SS 1 THIRD TERM EXAMINATION COMMERCE

THIRD TERM

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

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

SECTION A

1. The process of buying, selling and distribution of goods and services is known as (a) retail trade (b) commerce (c) marketing concept (d) marketing mix (e) wholesale trade
2.  The practice of employing specialist in relevant occupations is a feature of (a) subsistence economy (b) mobility of labor (c) mixed economy                     (d) exchange economy (e) division of labor 
3. Which of the following converts raw materials into finished goods?                  (a) extractive industry (b) manufacturing industry (c) commercial occupation (d) constructive industry (e) tertiary industry 
4. Production ends when goods (a) and services are used by the producer (b)are packed and  labeled (c) are sold in the market (d) and services reached the final user (e) are advertised to be consumed 
5. The assured is the (a) insurance company (b) insurance company’s client (c)insurance broker (d) insurance agent (e) insurance manager 
6. Organization formed mainly by traders and manufacturers to cater for the interest of their members is called (a) trade union (b) co-operative societies (c) trade association (d) chamber of commerce (e) manufacturers associations
7. If a business man import stock fish with a view to export them to other countries, this form of trade is known as (a) invisible trade (b) entrepot trade (c) export trade (d) import trade (e) bilateral trade
8. A deficit in the balance of trade occurs when (a) visible export exceed visible imports (b) total payment exceed visible export (c) visible imports exceed visible exports (d) invisible export exceed invisible import (e) visible export exceed invisible imports 
9. 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 (e) labor
10. Buying and selling of goods and services within the geographical areas of a country is called (a) entrepot trade (b) external trade (c) domestic trade              (d) regional trade (e) import trade 
11. Which of the following conditions may make the manufacturer sell directly to the consumer? (a) break in communication (b) inaccessibility of wholesaler\s warehouse (c) the nature of the commodity involved (d)inadequate transport facility (e) trade in balance 
12. Which of the following is primarily responsible for protecting consumers against poor quality goods? (a) Nigerian National Supply Company (b)Manufacturers Association of Nigeria (c) Industrial Arbitration Panel           (d) Standards Organization Of Nigeria (e) Nigeria Chamber of Commerce 
13. Information about new goods is passed on to buyers through (a) wholesale trade (b) retail trade (c) market research (d) advertising (e) the manufacturer
14. The main disadvantage of rail transport to the trader is that (a) it carried bulky goods only (b) its cost of carriage is high (c) it is slow and inflexible (d) it causes road congestion (e) it travels on schedule 
15. Warehousing is one of the functions of the (a) wholesaler (b) retailer (c)chamber of commerce (d) ministry of trade and industry (e) export promotion department
16. Which of the following is not one of the functions of warehousing?                   (a) goods are available where they are required (b) goods are stored until required (c) production takes place ahead of demand (d) change are avoided in price which may result from shortage and gluts (e) goods are available when required 
17. The last link in the chain of distribution is the (a) wholesaler (b) retailer              (c) consumer (d) factor (e) advertiser 
18. Which of the following is an insurance principle? (a) endowment                     (b) premium (c) proximate cause (d) fidelity guarantee (e) surrender value 
19. The major division of commerce are (a) import, export and transport (b)trade, communication and warehousing (c) trade and auxiliaries to trade (d) exchange, consumption and production (e) import, trade and production
20. Which of the following statements is not true? (a) Commercial services are the life blood of the country’s economic system. (b) there cannot occur commercial services until goods have been produced (c) without commercial services most goods and services will not be produced (d) there is no stage of production that does not employ commercial services (e) commercial services add to the value of a product.
21. The oldest and commonest form of business in Nigeria is (a) partnership (b)the co-operative society (c) sole proprietorship (d) joint stock venture (e)public corporation
22. Which of the following is not a factor of production? (a) capital (b) land (c)labor (d) entrepreneur (e) staffing 
23. In which class of occupation would you place a taxi-driver? (a) extractive (b) indirect services (c) personal services (d) primary production  (e)commercial services 
24. The exchange of goods for other goods in home trade is known as (a)entrepot trade (b) home trade (c) barter trade (d) Foreign trade (e)counter trade 
25. A business is in existence  primarily to (a) make profit (b) provide goods and services (c) provide employment (d) compete with others in business (e)sell goods at reasonable price 
26. A number of shops under one roof is the feature of a (a)supermarket (b)chain store (c) department store (d) order business (e) shopping centre 
27. Entrepot trade refers to (a) importing for domestic consumption (b)importing for industrial use (c) importing government concerns (d) exporting for factory use (e) importing for re-exporting 
28. An individual who makes the final use of goods and services provided by a firm is the (a) manufacturer (b) wholesaler (c) consumer (d) retailer (e)trader
29. In insurance the term Uberrimae fidae stand for (a) utmost good faith                (b) subrogation (c) insurable interest  (d) indemnity against loss (e)proximate cause 
30. The amount paid by the insurance company to the insured upon giving up his policy is called (a) surrender value (b) cash bonus (c) assured sum (d)dividend (e) premium 
31. An overdraft is usually granted to a (a) saving account holder (b) deposit account holder (c) current account holder (d) loan account holder (e) fixed deposit account holder
32.  The production of goods in anticipation of demand is made possible by (a)packaging (b) warehousing (c)branding (d) advertising (e) transporting 
33. Which of the following is not the function of a small retailer? (a) supplying goods to the final consumer (b) breaking goods into small units (c) granting credits to known customers (d) furnishing information to the wholesaler (e)selling in large quantities.
34. The reward of capital is (a) dividend (b) interest (c) profit (d) rent (e) rebate 
35. Which of the following is not an advantage of advertising? It (a) gives information about products (b) increase sales (c) increase production                 (d) improves the quality of product (e) introduces new product 
36. Retail outlets which sell from specialized vans are (a) super markets                   (b) multiple shops (c) mail order firm (d) department store (e) mobile shops 
37. The sole purpose of production is (a) employment (b) promotion (c)consumption (d) competition (e) enterprise 
38. Which of the following is concerned with obtaining raw material from their natural locations? (a) extractive industry (b) manufacturing industry                    (c) constructive industry  (d) transport industry (e) engineering industry
39. The market for short term loans is known as the (a) capital market                    (b) discount market (c) money market (d) stock market (e) open market 
40. The main criticism of advertising is that it (a) leads to increase in the size of the market (b) leads to war of brands (c)increase the price of product               (d) decreases employment opportunities (e) uses bad language 
41. Workers involved in mining, quarry or fishing are engaged in (a) secondary production (b) primary production (c) tertiary production (d) the manufacturing industry (e) the construction industry 
42. Which of the following is not a method of trade restriction (a) exchange control (b) stock exchange (c) import license (d) embargo (e) quota
43. Which of the following is a retail outlet to eliminate the profit of middle man? (a) producer co-operative (b) consumer co-operative (c) thrift and credit society (d) department store (e) Multiple shop
44. A trade deficit means that (a) the balance of    trade is favorable (b) export are less that imports (c)import are less than exports (d)export are decreasing (e)the balance of payment is unfavorable
45. Building, machines and motor vehicles used for purpose of production are example of (a) current assets (b) current liabilities (c) working capital (d)fixed assets (e) liquid assets
46. Who among the following is not a middle man? (a) a retailer (b) broker (c)factor (d) consumer (e) wholesaler
47. The reward of land as a factor of production is known as (a) interest (b) rent (c) profit (d) wage (e) toll
48. The relationship between a country’s total receipts and payment in international trade in a given year is called (a) balance of trade (b) balance of payment (c) terms of trade (d) balance of current account (e) balance on capital account 
49. The three main division of production are (a) extraction, manufacturing and construction (b) import, export and entrepot (c) industry, commerce and direct services (d) land, labour and  capital
50. Into which of the following two broad areas can trade be divided? (a) home and foreign trade (b) home and retail trade (c) wholesale and retail trade (c)foreign and wholesale trade (d) import and exports 

SECTION B

ANSWER ANY 5 IN ALL

1a.    What is production? 

1. Explain the following (i) Primary Production

                    (ii) Secondary Production

                    (iii) Tertiary Production 

1. List and explain factors of production

2a.    Define retailing 

1. Give two examples of small-scale retail outlets and three examples of large scale retail outlets
2. Explain 5 functions of a retailer 

3a.    Define  (i)  custom and  excise authority  

1. port authority
2.       Explain 5 functions of the  customs  and  excise authority.

4a.    Define sole proprietorship

1. Outline  5 attributes  of  ole  trading .

1.     List 5 sources of  capital  available  to a sole trader.

5a.    State 5 sources of capital for partnership

1. Define partnership
2. List and explain 3 types of partnership. 
3. Write short note on he following, showing their main uses in foreign trade.
4. Shipping note  b. Shipping Manifest  c.    Consular invoice  d.    Dock warrant 
5. Bill of lading 

7a. Define  transportation

1. Explain  5  benefits  of transportation
2. outline  5  factors  that determine  the  choice  of  transportation

8a. Explain  the term  “occupation”

1. Outline  5  factors that  influence  choice  of  occupation  
2. list  4  problems  of barter trade.