SS 3 Mock Exams Commerce
COMMERCE
1. Which of the following is not a business resource?
a. (a) Man (b) Materials (c) Markets (d) Machines
2. Which of the following is the most important business resource?
a. (a) Money (b) Management (c) Materials (d) Man power
3. Which of the following clearly defines business
a. (a) The process of planning, co-ordinating, organizing and controlling (b) The act of buying and selling (c) Sole proprietorship, partnership and public limited companies
(d) Any production activity undertaken for profit motive
4. Which of the following is the primary objective of business? (a) Maximization of sales (b) Maximization of output (c) Maximization of profit (d) Maximization of costs.
5. In which class of business would doctors, teachers and entertainers be grouped
a. (a) extractive (b) services (c) processing/conversion (d) commercial
6. Which of these set of external environmental factors affect a business operation (a) competition, industry and product (b) competition, labour and political (c) political cultural
(d) economic, social and legal
7. The market structure, business conditions and financial systems in Nigeria constitute the
environment. (a) social (b) technological (c) economic (d) political
8.
i. External
ii. Environment
Internal Environment
External
Environment
b. Which of the following sequences can best fit into the structure above (a) people – control – ideas (b) materials – production-ideas (c) materials – production – product
(d) finance – marketing-production
9. The setting of objectives and determination of the best way to achieve them are known as
(a) controlling (b) organizing (c) directing (d) planning
10. In a business environment, which of the following variables can a business conveniently control (a) product (b) culture (e) economy (d) the laws
11. Social responsibility is the ability of an organization to (a) meet the needs of its community(b) operate without disrupting the very essence of the environment(c) contribute to sustaining and developing its community (d) maximize its profits at all times
12. When a business enterprise provide free services to its environment the service is said to be a (a) civic responsibility (b) philanthropic consideration (c) social responsibility(d) political consideration
13. In an organization civic consideration arises from (a) its social negative impacts on the community (b) its operations within the environment (c) the profit derived from the environment (d) the fact that it is registered in that locality
14. Proper disposal of wastes by business firms it one way of discharging their responsibility to the (a) government (b) environment (c) community (d) customers
15. The selection and promotion of staff in an organization is the function of the
department. (a) marketing (b) finance (c) personnel (d) production
16. The number of subordinates that a manager can effectively supervise at a particular time is known as (a) authority(b) delegation(c) span of control(d) responsibility
17. The principle of span of control stipulates that (a) an employee should report to only one superior (b) managers must demand accountability from their subordinates (c) resources have to be economized within the various divisions (d) the number of employees reporting to one superior should be kept to a workable maximum
18. The direct authority of a superior over his subordinate is known as authority. (a) staff
(b) line (c) line and staff (d) lateral
19. Staff position in an organization borders on (a) authority(b) advice (c) responsibility (d) control
20. The process of dividing tasks into jobs and departments and of delegating authority is known as (a) leading (b) directing(c) organizing (d) staffing
21. Which of the following is an advantage of nationalization? (a) Checking exploitation of citizens(b) Business risks are shared (c) Fosters self-reliance (d) leads to monopoly of power
22. The act of bringing a privately owned business under exclusive state ownership and control is referred to as (a) commercialization(b) indigenization(c) nationalization(d) privatization
23. Which of the following is not a reason for nationalizing an industry? (a) Monopoly (b) Strategy (c) Inflation (d) Security
24. Abuse of monopoly power by industrialists could lead to (a) privatization (b) commercialization (c) nationalization (d) indigenization
25. The transfer of ownership of a business from private individuals to the Government of a country is known as (a) privatization (b) indigenization (c) nationalization(d) commercialization
26. One disadvantage of indigenization is that it (a) discourages foreign control of an economy (b) encourages local retention of profits (c) encourages the participation of indigenes in economic development (d) discourages foreign investment
27. The transfer of ownership of a business from foreigners to citizens of a country is known as
(a) privatization (b) nationalization (c) indigenization (d) commercialization
28. The Nigerian Enterprises Promotion Decree was first passed in (a) 1970 (b) 1972 (c) 1977 (d) 1982
29. The least of the advantages of indigenization is that (a) the standard of living of the indigenes is improved (b) the economy is controlled by the nationals (c) entrepreneurial skill is developed (d) foreigner’s domination is avoided
30. The main difference between nationalization and indigenization is in terms of
a. (a) efficiency (b) profit (c) technology (d) shareholding
31. The federal government made effort at rendering public enterprises more efficient and profit- oriented through the process of
32. The commercialization of public enterprises is aimed at (a) increasing efficiency and self
-sufficiency of the enterprises (b) advertising and promoting the goods and services of the enterprises (c) selling the goods and services of the enterprises(d) changing the management of the enterprises.
33. The agency that currently oversees the privatization and commercialization processes in
Nigeria is the (a) Securities and Exchange Commission (b) Technical Committee on Privatization (c) Nigerian Stock Exchange (d) Bureau of Public Enterprises
34. A core investor in the current phase of privatization in Nigeria is one who (a) can mobilize foreign currency equivalent to the value of the enterprises (b) can afford to buy most of the shares of the enterprises (c) will be at the core of the enterprises (d) has the technical know- how of the enterprises.
35. A major benefit derivable from the privatization and commercialization of public enterprises in Nigeria is (a) revenue generation (b) information technology (c) employment generation(d) increase in wages
36. The national headquarters of Niger Basin Commission is at (a) Lagos (b) Niamey (c) Yaounde (d) N’djamena
37. Which of the following countries is NOT a member of Lake Chad Basin Commission.(a) Benin (b) Chad (c) Cameroun (d) Niger
38. Which of the following countries is not a member of ECOWAS.
a. (a) Nigeria (b) Gambia (c) Sierra Leone (d) Cameroun
39. One of the following is not a problem of ECOWAS.
a. (a) increase in competition (b) increase in social vices (c) currency differences
b. (d) political instability
40. Which of the following is a sub-regional organization.
a. (a) OAU (b) UNO (c) Common wealth (d) ECOWAS
THEORY
1. List three achievement of ECOWAS.
2. State two objectives of the LCBC.
THEORY
1. Differentiate between Privatization and Indigenization.
2. List five disadvantages of Commercialization.
THEORY
1. Describe five benefits derived by Nigerians as a result of indigenity.
2. Explain the various schedules phrases of the Nigerian Enterprises Promotion Decree.
THEORY
1. Define the term nationalization.
2. State three disadvantages of nationalization.
THEORY
1. Define the following terms.
(i) Authority
(ii) Responsibility
2. State five factors that determines span of control. THEORY
1. State five functions of the finance department in a business establishment.
2. List five ways in which a business discharges its social responsibilities to the society.
THEORY
1. Explain what is meant by the external environment of a business.
2. Mention five groups of people to whom a business owe social responsibilities.
S THEORY
1. List two objectives of a firm (business organization).
2. Who decides or fixes these objectives in a business organization.