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Past Questions and Answers

JSS1 Third Term Business Studies Past Questions And Answers

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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.

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