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