SS1 Second Term Commerce Past Questions And Answers

 

20 Senior Secondary School 1 Second Term Commerce Questions with options and answers:

 

Question: What is the primary aim of insurance in business?

 

A) Increase profits

B) Provide financial protection

C) Control competition

D) Enhance advertising

Answer: B) Provide financial protection

Question: In e-commerce, what does the acronym “B2C” stand for?

 

A) Business to Consumer

B) Buy to Close

C) Bulk to Cost

D) Back to Center

Answer: A) Business to Consumer

Question: Which document is used to request payment from a customer for goods or services?

 

A) Invoice

B) Voucher

C) Receipt

D) Ledger

Answer: A) Invoice

Question: What is the significance of the Central Bank interest rate in the economy?

 

A) Control inflation

B) Increase taxes

C) Boost exports

D) Regulate advertising

Answer: A) Control inflation

Question: What is the role of a trade union in the labor market?

 

A) Maximize profits

B) Represent workers’ interests

C) Reduce production costs

D) Monitor competition

Answer: B) Represent workers’ interests

Question: Which market structure is characterized by a small number of large firms dominating the market?

 

A) Monopoly

B) Oligopoly

C) Monopolistic competition

D) Perfect competition

Answer: B) Oligopoly

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

 

A) Strengths, Weaknesses, Opportunities, Threats

B) Sales, Wage, Operations, Technology

C) Supply, Workforce, Organization, Taxation

D) Savings, Withdrawals, Ownership, Trade

Answer: A) Strengths, Weaknesses, Opportunities, Threats

Question: Which economic system involves both government and private ownership of resources?

 

A) Market economy

B) Mixed economy

C) Command economy

D) Traditional economy

Answer: B) Mixed economy

Question: What is the purpose of a cash flow statement in financial reporting?

 

A) Show financial position at a specific time

B) Summarize income and expenses

C) Reflect changes in equity

D) Track the flow of cash in and out of a business

Answer: D) Track the flow of cash in and out of a business

Question: What is the term for the legal protection of inventions, designs, and products?

 

A) Trademark

B) Patent

C) Copyright

D) Trade secret

Answer: B) Patent

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

A) Chief Executive Officer

B) Customer Engagement Officer

C) Corporate Ethics Organizer

D) Cashflow Enhancement Officer

Answer: A) Chief Executive Officer

Question: What is the primary function of the World Bank?

A) Regulate international trade

B) Provide financial assistance for development projects

C) Control inflation rates

D) Monitor global stock markets

Answer: B) Provide financial assistance for development projects

Question: What is the purpose of a cooperative in business?

A) Maximize profits for shareholders

B) Benefit a group of members collectively

C) Control market competition

D) Eliminate government regulations

Answer: B) Benefit a group of members collectively

Question: Which type of market research involves gathering data firsthand for a specific research purpose?

A) Primary research

B) Secondary research

C) Experimental research

D) Observational research

Answer: A) Primary research

Question: What is the significance of the GDP (Gross Domestic Product) in the economy?

A) Measure of a country’s economic performance

B) Control interest rates

C) Regulate foreign exchange rates

D) Determine taxation policies

Answer: A) Measure of a country’s economic performance

Question: What is the role of a logistics manager in a business?

A) Manage financial transactions

B) Handle human resources

C) Coordinate the movement of goods and services

D) Conduct market research

Answer: C) Coordinate the movement of goods and services

Question: In accounting, what does the term “ROI” stand for?

A) Return on Investment

B) Revenue on Interest

C) Risk of Inflation

D) Rate of Inheritance

Answer: A) Return on Investment

Question: What is the purpose of a trade discount in business transactions?

A) Encourage early payment

B) Reward customer loyalty

C) Control competition

D) Minimize production costs

Answer: A) Encourage early payment

Question: What is the term for the process of bringing goods into a country for the purpose of selling them?

A) Exporting

B) Importing

C) Licensing

D) Franchising

Answer: B) Importing

Question: What is the primary objective of financial planning in business?

A) Maximize debt

B) Minimize profits

C) Achieve financial goals

D) Ignore market trends

Answer: C) Achieve financial goals.