SS3 Second Term Commerce Past Questions And Answers

 

Senior Secondary School 3 Second Term Commerce Questions with options and answers:

 

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

 

A) Confirm product quality

B) Ensure timely payment

C) Set product prices

D) Monitor shipping routes

Answer: B) Ensure timely payment

Question: What is the significance of inflation in an economy?

 

A) Increases purchasing power

B) Boosts employment rates

C) Erodes the value of money

D) Stabilizes prices

Answer: C) Erodes the value of money

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

 

A) Systematic Workforce Observation and Training

B) Strengths, Weaknesses, Opportunities, Threats

C) Strategic Work Order Techniques

D) Standard Workplace Operational Tactics

Answer: B) Strengths, Weaknesses, Opportunities, Threats

Question: In financial accounting, what is the purpose of a cash flow statement?

 

A) Evaluate company culture

B) Summarize employee salaries

C) Analyze changes in cash position

D) Determine market share

Answer: C) Analyze changes in cash position

Question: What is the role of the Securities and Exchange Commission (SEC) in financial markets?

 

A) Control inflation

B) Regulate stock exchanges

C) Set interest rates

D) Manage international trade agreements

Answer: B) Regulate stock exchanges

Question: Which economic indicator measures the average change in prices of goods and services over time?

 

A) GDP

B) CPI (Consumer Price Index)

C) GNP

D) PPP (Purchasing Power Parity)

Answer: B) CPI (Consumer Price Index)

Question: What is the primary purpose of a production budget in business?

 

A) Evaluate marketing strategies

B) Plan for future sales

C) Forecast production costs and output

D) Monitor employee performance

Answer: C) Forecast production costs and output

Question: In marketing, what does the term “target audience” refer to?

 

A) Total population

B) Potential customers for a product or service

C) Competing businesses

D) Market share percentage

Answer: B) Potential customers for a product or service

Question: What is the significance of a bill of exchange in international trade?

 

A) Confirm product specifications

B) Ensure ethical business practices

C) Facilitate payment between parties

D) Set interest rates

Answer: C) Facilitate payment between parties

Question: What is the purpose of a marketing mix in product promotion?

 

A) Assess customer satisfaction

B) Manage supply chain logistics

C) Determine product pricing

D) Evaluate employee performance

Answer: C) Determine product pricing

Question: What does the term “Monopoly” mean in the context of business?

 

A) Perfect competition

B) Single seller dominating the market

C) Collaborative business strategy

D) Government-controlled industries

Answer: B) Single seller dominating the market

Question: What is the primary goal of corporate social responsibility (CSR)?

 

A) Maximize profits

B) Enhance shareholder value

C) Contribute to societal well-being

D) Minimize competition

Answer: C) Contribute to societal well-being

Question: In financial accounting, what is the purpose of an income statement?

 

A) Summarize assets and liabilities

B) Analyze changes in equity

C) Evaluate profitability over a period

D) Calculate employee salaries

Answer: C) Evaluate profitability over a period

Question: What does the term “Entrepreneurship” mean?

 

A) Government regulation of businesses

B) Risk-taking and innovation in business

C) Unionization of workers

D) External control of market forces

Answer: B) Risk-taking and innovation in business

Question: What is the purpose of a marketing plan in business?

 

A) Manage daily operations

B) Evaluate employee performance

C) Outline marketing goals and strategies

D) Determine product pricing

Answer: C) Outline marketing goals and strategies

Question: In international trade, what is the significance of the General Agreement on Tariffs and Trade (GATT)?

 

A) Regulate global interest rates

B) Facilitate technology transfer

C) Promote free trade by reducing tariffs

D) Control national currencies

Answer: C) Promote free trade by reducing tariffs

Question: What is the role of a trade barrier in international commerce?

 

A) Promote free trade

B) Encourage globalization

C) Restrict imports and exports

D) Facilitate currency exchange

Answer: C) Restrict imports and exports

Question: What does the term “Brand Equity” signify in marketing?

 

A) Total company assets

B) Financial stability of a business

C) Value and perception of a brand in the market

D) Employee satisfaction index

Answer: C) Value and perception of a brand in the market

Question: What is the purpose of a supply chain in logistics management?

 

A) Maximize shareholder value

B) Evaluate employee performance

C) Manage the flow of goods and services from production to consumption

D) Control interest rates

Answer: C) Manage the flow of goods and services from production to consumption

Question: In human resource management, what is the purpose of performance appraisal?

 

A) Determine product pricing

B) Assess employee job satisfaction

C) Evaluate and improve employee performance

D) Control inflation rates

Answer: C) Evaluate and improve employee performance.