20 Tough Business Management Questions For 2023 WASSCE Candidates

The 2023 WASSCE Business Management paper is few days away and these are some likely objective test questions that will guide candidates.

These likely 2023 WASSCE Business Management questions are set to guide candidates and make them abreast of the kind of questions they are to expect.

1. The first step in creating a contractual relationship is
A. Accepting an offer

B. Giving consideration

C. Making an offer

D. Signing a deed

2. A business run by two or more owners and governed by a deed is
A. Corporation

B. Partnership

C. Co-Operative Society

D. Private company

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3. When the total value of exports exceed imports, it will lead to ..
A. Deficit balance of payment

B. Deficit balance of trade

C. Surplus balance of trade

D. Surplus balance of payment

4. An individual wishing to buy shares on the stock exchange should first contact a
A. Manufacturer

B. Jobber

C. Shareholder

D. Broker

5. How much interest will a customer pay when he receives a loan of GH¢60 at an interest of 10% per annum on July 1st and pays back on December 31st of the same year?
A. GH¢ 1.5

B. GH¢ 3.0

C. GH¢ 4.5

D. GH¢ 6.0

6. The ownership right in a limited liability company is in the form of
A. Commission

B. Interest

C. Profit

D. Shares

7. The management process ends with
A. Organizing

B. Planning

C. Controlling

D. Directing

8. Which of the following agents has the authority to take legal possession of goods if his principal fails to pay his commission?
A. Broker

B. Del Credere

C. Estate

D. Factor

9. The principle of proximate cause in insurance implies that the event insured against
A. is likely to occur

B. is measurable and sure

C. must be the immediate cause of the loss

D. must be the remote cause of the loss

10. Which of the following documents is a bill of exchange?
A. Standing order

B. Cheque

C. Bill of lading

D. Direct debit

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11. The periodic payment that an insured makes to the insurer is known as
A. Insurance fee

B. Premium

C. Compensation

D. Policy

12. The term discharge in contract law means
A. An act which frees a person from legal obligation

B. An act that binds a person from legal obligation

C. The parties to a contract have executed all promised terms and conditions except minor details

D. One party to a contract has repudiated his liability under the contract

13. Risk management helps to
A. eliminate risks

B. Minimize the effects of risks

C. Regulate occurrence of risks

D. Maximize the effects of risks

14. Elizabeth insured her BMW car against fire but the car was stolen at the sports stadium. On which of the following principles will the insurer refuse to pay indemnity to Elizabeth?
A. Contribution

B. Proximate cause

C. Subrogation

D. Insurable interest

15. Which of the following is an uninsurable risk? Risk arising from
A. Motor Accident

B. Employee dishonesty
C. Air travel

D. Business competition

16. Manager is a leader because he
A. Directs and influences the behaviour of his staff

B. Ensures his staff are paid

C. Can mete out punishment to wrongdoers

D. Showing favoritism among his subordinates

17. Richard promises to pay GH¢10,000 to anyone who finds his lost spectacles. In law, this constitutes;
A. A reward

B. A promise

C. An agreement

D. An offer

18. In an insurance transaction, utmost good faith means

A. Parties to the transaction should believe in what they do

B. Claims for compensation must not be exaggerated

C. Only people with high levels of income are required

D. All relevant information must be disclosed

19. Management as a science deal with

A. Collecting facts and data

B. Planning and controlling

C. Organizing and commanding

D. Handling organizational issues

20. Management is the act of

A. Employing workers

B. Getting things done through people

C. Undertaking transactions

D. Distributing goods and services