JSS2 First Term Business Studies Past Questions And Answers

 

Question: What is the primary aim of a business?

 

A) Maximizing losses

B) Maximizing profits

C) Minimizing expenses

D) Minimizing revenue

Answer: B) Maximizing profits

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

 

A) Farming

B) Manufacturing

C) Banking

D) Construction

Answer: C) Banking

Question: What is the role of an entrepreneur in a business?

 

A) Consuming goods

B) Managing finances

C) Selling products

D) Buying raw materials

Answer: B) Managing finances

Question: Which document is used to initiate legal proceedings against a debtor who fails to pay?

 

A) Invoice

B) Receipt

C) Cheque

D) Statement of claim

Answer: D) Statement of claim

Question: What does the term “SWOT” stand for in business analysis?

 

A) Strengths, Weaknesses, Opportunities, Threats

B) Sales, Workforce, Operations, Technology

C) Savings, Wealth, Ownership, Taxes

D) Services, Workflow, Organization, Training

Answer: A) Strengths, Weaknesses, Opportunities, Threats

Question: In the marketing mix, what does the “P” in “4Ps” represent?

 

A) Price

B) Productivity

C) Promotion

D) Planning

Answer: A) Price

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

 

A) Sole proprietorship

B) Partnership

C) Corporation

D) Cooperative

Answer: C) Corporation

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

 

A) Record daily transactions

B) Assess profitability

C) Show financial position at a specific time

D) Calculate depreciation

Answer: C) Show financial position at a specific time

Question: Which economic system relies on private ownership of businesses and resources?

 

A) Socialism

B) Communism

C) Capitalism

D) Mixed economy

Answer: C) Capitalism

Question: What is the function of the Central Bank in a country’s economy?

 

A) Controlling inflation

B) Producing goods

C) Managing foreign affairs

D) Distributing resources

Answer: A) Controlling inflation

Question: Which of the following is a short-term source of finance?

 

A) Bank loan

B) Debentures

C) Trade credit

D) Equity shares

Answer: C) Trade credit

Question: What is the purpose of market research in business?

 

A) Increase production costs

B) Identify customer needs

C) Reduce competition

D) Control government regulations

Answer: B) Identify customer needs

Question: What does the acronym “ICT” stand for in the context of business technology?

 

A) International Commerce Technology

B) Information and Communication Technology

C) Industrial Control Technology

D) Internal Coordination Technology

Answer: B) Information and Communication Technology

Question: Which financial statement represents a company’s revenues and expenses over a specific period?

 

A) Balance sheet

B) Income statement

C) Cash flow statement

D) Statement of changes in equity

Answer: B) Income statement

Question: In the context of business ethics, what does CSR stand for?

 

A) Corporate Social Responsibility

B) Customer Satisfaction Ratio

C) Cost Saving and Revenue

D) Company Sustainability Report

Answer: A) Corporate Social Responsibility

Question: What is the main purpose of a marketing plan?

 

A) Forecasting stock prices

B) Setting employee salaries

C) Outlining marketing goals and strategies

D) Creating production schedules

Answer: C) Outlining marketing goals and strategies

Question: Which type of market structure is characterized by many buyers and sellers with similar products?

 

A) Monopoly

B) Oligopoly

C) Monopolistic competition

D) Perfect competition

Answer: D) Perfect competition

Question: What is the significance of branding in marketing?

 

A) Increasing production costs

B) Reducing customer loyalty

C) Distinguishing products from competitors

D) Minimizing advertising expenses

Answer: C) Distinguishing products from competitors

Question: What is the purpose of a feasibility study in business?

 

A) Assessing potential risks and benefits of a project

B) Calculating employee salaries

C) Monitoring daily transactions

D) Determining production quotas

Answer: A) Assessing potential risks and benefits of a project

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

 

A) Chief Executive Officer

B) Central Employment Officer

C) Corporate Ethics Organ

izer

D) Communication Enhancement Officer

Answer: A) Chief Executive Officer.