JSS2 First Term Business Studies Past Questions And Answers
Question: What is the primary aim of a business?
A) Maximizing losses
B) Maximizing profits
C) Minimizing expenses
D) Minimizing revenue
Answer: B) Maximizing profits
Question: Which of the following is an example of a tertiary sector business?
A) Farming
B) Manufacturing
C) Banking
D) Construction
Answer: C) Banking
Question: What is the role of an entrepreneur in a business?
A) Consuming goods
B) Managing finances
C) Selling products
D) Buying raw materials
Answer: B) Managing finances
Question: Which document is used to initiate legal proceedings against a debtor who fails to pay?
A) Invoice
B) Receipt
C) Cheque
D) Statement of claim
Answer: D) Statement of claim
Question: What does the term “SWOT” stand for in business analysis?
A) Strengths, Weaknesses, Opportunities, Threats
B) Sales, Workforce, Operations, Technology
C) Savings, Wealth, Ownership, Taxes
D) Services, Workflow, Organization, Training
Answer: A) Strengths, Weaknesses, Opportunities, Threats
Question: In the marketing mix, what does the “P” in “4Ps” represent?
A) Price
B) Productivity
C) Promotion
D) Planning
Answer: A) Price
Question: Which type of business organization has limited liability for its members?
A) Sole proprietorship
B) Partnership
C) Corporation
D) Cooperative
Answer: C) Corporation
Question: What is the purpose of a balance sheet in accounting?
A) Record daily transactions
B) Assess profitability
C) Show financial position at a specific time
D) Calculate depreciation
Answer: C) Show financial position at a specific time
Question: Which economic system relies on private ownership of businesses and resources?
A) Socialism
B) Communism
C) Capitalism
D) Mixed economy
Answer: C) Capitalism
Question: What is the function of the Central Bank in a country’s economy?
A) Controlling inflation
B) Producing goods
C) Managing foreign affairs
D) Distributing resources
Answer: A) Controlling inflation
Question: Which of the following is a short-term source of finance?
A) Bank loan
B) Debentures
C) Trade credit
D) Equity shares
Answer: C) Trade credit
Question: What is the purpose of market research in business?
A) Increase production costs
B) Identify customer needs
C) Reduce competition
D) Control government regulations
Answer: B) Identify customer needs
Question: What does the acronym “ICT” stand for in the context of business technology?
A) International Commerce Technology
B) Information and Communication Technology
C) Industrial Control Technology
D) Internal Coordination Technology
Answer: B) Information and Communication Technology
Question: Which financial statement represents a company’s revenues and expenses over a specific period?
A) Balance sheet
B) Income statement
C) Cash flow statement
D) Statement of changes in equity
Answer: B) Income statement
Question: In the context of business ethics, what does CSR stand for?
A) Corporate Social Responsibility
B) Customer Satisfaction Ratio
C) Cost Saving and Revenue
D) Company Sustainability Report
Answer: A) Corporate Social Responsibility
Question: What is the main purpose of a marketing plan?
A) Forecasting stock prices
B) Setting employee salaries
C) Outlining marketing goals and strategies
D) Creating production schedules
Answer: C) Outlining marketing goals and strategies
Question: Which type of market structure is characterized by many buyers and sellers with similar products?
A) Monopoly
B) Oligopoly
C) Monopolistic competition
D) Perfect competition
Answer: D) Perfect competition
Question: What is the significance of branding in marketing?
A) Increasing production costs
B) Reducing customer loyalty
C) Distinguishing products from competitors
D) Minimizing advertising expenses
Answer: C) Distinguishing products from competitors
Question: What is the purpose of a feasibility study in business?
A) Assessing potential risks and benefits of a project
B) Calculating employee salaries
C) Monitoring daily transactions
D) Determining production quotas
Answer: A) Assessing potential risks and benefits of a project
Question: In business communication, what does the acronym “CEO” stand for?
A) Chief Executive Officer
B) Central Employment Officer
C) Corporate Ethics Organ
izer
D) Communication Enhancement Officer
Answer: A) Chief Executive Officer.