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TAMMI BUSINESS STUDIES JSS1 1ST TERM
  • 1. 1. Business study helps students to understand the basic principles of
A) Science
B) Law
C) Agriculture
D) Trade
  • 2. 2. One of the main objectives of business is to make
A) Profit
B) Food
C) Friends
D) Shoes
  • 3. 3. A business owned and run by one person is called a
A) Cooperative
B) Partnership
C) Corporation
D) Sole proprietorship
  • 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) 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) Provides employment
B) Reduces prices of goods
C) Delivers goods to people's homes
D) Makes friends
  • 7. 7. Domestic trade is carried out
A) At schools
B) Within a country
C) On the internet
D) Between countries
  • 8. 8. The type of trade between two countries is called
A) Local trade
B) International trade
C) Domestic trade
D) Wholesale trade
  • 9. 9. The process of making goods or providing services is called
A) Selling
B) Consumption
C) Distribution
D) Production
  • 10. 10. The first step in production is
A) Distribution
B) Consumption
C) Marketing
D) Planning
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