Jss1 third Term business studies past questions and answers

Jss1 third Term business studies past questions and answers

JSS1 Business Studies questions with options and answers:

What is the term for the total value of all goods and services produced within a country's borders in a specific period?

A) Gross Domestic Product (GDP)

B) Gross National Product (GNP)

C) Net Profit Margin

D) Inflation Rate

Answer: A) Gross Domestic Product (GDP)

Which of the following is a key function of an entrepreneur?

A) Managing government regulations

B) Taking calculated risks

C) Handling routine administrative tasks

D) Implementing company policies

Answer: B) Taking calculated risks

What is the primary purpose of a mission statement in a business?

A) To outline the company's financial goals

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

C) To track employee attendance

D) To measure customer satisfaction

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

In business, what does the acronym "SWOT" stand for?

A) Sales, Wages, Operations, Taxes

B) Strengths, Weaknesses, Opportunities, Threats

C) Suppliers, Workers, Objectives, Technology

D) Stock, Warehouse, Orders, Transportation

Answer: B) Strengths, Weaknesses, Opportunities, Threats

What is the term for the process of bringing a new product to the market?

A) Inventory management

B) Product development

C) Employee training

D) Taxation

Answer: B) Product development

Which of the following is a characteristic of a monopoly?

A) Many sellers in the market

B) One seller controls the market

C) Buyers have no influence on prices

D) Perfect competition

Answer: B) One seller controls the market

What is the purpose of a business plan?

A) To track employee performance

B) To identify marketing opportunities

C) To outline a company's goals and strategies

D) To record daily expenses

Answer: C) To outline a company's goals and strategies

Which of the following is a responsibility of the government in a mixed economy?

A) Owning and operating all businesses

B) Regulating and providing public services

C) Dictating product prices

D) Eliminating competition

Answer: B) Regulating and providing public services

What is the term for the money a business owes to its suppliers or creditors?

A) Revenue

B) Assets

C) Liabilities

D) Equity

Answer: C) Liabilities

What is the process of transforming raw materials into finished goods called?

A) Marketing

B) Production

C) Sales

D) Accounting

Answer: B) Production

Which of the following is not a characteristic of a sole proprietorship?

A) Limited liability for the owner

B) Single ownership

C) Easier decision-making

D) Owner has full control

Answer: A) Limited liability for the owner

What type of business organization is owned and operated by its members for their mutual benefit?

A) Corporation

B) Partnership

C) Sole proprietorship

D) Cooperative

Answer: D) Cooperative

What is the term for the study of how individuals and societies use limited resources to satisfy their unlimited wants?

A) Accounting

B) Economics

C) Marketing

D) Human resources management

Answer: B) Economics

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

A) Manufacturing cars

B) Providing legal advice

C) Selling electronic gadgets

D) Building houses

Answer: B) Providing legal advice

In business, what does the acronym "KPI" stand for?

A) Key Profit Indicator

B) Key Performance Indicator

C) Key Promotion Initiative

D) Key Personnel Instruction

Answer: B) Key Performance Indicator

What is the term for the money or assets that a business earns or saves?

A) Expenses

B) Liabilities

C) Revenue

D) Capital

Answer: C) Revenue

What is the primary purpose of advertising in business?

A) Reducing costs

B) Increasing competition

C) Promoting products and services

D) Managing employee performance

Answer: C) Promoting products and services

Which of the following is a characteristic of a partnership?

A) Unlimited liability for the partners

B) A single owner

C) No sharing of profits

D) Easy to dissolve

Answer: A) Unlimited liability for the partners

What is the term for a document that specifies the terms and conditions of a job, including duties, responsibilities, and compensation?

A) Balance sheet

B) Contract of employment

C) Marketing plan

D) Invoice

Answer: B) Contract of employment

What is the term for the money a business earns after deducting all expenses and losses?

A) Revenue

B) Debt

C) Profit

D) Capital

Answer: C) Profit