Jss2 first term business studies past questions and answers

Jss2 first term business studies past questions and answers

Here are 20 JSS2 Business Studies questions with options and answers:

What does the abbreviation "SME" stand for?

a) Small and Medium Enterprise

b) Standard Marketing Efficiency

c) Strategic Management Expertise

d) Superior Manufacturing Equipment

Answer: a) Small and Medium Enterprise

Which of the following is NOT a factor of production?

a) Land

b) Labor

c) Capital

d) Marketing

Answer: d) Marketing

What is the primary purpose of a business plan?

a) To outline the company's organizational structure

b) To identify potential customers

c) To provide a roadmap for the business's future

d) To calculate daily expenses

Answer: c) To provide a roadmap for the business's future

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

a) Limited liability

b) Separation of ownership and management

c) Single ownership

d) Public ownership

Answer: c) Single ownership

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

a) Corporation

b) Partnership

c) Cooperative

d) Franchise

Answer: c) Cooperative

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

a) Supply chain

b) Promotion

c) Inventory control

d) Employee management

Answer: b) Promotion

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

a) Profit

b) Revenue

c) Loss

d) Capital

Answer: a) Profit

Which type of market structure has many small sellers and products that are similar but not identical?

a) Monopoly

b) Oligopoly

c) Monopolistic competition

d) Perfect competition

Answer: c) Monopolistic competition

What is the legal document that defines a corporation's rules and structure?

a) Partnership agreement

b) Bylaws

c) Memorandum of Association

d) Business plan

Answer: b) Bylaws

Which of the following is a form of non-verbal communication used in business?

a) Email

b) Telephone call

c) Body language

d) Written report

Answer: c) Body language

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

a) Common stock

b) Bank loan

c) Preferred stock

d) Long-term bond

Answer: b) Bank loan

What does "ROI" stand for in business?

a) Return on Investment

b) Rate of Inflation

c) Return on Inventory

d) Revenue of Income

Answer: a) Return on Investment

What is the term for the process of identifying potential customers for a product or service?

a) Production

b) Marketing

c) Accounting

d) Distribution

Answer: b) Marketing

In a balance sheet, what represents the value of a company's assets minus its liabilities?

a) Revenue

b) Net income

c) Owner's equity

d) Depreciation

Answer: c) Owner's equity

What is the term for the strategy that aims to sell a new product to existing customers?

a) Market segmentation

b) Diversification

c) Market penetration

d) Product development

Answer: c) Market penetration

What is the process of transferring products from the manufacturer to the end consumer?

a) Wholesale

b) Retailing

c) Distribution

d) Production

Answer: b) Retailing

What is the primary function of human resources management in a business?

a) Managing finances

b) Hiring and managing employees

c) Marketing products

d) Production of goods

Answer: b) Hiring and managing employees

What is the term for a legal entity that is separate from its owners and has limited liability?

a) Sole proprietorship

b) Partnership

c) Corporation

d) Cooperative

Answer: c) Corporation

What is the process of converting raw materials into finished products?

a) Sales

b) Distribution

c) Production

d) Marketing

Answer: c) Production

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

a) Restaurant

b) Retail store

c) Manufacturing plant

d) Real estate agency

Answer: d) Real estate agency