Business studies junior waec exam questions and answers

Business studies junior waec exam questions and answers

Here are 20 business studies exam questions with options and answers:

Question: What is the primary goal of financial management in a business?

a) Maximizing profits

b) Minimizing costs

c) Maximizing shareholder value

d) Increasing market share

Answer: c) Maximizing shareholder value

Question: Which of the following is not a factor of production in economics?

a) Land

b) Labor

c) Capital

d) Marketing

Answer: d) Marketing

Question: What is SWOT analysis used for in business?

a) Evaluating employee performance

b) Assessing a company's internal and external environment

c) Setting product prices

d) Forecasting sales trends

Answer: b) Assessing a company's internal and external environment

Question: Which type of business organization provides limited liability to its owners?

a) Sole proprietorship

b) Partnership

c) Corporation

d) Cooperative

Answer: c) Corporation

Question: What does ROI stand for in business?

a) Return on Investment

b) Revenue Over Interest

c) Rate of Inflation

d) Revenue Over Income

Answer: a) Return on Investment

Question: Which marketing strategy involves setting a low initial price to gain market share?

a) Price skimming

b) Penetration pricing

c) Cost-plus pricing

d) Value-based pricing

Answer: b) Penetration pricing

Question: What is the purpose of a balance sheet in accounting?

a) To show a company's revenue and expenses

b) To summarize a company's cash flow

c) To provide a snapshot of a company's financial position at a specific point in time

d) To calculate a company's profit margin

Answer: c) To provide a snapshot of a company's financial position at a specific point in time

Question: In the context of marketing, what does the "4Ps" stand for?

a) People, Product, Price, Promotion

b) Product, Place, Promotion, Profit

c) Product, Price, Profit, Publicity

d) Production, Place, Price, Promotion

Answer: a) People, Product, Price, Promotion

Question: Which of the following is an example of a macroenvironmental factor that can affect a business?

a) Employee turnover rate

b) Customer preferences

c) Economic conditions

d) Marketing strategy

Answer: c) Economic conditions

Question: What is the main purpose of a mission statement for a company?

a) To outline specific financial goals

b) To communicate the company's core purpose and values

c) To provide a detailed organizational chart

d) To describe the company's product offerings

Answer: b) To communicate the company's core purpose and values

Question: Which type of organizational structure has a clear chain of command with one person at the top?

a) Matrix structure

b) Functional structure

c) Divisional structure

d) Hierarchical structure

Answer: d) Hierarchical structure

Question: What does the term "E-commerce" refer to?

a) Electronic communication

b) Electronic commerce

c) Economical companies

d) Efficient marketing

Answer: b) Electronic commerce

Question: What is the primary role of a human resource department in a company?

a) Maximizing profits

b) Managing the supply chain

c) Managing employee recruitment, training, and development

d) Setting marketing strategies

Answer: c) Managing employee recruitment, training, and development

Question: Which economic system is characterized by private ownership of resources and minimal government intervention?

a) Capitalism

b) Socialism

c) Communism

d) Mercantilism

Answer: a) Capitalism

Question: What is the purpose of a marketing plan?

a) To outline the company's annual budget

b) To summarize the company's history

c) To detail the company's product features

d) To outline the company's marketing goals and strategies

Answer: d) To outline the company's marketing goals and strategies

Question: What is the main function of a supply chain in business?

a) Managing customer complaints

b) Managing employee performance

c) Managing the flow of goods and services from suppliers to consumers

d) Managing financial investments

Answer: c) Managing the flow of goods and services from suppliers to consumers

Question: What is the primary purpose of a market research study?

a) To determine the company's mission statement

b) To identify customer needs and preferences

c) To set product prices

d) To calculate return on investment (ROI)

Answer: b) To identify customer needs and preferences

Question: What is a trade deficit?

a) When a company's expenses exceed its revenue

b) When a country's exports exceed its imports

c) When a country's imports exceed its exports

d) When a company's profit margin is too low

Answer: c) When a country's imports exceed its exports

Question: What is the concept of "diversification" in investment?

a) Concentrating all investments in a single asset

b) Spreading investments across different types of assets to reduce risk

c) Investing only in high-risk assets

d) Investing in foreign currencies only

Answer: b) Spreading investments across different types of assets to reduce risk

Question: What is the main purpose of a business plan?

a) To create a mission statement

b) To outline the company's history

c) To provide a roadmap for the company's future and secure financing

d) To detail the company's organizational structure

Answer: c) To provide a roadmap for the company's future and secure financing