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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) Science
C) Law
D) Trade
  • 2. 2. One of the main objectives of business is to make
A) Food
B) Profit
C) Shoes
D) Friends
  • 3. 3. A business owned and run by one person is called a
A) Partnership
B) Sole proprietorship
C) Cooperative
D) Corporation
  • 4. 4. A major advantage of sole proprietorship is that the owner
A) Is free from debts
B) Makes all decisions
C) Faces no risk
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) Provides employment
B) Delivers goods to people's homes
C) Reduces prices of goods
D) Makes friends
  • 7. 7. Domestic trade is carried out
A) Within a country
B) At schools
C) Between countries
D) On the internet
  • 8. 8. The type of trade between two countries is called
A) Domestic trade
B) Wholesale trade
C) Local trade
D) International trade
  • 9. 9. The process of making goods or providing services is called
A) Consumption
B) Production
C) Selling
D) Distribution
  • 10. 10. The first step in production is
A) Distribution
B) Planning
C) Marketing
D) Consumption
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