Question: What is the purpose of market research in business?
A) Managing finances
B) Identifying and understanding customer needs
C) Recruiting employees
D) Creating advertising campaigns
Answer: B) Identifying and understanding customer needs
Question: What is the main function of the Securities and Exchange Commission (SEC) in business?
A) Managing human resources
B) Regulating the securities industry
C) Setting interest rates
D) Controlling inflation
Answer: B) Regulating the securities industry
Question: What is the significance of a product life cycle in marketing?
A) Determining employee salaries
B) Analyzing the stages a product goes through from introduction to decline
C) Forecasting GDP
D) Setting corporate goals
Answer: B) Analyzing the stages a product goes through from introduction to decline
Question: In business, what is the purpose of branding?
A) Managing inventory
B) Identifying and differentiating products or services
C) Analyzing financial statements
D) Controlling production costs
Answer: B) Identifying and differentiating products or services
Question: What does the term “e-commerce” refer to in business?
A) Traditional brick-and-mortar stores
B) Buying and selling goods or services online
C) Import and export activities
D) Inventory management
Answer: B) Buying and selling goods or services online
Question: What is the primary goal of financial management in a business?
A) Maximizing customer satisfaction
B) Maximizing profits
C) Minimizing competition
D) Minimizing employee turnover
Answer: B) Maximizing profits
Question: What is the purpose of the Federal Trade Commission (FTC) in business?
A) Regulating interest rates
B) Ensuring fair competition and protecting consumers
C) Setting marketing budgets
D) Managing employee benefits
Answer: B) Ensuring fair competition and protecting consumers
Question: What is the role of the Central Bank in a country’s economy?
A) Regulating the stock market
B) Controlling inflation and managing monetary policy
C) Setting product prices
D) Monitoring social media campaigns
Answer: B) Controlling inflation and managing monetary policy
Question: What is the difference between a debit card and a credit card?
A) Debit card provides credit, while credit card uses prepaid funds
B) Credit card provides credit, while debit card uses prepaid funds
C) Both debit and credit cards work the same way
D) Debit cards are only for online transactions
Answer: B) Credit card provides credit, while debit card uses prepaid funds
Question: What is the purpose of risk management in business?
A) Increasing profits
B) Minimizing potential losses and uncertainties
C) Expanding market share
D) Setting advertising budgets
Answer: B) Minimizing potential losses and uncertainties
Question: In accounting, what is the difference between revenue and profit?
A) Revenue is the total income, while profit is the total expenses
B) Revenue is the total expenses, while profit is the total income
C) Revenue is the total income minus expenses, while profit is the total income
D) Revenue and profit have the same meaning
Answer: C) Revenue is the total income minus expenses, while profit is the total income
Question: What is the purpose of a cash flow statement in financial management?
A) Analyzing market trends
B) Tracking the flow of cash into and out of a business
C) Determining product prices
D) Managing employee schedules
Answer: B) Tracking the flow of cash into and out of a business
Question: What does the term “merger” mean in business?
A) Acquiring new customers
B) Combining two or more companies into one
C) Liquidating assets
D) Reducing production costs
Answer: B) Combining two or more companies into one
Question: What is the significance of international trade in the global economy?
A) Restricting economic growth
B) Increasing unemployment
C) Promoting economic growth and providing access to diverse goods and services
D) Reducing competition
Answer: C) Promoting economic growth and providing access to diverse goods and services
Question: What is the purpose of a quality control process in manufacturing?
A) Setting marketing budgets
B) Ensuring products meet specified standards and customer expectations
C) Regulating interest rates
D) Increasing shareholder dividends
Answer: B) Ensuring products meet specified standards and customer expectations
Question: What is the meaning of the term “inventory turnover” in business?
A) The rate at which a business restocks inventory
B) The number of items sold divided by the average inventory
C) The total value of inventory at a specific point in time
D) The number of employees managing inventory
Answer: B) The number of items sold divided by the average inventory
Question: What does the term “globalization” refer to in the business context?
A) The process of reducing international trade
B) The expansion of businesses into multiple countries and markets
C) The regulation of cross-border transactions
D) The elimination of competition
Answer: B) The expansion of businesses into multiple countries and markets
Question: What is the purpose of a production budget in business?
A) Analyzing financial statements
B) Forecasting the quantity and cost of goods to be produced
C) Managing employee benefits
D) Determining market demand
Answer: B) Forecasting the quantity and cost of goods to be produced
Question: What is the role of technology in modern business operations?
A) Reducing the need for human resources
B) Minimizing competition
C) Enhancing efficiency, communication, and productivity
D) Eliminating the need for marketing strategies
Answer: C) Enhancing efficiency, communication, and productivity.
FAQs
What topics are covered in JSS1 Second Term Business Studies past questions and answers?
The past questions and answers for JSS1 Second Term Business Studies typically cover topics such as trade, types of businesses, money and banking, basic bookkeeping, entrepreneurship, and business ethics. They are designed to reflect the key areas taught in the second term syllabus.
How can JSS1 students use past questions and answers effectively?
Students can use past questions and answers to practice solving previous exam questions, identify frequently asked questions, improve time management during exams, and strengthen understanding of important business concepts. It is best used alongside textbooks and class notes for comprehensive preparation.
Where can I find JSS1 Second Term Business Studies past questions and answers?
These past questions and answers are usually available in school libraries, through teachers, online educational platforms, and PDF compilations shared by other students. Parents and students can also purchase them from local bookstores or educational centers.
Do past questions guarantee high scores in JSS1 Business Studies exams?
While practicing past questions can greatly improve familiarity with exam formats and question types, it does not guarantee high scores. Students must also study the theory, understand concepts, and practice problem-solving to excel in their exams.
Also Read: JSS2 Third Term Business Studies Past Questions and Answers
