JSS1 First Term Business Studies Past Questions And Answers

 

Question: What is the primary purpose of a business?

 

A) Entertainment

B) Profit-making

C) Socializing

D) Education

Answer: B) Profit-making

Question: Which of the following is an example of a service business?

 

A) Grocery store

B) Hair salon

C) Bakery

D) Clothing store

Answer: B) Hair salon

Question: What does the term “entrepreneur” refer to in business?

 

A) A large corporation

B) A government official

C) An individual who starts and runs a business

D) A bank manager

Answer: C) An individual who starts and runs a business

Question: In business, what does the acronym “SWOT” stand for?

 

A) Strengths, Weaknesses, Opportunities, Threats

B) Sales, Work, Operations, Teamwork

C) Success, Wisdom, Organization, Technology

D) Strategy, Wealth, Organization, Tactics

Answer: A) Strengths, Weaknesses, Opportunities, Threats

Question: Which document outlines a company’s goals, values, and mission?

 

A) Invoice

B) Receipt

C) Business plan

D) Resume

Answer: C) Business plan

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

 

A) Handling finances

B) Promoting and selling products or services

C) Managing human resources

D) Monitoring legal compliance

Answer: B) Promoting and selling products or services

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

 

A) Money

B) Demand

C) Competition

D) Land

Answer: D) Land

Question: What is the purpose of accounting in a business?

 

A) Marketing products

B) Keeping track of finances

C) Managing human resources

D) Setting business goals

Answer: B) Keeping track of finances

Question: What is the economic term for the total value of goods and services produced by a country in a specific time period?

 

A) Gross Domestic Product (GDP)

B) Inflation rate

C) Unemployment rate

D) Consumer Price Index (CPI)

Answer: A) Gross Domestic Product (GDP)

Question: Which type of business organization has limited liability for its owners?

 

A) Sole proprietorship

B) Partnership

C) Corporation

D) Cooperative

Answer: C) Corporation

Question: What is the main function of human resources in a business?

 

A) Financial planning

B) Employee recruitment and management

C) Marketing strategy

D) Product development

Answer: B) Employee recruitment and management

Question: What is a dividend in the context of business?

 

A) An expense

B) A type of loan

C) A share of profits distributed to shareholders

D) A marketing strategy

Answer: C) A share of profits distributed to shareholders

Question: What does the term “supply and demand” refer to in economics?

 

A) The amount of money in circulation

B) The relationship between the availability of a product and the desire for that product

C) The cost of production

D) The government’s control over businesses

Answer: B) The relationship between the availability of a product and the desire for that product

Question: Which economic system relies on private ownership and individual incentives?

 

A) Socialism

B) Capitalism

C) Communism

D) Mixed economy

Answer: B) Capitalism

Question: What is inflation in the context of economics?

 

A) Increase in the value of money

B) Decrease in the overall price level of goods and services

C) Persistent rise in the general price level of goods and services

D) Stability in the economy

Answer: C) Persistent rise in the general price level of goods and services

Question: What is the purpose of a balance sheet in accounting?

 

A) Tracking daily expenses

B) Showing a company’s financial position at a specific point in time

C) Outlining marketing strategies

D) Managing employee schedules

Answer: B) Showing a company’s financial position at a specific point in time

Question: What is the significance of ethics in business?

 

A) Increasing competition

B) Maximizing profits

C) Promoting fair and responsible business practices

D) Reducing taxes

Answer: C) Promoting fair and responsible business practices

Question: What is the purpose of a trade union?

 

A) Marketing products

B) Protecting and promoting the interests of workers

C) Managing finances

D) Setting business goals

Answer: B) Protecting and promoting the interests of workers

Question: What is the meaning of the term “depreciation” in accounting?

 

A) Increase in the value of an asset

B) Decrease in the value of an asset over time

C) Profit earned from investments

D) Inflation of currency

Answer: B) Decrease in the value of an asset over time

Question: What does the term “break-even point” represent in business?

 

A) The point where a business starts losing money

B) The point where total revenue equals total expenses

C) The point where a business achieves maximum profit

D) The point where a business closes its doors

Answer: B) The point where total revenue equals total expenses.