SS2 second Term commerce past questions and answers

SS2 second Term commerce past questions and answers

SS2 Commerce questions with options and answers:

Question: What is the main function of the World Trade Organization (WTO)?

A) Currency regulation

B) International peacekeeping

C) Facilitate global trade negotiations and dispute resolution

D) Environmental conservation

Answer: C) Facilitate global trade negotiations and dispute resolution

Question: In the context of marketing, what is the product life cycle?

A) The duration a product is stored in a warehouse

B) The stages a product goes through from introduction to decline

C) The time it takes to manufacture a product

D) The lifespan of a product's design

Answer: B) The stages a product goes through from introduction to decline

Question: What is a multinational corporation (MNC)?

A) A company owned by a single individual

B) A government-owned enterprise

C) A company that operates in multiple countries and has a centralized management structure

D) A small local business

Answer: C) A company that operates in multiple countries and has a centralized management structure

Question: What is the role of the International Monetary Fund (IMF) in the global economy?

A) Promote international trade agreements

B) Provide financial assistance to countries facing balance of payments problems

C) Regulate stock markets

D) Facilitate cultural exchange programs

Answer: B) Provide financial assistance to countries facing balance of payments problems

Question: What is the purpose of a letter of credit in international trade?

A) Guarantee payment to the exporter

B) Set import/export quotas

C) Establish exchange rates

D) Regulate shipping routes

Answer: A) Guarantee payment to the exporter

Question: In organizational behavior, what does the term 'span of control' refer to?

A) The number of employees in a company

B) The hierarchy of management levels

C) The extent of authority a manager has over subordinates

D) The physical layout of the workplace

Answer: C) The extent of authority a manager has over subordinates

Question: What is the significance of branding in marketing?

A) Increasing production efficiency

B) Building customer loyalty and differentiation

C) Regulating prices

D) Controlling distribution channels

Answer: B) Building customer loyalty and differentiation

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

A) Show the financial position at a specific point in time

B) Present the company's revenues and expenses over a specific period

C) Detail the inflow and outflow of cash during a specific time frame

D) Summarize the company's assets and liabilities

Answer: C) Detail the inflow and outflow of cash during a specific time frame

Question: What is the difference between a tariff and a quota in international trade?

A) Both are taxes on imports

B) A tariff is a limit on the quantity of goods, while a quota is a tax

C) A tariff is a tax on imports, while a quota is a limit on the quantity of goods

D) Both are limits on the quantity of goods

Answer: C) A tariff is a tax on imports, while a quota is a limit on the quantity of goods

Question: What is the concept of elasticity in economics?

A) The ability of a good to withstand pressure

B) The responsiveness of quantity demanded to a change in price

C) The measure of a firm's market share

D) The level of government intervention in the economy

Answer: B) The responsiveness of quantity demanded to a change in price

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

A) Fiscal policy implementation

B) Conducting foreign affairs

C) Regulating banks and controlling the money supply

D) Enforcing trade agreements

Answer: C) Regulating banks and controlling the money supply

Question: Define supply chain management.

A) The process of manufacturing goods

B) The coordination and integration of goods and services from raw material to the end consumer

C) The distribution of profits within a company

D) The study of market trends

Answer: B) The coordination and integration of goods and services from raw material to the end consumer

Question: What is the purpose of a focus group in market research?

A) Calculate market share

B) Conduct statistical analysis

C) Gather qualitative data and insights from potential customers

D) Determine production costs

Answer: C) Gather qualitative data and insights from potential customers

Question: What is the difference between a liability and an asset in accounting?

A) Liabilities are debts, while assets are ownership claims

B) Liabilities represent ownership claims, while assets are debts

C) Both refer to debts

D) Both refer to ownership claims

Answer: A) Liabilities are debts, while assets are ownership claims

Question: What is the concept of comparative advantage in international trade?

A) The ability of a country to produce all goods efficiently

B) The ability of a country to produce a good at a lower opportunity cost than another country

C) The equal distribution of resources among trading nations

D) The practice of setting fixed exchange rates

Answer: B) The ability of a country to produce a good at a lower opportunity cost than another country

Question: In financial accounting, what does the term "depreciation" refer to?

A) Increase in the value of an asset

B) Reduction in the value of an asset over time

C) Net profit margin

D) Total revenue minus total expenses

Answer: B) Reduction in the value of an asset over time

Question: What is the role of ethics in business?

A) Increase competition

B) Maximize profits at any cost

C) Ensure fair and responsible behavior in business practices

D) Control inflation

Answer: C) Ensure fair and responsible behavior in business practices

Question: Define the concept of scarcity in economics.

A) Unlimited resources to meet unlimited wants

B) Limited resources to meet unlimited wants

C) Unlimited resources to meet limited wants

D) Balanced distribution of resources

Answer: B) Limited resources to meet unlimited wants

Question: What is the purpose of a feasibility study in business?

A) Set organizational goals

B) Analyze the practicality and potential success of a business venture

C) Implement marketing strategies