Jss3 second Term business studies past questions and answers

Jss3 second Term business studies past questions and answers

Question: What is the role of a supply chain in business?

a) Maximizing advertising efforts

b) Managing the flow of goods and services from production to consumption

c) Ignoring customer feedback

d) Reducing production costs

Answer: b) Managing the flow of goods and services from production to consumption

Question: What is the difference between fixed and variable costs in business?

a) Fixed costs change with production levels, while variable costs remain constant

b) Fixed costs are one-time expenses, while variable costs occur regularly

c) Fixed costs remain constant, regardless of production levels, while variable costs change

d) Fixed costs and variable costs are the same thing

Answer: c) Fixed costs remain constant, regardless of production levels, while variable costs change

Question: In business, what does the term "break-even point" refer to?

a) The point at which a company starts losing money

b) The point at which total revenue equals total costs

c) The point at which a company reaches its maximum profit

d) Ignoring financial stability

Answer: b) The point at which total revenue equals total costs

Question: What is the purpose of a mission statement in business?

a) Maximizing employee turnover

b) Describing the company's core purpose and values

c) Ignoring customer expectations

d) Reducing product quality

Answer: b) Describing the company's core purpose and values

Question: What is the significance of inflation in the economy?

a) Reducing the purchasing power of money

b) Maximizing economic growth

c) Ignoring price fluctuations

d) Minimizing interest rates

Answer: a) Reducing the purchasing power of money

Question: What is the purpose of the Federal Reserve in the United States?

a) Maximizing government spending

b) Controlling inflation

c) Ignoring monetary policy

d) Reducing interest rates

Answer: b) Controlling inflation

Question: In marketing, what is the AIDA model?

a) Attention, Interest, Decision, Action

b) Advertising, Investment, Development, Analysis

c) Avoidance, Ignorance, Disinterest, Apathy

d) Allowing, Indulging, Delivering, Accepting

Answer: a) Attention, Interest, Decision, Action

Question: What is the purpose of a product life cycle in marketing?

a) Maximizing production costs

b) Identifying the stages a product goes through from introduction to decline

c) Ignoring market trends

d) Reducing promotional activities

Answer: b) Identifying the stages a product goes through from introduction to decline

Question: What is the concept of economies of scale in business?

a) Reducing production efficiency

b) Maximizing production costs

c) Achieving cost advantages as production levels increase

d) Ignoring cost-saving opportunities

Answer: c) Achieving cost advantages as production levels increase

Question: What is the role of ethics in business?

a) Maximizing profits at any cost

b) Ignoring customer satisfaction

c) Balancing economic success with moral principles

d) Reducing employee motivation

Answer: c) Balancing economic success with moral principles

Question: What is the purpose of a cash flow statement in business?

a) Maximizing debt

b) Summarizing the inflows and outflows of cash over a specific period

c) Ignoring financial stability

d) Reducing liquidity

Answer: b) Summarizing the inflows and outflows of cash over a specific period

Question: What is the significance of intellectual property in business?

a) Encouraging plagiarism

b) Protecting creative ideas, inventions, and trademarks

c) Ignoring legal rights

d) Minimizing innovation

Answer: b) Protecting creative ideas, inventions, and trademarks

Question: In business negotiations, what does the term "BATNA" stand for?

a) Best Alternative to a Negotiated Agreement

b) Bargaining and Trading Negotiation Approach

c) Buying and Trading New Assets

d) Balancing Agreements through New Arrangements

Answer: a) Best Alternative to a Negotiated Agreement

Question: What is the role of technology in modern business?

a) Ignoring innovation

b) Maximizing manual processes

c) Enhancing efficiency, communication, and innovation

d) Reducing cybersecurity measures

Answer: c) Enhancing efficiency, communication, and innovation

Question: What is the purpose of a strategic alliance in business?

a) Encouraging competition

b) Creating partnerships for mutual benefit

c) Ignoring market trends

d) Reducing customer satisfaction

Answer: b) Creating partnerships for mutual benefit

Question: What does the term "outsourcing" mean in business?

a) Maximizing in-house production

b) Contracting tasks or services to external providers

c) Ignoring cost-saving opportunities

d) Reducing employee turnover

Answer: b) Contracting tasks or services to external providers

Question: How does globalization impact businesses?

a) Reducing international trade

b) Maximizing local economies

c) Expanding market reach and competition on a global scale

d) Ignoring cultural diversity

Answer: c) Expanding market reach and competition on a global scale

Question: What is the purpose of a risk management plan in business?

a) Ignoring potential threats

b) Maximizing financial losses

c) Identifying and mitigating potential risks

d) Reducing regulatory compliance

Answer: c) Identifying and mitigating potential risks

Question: How does inflation impact business costs?

a) Reducing the cost of goods and services

b) Maximizing profits

c) Increasing the cost of production and operation

d) Ignoring economic fluctuations

Answer: c) Increasing the cost of production and operation

Question: What is the purpose of benchmarking in business?

a) Maximizing competition

b) Comparing performance metrics with industry standards or competitors

c) Ignoring customer feedback

d) Reducing employee motivation

Answer: b) Comparing performance metrics with industry standards or competitors