JSS1 Third Term Business Studies Past Questions And Answers
20 JSS1 Third Term Business Studies questions with options and answers:
Question: What is the purpose of a break-even analysis in business?
A) Identifying customer needs
B) Determining the point at which total revenue equals total costs
C) Managing employee benefits
D) Setting advertising budgets
Answer: B) Determining the point at which total revenue equals total costs
Question: What is the role of government in business regulation?
A) Maximizing profits
B) Ensuring fair competition and protecting consumers
C) Setting interest rates
D) Controlling inventory levels
Answer: B) Ensuring fair competition and protecting consumers
Question: What does the term “elasticity of demand” mean in economics?
A) The responsiveness of quantity demanded to a change in price
B) The government’s control over businesses
C) The total revenue earned by a business
D) The relationship between supply and demand
Answer: A) The responsiveness of quantity demanded to a change in price
Question: What is the purpose of a trade deficit or surplus in international trade?
A) Increasing inflation
B) Balancing a country’s budget
C) Determining exchange rates
D) Analyzing the difference between exports and imports
Answer: D) Analyzing the difference between exports and imports
Question: What is the significance of corporate social responsibility (CSR) in business?
A) Maximizing shareholder profits
B) Contributing to the well-being of society and the environment
C) Reducing competition
D) Setting advertising budgets
Answer: B) Contributing to the well-being of society and the environment
Question: In financial management, what is the purpose of budgeting?
A) Analyzing market trends
B) Allocating resources and planning for future expenses
C) Managing employee schedules
D) Maximizing customer satisfaction
Answer: B) Allocating resources and planning for future expenses
Question: What is the role of the World Trade Organization (WTO) in international trade?
A) Regulating interest rates
B) Promoting fair trade practices and facilitating negotiations
C) Managing human resources
D) Setting product prices
Answer: B) Promoting fair trade practices and facilitating negotiations
Question: What is the purpose of a stock exchange in financial markets?
A) Regulating the securities industry
B) Analyzing market trends
C) Managing employee benefits
D) Determining exchange rates
Answer: A) Regulating the securities industry
Question: What is the meaning of the term “monopoly” in business?
A) A market structure with multiple sellers
B) A market structure with a single seller dominating the market
C) A type of advertising strategy
D) A government intervention in business
Answer: B) A market structure with a single seller dominating the market
Question: What is the significance of time management in business operations?
A) Increasing production costs
B) Enhancing productivity and efficiency
C) Regulating interest rates
D) Maximizing customer satisfaction
Answer: B) Enhancing productivity and efficiency
Question: What is the purpose of a marketing mix (4Ps) in business strategy?
A) Setting advertising budgets
B) Determining market demand
C) Analyzing market trends
D) Planning and optimizing product, price, place, and promotion strategies
Answer: D) Planning and optimizing product, price, place, and promotion strategies
Question: What is the role of a sales forecast in business planning?
A) Managing employee benefits
B) Predicting future sales and revenue
C) Setting interest rates
D) Analyzing market trends
Answer: B) Predicting future sales and revenue
Question: In accounting, what does the term “cash basis” mean?
A) Recording transactions when cash is received or paid
B) Recording transactions only on credit
C) Managing employee schedules
D) Analyzing market trends
Answer: A) Recording transactions when cash is received or paid
Question: What is the significance of a credit report in financial management?
A) Analyzing market trends
B) Determining exchange rates
C) Assessing an individual’s creditworthiness
D) Setting product prices
Answer: C) Assessing an individual’s creditworthiness
Question: What is the purpose of a market segmentation in marketing?
A) Maximizing customer satisfaction
B) Identifying and targeting specific customer groups
C) Managing employee benefits
D) Setting advertising budgets
Answer: B) Identifying and targeting specific customer groups
Question: What does the term “diversification” mean in investment strategy?
A) Concentrating investments in a single asset
B) Spreading investments across different assets to reduce risk
C) Regulating interest rates
D) Increasing competition
Answer: B) Spreading investments across different assets to reduce risk
Question: What is the purpose of a production schedule in manufacturing?
A) Determining exchange rates
B) Managing employee schedules
C) Analyzing market trends
D) Planning and organizing production activities
Answer: D) Planning and organizing production activities
Question: What is the meaning of the term “net income” in financial statements?
A) Total revenue minus total expenses
B) Total assets minus total liabilities
C) The total value of inventory
D) The market value of a company’s shares
Answer: A) Total revenue minus total expenses
Question: What is the purpose of a feasibility study in business planning?
A) Managing employee benefits
B) Determining exchange rates
C) Assessing the viability of a proposed project or business venture
D) Setting advertising budgets
Answer: C) Assessing the viability of a proposed project or business venture
Question: What is the role of the Better Business Bureau (BBB) in consumer protection?
A) Regulating interest rates
B) Ensuring fair competition
C) Managing employee benefits
D) Providing information and resolving disputes between businesses and consumers
Answer: D) Providing information and resolving disputes between businesses and consumers.