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Business Studies objective questions for JSS1 First Term

Business Studies objective questions for JSS1 First Term

Business Studies objective questions for JSS1 First Term

Class: Jss1

Subject: Business studies

Duration: 2 Hours

Term: First Term

Section: Section A (Objective Questions)

Below are objective questions for Business Studies for JSS1 First Term, along with options and the correct answers:

1. Which of the following is not a factor of production?

a) Labor
b) Capital
c) Goods
d) Land
Answer: c) Goods

2. Which of the following is a primary economic activity?

a) Manufacturing
b) Retailing
c) Mining
d) Banking
Answer: c) Mining

3. What is the purpose of profit in a business?

a) To cover costs
b) To increase sales
c) To reward investors
d) To reduce competition
Answer: c) To reward investors

4. Which of the following is an example of a service business?

a) Bakery
b) Clothing store
c) Hospital
d) Farm
Answer: c) Hospital

5. What is the primary goal of a nonprofit organization?

a) Maximizing profit
b) Providing a service to the community
c) Expanding market share
d) Acquiring competitors
Answer: b) Providing a service to the community

6. What does the acronym SWOT stand for in business analysis?

a) Strengths, weaknesses, opportunities, threats
b) Sales, wages, operations, taxes
c) Strategy, work, organization, time
d) Suppliers, wholesalers, orders, transportation
Answer: a) Strengths, weaknesses, opportunities, threats

7. Which of the following is a characteristic of an entrepreneur?

a) Risk aversion
b) Desire for job security
c) Innovation
d) Dependence on others
Answer: c) Innovation

8. What is the purpose of market research?

a) To set prices for products
b) To promote a business
c) To identify customer needs and preferences
d) To reduce production costs
Answer: c) To identify customer needs and preferences

9. What is the term used to describe the process of bringing goods into a country for sale?

a) Exporting
b) Importing
c) Manufacturing
d) Wholesaling
Answer: b) Importing

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

a) Cash
b) Inventory
c) Building
d) Trademark
Answer: d) Trademark

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

a) Limited liability
b) Shared ownership
c) Perpetual existence
d) Double taxation
Answer: b) Shared ownership

12. Which financial statement shows a company's revenues, expenses, and net income or loss?

a) Income statement
b) Balance sheet
c) Cash flow statement
d) Statement of retained earnings
Answer: a) Income statement

13. What is the function of human resource management in a business?

a) Managing finances
b) Managing employees
c) Managing marketing campaigns
d) Managing production processes
Answer: b) Managing employees

14. Which of the following is a component of the marketing mix?

a) People
b) Policies
c) Patents
d) Politics
Answer: a) People

15. Which type of business organization has the least government regulation?

a) Partnership
b) Corporation
c) Sole proprietorship
d) Cooperative
Answer: c) Sole proprietorship

16. What is the purpose of a business plan?

a) To attract investors
b) To increase competition
c) To reduce costs
d) To eliminate risks
Answer: a) To attract investors

17. Which of the following is an example of a fixed cost for a business?

a) Raw materials
b) Rent
c) Advertising expenses
d) Variable labor costs
Answer: b) Rent

18. What is the term used to describe the process of combining raw materials and labor to produce goods and services?

a) Distribution
b) Financing
c) Production
d) Marketing
Answer: c) Production

19. What does the term "e-commerce" refer to?

a) Traditional brick-and-mortar stores
b) International trade
c) Online buying and selling
d) Wholesale business operations
Answer: c) Online buying and selling

20. Which of the following is an example of a multinational corporation?

a) Local bakery
b) Small family-owned restaurant
c) Global technology company
d) Regional clothing store
Answer: c) Global technology company

21. Which economic system is characterized by private ownership of resources and competition in the marketplace?

a) Socialism
b) Communism
c) Capitalism
d) Mixed economy
Answer: c) Capitalism

22. What is the term used to describe the process of increasing the value of a product for the customer?

a) Product differentiation
b) Market segmentation
c) Price discrimination
d) Demand forecasting
Answer: a) Product differentiation

23. Which of the following is a source of short-term financing for a business?

a) Bonds
b) Equity
c) Bank loan
d) Venture capital
Answer: c) Bank loan

24. Which of the following is an example of a social enterprise?

a) Fast food restaurant
b) Clothing boutique
c) Charity organization
d) Car dealership
Answer: c) Charity organization

25. What is the purpose of a profit and loss statement?

a) To show a company's financial position at a specific point in time
b) To provide a summary of a company's cash inflows and outflows
c) To evaluate the performance of a company over a specific period
d) To report the ownership equity of a company
Answer: c) To evaluate the performance of a company over a specific period

26. Which of the following is a responsibility of the marketing department in a business?

a) Managing employee salaries
b) Developing financial budgets
c) Creating advertising campaigns
d) Ensuring workplace safety
Answer: c) Creating advertising campaigns

27. Which type of advertising aims to persuade consumers to take immediate action?

a) Informative advertising
b) Comparative advertising
c) Persuasive advertising
d) Institutional advertising
Answer: c) Persuasive advertising

28. Which of the following is an example of an ethical business practice?

a) Price gouging during a crisis
b) Environmental pollution
c) Treating employees fairly
d) Misleading advertising
Answer: c) Treating employees fairly

29. What is the purpose of quality control in a business?

a) To increase production costs
b) To reduce customer satisfaction
c) To maintain consistent product standards
d) To eliminate competition
Answer: c) To maintain consistent product standards

30. Which of the following is an example of an external factor that can impact a business?

a) Employee training programs
b) Market demand
c) Production capacity
d) Organizational structure
Answer: b) Market demand

31. What is the purpose of a mission statement in a business?

a) To outline the financial goals of the company
b) To communicate the company's core purpose and values
c) To provide a detailed description of the company's products
d) To establish the hierarchy of the company's management structure
Answer: b) To communicate the company's core purpose and values

32. Which of the following is a characteristic of a successful entrepreneur?

a) Resistance to change
b) Fear of failure
c) Persistence and resilience
d) Reliance on others for decision-making
Answer: c) Persistence and resilience

33. What is the term used to describe the process of dividing the market into distinct groups based on similar characteristics?

a) Market penetration
b) Market segmentation
c) Market Expansion
d) Market saturation
Answer: b) Market segmentation

34. Which of the following is an example of a legal form of business ownership?

a) Franchise
b) Partnership
c) Cooperative
d) Nonprofit organization
Answer: b) Partnership

35. What is the purpose of branding in marketing?

a) To increase production costs
b) To differentiate a product from competitors
c) To reduce customer loyalty
d) To decrease brand recognition
Answer: b) To differentiate a product from competitors.


SECTION B

Instruction: Answer any 4 Questions out of all.

1a). What is the concept of economies of scale, and how does it benefit businesses?

1b.) Explain the difference between a sole proprietorship and a partnership in terms of ownership and liability.

2a.) Discuss the importance of marketing in achieving business success and growth.

2b.) Describe the role of ethics in business and its impact on decision-making.

3a.) Explain the concept of supply and demand and its significance in determining prices in a market economy.

3b.) Discuss the main functions of financial management in a business organization.

4a.) Define entrepreneurship and discuss the key qualities and skills required to be a successful entrepreneur.

4b.) Explain the concept of branding and its role in creating a strong brand image for a business.

5a.) Discuss the advantages and disadvantages of international trade for businesses.

5b.) Explain the concept of the business cycle and discuss its impact on business operations and decision-making.

Conclusion:

These business studies objective and theory questions cover various topics in Business Studies and are meant to help you prepare for exams.

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