Jss1 first term business studies past questions and answers

Jss1 first term business studies past questions and answers

Here are 5 Business Studies questions for JSS1 first term, along with options and answers:

What is the primary aim of a business?

A) To make friends

B) To maximize profit

C) To have fun

D) To provide free services

Answer: B) To maximize profit

Which of the following is a type of business organization where ownership and management are separate, and shareholders have limited liability?

A) Sole proprietorship

B) Partnership

C) Corporation

D) Cooperative

Answer: C) Corporation

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

A) Society, Work, Organization, Technology

B) Strengths, Weaknesses, Opportunities, Threats

C) Sales, Workers, Operations, Taxes

D) Success, Wealth, Ownership, Trends

Answer: B) Strengths, Weaknesses, Opportunities, Threats

Which department of a business is responsible for managing the finances and budgeting?

A) Human Resources

B) Marketing

C) Finance

D) Research and Development

Answer: C) Finance

What is the term for the process of bringing goods or services to the customer and making them available for purchase?

A) Marketing

B) Production

C) Accounting

D) Innovation

Answer: A) Marketing

What is the term for the money invested in a business to start or expand its operations?

A) Revenue

B) Profit

C) Capital

D) Expense

Answer: C) Capital

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

A) Bakery

B) Supermarket

C) Law firm

D) Clothing store

Answer: C) Law firm

What is the full meaning of "ICT" in the context of business and technology?

A) International Commerce and Trade

B) Information and Communication Technology

C) Inventory Control Techniques

D) Industrial Cleaning Tools

Answer: B) Information and Communication Technology

What is a "market segment" in business?

A) The cost of goods

B) A group of similar customers within a larger market

C) The total revenue of a company

D) The physical location of a business

Answer: B) A group of similar customers within a larger market

Which document serves as evidence of ownership in a publicly traded company?

A) Sales receipt

B) Certificate of incorporation

C) Stock certificate

D) Employee contract

Answer: C) Stock certificate

What does the term "Entrepreneurship" refer to in the context of business?

A) The process of starting and operating a business

B) Managing employee salaries

C) The study of customer behavior

D) Government regulations

Answer: A) The process of starting and operating a business

What is the term for the difference between a company's total revenue and its total expenses?

A) Debt

B) Loss

C) Profit

D) Liabilities

Answer: C) Profit

What is the main function of the Human Resources department in a business?

A) Marketing

B) Hiring and managing employees

C) Financial planning

D) Product development

Answer: B) Hiring and managing employees

What is the process of examining a business's financial records and statements to ensure accuracy and compliance with laws and regulations?

A) Auditing

B) Marketing

C) Sales forecasting

D) Product development

Answer: A) Auditing

Which economic system relies on private ownership of businesses and competition in the marketplace?

A) Socialism

B) Capitalism

C) Communism

D) Feudalism

Answer: B) Capitalism