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TAMMI BUSINESS STUDIES JSS1 1ST TERM
Contributed by: Goodluckprince
  • 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) Shoes
B) Food
C) Friends
D) Profit
  • 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) Is free from debts
C) Shares profit
D) Makes all decisions
  • 5. 5. Commerce involves buying and selling goods and services to
A) Satisfy human wants
B) Serve the community
C) Increase friendship
D) Make communication easy
  • 6. 6. Commerce is important to the economy because it
A) Reduces prices of goods
B) Delivers goods to people's homes
C) Makes friends
D) Provides employment
  • 7. 7. Domestic trade is carried out
A) Between countries
B) On the internet
C) At schools
D) Within a country
  • 8. 8. The type of trade between two countries is called
A) Local trade
B) Domestic trade
C) Wholesale trade
D) International 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) Consumption
B) Marketing
C) Distribution
D) Planning
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