Market II - JSS2 Business studies Past Questions and Answers - page 1
What is the primary purpose of buying and selling?
Exchange goods for money
Exchange services for goods
Exchange money for goods
Exchange goods for services
Which method of payment involves immediate exchange of physical currency?
By Credit
By Cash
By Barter
By Check
Which method allows buyers to evaluate the quality of a product before making a purchase?
Auction
Sample
Inspection
Negotiation
What type of event involves competitive bidding to determine the selling price?
Auction
Sample sale
Direct negotiation
Fixed-price sale
What is the total value of goods or services sold within a specific period called?
Profit
Turnover
Mark-up
Cost of sale
Which term refers to the difference between the selling price and the cost of acquisition?
Profit
Turnover
Mark-up
Cost of sale
What occurs when expenses exceed revenue in a business transaction?
Profit
Turnover
Mark-up
Loss
What represents the margin added by businesses to cover expenses and generate profit?
Turnover
Profit
Mark-up
Loss
What are the two primary methods of payment in buying and selling, and how do they differ?
The two primary methods of payment are cash and credit. Cash transactions involve immediate exchange of physical currency, while credit transactions allow for deferred payment through credit cards, lines of credit, or installment plans
Describe the process of sample transactions in buying and selling.
Sample transactions involve providing customers with a small quantity of a product to evaluate its quality before committing to a larger purchase. This allows buyers to assess the product's suitability and helps build trust between the buyer and seller.