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TAMMI BUSINESS STUDIES JSS1 1ST TERM
  • 1. 1. Business study helps students to understand the basic principles of
A) Agriculture
B) Law
C) Trade
D) Science
  • 2. 2. One of the main objectives of business is to make
A) Friends
B) Profit
C) Food
D) Shoes
  • 3. 3. A business owned and run by one person is called a
A) Sole proprietorship
B) Corporation
C) Cooperative
D) Partnership
  • 4. 4. A major advantage of sole proprietorship is that the owner
A) Faces no risk
B) Is free from debts
C) Makes all decisions
D) Shares profit
  • 5. 5. Commerce involves buying and selling goods and services to
A) Increase friendship
B) Satisfy human wants
C) Serve the community
D) Make communication easy
  • 6. 6. Commerce is important to the economy because it
A) Reduces prices of goods
B) Makes friends
C) Provides employment
D) Delivers goods to people's homes
  • 7. 7. Domestic trade is carried out
A) Between countries
B) Within a country
C) On the internet
D) At schools
  • 8. 8. The type of trade between two countries is called
A) Wholesale trade
B) International trade
C) Local trade
D) Domestic trade
  • 9. 9. The process of making goods or providing services is called
A) Distribution
B) Consumption
C) Selling
D) Production
  • 10. 10. The first step in production is
A) Marketing
B) Consumption
C) Distribution
D) Planning
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