Third Term Examinations SS 1 Examination Commerce

SS 1

Commerce

Answer all questions

I. The study of all the activities involved in the distribution of goods and services is known as A. Trade B. Commerce C. AIDS to trade D. Chain of distribution

2. The final person and the last link in the chain of distribution are respectively A. Consumer and retailer B. Retailer and consumer C. The Agent and the consumer D. The consumer and the agent

3. The aids to trade that covers the conveying of people and goods from where they are produced to where they are needed is know as A. Warehouse B. Banking C. Communication D. Transportation

4. The fastest means of transportation is by A. Air B. Land C. Rail D. Water

5. The type of activity which turns processed raw materials into consumer and industrial goods is described as A. extractive B. manufacturing C. constructive D. processing

6. A distinguishing characteristics of a limited liability company is that it A. is a collection of many sole proprietors B. is a multiple partnership C. can sue and be sued D. has limited resources

7.Which of the following groups is paid first when a firm liquidates? A. Preference shareholders B. Debenture holders C. Ordinary shareholders D. Cumulative preference shareholders

8. What are fixtures and fittings in a balance sheet? A. liquid capital B. current assets C. fixed assets D. working capital

9. Governments impose import duties for the following reasons EXCEPT A. to raise revenue for other services B. to act as a retaliatory measure against other governments C. to discourage the redistribution of income at home D. to protect home industries from external competition

10. The use of coin-operated machines to sell goods is a form of A. personal selling B. retailing C. wholesaling D. mail-order selling

11. What is the major function of the wholesaler? A. buying from small-scale producers and selling to exporters B. buying in bulk and selling in small quantities C. granting of credit facilities to retailers D. providing information to people

12. The difference between the total payments for imports and the receipts from exports within a given period is referred to as A. balance of payments B. balance of trade C. comparative cost advantage D. comparative advantage

13. Which of the following is both direct and indirect credit enterprise?

A. A co-operative and thrift society B. retail co-operative society C. consumer co-operative society D. wholesaler co-operative society

14. Which of the following is a form of sales promotion?

A. advertising on radio B. offering free sample C. distributing printed materials D. Advertising on television

15. Nationalization of an industry means that its ownership becomes that ofA. government B. shareholders C. taxpayers D. indigenes

16. Which of the following is the most important business resource? A. money B. management C. materials D. manpower

17. Paper money originated in the form of receipt given by? A. money lenders B. goldsmiths C. bankers D. traders

18. The process of buying and selling and distribution of goods and services is known as?A. retail trade B. commerce C. marketing concept D. marketing mix

19. Which of the following convert raw materials into finished goods? A. Extractive industry B. Manufacturing C. Commercial occupation D. Constructive industry

20. A partnership is formed for banking business is made up of? A. 2 – 10 members B. 2 -20members C. 2 – 30 members D. 2 – 40 members

21. If a businessman imports stockfish with a view to exporting them to other countries, this form of trade is known as?A. invisible trade B. entrepot trade C. export trade D. import trade

22. A trader who wants to buy goods from another country sends? A. an advice note B. an invoice C. a bill of exchange D. am indent

23. Which of the following is an invisible export of Nigeria? A. Shipping services Nigeria renders to Russia B. Nigeria’s crude oil to london C. banking services rendered to Americans resident in Nigeria D. Stockfish from Germany to Nigeria

24. A deficit in balance of trade occurs when? A. visible exports exceed invisible imports B. total payments exceed visible exports C. visible imports exceed visible exports D. invisible exports exceed invisible imports

25. Pure profits is the elements of the paid? A. for land B. for capital C. a manager D. to an entrepreneur

26. The factor of production which is described as wealth set aside for the production of further wealth is called?

A. entrepreneur B. land C. capital D. goodwill

27. Which of the following conditions may make the manufacturer sell directly to the consumer? A. brake in communication.  b. Inaccessibility of the wholesaler’s warehouse C. The nature of the commodity involved D. inadequate transport facility

28. Is information on new goods passed on to buyers through? A. wholesale trade B. retail trade C. market research D. advertising

29. Which of the following is not a means of money? A. Divisibility B. Portability C. Accessibility D. Recognizability

30. The main disadvantage of rail transport to traders is that? A. it carries bulky goods only B. its cost of carriage is high C. it is slow and flexible D. it causes road congestion

31. A telephone call within a town is called? A. home call B. trunk call C. district call D. Local call

32. Which mode of transport would you suggest as the most suitable for natural gas? A. Air B. Sea C. Pipeline D. Road

33. Which of the following is not one of the functions of warehousing? A. Goods are available where the are required B. Goods are stored until the are required C. Production takes place ahead of demand D. changes are avoided in prices which may result from shortage and gults

34. Which of the following shows the financial position of a business on a given date? A. Bank statement B. Balance sheet C. journal D. Cash book

35. Which of the following shows the financial position of a business on a given date? A. Bank statement B. Balance sheet C. journal D. Cash book

36. Opening stock……………..N1000

Closing stock……………..N9000

Purchases…………………N14,000

The average stock is?

A. N2000 B. N3000 C. N5000 D. N6000

37. The oldest and commonest form of business in Nigeria is?

A. partnership B. the co-operative society C. sole proprietorship D. joint stock venture

38. In which class of occupation would you place a taxi driver?

A. Extractive B. Indirect services C. Personal services D. Commercial services

39. Which of the following is the most suitable means of transporting bulky goods from Lagos to Kaduna? By

A. Train B. Aeroplane C. Ship D. Lorry

40. The word Ltd written after the name of a company means that?A. the individual member’s capital is limitedB. the total sum of the company’s capital is limitedC. members are liable to the extent of their holdingD. company’s location is limited

41. .Another name for home trade is [a]domestic trade[b]entreport[c]external trade

42.The buying,selling and exchange of goods and services over a computer is called [a]E-Commerce[b]utility[c]jumia

43.Which of the following aide to trades helps a business man to bear his risk[a]insurance[b]banking[c]tourism

44.One of the following is a problem of trade by barter[a]expensive [b]double coincidence[c]employment

45.Which of the following is listed under direct service[a]barbing[b]Police [c]NAFDAC

46.Which of the following is under extractive industry[a]brick making[b]farming[c]plumbing

47.Which is the most important factor of production[a]Land[b]Money[C] Entrepreneur

48.The reward for capital is [a]interest[b]rent[c]profit

49.Who sales in small quantity to consumers[a]Wholesaler[b]Retailer[c]middle man

50.Which of the following is under large scale retailing [a]mobile shop[b]street traders [c]stores