MID TERM TEST FIRST TERM COMMERCE SS 3
FIRST TERM MID TERM TEST
SUBJECT: COMMERCE CLASS: SS 3 Time: 2 HOURS
PART A: THEORY
QUESTION 1 IS COMPULSORY AND ANY OTHER 2
- (a) Define capital according to
- The economist
- The accountant
- The layman
(b)The following information relate to Jamiu and co ltd for the year ended 31st march 2006
#
Sales 1200
Opening stock 3000
Purchases 7000
Closing stock 2000
Wages 500
Transport 400
Electricity 300
From the above figures, calculate (showing all workings) the
- Cost of goods sold
- Gross profit
- Net profit percentage
- Gross profit percentage
- Rate of turn over
- List and explain five types of capital
- (a) Define stock exchange
(b) Explain four importance of stock exchange
- (a) Explain five aims and objectives of ECOWAS
(b) what are the problems of ECOWAS
- Enumerate five reasons for consumer protection
SECTION B: OBJECTIVE
ANSWER ALL
1.___________ sees capital as the owner”s equity (a) layman (b) employer (c) economist (d) accountant
2.The properties of a firm which are meant to be used in the production of other goods are _________ (a) stock (b) asset (c) capital (d) liabilities
3.The capital used for the day to day running of the business is called _________ (a) working capital (b) capital employed (c) business capital (d) paid up capital
- Working capital is calculated as (a) Assets——–liabilities (b) Assets———-stock (c) Assets———–current liabilities (d) Assets———– longterm liabilities
- Working capital can be used as a basis for _________ (a) profit (b) gain (c) gross profit (d) planning
- __________ is the benefit which accrue to a businessman (a) cross (b) profit (c) reward (d) investment
- The main purpose of a business organization is to make _________ (a) loss (b) sales (c) profit (d) observation
- The excess of turnover over the cost of goods sold is (a) expenses (b) net profit (c) sales (d) gross profit
- The gross profit can be determined through preparation of ___________ (a) trading account (b) profit and loss account (c) balance sheet (d) closing stock
- Gross profit is calculated as (a) opening stock less cost of goods sold (b) opening stock plus purchases less closing stock (c) opening stock less purchases + carriage inwards (d) opening stock plus sales ,less purchases
- The excess of gross profit over the expenses is called (a) sales (b) turn over (c) net profit (d) purchases
- The net profit is ascertained through the preparation of ________ (a) balance sheet (b) trading account (c) assets account (d) profit and loss account
- Trading account is prepared to show (a) net sales (b) net profit (c) gross profit (d) net assets
- The following are the content of a trading account except (a) purchases (b) carriage outward (c) sales(d) opening stock
- Return inward is also known as (a) sales return (b) purchases return (c) carriage outward (d) sales expenses
- The total value of goods both credit and cash bought for resale is ___________ (a) cash sales (b) purchases (c) stock (d) sales
- Average stock is calculated as (a) opening stock + closing stock÷ by two (b) opening stock + closing stock + 2 (c) opening stock- gross profit ÷ two (d) closing stock – gross profit ÷ two
- The following are the uses of trading profit and loss except ________ (a) to show the expenses for the year (b) to show profit (c) to show turn over for the year (d) for comparism
- The following are the factors affecting profit except________ (a) relationship between demand and supply (b) the selling price (c) the number of competing firms (d) the population of the country
- The total net sales during a particular period is called _________ (a) turnover (b) purchases (c) goods (d) services
- Expensive goods have _______ turnover (a) slow (b) fast (c) quick (d) good
- The number of times the value of average stock of a business is sold during a period is called _______ (a) cost of purchase (b) rate of turn over (c) turnover (d) sales
- The relationship that exit between the profit and cost of goods sold is __________ (a) managers commission (b) Net profit percentage (c) margin (d) mark up
- The stock exchange is an essential part of the ________ market (a) money market (b) loan market (c) capital market (d) bank market
- The stock exchange is a forum for _______ investment (a) shares (b) financial investment (c) stock (d) income
- The stock exchange is in lagos with branches in ______ and ________ (a) Abuja and Portharcourt (b) Abuja and Calabar (c) Abuja and Kano (d) Abuja and Rivers
- Stock exchange was established in (a) 1958 (b) 1960 (c) 1965 (d) 1963
- ECOWAS was established in the year _______ (a) 1975 (b) 1980 (c) 1960 (d) 1992
- _______ opted out of ECOWAS (a) Liberia (b) Mauritania (c) Guinea (d) Mali
- The major objective of ECOWAS is ________ (a) to pay tax as at when due (b) to free prisoners (c) to provide for the needy (d) to expand trade
