Business Studies Objective Exam Questions and Answers for JSS1 Third Term

Business Studies Objective Exam Questions and Answers for JSS1 Third Term

Here are some objective questions for Business Studies for JSS1 third term, along with options and answers:

What is the primary purpose of business?

a) To maximize profits

b) To provide goods and services

c) To satisfy customers' needs

d) To create employment

Answer: b) To provide goods and services

Which of the following is not a factor of production?

a) Labor

b) Capital

c) Entrepreneurship

d) Marketing

Answer: d) Marketing

Which of the following is a characteristic of a sole proprietorship?

a) Limited liability

b) Separate legal entity

c) Unlimited liability

d) Shares are traded on the stock exchange

Answer: c) Unlimited liability

What type of business organization is owned by its shareholders?

a) Sole proprietorship

b) Partnership

c) Corporation

d) Cooperative

Answer: c) Corporation

What is the main function of the marketing department in a business?

a) Production

b) Human resources

c) Finance

d) Sales and promotion

Answer: d) Sales and promotion

What does the acronym "SWOT" stand for in business analysis?

a) Strengths, Weaknesses, Opportunities, Threats

b) Sales, Wage, Operations, Taxes

c) Suppliers, Workers, Organization, Technology

d) Savings, Wealth, Operations, Time

Answer: a) Strengths, Weaknesses, Opportunities, Threats

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

a) Farming

b) Manufacturing

c) Banking

d) Mining

Answer: c) Banking

What is the term for the money left over after deducting all expenses from revenue?

a) Debt

b) Profit

c) Investment

d) Loss

Answer: b) Profit

Which of the following is not a function of money in an economy?

a) Medium of exchange

b) Store of value

c) Unit of production

d) Measure of value

Answer: c) Unit of production

Which of the following is a characteristic of an entrepreneur?

a) Risk-averse

b) Lack of innovation

c) Preference for stability

d) Risk-taking

Answer: d) Risk-taking

What is the process of bringing together the necessary resources to start a business?

a) Financing

b) Production

c) Marketing

d) Entrepreneurship

Answer: a) Financing

What is the main purpose of a business plan?

a) To secure financing

b) To attract customers

c) To hire employees

d) To establish legal ownership

Answer: a) To secure financing

What is the term for the physical and tangible items that are used in the production process?

a) Services

b) Goods

c) Capital

d) Entrepreneurship

Answer: b) Goods

Which of the following is an example of an intangible asset?

a) Machinery

b) Land

c) Patent

d) Inventory

Answer: c) Patent

What is the term for the process of dividing work into specialized tasks?

a) Centralization

b) Specialization

c) Entrepreneurship

d) Decentralization

Answer: b) Specialization

Which of the following is an example of a non-profit organization?

a) Hospital

b) Supermarket

c) Manufacturing company

d) Advertising agency

Answer: a) Hospital

What is the term for the total value of goods and services produced in a country within a specific time period?

a) Gross Domestic Product (GDP)

b) Gross National Product (GNP)

c) Net Income

d) Revenue

Answer: a) Gross Domestic Product (GDP)

Which of the following is not a component of the marketing mix?

a) Product

b) Price

c) Promotion

d) Production

Answer: d) Production

What is the term for the process of selling goods and services to consumers?

a) Distribution

b) Marketing

c) Production

d) Financing

Answer: b) Marketing

What is the term for the total amount of money that a business owes to its creditors?

a) Revenue

b) Profit

c) Assets

d) Liabilities

Answer: d) Liabilities