Exam Questions Second Term SS 2 Commerce
COMMERCE
THEORY ANSWER ANY THREE (3) QUESTIONS
1a. Define the following :-
i. Nominal Capital
ii. Working Capital
iii. Issued Capital
b. Define capital in the view of
i. an accountant
ii. an economist
iii. the layman’s point
2a. Fred Asanal had the following state of affairs as at 31stDecember, 1999
Vehicles 82,000
Furniture 15,000
Stocks 38,000
Debtors 25,000
Creditors 30, 000
Cash in hand 10,000
Bank overdraft 5,000
Capital 135,000
Calculate the following:-
i. Current assets
ii. Current Liabilities
iii. Working Capital
b. Mention (4) four types of credits with short note
3a. The following information is taken from the balance sheet of XYZ Ltd
Opening stock 1,000
Purchases 10,000
Sales 15,000
Wages 1,000
Closing Stock 5, 000
You are required to calculate:-
i. Cost of goods sold
ii. rate of turn over
iii. net profit
iv. Average stock
b. Write short note on
i. Credit
ii. turnover
iii. Profit
4a. Write a short note on the following
i. Marine insurance
ii. fire insurance
iii. life insurance
b. The following is the summary of the assets and liabilities of Okon Trading Company as at 31stMarch, 1987.
Initial Capital 5,000
Net Profit 1,000
Creditors 500
Furniture 2,000
Equipment 2,900
Debtors 100
Stock 1,000
Bank 500
From the above figure calculate the:-
i. Current assets
ii. Current liabilities
iii. Fixed assets
COMMERCE
1.Which of the following is NOT an aim of advertising?
A. creating a desire to purchase the goods
B. arousing the interest of the public
C. attracting the attention of the public
D. inspiring public confidence in the goods
E. reducing the cost of the goods produced
2
Use the following information answer this question.
What is the gross profit?
A. N2050
B. N3720
C. N4020
D. N4320
E. N4720
3
Which of the following warehouse is generally found near a port?
A. bonded warehouse
B. distributor’s warehouse
C. manufacturer’s warehouse
D. producer’s warehouse
E. wholesaler’s warehouse
4
Banks issue cheque books to customers holding ……… accounts.
A. current
B. deposit
C. fixed deposit
D. foreign
E. savings
5
The difference between the higher prices and the lower prices quoted for shares and stocks at the stock exchange is known as
A. brokerage
B. commission
C. contango
D. interest
E. jobbers turn
An agreement that is enforceable in law is called
A. a contract
B. a declaration
C. a decree
D. an offer
E. a statute
42
One of the following does NOT fit into the group.
A. agriculture
B. carpentry
C. fishing
D. mining
E. quarrying
43
Which is NOT a legislation aimed at protecting the consumer?
A. consumer association act
B. food and drugs act
C. hire purchase act
D. sales of goods act
E. trade description act
44
Which of the following CANNOT be sold through a vending machine?
A. ice-cream
B. shoes
C. snacks
D. tea
E. tickets
45
A voluntary association of business executives, trader men, entrepreneurs and others in a city, town or country is called a
A. chamber of commerce
B. consumers association
C. manufacturers association
D. trade association
E. trade union
45. Which of the following is NOT an aim of advertising?
A. creating a desire to purchase the goods
B. arousing the interest of the public
C. attracting the attention of the public
D. inspiring public confidence in the goods
E. reducing the cost of the goods produced
46. Use the following information answer this question.
What is the gross profit?
A. N2050
B. N3720
C. N4020
D. N4320
E. N4720
47. Which of the following warehouse is generally found near a port?
A. bonded warehouse
B. distributor’s warehouse
C. manufacturer’s warehouse
D. producer’s warehouse
E. wholesaler’s warehouse
48. Banks issue cheque books to customers holding ……… accounts.
A. current
B. deposit
C. fixed deposit
D. foreign
E. savings
49. The difference between the higher prices and the lower prices quoted for shares and stocks at the stock exchange is known as
A. brokerage
B. commission
C. contango
D. interest
E. jobbers turn
50. An agreement that is enforceable in law is called
A. a contract
B. a declaration
C. a decree
D. an offer
E. a statute
51. One of the following does NOT fit into the group.
A. agriculture
B. carpentry
C. fishing
D. mining
E. quarrying
52. Which is NOT a legislation aimed at protecting the consumer?
A. consumer association act
B. food and drugs act
C. hire purchase act
D. sales of goods act
E. trade description act
53. Which of the following CANNOT be sold through a vending machine?
A ice-cream
B. shoes
C. snacks
D. tea
E. tickets
45
54. A voluntary association of business executives, trader men, entrepreneurs and others in a city, town or country is called a
A. chamber of commerce
B. consumers association
C. manufacturers association
D. trade association
E. trade union
