SS3 second Term commerce past questions and answers

SS3 second Term commerce past questions and answers

SS3 Commerce questions with options and answers:

Question: What is the primary function of the Securities and Exchange Commission (SEC)?

A) Environmental conservation

B) Regulation of financial markets

C) Sports governance

D) Agricultural development

Answer: B) Regulation of financial markets

Question: In marketing, what does the term "target audience" refer to?

A) Goals set by the marketing team

B) Specific group of potential customers

C) Advertising budget allocation

D) Quantity of products in stock

Answer: B) Specific group of potential customers

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

A) Environmental protection

B) National defense

C) Monetary policy and financial stability

D) Space exploration

Answer: C) Monetary policy and financial stability

Question: What does the term "barter system" refer to in economics?

A) Exchange of goods and services for money

B) Traditional farming practices

C) Exchange of goods and services without using money

D) International trade agreements

Answer: C) Exchange of goods and services without using money

Question: In accounting, what is the purpose of depreciation?

A) Increase the market value of assets

B) Record the cost of goods sold

C) Allocate the cost of an asset over its useful life

D) Calculate total revenue

Answer: C) Allocate the cost of an asset over its useful life

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

A) Cultural exchange programs

B) Promoting global tourism

C) Providing financial assistance to member countries

D) Space exploration initiatives

Answer: C) Providing financial assistance to member countries

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

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

B) Fixed costs and variable costs are the same thing.

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

D) Fixed costs and variable costs are unrelated to business operations.

Answer: C) Fixed costs remain constant, while variable costs change with production levels.

Question: What is the significance of the term "opportunity cost" in economics?

A) Actual cost incurred in production

B) Cost of forgoing the next best alternative

C) Total revenue generated

D) Market price of goods and services

Answer: B) Cost of forgoing the next best alternative

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

A) Summarize income and expenses

B) Track the movement of cash in and out of a business

C) Evaluate market trends

D) Determine employee satisfaction

Answer: B) Track the movement of cash in and out of a business

Question: In business, what does the term "diversification" refer to?

A) Focusing on a single product line

B) Expanding into new markets or products

C) Reducing the number of employees

D) Implementing cost-cutting measures

Answer: B) Expanding into new markets or products

Question: What is the role of a stock exchange in the financial market?

A) Produce agricultural commodities

B) Regulate environmental policies

C) Facilitate buying and selling of securities

D) Manage international trade agreements

Answer: C) Facilitate buying and selling of securities

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

A) Encourage free trade

B) Protect domestic industries from foreign competition

C) Facilitate currency exchange

D) Promote cultural exchange

Answer: B) Protect domestic industries from foreign competition

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

A) The quantity of goods available for sale

B) The relationship between the production cost and selling price

C) The interaction between the availability of goods and consumer demand

D) The total revenue generated by a business

Answer: C) The interaction between the availability of goods and consumer demand

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

A) Document personal loans

B) Guarantee payment in a transaction

C) Provide legal advice

D) Evaluate market trends

Answer: B) Guarantee payment in a transaction

Question: What is the significance of the term "inflation" in economics?

A) Increase in the value of currency

B) Decrease in the level of prices

C) Rise in the general level of prices

D) Fluctuations in the stock market

Answer: C) Rise in the general level of prices

Question: In business management, what is the purpose of the PESTLE analysis?

A) Assessing employee performance

B) Analyzing external factors that may affect the business

C) Evaluating financial statements

D) Monitoring production levels

Answer: B) Analyzing external factors that may affect the business

Question: What is the role of a marketing strategy in business?

A) Document company history

B) Outline financial goals

C) Achieve specific marketing objectives

D) Evaluate employee satisfaction

Answer: C) Achieve specific marketing objectives

Question: What is the purpose of the World Bank in the global economy?

A) Promoting international tourism

B) Providing financial assistance for development projects

C) Regulating global trade agreements

D) Conducting scientific research

Answer: B) Providing financial assistance for development projects

Question: What is the significance of the term "branding" in marketing?

A) Determining production costs

B) Establishing a unique identity for a product or company

C) Analyzing market trends

D) Tracking inventory levels

Answer: B) Establishing a unique identity for a product or company

Question: In financial management, what does the term "liquidity" refer to?

A) Ability to convert assets into cash

B) Total revenue generated by a business

C) Percentage of profit retained by the company

D) Level of employee satisfaction

Answer: A) Ability to convert assets into cash