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