Market II - JSS2 Business studies Past Questions and Answers - page 1
1
What is the primary purpose of buying and selling?
View related lesson
A
Exchange goods for money
B
Exchange services for goods
C
Exchange money for goods
D
Exchange goods for services
2
Which method of payment involves immediate exchange of physical currency?
View related lesson
A
By Credit
B
By Cash
C
By Barter
D
By Check
3
Which method allows buyers to evaluate the quality of a product before making a purchase?
View related lesson
A
Auction
B
Sample
C
Inspection
D
Negotiation
4
What type of event involves competitive bidding to determine the selling price?
View related lesson
A
Auction
B
Sample sale
C
Direct negotiation
D
Fixed-price sale
5
What is the total value of goods or services sold within a specific period called?
View related lesson
A
Profit
B
Turnover
C
Mark-up
D
Cost of sale
6
Which term refers to the difference between the selling price and the cost of acquisition?
View related lesson
A
Profit
B
Turnover
C
Mark-up
D
Cost of sale
7
What occurs when expenses exceed revenue in a business transaction?
View related lesson
A
Profit
B
Turnover
C
Mark-up
D
Loss
8
What represents the margin added by businesses to cover expenses and generate profit?
View related lesson
A
Turnover
B
Profit
C
Mark-up
D
Loss
9
What are the two primary methods of payment in buying and selling, and how do they differ?
View related lesson
10
Describe the process of sample transactions in buying and selling.
View related lesson
Loading lesson…