JSS2 Second Term Business Studies Past Questions And Answers

 

JSS2 Second Term Business Studies questions with options and answers:

 

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

 

A) Assessing profitability

B) Analyzing market trends

C) Tracking cash inflows and outflows

D) Calculating depreciation

Answer: C) Tracking cash inflows and outflows

Question: Which type of market research involves collecting new data for a specific purpose?

 

A) Primary research

B) Secondary research

C) Qualitative research

D) Quantitative research

Answer: A) Primary research

Question: What is the meaning of the term “E-commerce”?

 

A) Economical commerce

B) Electronic commerce

C) External commerce

D) Efficient commerce

Answer: B) Electronic commerce

Question: In human resource management, what is the purpose of the recruitment process?

 

A) Training employees

B) Selecting and hiring suitable candidates

C) Calculating payroll

D) Evaluating employee performance

Answer: B) Selecting and hiring suitable candidates

Question: What is the difference between a sole trader and a partnership in business ownership?

 

A) Number of employees

B) Liability of the owners

C) Source of finance

D) Types of products sold

Answer: B) Liability of the owners

Question: Which financial statement reflects a company’s net worth?

 

A) Income statement

B) Cash flow statement

C) Statement of changes in equity

D) Balance sheet

Answer: D) Balance sheet

Question: What does the term “Inflation” refer to in economics?

 

A) Decrease in the general price level

B) Increase in the value of money

C) Rise in the general price level

D) Stability in the economy

Answer: C) Rise in the general price level

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

 

A) Assessing customer satisfaction

B) Analyzing competition

C) Understanding the stages a product goes through

D) Setting pricing strategies

Answer: C) Understanding the stages a product goes through

Question: In organizational structure, what does the term “Hierarchical” mean?

 

A) Equal distribution of power

B) Centralized decision-making

C) Flexible reporting relationships

D) Informal communication channels

Answer: B) Centralized decision-making

Question: What is the primary function of a Board of Directors in a company?

 

A) Day-to-day operations management

B) Setting long-term goals and strategy

C) Handling customer complaints

D) Conducting market research

Answer: B) Setting long-term goals and strategy

Question: In financial accounting, what does the term “Depreciation” refer to?

 

A) Increase in asset value

B) Gradual decrease in liabilities

C) Allocation of asset cost over time

D) Reduction in equity

Answer: C) Allocation of asset cost over time

Question: What is the purpose of a budget in financial management?

 

A) Calculating employee salaries

B) Monitoring daily transactions

C) Setting financial goals and plans

D) Analyzing market trends

Answer: C) Setting financial goals and plans

Question: What is the significance of a customer feedback survey in business?

 

A) Increasing production costs

B) Building customer loyalty

C) Reducing competition

D) Managing human resources

Answer: B) Building customer loyalty

Question: In the context of business ethics, what does the term “Whistleblowing” mean?

 

A) Reporting illegal or unethical activities within an organization

B) Promoting fair competition

C) Creating corporate social responsibility programs

D) Establishing ethical guidelines

Answer: A) Reporting illegal or unethical activities within an organization

Question: What is the role of government in business regulation?

 

A) Maximizing profits

B) Minimizing competition

C) Ensuring fair practices and protecting consumers

D) Controlling market demand

Answer: C) Ensuring fair practices and protecting consumers

Question: What is the primary purpose of insurance in business?

 

A) Generating revenue

B) Managing human resources

C) Transferring risks

D) Controlling inflation

Answer: C) Transferring risks

Question: What is the importance of quality control in manufacturing?

 

A) Reducing marketing expenses

B) Ensuring products meet specified standards

C) Increasing production costs

D) Maximizing profits

Answer: B) Ensuring products meet specified standards

Question: In supply chain management, what does the term “Logistics” involve?

 

A) Financial planning

B) Transportation and distribution of goods

C) Human resource management

D) Market research

Answer: B) Transportation and distribution of goods

Question: What is the purpose of a cost-benefit analysis in decision-making?

 

A) Increasing production costs

B) Calculating employee salaries

C) Evaluating potential benefits against costs

D) Setting marketing goals

Answer: C) Evaluating potential benefits against costs

Question: What does the term “Globalization” refer to in the context of business?

 

A) Local market expansion

B) Focusing on domestic operations

C) Integration of markets and economies worldwide

D) Decreasing international trade

Answer: C) Integration of markets and economies worldwide.