Question: What is the primary purpose of a business?
A) Profit maximization
B) Cost minimization
C) Social responsibility
D) Employee satisfaction
Answer: A) Profit maximization
Question: Which of the following is a factor of production?
A) Money
B) Goods
C) Land
D) Services
Answer: C) Land
Question: What type of business organization is characterized by unlimited liability for its owners?
A) Partnership
B) Corporation
C) Sole proprietorship
D) Cooperative
Answer: C) Sole proprietorship
Question: What is the function of the marketing department in a business?
A) Human resources management
B) Product development
C) Promotion and selling of products
D) Financial management
Answer: C) Promotion and selling of products
Question: Which economic system relies on supply and demand to determine prices and production levels?
A) Capitalism
B) Socialism
C) Communism
D) Mixed economy
Answer: A) Capitalism
Question: What does GDP stand for?
A) General Development Process
B) Gross Domestic Product
C) Global Demand Projection
D) Government Distribution Plan
Answer: B) Gross Domestic Product
Question: What is a trade union?
A) A government agency
B) An association of workers
C) A business partnership
D) A financial institution
Answer: B) An association of workers
Question: In accounting, what does the term “debit” represent?
A) Increase in assets
B) Increase in liabilities
C) Decrease in assets
D) Decrease in equity
Answer: A) Increase in assets
Question: What is the main purpose of a business plan?
A) Record financial transactions
B) Attract investors and guide the company’s growth
C) Advertise products
D) Monitor employee performance
Answer: B) Attract investors and guide the company’s growth
Question: What is inflation?
A) Decrease in the general price level of goods and services
B) Increase in the general price level of goods and services
C) Stability in the price level
D) Fluctuation in exchange rates
Answer: B) Increase in the general price level of goods and services
Question: What is the purpose of financial statements in business?
A) To entertain shareholders
B) To attract customers
C) To communicate financial information to stakeholders
D) To enforce government regulations
Answer: C) To communicate financial information to stakeholders
Question: What does SWOT analysis stand for?
A) Strengths, Weaknesses, Opportunities, Threats
B) Sales, Workforce, Objectives, Training
C) Strategic, Worldwide, Operations, Tactics
D) Supply, Warehouse, Orders, Transportation
Answer: A) Strengths, Weaknesses, Opportunities, Threats
Question: Which of the following is an example of a fixed cost in business?
A) Raw materials
B) Rent
C) Packaging
D) Advertising
Answer: B) Rent
Question: What is the purpose of a balance sheet?
A) To summarize revenue and expenses
B) To track daily transactions
C) To show a company’s financial position at a specific point in time
D) To analyze market trends
Answer: C) To show a company’s financial position at a specific point in time
Question: What is the role of the Securities and Exchange Commission (SEC) in business?
A) Regulate financial institutions
B) Enforce environmental regulations
C) Oversee the stock market and protect investors
D) Manage international trade agreements
Answer: C) Oversee the stock market and protect investors
Question: What is the concept of “opportunity cost” in economics?
A) The actual cost of an opportunity
B) The cost of missed opportunities when a decision is made
C) The cost of starting a new business
D) The cost of production
Answer: B) The cost of missed opportunities when a decision is made
Question: What is a trademark?
A) A legal document granting exclusive rights to an invention
B) A symbol, name, or slogan identifying a product
C) A type of business ownership
D) A form of currency
Answer: B) A symbol, name, or slogan identifying a product
Question: What is the purpose of quality control in manufacturing?
A) Increase production costs
B) Ensure products meet specified standards
C) Decrease customer satisfaction
D) Expedite production processes
Answer: B) Ensure products meet specified standards
Question: In business, what is the significance of a market survey?
A) To increase taxes
B) To identify consumer needs and preferences
C) To reduce competition
D) To promote social responsibility
Answer: B) To identify consumer needs and preferences
Question: What is the purpose of a code of ethics in business?
A) To increase profits
B) To ensure legal compliance
C) To promote honesty and integrity
D) To discourage employee communication
Answer: C) To promote honesty and integrity.
FAQs
What topics are commonly covered in JSS3 First Term Business Studies past questions?
JSS3 First Term Business Studies past questions typically cover topics such as entrepreneurship, types of business organizations, money and banking, trade and commerce, marketing, and basic accounting principles. These questions are designed to reflect the topics outlined in the JSS3 Business Studies syllabus.
Where can I access authentic JSS3 First Term Business Studies past questions and answers?
Authentic past questions and answers for JSS3 Business Studies can usually be accessed through school libraries, teachers, examination bodies, or educational websites that specialize in secondary school exam resources. Some schools also provide compiled past questions for students during revision periods.
How can I effectively use JSS3 First Term Business Studies past questions for exam preparation?
To effectively use past questions, students should practice by attempting questions under timed conditions, review the provided answers carefully, and identify patterns or recurring question types. Combining this with revision of the textbook and class notes enhances understanding and helps improve exam performance.
Do JSS3 First Term Business Studies past questions change every year?
While the questions may vary each year, the core concepts and topics remain consistent according to the syllabus. Past questions are mainly used to give students an idea of how questions are framed, the marking style, and to build confidence in answering similar questions during exams.
