Set home page to show only one post at a time.

I have set up the studio theme and have the “reading” setting to only show 1 post. This does not seem to do anything to the theme, it shows the last 5. I would like to show only 1 on the home page and several on the category link. When you click a catagory link it only shows 1. I would like to have these backwards.

site: sparerisk.com

thanks