

b) The balance between production and consumption

c) Ignoring market fluctuations

d) Maximizing prices

Answer: b) The balance between production and consumption

Question: What is the purpose of corporate social responsibility (CSR) in business?

a) Ignoring environmental impact

b) Focusing solely on profits

c) Balancing economic, social, and environmental responsibilities

d) Reducing employee satisfaction

Answer: c) Balancing economic, social, and environmental responsibilities