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