Exam Questions Second Term SS 1 Commerce

Ss1 commerce 2nd term que.

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1. Re-exporting imported goods to another country is known as ____ trade

A. Barter B. visible C. invisible D. entrepot

2. International trade transactions are conducted on the principle of A. utmost good faith B. equity C. collateral labour agreement D. comparative cost advantage

3. Bilateral trade is the trade _____ A. Among various countries B. Between two countries C. Among commonwealth countries D. Among ECOWAS member states

4. Which of the following is not an aim of imposing customs tariffs A. to raise revenue B. to promote home C. as an anti-dumping measure D. to discourage foreign investors

5. Which of the following is not a method of trade restriction A. exchange control B. import license C. entreport D. quota

6. One way of restricting the quantity of goods which may be imported into a country is by A. dumping B. balance of payment s C. quotas D. terms of trade

7. A document completed by a ship’s captain which gives full details of goods carried on his ship for a particular voyage is known as A. bill of lading B. consignment C. ship manifest D. waybill

8. Which of the following is used only in international trade A. Bill of Exchange B. Purchase Order C. Bill of lading D. Pro – formal Invoice

9. A “dirty bill” is used to indicate whether the goods arriving a port are ______ A. being awaited B. on transit C. damaged D. delivered

10. A contract for the hire of ship is known as A. charter party B. ship brokers C. shipper’s council D. shipping conference

11. A receipt given by a warehouse keeper for goods lodged in the warehouse is called A. consular invoice B. dividend warrant C. dock warrant D. pro forma invoice

12. Bonded warehouse is controlled and supervised by A. customs B. navy C. immigration D. quarantine

13. Which of the following is an invisible trade item A. crude oil B. cocoa C. groundnut D. shipping

14. A document which can be used for both internal and external trade is A. bill of exchange B. IOU C. Promissory Note D. GIRO

15. Which of the following is regarded as a document of title in foreign trade A. Consular Invoice B. Bill of Lading C. Bill of sight D. Certificate of Origin

16. Which of the following means of transport is most flexible A. air B. rail C. sea D. road

17. Which of the following is used for moving only goods from one seaport to another A. ferry B. ocean liners C. cargo liners D. coastal liners

18. Charges paid by a ship for staying at a port beyond tune is called A. freight B. dead Freight C. Demurrage D. Dispatch Money

19. In the selection of means of transport, speed is an important consideration for goods that are A. bulky B. durable C. fragile D. perishable

20. 4. Road transport is the commonest means of transport because it is the A. fasters B. cheapest C. most flexible D. most comfortable.

21. 5. Which of the following is NOT a means of transportation A. rail B. pipelines C. radio

22. The mode of transport that conveys goods at low cost per unit is A. road B. rail C. air D. pipelines

23. Which of the following is not an advantage of water transport over all transportation A. speed B. flexibility C. cost D. capacity.

1. A contract for the hire of a ship is known as A. Hire purchase B. shipper’s council C. charter party D. shipping conference

2. An importer would prefer see transport if his order is A. bulky and durable B. perishable C. urgently needed D. to be delivered at his warehouse.

3. The main advantage of sea transport over air transport is A. capacity B. safety C. speed D. patronage


1. What is transportation by pipeline?

2. State three reasons why rail transport would be preferred to road transport

3. In which THREE ways does transportation aid commerce

4. Give TWO commercial requirements of a good transport system.

5. Mention two problems encountered by the Nigerian Railway Corporation in course of performing its functions.

6. Write short notes on the use of Telegraphic transfer as a means of payment in foreign trade.

7. Give three functions of the Customs and Excise Authority

8. List four documents used in Foreign Trade

9. What is an Airway Bill

10. State four measures used to restrict imports.

11. State three reasons for the imposition of tariff.

12. What is foreign trade?





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