SS 2 Commerce Third Term Examination

THIRD TERM

Examination malpractices may lead to a repeat of the subject or suspensions don’t be involved.   

SUBJECT   COMMERCE            CLASS: S. S. S 2    DURATION 2 HRS           

                OBJECTIVE

1. The type of warehouse that is supervised by customs and excise is called a:
2. bounded warehouse b. retail warehouse c. data warehouse d. customs warehouse
3. An automated warehouse uses:
4. automated temperature control b. computer aided conventional shelving c. automated security device d. robotics
5. Which of the following is the most appropriate description of a warehouse?
6. a large conditioned building b. time gap building c. a commercial building for storing d. manufacturers’ warehouse
7. A regional type of warehouse would be typically used by:
8. customs and excise department b. retailing chains c. airport terminals d. automated retrival systems
9. Which of the following is not part of the money market?
10. commercial banks b. acceptance houses c. finance houses d. insurance companies
11. Which of the following is not part of the capital market?
12. issuing houses b. commercial banks c. the stock exchange d. pension funds
13. The users of capital:
14. receive interest b. provide cash to the market c. pay interest d. are lenders
15. In which year did the Nigerian stock exchange introduce the SSN?
16. 1960 b. 1979 c. 1973 d. 1962
17. The Lagos stock exchange actually commenced exchange operations in:
18. 1960 b. 1961 c. 1962 d. 1963
19. The Nigerian stock exchange is a segment of the:
20. exchange market b. money market c. capital market d. Lagos market
21. Which of the following banks is concerned with raising money for a business through share issue?
22. central bank b. credit bank c. commercial bank d. merchant bank
23. The proportion of profits given to ordinary shareholders is called:
24. interest b. dividend c. yield d. equity
25. Who among the following does not function in the stock exchange market?
26. bull b. broker c. jobber d. promoter.
27. Who among  the following sells securities in anticipation of a fall in price?
28. bear b. stag c. jobber d. bull
29. Which of the following gives businessmen the opportunity to buy shares of public limited companies?
30. Insurance companies b. commercial bank c. discount houses d. the stock exchange

16.Which of the following is an insurance principle?

1. endowment b. premium c. proximate cause d. surrender value

17.The practice of giving a particular name to a product by a manufacturer is

1. branding b. standardization c. publicity d. advertising
2. The following are rights of consumers except the right to
3. be heard b. be informed c. get value for money d. receive free sample
4. Which of the following gives businessmen the opportunity to buy shares of public limited companies?
5. insurance companies b. commercial bank c. discount houses d. the stock exchange

    Use the following information to answer question 20 – 22

Oluwapelumi enterprises had the following state of affairs: stock 1st jan was #34,500 and 31st December was #34,000. His purchases were #340,000 and sales was #398,000 while total rent and electricity bills of #35,500 were paid.

20. What is the gross profit?
21. #57,000 b. #23,000 c. #64,500 d. #57,500
22. The rate of stock turnover is
23. 9.94 times b. 94 times c. 99.2 times d. 9.49 times
24. The net profit for the period is
25. #57,000 b. #57,500 c. #23,000 d. #24,000
26. The money used in running the day to day activities of the business is represented by
27. total assets less total liability b. total assets less current liability c. current assets less stock d. current assets less current liabilities
28. If the turnover of a business is #16,000 and the cost of goods sold is #12,000. What is the percentage of gross profit on sales?
29. 70% b. 40% c. 33.3% d. 25%
30. Certificate of incorporation is best sent by
31. ordinary post b. recorded delivery c. express delivery d. parcel post
32. Which of the following is a disadvantage of the use of teleprinters in communication?
33. transmission speed is low b. pictures cannot be transmitted c. transmission quality is poor d. it cannot transmit during bad weather.
34. The means by which printed messages sent by cable are recorded is called.
35. telegram b. posterestates c. telex services d. telephone
36. Which of the following is a functional of NIPOST?
37. issuing money order b. issuing dividend warrant c. issuing traveler’s cheque d. minting coins
38. The body controlling the installation and maintenance of telephone in Nigeria is
39. NET b. ITT c. NITEL d. NIPOST
40. The term utmost good faith in insurance means
41. both the insurer and the insured must disclose all information b. only the insurer must disclose all information c. the beneficiary must disclose all information d. only the insured must disclose all information
42.     A price quotation which includes all the expenses involved in loading the goods into a ship is
43. free on board  b. free alongside ship c.  Cost insurance freight d. ex-ship 
44.   Shares,bonds,stocks and debentures are traded on the stock exchange are 

         collectively called 

1. collaterals b. commodities c. resources d. securities 
2.   In a hire purchase contract the customer becomes the legal owner of the goods by
3. paying the last installment b. paying the first installment c. taking possession of 

          goods d. Paying half the purchase price 

34.     Which of the following is engaged in commercial Occupation 
35. a brick layer b. an engineer c. an insurance broker d. a barber
36.     Net 3 months on an invoice means the buyer will 
37. pay interest after 3 months b. get discount if he pays within 3 months c. pay full 

           invoice amount after 3 months d. have discount if he pays after 3months

36.     The ratio between a country exports and her imports prices is the 
37. balance of trade b. balance of payment c. terms of trade d. exchange rate 
38.     The charge paid to a ship owner for the unused part of a ship is known as
39. penalty b. dock dues c. dead freight d. demurrage
40.     Fidelity guarantee insurance will only cover
41. cashier fraud b. daylight robbery c. loss of profit d. unpaid loan
42.       In the absence of bill of lading which of the following is used to clear the goods? 
43. bill of sight b. dock warrant c. certificate of origin d. mate receipt 
44.       A system of sales where goods are sold to the highest bidder is known as 
45. credit sale b. hire purchase c. clearance sale d. auction sale
46.     An insurance principle which prevents an insured from making profit when 

           compensated is known as 

1. proximate cause b. indemnity c. insurable interest d. utmost good faith 
2.     A retail outlet with many branches all dealing in similar line of goods is described as 

           a

1. department store b. supermarket c. chain store d. hypermarket 
2.     The person who gave his building as a security for loan is known as a
3. trustee  b. mortgage c. mortgagors d. guarantor 
4.     A firm that specializes in packing and shipping of goods is known as a
5. forwarding agent b. general agent c. Del credere agent d. cargo handling company 
6.     The central bank sometimes calls for special deposits from the commercial banks in 

         order to

1. reduce bank lending b. increase bank lending c. withdrawal defaced currencies 
2. issue new notes and coins
3.   A principal member of the stock exchange who buys and sells securities on his own 
4. jobber b. promoter c. broker d. speculator
5.     Consumer protection places an obligation on producers to ensure that their products 
6. are wholesome and safe b. are cheap c. do not evade customs examination d. are 

          branded

48.     The target for all marketing activities is the 
49. consumer b. middleman c. producer d. distributor
50.   The entertainment industry classified under
51. extractive industry b. manufacturing industry c. constructive industry 
52. commercial industry 
53.     Buying on impulse is encouraged by
54. co_operative shops b. hawkers c. supermarket d. mail order firms

            THEORY

ANSWER QUESTION ONE AND ANY OTHER FOUR QUESTION

Olumide a retailer who deals in cement.Started business on 1st January,2011. The following information 

Was extracted from his books

                #

Rent                35,000

Sales                950,000

Purchases            500,000

Returns inwards        35,000

Insurance            50,000

Fixtures and fittings        25,000

Wages and salaries        114,000

From the above information calculate the

1. turnover b. cost of goods sold c. gross profit d. net profit e. rate of  stock turn

2a.    write short note on the following:

1. bears ii. Bull iii. Jobbers iv. Brokers  v. stags
2. state the types of securities
3. Define  capital

3a.    State the importance of stock exchange

1. What are the function of warehousing
2. State the types of capital

4a.    Highlight the barriers of effective communication

1. Define turnover
2. Explain the principle of insurance

5a.    What is insurance? 

1.     Explain any four types of insurance 
2.     state the type of credit 

6a.     state the aims and objectives of trade association 

1.     define transportation 
2.     Explain any three types of transportation 

7a.    Write short note on the following 

1. cartel II. syndicate III. consortium iv. trust v. holding 
2.     What are the aims and objectives of chamber of commerce 

8a.     Explain consumer protection 

1.     Explain the history Nigerian capital market 

9a.     What is communication? 

1.     Explain the constraints to commodity trading
2.     What is co-operative society?

SS 2 THIRD TERM CRS EXAMINATION

SS 2 Oral English Third Term Examination

SS 2 English language Third Term Examination

Literature In English SS 2 Third Term Examination