Jss2 second Term business studies past questions and answers

Jss2 second Term business studies past questions and answers

JSS2 Business Studies questions with options and answers:

What is the term for a financial statement that shows a company's revenues and expenses over a specific period?

a) Balance sheet

b) Income statement

c) Cash flow statement

d) Audit report

Answer: b) Income statement

In a partnership, what is the term for the agreement that outlines the terms and conditions of the partnership, including profit-sharing and decision-making?

a) Business plan

b) Bylaws

c) Partnership agreement

d) Memorandum of Association

Answer: c) Partnership agreement

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

a) Maximizing revenue

b) Minimizing expenses

c) Maximizing profit

d) Achieving market dominance

Answer: c) Maximizing profit

Which of the following is a type of economic system where the government controls and owns the means of production?

a) Capitalism

b) Socialism

c) Market economy

d) Mixed economy

Answer: b) Socialism

What type of business organization provides limited liability to its owners and is often used by professionals such as doctors and lawyers?

a) Sole proprietorship

b) Partnership

c) Corporation

d) Limited liability partnership

Answer: d) Limited liability partnership

What is the term for a legal protection granted to the creator of an original work, such as a book or invention?

a) Patent

b) Copyright

c) Trademark

d) Trade secret

Answer: b) Copyright

In the marketing mix, what does "price" refer to?

a) The cost of production

b) The advertising budget

c) The amount customers are willing to pay

d) The number of products in inventory

Answer: c) The amount customers are willing to pay

Which of the following is an external factor that can influence a business's success or failure?

a) Marketing strategy

b) Competitor's pricing

c) Employee performance

d) Product quality

Answer: b) Competitor's pricing

What is the term for the process of gathering, analyzing, and interpreting information about a market and its potential customers?

a) Market segmentation

b) Market research

c) Market penetration

d) Market expansion

Answer: b) Market research

What is the term for a situation where there is only one seller in the market, selling a unique product with no close substitutes?

a) Oligopoly

b) Perfect competition

c) Monopoly

d) Monopolistic competition

Answer: c) Monopoly

What is the term for the set of skills, knowledge, and experience possessed by an individual that makes them valuable to a business?

a) Salary

b) Profit

c) Human capital

d) Asset

Answer: c) Human capital

What is the process of choosing the best course of action to achieve business goals?

a) Decision making

b) Budgeting

c) Accounting

d) Marketing

Answer: a) Decision making

Which of the following is a financial statement that provides a snapshot of a company's financial position at a specific point in time?

a) Income statement

b) Balance sheet

c) Cash flow statement

d) Budget report

Answer: b) Balance sheet

What is the term for a business that is owned and operated by a single individual and is the most common form of business organization?

a) Corporation

b) Partnership

c) Sole proprietorship

d) Cooperative

Answer: c) Sole proprietorship

What is the process of marketing and selling products to other businesses rather than to consumers?

a) Retailing

b) Wholesaling

c) Exporting

d) Distribution

Answer: b) Wholesaling

What is the term for the process of evaluating and comparing the quality and performance of products or services?

a) Quality control

b) Benchmarking

c) Advertising

d) Product development

Answer: b) Benchmarking

What is the term for a formal statement issued by a government granting exclusive rights to an inventor for their invention?

a) Trademark

b) Copyright

c) Patent

d) Trade secret

Answer: c) Patent

Which of the following is an example of a long-term liability for a business?

a) Rent

b) Salaries and wages

c) Accounts payable

d) Bank loan

Answer: d) Bank loan

What is the process of identifying and analyzing potential risks to a business and taking steps to minimize them?

a) Risk assessment

b) Inventory management

c) Market research

d) Sales forecasting

Answer: a) Risk assessment

What is the term for the process of creating a unique name, symbol, or design that represents a company's products or services?

a) Copyright

b) Trademark

c) Patent

d) Branding

Answer: b) Trademark