In this article, I am going to list the business studies objective questions for the jss1 first term with their options for students to learn.
50 Business studies objective questions for jss1 first term
Here are 50+ objective questions for a Business Studies exam for JSS1 students:
1. What does the acronym "JSS" stand for?
a) Junior Secondary School
b) Joint Stock Society
c) Junior School Studies
d) Joint Securities System
2. Which of the following is not a factor of production?
a) Labor
b) Land
c) Money
d) Capital
3. What is the primary goal of a business?
a) To maximize profits
b) To provide employment
c) To promote social welfare
d) To minimize costs
4. Which of the following is an example of a service business?
a) Restaurant
b) Factory
c) Supermarket
d) Farm
5. What is the meaning of the term "entrepreneur"?
a) A person who works in a government office
b) A person who owns and operates a business
c) A person who works in the entertainment industry
d) A person who teaches business studies
6. What is the purpose of a business plan?
a) To attract investors
b) To outline marketing strategies
c) To set financial goals
d) All of the above
7. What is the main advantage of a sole proprietorship?
a) Limited liability
b) Shared decision-making
c) Ease of formation
d) Access to financial resources
8. Which type of business organization has the most legal formalities?
a) Partnership
b) Corporation
c) Sole proprietorship
d) Cooperative
9. What does the term "demand" refer to in economics?
a) The amount of money a business makes
b) The amount of goods or services consumers are willing and able to buy at a given price
c) The amount of profit a business generates
d) The amount of competition in the market
10. What is the purpose of market research?
a) To determine the profitability of a business
b) To identify customer needs and preferences
c) To set prices for products
d) To promote products through advertising
11. What is the role of advertising in business?
a) To increase production costs
b) To inform and persuade customers to buy products
c) To reduce competition in the market
d) To increase the wages of employees
12. Which of the following is an example of a fixed cost?
a) Wages of production workers
b) Raw materials
c) Rent for a factory building
d) Advertising expenses
13. What is the purpose of financial statements?
a) To track inventory levels
b) To record sales transactions
c) To summarize the financial position of a business
d) To calculate taxes owed to the government
14. Which of the following is a source of short-term finance?
a) Bank loan
b) Issuing bonds
c) Selling shares of stock
d) Venture capital investment
15. What is the role of the Central Bank in a country?
a) To regulate and control the money supply
b) To provide loans to businesses
c) To manage the stock market
d) To set prices for goods and services
16. What is the purpose of quality control in a business?
a) To reduce production costs
b) To ensure customer satisfaction
c) To increase competition in the market
d) To maximize profits
17. Which of the following is an example of an ethical business practice?
a) Paying bribes to government officials
b) Engaging in price-fixing with competitors
c) Providing accurate information to customers
d) Exploiting employees for maximum productivity
18. What is the meaning of the term "inflation"?
a) A decrease in the general level of prices
b) An increase
19. What is the meaning of the term "inflation"?
a) A decrease in the general level of prices
b) An increase in the general level of prices
c) A decline in economic activity
d) A rise in unemployment rates
20. Which of the following is an example of an intangible asset?
a) Building
b) Machinery
c) Inventory
d) Trademark
21. What is the purpose of human resource management in a business?
a) To manage financial resources
b) To control production processes
c) To recruit, train, and develop employees
d) To conduct market research
22. Which of the following is a function of the marketing department?
a) Accounting
b) Human resources
c) Sales promotion
d) Quality control
23. What is the purpose of a balance sheet?
a) To track sales revenue
b) To record daily transactions
c) To assess the profitability of a business
d) To show the financial position of a business at a specific point in time
24. What is the role of competition in a market economy?
a) To decrease consumer choices
b) To increase prices
c) To encourage innovation and efficiency
d) To promote monopolies
25. What does the term "e-commerce" refer to?
a) The use of electronic devices in business operations
b) The study of economic principles
c) The exchange of goods and services through the internet
d) The process of international trade
26. Which of the following is a characteristic of a command economy?
a) Private ownership of resources
b) Free market competition
c) Government control and planning
d) Minimal government intervention
27. What is the purpose of a profit and loss statement?
a) To track cash flow
b) To calculate taxes
c) To assess the financial performance of a business over a specific period
d) To determine the value of assets
28. Which of the following is an example of an external stakeholder of a business?
a) Employees
b) Shareholders
c) Suppliers
d) Managers
29. What is the purpose of SWOT analysis?
a) To evaluate the strengths and weaknesses of competitors
b) To identify opportunities and threats in the market
c) To analyze the financial statements of a business
d) To forecast future sales
30. What is the meaning of the term "dividend"?
a) The price of a share of stock
b) The profit earned by a business
c) The portion of profits distributed to shareholders
d) The interest paid on a loan
31. Which of the following is an example of a non-renewable resource?
a) Solar energy
b) Water
c) Oil
d) Forests
32. What is the purpose of a SWOT analysis?
a) To evaluate the strengths and weaknesses of competitors
b) To identify opportunities and threats in the market
c) To analyze the financial statements of a business
d) To forecast future sales
33. What is the meaning of the term "dividend"?
a) The price of a share of stock
b) The profit earned by a business
c) The portion of profits distributed to shareholders
d) The interest paid on a loan
34. Which of the following is an example of a non-renewable resource?
a) Solar energy
b) Water
c) Oil
d) Forests
35. What is the purpose of a mission statement in a business?
a) To outline the financial goals of the company
b) To guide decision-making and provide a sense of direction
c) To advertise products and services
d) To track customer satisfaction
36. Which of the following is an example of a trade barrier?
a) Free trade agreement
b) Tariff
c) Foreign investment
d) Market competition
37. What is the purpose of a cash flow statement?
a) To track revenue and expenses
b) To calculate profit margins
c) To evaluate the financial stability of a business
d) To assess customer satisfaction
38. What is the role of ethics in business?
a) To maximize profits at any cost
b) To comply with legal regulations
c) To prioritize social and environmental responsibility
d) To minimize competition in the market
39. What is the meaning of the term "globalization"?
a) The process of forming trade unions
b) The integration of economies and cultures on a global scale
c) The decentralization of business operations
d) The nationalization of industries
40. Which of the following is an example of a liability for a business?
a) Cash on hand
b) Equipment
c) Loans payable
d) Inventory
41. What is the purpose of a market segmentation strategy?
a) To decrease production costs
b) To target specific customer groups with tailored marketing efforts
c) To eliminate competition in the market
d) To increase product variety
42. What is the role of government in a mixed economy?
a) To own and control all means of production
b) To regulate economic activities and provide public goods
c) To promote monopolies and restrict competition
d) To prioritize profit generation for businesses
43. What is the purpose of product differentiation?
a) To lower production costs
b) To create a unique selling proposition for a product
c) To increase market competition
d) To reduce customer demand
44. What is the meaning of the term "deflation"?
a) An increase in the general level of prices
b) A decrease in the general level of prices
c) A rise in economic activity
d) A decline in unemployment rates
46. What is the purpose of a marketing mix?
a) To set prices for products
b) To create advertising campaigns
c) To identify target markets
d) To combine product, price, promotion, and place strategies
47. Which of the following is an example of a fixed asset?
a) Cash
b) Accounts receivable
c) Buildings
d) Inventory
48. What is the role of technology in business?
a) To increase production costs
b) To streamline operations and improve efficiency
c) To decrease customer satisfaction
d) To eliminate job opportunities
49. What is the purpose of break-even analysis?
a) To determine the maximum selling price for a product
b) To calculate the total revenue of a business
c) To identify the point at which a business covers its costs and begins making a profit
d) To assess the financial stability of a business
50. Which of the following is an example of a cooperative?
a) Apple Inc.
b) Walmart
c) Starbucks
d) Farmer's cooperative
51. What is the meaning of the term "entrepreneurship"?
a) The process of manufacturing products
b) The management of financial resources
c) The willingness to take risks and start a business
d) The distribution of goods and services
52. What is the purpose of market segmentation?
a) To target specific customer groups with tailored marketing efforts
b) To eliminate competition in the market
c) To decrease product variety
d) To increase production costs
Conclusion
Please note that these questions are designed to assess basic knowledge of business studies at a JSS1 (Junior Secondary School 1) level and I hope this article will help you with Business Studies Objective Questions for Jss1 First Term.