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