2024 WASSCE Business Management Questions (Try)

2024 WASSCE Business Management Questions (Try)

Are you a WASSCE candidate preparing to sit for the 2024 Business Management exam? Look no further! This set of questions is designed to help you prepare for the upcoming exam. With 50 multiple-choice questions, 6 theory questions, and a case study, this resource covers a wide range of topics and will help you identify areas where you need to focus your studying. Use this resource to test your understanding of Business Management concepts and get ready to excel in the 2024 WASSCE exam!

2024 business management questions for WASSCE candidates

SECTION A (OBJECTIVE TEST)
Answer all questions

1. 1. A business’s primary goal is to:
   a) Maximize profits
   b) Minimize losses
   c) Satisfy customers
   d) Create jobs
2. 2. The process of planning, organizing, leading, and controlling a business is known as:
   a) Management
   b) Marketing
   c) Finance
   d) Accounting
3. 3. Which of the following is a characteristic of a sole proprietorship?
   a) Unlimited liability
   b) Limited liability
   c) Shared ownership
   d) Separate legal entity
4. 4. The total value of all final goods and services produced within a country’s borders is known as:
   a) GDP
   b) GNP
   c) NNP
   d) NI
5. 5. A business can achieve a competitive advantage by:
   a) Producing goods at a lower cost
   b) Producing goods of higher quality
   c) Providing better customer service
   d) All of the above
6. 6. The process of buying and selling goods and services is known as:
   a) Trade
   b) Commerce
   c) Industry
   d) Economy
7. 7. The person who starts and runs a business is known as:
   a) Entrepreneur
   b) Manager
   c) Leader
   d) Owner
8. 8. The process of identifying and satisfying customer needs is known as:
   a) Marketing
   b) Sales
   c) Production
   d) Distribution
9. 9. The process of setting prices for goods and services is known as:
   a) Pricing
   b) Costing
   c) Budgeting
   d) Forecasting
10. 10. The process of managing the flow of goods and services is known as:
    a) Logistics
    b) Supply chain management
    c) Operations management
    d) Distribution management
11. 11. A business’s financial statements include:
    a) Balance sheet
    b) Income statement
    c) Cash flow statement
    d) All of the above
12. 12. The process of analyzing financial data to make business decisions is known as:
    a) Financial analysis
    b) Financial planning
    c) Financial control
    d) Financial management
13. 13. A business can manage risk by:
    a) Avoiding it
    b) Transferring it
    c) Mitigating it
    d) All of the above
14. 14. The process of making business decisions that help society is known as:
    a) Social responsibility
    b) Corporate social responsibility
    c) Business ethics
    d) Sustainability
15. 15. A business’s internal environment includes:
    a) Customers
    b) Suppliers
    c) Employees
    d) Management
16. 16. The process of adapting to changes in the business environment is known as:
    a) Adaptation
    b) Innovation
    c) Change management
    d) Strategic management
17. 17. A business strategy can be:
    a) Cost leadership
    b) Differentiation
    c) Focus
    d) All of the above
18. 18. The process of implementing business strategies is known as:
    a) Strategic implementation
    b) Tactical implementation
    c) Operational implementation
    d) Functional implementation
19. 19. A business can control its operations by:
    a) Feedforward control
    b) Concurrent control
    c) Feedback control
    d) All of the above
20. 20. The process of evaluating business performance is known as:
    a) Performance evaluation
    b) Performance measurement
    c) Performance monitoring
    d) Performance control
21. 21. How does a business benefit from economies of scale?
    a) By increasing production costs
    b) By decreasing production costs
    c) By increasing marketing expenses
    d) By decreasing marketing expenses
22. 22. A business can achieve a competitive advantage by:
    a) Producing goods at a higher cost
    b) Producing goods of lower quality
    c) Providing better customer service
    d) Reducing research and development expenses
23. 22. The process of identifying and satisfying customer needs is known as:
    a) Production
    b) Marketing
    c) Finance
    d) Human resources
24. 23. A business can manage risk by:
    a) Avoiding it
    b) Transferring it
    c) Mitigating it
    d) All of the above
25. 24. The primary goal of a business is to:
    a) Maximize profits
    b) Minimize losses
    c) Satisfy customers
    d) Create jobs
26. 25. How does a business benefit from diversification?
    a) By increasing dependence on a single market
    b) By decreasing dependence on a single market
    c) By increasing production costs
    d) By decreasing production costs
27. 26. The process of setting prices for goods and services is known as:
    a) Pricing
    b) Costing
    c) Budgeting
    d) Forecasting
28. 27. A business can achieve a competitive advantage by:
    a) Producing goods of lower quality
    b) Providing better customer service
    c) Reducing research and development expenses
    d) Increasing marketing expenses
29. 28. The process of managing the flow of goods and services is known as:
    a) Logistics
    b) Supply chain management
    c) Operations management
    d) Distribution management
30. 29. How does a business benefit from innovation?
    a) By reducing research and development expenses
    b) By increasing production costs
    c) By improving product quality
    d) By decreasing marketing expenses
31. 30. The primary function of the marketing department is to:
    a) Produce goods and services
    b) Manage finances
    c) Identify and satisfy customer needs
    d) Manage human resources
32. 31. A business can manage risk by:
    a) Avoiding it
    b) Transferring it
    c) Mitigating it
    d) All of the above
33. 32. How does a business benefit from strategic planning?
    a) By reducing production costs
    b) By increasing marketing expenses
    c) By improving product quality
    d) By increasing efficiency
34. 33. The process of analyzing financial data to make business decisions is known as:
    a) Financial analysis
    b) Financial planning
    c) Financial control
    d) Financial management
35. 34. A business can achieve a competitive advantage by:
    a) Producing goods at a higher cost
    b) Providing better customer service
    c) Reducing research and development expenses
    d) Increasing marketing expenses
36. 35. How does a business benefit from corporate social responsibility?
    a) By reducing production costs
    b) By increasing marketing expenses
    c) By improving product quality
    d) By increasing efficiency
37. 37. The process of managing business operations is known as:
    a) Operations management
    b) Supply chain management
    c) Logistics
    d) Distribution management
38. 38. The usiness can manage risk by:
    a) Avoiding it
    b) Transferring it
    c) Mitigating it
    d) All of the above
39. 39. How does a business benefit from entrepreneurship?
    a) By reducing production costs
    b) By increasing marketing expenses
    c) By improving product quality
    d) By increasing efficiency
40. 40. The primary function of the finance department is to:
    a) Produce goods and services
    b) Manage human resources
    c) Manage finances
    d) Identify and satisfy customer needs
41. 41. A business can achieve a competitive advantage by:
    a) Producing goods of lower quality
    b) Providing better customer service
    c) Reducing research and development expenses
    d) Increasing marketing expenses
42. 42. How does a business benefit from innovation?
    a) By reducing research and development expenses
    b) By increasing production costs
    c) By improving product quality
    d) By decreasing marketing expenses
43. 43. The process of managing the flow of goods and services is known as:
    a) Logistics
    b) Supply chain management
    c) Operations management
    d) Distribution management
44. 44. A business can manage risk by:
    a) Avoiding it
    b) Transferring it
    c) Mitigating it
    d) All of the above
45. 45. How does a business benefit from strategic planning?
    a) By reducing production costs
    b) By increasing marketing expenses
    c) By improving product quality
    d) By increasing efficiency
46. 46. The primary function of the marketing department is to:
    a) Produce goods and services
    b) Manage finances
    c) Identify and satisfy customer needs
    d) Manage human resources

PART A (WASSCE BUSINESS MANAGEMENT QUESTIONS)

ESSAY

1. 1. Explain the concept of entrepreneurship and its importance in business.
   a) What are the characteristics of an entrepreneur?
   b) How does entrepreneurship contribute to economic growth?

1. 2. Discuss the different types of business ownership and their characteristics.
   a) What are the advantages and disadvantages of each type?
   b) How do the types of ownership affect business operations?
3. 3. Discribe the marketing mix and its components.
   a) How do businesses use the marketing mix to achieve their objectives?
   b) What are the importance of each component in the marketing mix?
5. 4. Explain the concept of financial management and its importance in business.
   a) What are the functions of financial management?
   b) How does financial management contribute to business success?
6. 5. Discuss the importance of business ethics and social responsibility.
   a) What are the benefits of business ethics and social responsibility?
   b) How can businesses balance their objectives with social responsibility?
7. 6. Explain the concept of strategic management and its importance in business.
   a) What are the components of strategic management?
   b) How does strategic management contribute to business success?

PART B (BUSINESS MANAGEMENT QUESTIONS)

7. Case Study

ABC Clothing Ltd. is a small business that designs, manufactures, and sells casual wear. Founded five years ago by two friends, the company has experienced steady growth, with sales increasing by 15% annually. Nevertheless, the company is now facing significant challenges. Larger competitors have entered the market, offering similar products at lower prices. ABC Clothing’s market share has begun to decline, and the company is struggling to keep its customer base.

The company’s founders are considering several options to solve the situation. They reduce prices to match those of their competitors, but this would likely lead to reduced profit margins. Alternatively, they focus on differentiating their products through innovative designs and high-quality materials, but this would need significant investment in product development and marketing.

Questions:

a) What are the key challenges facing ABC Clothing Ltd.?
b) What options do the company’s founders have to address these challenges?
c) What are the potential risks and benefits of each option?

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Other useful WASSCE Business Management Questions for WASSCE candidates

1. Describe the main differences between a sole proprietorship and a partnership.
2. Explain how a business can benefit from diversification.
3. Compare and contrast the advantages and disadvantages of a corporation and a sole proprietorship.
4. Outline the steps involved in the strategic planning process.
5. Discuss the importance of market research in business decision-making.
6. Explain how a business can use the SWOT analysis tool to find its strengths, weaknesses, opportunities, and threats.
7. Describe the role of the marketing mix in developing a marketing strategy.
8. Explain how a business can use financial ratios to analyze its financial performance.
9. Discuss the importance of corporate social responsibility in business.
10. Outline the steps involved in the budgeting process.
11. Explain how a business can use the break-even analysis tool to decide its break-even point.
12. Compare and contrast the advantages and disadvantages of different types of business ownership.
13. Describe the role of the human resources department in a business.
14. Explain how a business can use technology to improve its operations.
15. Discuss the importance of innovation in business.
16. Outline the steps involved in the decision-making process.
17. Explain how a business can use the PESTEL analysis tool to find its external environment.
18. Describe the role of the operations management role in a business.
19. Explain how a business can use the balanced scorecard tool to measure its performance.
20. Discuss the importance of leadership in business.
21. Outline the steps involved in the planning process.
22. Explain how a business can use the marketing mix to develop a marketing strategy.
23. Describe the role of the finance function in a business.
24. Explain how a business can use the DuPont analysis tool to analyze its financial performance.
25. Discuss the importance of teamwork in business.
26. Outline the steps involved in the controlling process.
27. Explain how a business can use the McKinsey 7S framework to analyze its internal environment.
28. Describe the role of the research and development function in a business.
29. Explain how a business can use the Six Sigma tool to improve its quality management.
30. Discuss the importance of entrepreneurship in business.

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