JSS3 Junior Waec Business Studies Past Questions And Answers (Objective and Theory)
Section A: Objective Questions
Business Studies Junior Waec Questions for JSS3:
Question: What does the acronym “SWOT” stand for in business analysis?
A) Strengths, Weaknesses, Opportunities, Threats
B) Sales, Workflow, Organization, Technology
C) Strategies, Workforce, Output, Targets
D) Savings, Warranty, Operations, Transactions
Answer: A) Strengths, Weaknesses, Opportunities, Threats
Question: In marketing, what is the term for the process of setting a high initial price to maximize short-term profits?
A) Penetration pricing
B) Skimming pricing
C) Cost-plus pricing
D) Competitive pricing
Answer: B) Skimming pricing
Question: What type of business organization is owned and operated by a single individual?
A) Partnership
B) Corporation
C) Sole proprietorship
D) Cooperative
Answer: C) Sole proprietorship
Question: What is the purpose of a balance sheet in financial accounting?
A) Record daily transactions
B) Summarize revenue and expenses
C) Show the financial position at a specific point in time
D) Analyze market trends
Answer: C) Show the financial position at a specific point in time
Question: What is the primary function of human resource management in a business?
A) Financial planning
B) Employee recruitment and development
C) Product marketing
D) Cost analysis
Answer: B) Employee recruitment and development
Question: In the context of business ethics, what does CSR stand for?
A) Customer Satisfaction Rating
B) Corporate Social Responsibility
C) Cost Saving Ratio
D) Company Sales Revenue
Answer: B) Corporate Social Responsibility
Question: What is the purpose of a cash flow statement in financial reporting?
A) Show overall profitability
B) Detail fixed and variable costs
C) Analyze market share
D) Track the inflow and outflow of cash
Answer: D) Track the inflow and outflow of cash
Question: What does the term “E-commerce” refer to in business?
A) Electronic communication
B) Economic competition
C) Online buying and selling of goods and services
D) Environmental conservation
Answer: C) Online buying and selling of goods and services
Question: What is the purpose of market segmentation in marketing?
A) Identify competitors
B) Target specific customer groups
C) Determine production costs
D) Monitor supply chain
Answer: B) Target specific customer groups
Question: In accounting, what is the term for the difference between total revenue and total expenses?
A) Profit
B) Loss
C) Revenue
D) Expense
Answer: A) Profit
Question: What is the role of a business plan in entrepreneurship?
A) Document financial transactions
B) Guide decision-making and set goals
C) Organize office space
D) Monitor employee attendance
Answer: B) Guide decision-making and set goals
Question: What does the acronym “ICT” stand for in the business context?
A) International Commerce and Trade
B) Information and Communication Technology
C) Inventory Control Techniques
D) Investment and Capital Trends
Answer: B) Information and Communication Technology
Question: What is the purpose of a profit and loss statement (income statement) in financial reporting?
A) Show overall assets and liabilities
B) Provide a snapshot of the financial position
C) Summarize revenue and expenses over a specific period
D) Analyze market trends
Answer: C) Summarize revenue and expenses over a specific period
Question: In business, what is the meaning of the term “outsourcing”?
A) Expanding business operations
B) Hiring temporary staff
C) Contracting tasks to external providers
D) Implementing cost-cutting measures
Answer: C) Contracting tasks to external providers
Question: What is the primary purpose of branding in marketing?
A) Increase production efficiency
B) Attract investors
C) Create a unique identity for products or services
D) Monitor employee performance
Answer: C) Create a unique identity for products or services
Section B: Theory Questions
Question: Explain the concept of entrepreneurship and its significance in the business world, highlighting the qualities of a successful entrepreneur.
Answer: Entrepreneurship involves the identification and exploitation of business opportunities. Successful entrepreneurs possess qualities such as innovation, risk-taking, resilience, and effective decision-making. They play a crucial role in economic development by creating jobs and driving innovation.
Question: Discuss the importance of market research in business planning, outlining the steps involved in conducting effective market research.
Answer: Market research is essential for businesses to understand consumer needs, preferences, and market trends. Steps in conducting effective market research include defining objectives, collecting data, analyzing information, and making informed business decisions based on the findings.
Question: Explain the concept of supply chain management and its role in optimizing business operations, detailing the key components of a supply chain.
Answer: Supply chain management involves the coordination of activities to ensure the smooth flow of goods and services from suppliers to consumers. Key components include procurement, production, distribution, and logistics. Effective supply chain management enhances efficiency and customer satisfaction.
Question: Discuss the impact of globalization on businesses, emphasizing the opportunities and challenges associated with operating in a globalized market.
Answer: Globalization presents opportunities for businesses to expand markets, access resources, and enhance competitiveness. However, challenges such as cultural differences, regulatory complexities, and increased competition also arise. Businesses need to adapt strategies to thrive in the globalized environment.
Question: Explain the concept of financial management in business, detailing the importance of budgeting, financial planning, and control.
Answer: Financial management involves planning, organizing, and controlling financial activities in a business. Budgeting helps allocate resources efficiently, financial planning guides decision-making, and control ensures adherence to financial goals. Effective financial management is crucial for business success.
