JSS3 First Term Business Studies Past Questions And Answers

 

20 JSS3 First Term Business Studies questions with options and answers:

 

Question: What is the primary purpose of a business?

 

A) Profit maximization

B) Cost minimization

C) Social responsibility

D) Employee satisfaction

Answer: A) Profit maximization

Question: Which of the following is a factor of production?

 

A) Money

B) Goods

C) Land

D) Services

Answer: C) Land

Question: What type of business organization is characterized by unlimited liability for its owners?

 

A) Partnership

B) Corporation

C) Sole proprietorship

D) Cooperative

Answer: C) Sole proprietorship

Question: What is the function of the marketing department in a business?

 

A) Human resources management

B) Product development

C) Promotion and selling of products

D) Financial management

Answer: C) Promotion and selling of products

Question: Which economic system relies on supply and demand to determine prices and production levels?

 

A) Capitalism

B) Socialism

C) Communism

D) Mixed economy

Answer: A) Capitalism

Question: What does GDP stand for?

 

A) General Development Process

B) Gross Domestic Product

C) Global Demand Projection

D) Government Distribution Plan

Answer: B) Gross Domestic Product

Question: What is a trade union?

 

A) A government agency

B) An association of workers

C) A business partnership

D) A financial institution

Answer: B) An association of workers

Question: In accounting, what does the term “debit” represent?

 

A) Increase in assets

B) Increase in liabilities

C) Decrease in assets

D) Decrease in equity

Answer: A) Increase in assets

Question: What is the main purpose of a business plan?

 

A) Record financial transactions

B) Attract investors and guide the company’s growth

C) Advertise products

D) Monitor employee performance

Answer: B) Attract investors and guide the company’s growth

Question: What is inflation?

 

A) Decrease in the general price level of goods and services

B) Increase in the general price level of goods and services

C) Stability in the price level

D) Fluctuation in exchange rates

Answer: B) Increase in the general price level of goods and services

Question: What is the purpose of financial statements in business?

 

A) To entertain shareholders

B) To attract customers

C) To communicate financial information to stakeholders

D) To enforce government regulations

Answer: C) To communicate financial information to stakeholders

Question: What does SWOT analysis stand for?

 

A) Strengths, Weaknesses, Opportunities, Threats

B) Sales, Workforce, Objectives, Training

C) Strategic, Worldwide, Operations, Tactics

D) Supply, Warehouse, Orders, Transportation

Answer: A) Strengths, Weaknesses, Opportunities, Threats

Question: Which of the following is an example of a fixed cost in business?

 

A) Raw materials

B) Rent

C) Packaging

D) Advertising

Answer: B) Rent

Question: What is the purpose of a balance sheet?

 

A) To summarize revenue and expenses

B) To track daily transactions

C) To show a company’s financial position at a specific point in time

D) To analyze market trends

Answer: C) To show a company’s financial position at a specific point in time

Question: What is the role of the Securities and Exchange Commission (SEC) in business?

 

A) Regulate financial institutions

B) Enforce environmental regulations

C) Oversee the stock market and protect investors

D) Manage international trade agreements

Answer: C) Oversee the stock market and protect investors

Question: What is the concept of “opportunity cost” in economics?

 

A) The actual cost of an opportunity

B) The cost of missed opportunities when a decision is made

C) The cost of starting a new business

D) The cost of production

Answer: B) The cost of missed opportunities when a decision is made

Question: What is a trademark?

 

A) A legal document granting exclusive rights to an invention

B) A symbol, name, or slogan identifying a product

C) A type of business ownership

D) A form of currency

Answer: B) A symbol, name, or slogan identifying a product

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

 

A) Increase production costs

B) Ensure products meet specified standards

C) Decrease customer satisfaction

D) Expedite production processes

Answer: B) Ensure products meet specified standards

Question: In business, what is the significance of a market survey?

 

A) To increase taxes

B) To identify consumer needs and preferences

C) To reduce competition

D) To promote social responsibility

Answer: B) To identify consumer needs and preferences

Question: What is the purpose of a code of ethics in business?

 

A) To increase profits

B) To ensure legal compliance

C) To promote honesty and integrity

D) To discourage employee communication

Answer: C) To promote honesty and integrity.