SS1 Third Term Commerce Past Questions And Answers

 

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

 

Question: What is the purpose of a mission statement in a business organization?

 

A) Summarize financial performance

B) Outline the company’s goals and values

C) Track market trends

D) Monitor employee attendance

Answer: B) Outline the company’s goals and values

Question: What does the term “dividend” refer to in the context of corporate finance?

 

A) Payment to shareholders from company profits

B) Debt owed to suppliers

C) Purchase of goods and services

D) Salary paid to employees

Answer: A) Payment to shareholders from company profits

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

 

A) Sales Enhancement Optimization

B) Social Engagement Outreach

C) Search Engine Optimization

D) Supply and Export Operations

Answer: C) Search Engine Optimization

Question: What is the purpose of a memorandum of association in company formation?

 

A) Outline company objectives and rules

B) Summarize daily transactions

C) Control market competition

D) Monitor employee performance

Answer: A) Outline company objectives and rules

Question: Which economic indicator reflects the total value of all goods and services produced within a country in a specific time period?

 

A) GDP (Gross Domestic Product)

B) CPI (Consumer Price Index)

C) Unemployment rate

D) Exchange rate

Answer: A) GDP (Gross Domestic Product)

Question: What is the role of a human resources manager in a business organization?

 

A) Manage financial transactions

B) Coordinate production processes

C) Handle recruitment, training, and employee relations

D) Conduct market research

Answer: C) Handle recruitment, training, and employee relations

Question: What is the term for the practice of setting different prices for the same product in different markets?

 

A) Monopoly pricing

B) Discrimination pricing

C) Cost-based pricing

D) Competitive pricing

Answer: B) Discrimination pricing

Question: What is the purpose of a debit note in accounting?

 

A) Request payment from a customer

B) Acknowledge receipt of payment

C) Notify a customer of a debt

D) Record an increase in assets

Answer: C) Notify a customer of a debt

Question: In international trade, what does the term “EXW” stand for?

 

A) Ex Works

B) Export Warehouse

C) Exchange Rate Widget

D) External Working Group

Answer: A) Ex Works

Question: What is the significance of the balance of trade in a country’s economy?

 

A) Measure of government spending

B) Measure of exports minus imports

C) Indicator of inflation rates

D) Indicator of interest rates

Answer: B) Measure of exports minus imports

Question: What is the primary function of a financial manager in an organization?

 

A) Manage employee relations

B) Control marketing strategies

C) Manage financial resources and investments

D) Coordinate production processes

Answer: C) Manage financial resources and investments

Question: What is the term for the process of converting raw materials into finished goods?

 

A) Production

B) Distribution

C) Marketing

D) Consumption

Answer: A) Production

Question: What is the purpose of a letter of credit in international trade?

 

A) Guarantee payment to the seller

B) Notify a customer of a debt

C) Request payment from a customer

D) Acknowledge receipt of payment

Answer: A) Guarantee payment to the seller

Question: Which economic system is characterized by government ownership and control of resources and production?

 

A) Market economy

B) Mixed economy

C) Command economy

D) Traditional economy

Answer: C) Command economy

Question: What is the term for the money a business owes to its customers for returned goods or services?

 

A) Assets

B) Liabilities

C) Revenue

D) Creditors

Answer: D) Creditors

Question: What is the significance of a trade deficit in the balance of payments?

 

A) More exports than imports

B) More imports than exports

C) Stable trade conditions

D) No impact on the economy

Answer: B) More imports than exports

Question: What is the purpose of a cost-benefit analysis in decision-making?

 

A) Maximize costs

B) Minimize benefits

C) Evaluate the advantages and disadvantages of a decision

D) Ignore financial implications

Answer: C) Evaluate the advantages and disadvantages of a decision

Question: In the context of business ethics, what does the term “whistleblowing” mean?

 

A) Encouraging employee loyalty

B) Reporting unethical practices within the organization

C) Implementing cost-cutting measures

D) Ignoring legal regulations

Answer: B) Reporting unethical practices within the organization

Question: What is the purpose of a product life cycle in marketing?

 

A) Determine production costs

B) Evaluate advertising effectiveness

C) Analyze the stages a product goes through from introduction to decline

D) Control market competition

Answer: C) Analyze the stages a product goes through from introduction to decline

Question: What is the term for the network of individuals and institutions involved in the production, distribution, and consumption of goods and services?

 

A) Infrastructure

B) Supply chain

C) Market structure

D) Regulatory framework

Answer: B) Supply chain.