COMMERCE FIRST TERM EXAMINATION SS 1

  FIRST TERM

SUBJECT: COMMERCE                          TIME: 2HRS             CLASS: SS  1

SECTION A

INSTRUCTION: ANSWER ALL THE QUESTIONS IN THIS SECTION

1. Commerce is defined as the study of how ______ (a) man utilizes the resources in his physical environment (b) man produces, distributes and consumes his goods and service (c) man buys, sells and distributes goods and service (d) raw materials are changed into finished goods
2. The type of activity which turns processed raw materials into consumer and industrial goods is described as _____ (a) extracting (b) manufacturing (c) constructing (d) processing
3. A demonstration of social responsibility by a business is the payment of _______ (a) taxes to government (b) dividends to shareholders (c) interests on loan (d) premium on insurance
4. Commerce is basically divided into trade and ______ (a) specialization (b) occupation (c) anxillary trade (d) Anxillary to distribution.
5. The basic requirement for top management or executive level is ____ (a)Master or Second degree (b)first degree (c)Senior school certificate (d)Testimonial
6. In trade by barter, goods are exchanged for _____ (a) services (b) Money (c) goods (d) Products
7. The following are the factor that determines occupation except ______ (a) Climatic and Weather Difference (b) Salary and Wages (c) Natural Resources (d) Government Account.
8. All of these are disadvantages of division of labour except _____ (a) large scale production (b) mobility of labor (c) monotony or repetition (d) decline in craftsmanship.
9. All are functions of commerce except ______ (a) raising of capital (b) transport (c) creation of nation’s wealth (d) regular transaction.
10. Career opportunities in the private sector include the following except ______ (a) Managers (b)Budget analyst (c) Cost Accountants (d) Account Clerk
11. The following are the factors affecting the growth of commerce except ____ (a) Low saving (b) Role of advertising (c) Poor transportation system (d) Political instability.
12. The economic activity that people engage themselves in to earn a living is ______ (a)Specialisation (b) privatization (c) occupation (d) indigenization.
13. The situation where an individual, firm or government concentrates on the production of a particular line of goods and services where they have comparative advantage over others is (a) exchange (b) division of labour (c) specialization (d) production.
14. The central focus of commerce is _______ (a) exchange (b) distribution (c) buying and selling (d) its functions.
15. Which of the following is not a job opportunities for accounting professionals? (a)Fashion designer (b)Tax Consultant (c) Financial Managers (d) cost Accountants
16. _________ is one of the factors affecting the growth of commerce in West Africa. (a) Development of insurance (b) Development of warehouse (c) Emergence of specialization (d) Insufficient capital
17. ______ occupation engages in the physical production of goods or changing of raw materials into finished or semi-finished goods. (a) Service (b) manufacturing (c) commercial (d) constructive.
18. One disadvantage of division of labor is _______ (a) increase in production (c) leads to specialization (c) it saves time (d) decline in craftsmanship.
19. ________ of commerce is seen as embracing the totality of the distribution and exchange of goods and services. (a) scope (b) function (c) characteristic (d) specialization.
20. In the olden days, …… was used as a means of transportation (a) camel (b) Jeep (c) Tricycle (d) truck
21. In the olden days, people engage in ____ farming. (a) subsistence (b) Annual (c) Large (d) production
22. The type of specialization where individual or firm concentrate their production on one type of product is called ______ (a) specialization by process (b) specialization by sex (c) specialization by product (d) geographical or territorial specialization.
23. Occupation can be classified into the following except ______ (a) Trade (b) Services (c) Commercial (d) Industry.
24. Which of the following is not a branch of Commerce? (a) Insurance (b)  Warehousing  (c)  Trade  (d)
25. The practice of employing specialist in relevant occupation is a feature of ____ (a) subsistence economy (b)  mobility of labour  (c)  division of labour  (d)  exchange economy.
26. Production ends when goods _______ (a) and services were used by the producer b) are packed and labeled  c)  are sold in the market  d)  and services reach the final consumer.
27. The major division of commerce are______ (a) import, export and transportation  (b)  trade, communication and warehousing  (c)  trade and aids to trade (d)  import, trade and production.
28. The sole purpose of production is _______ (a) employment (b)  competition  (c)   promotion (d)  consumption
29. In which of the following classes of occupation would you place a commerce teacher? (a) Commercial occupation (b)  Extractive occupation  (c)  Direct service  (d)  Manufacturing occupation.
30. The three main division of production are _________ (a) extractive, manufacturing, construction (b)  import, export and entrepot  (c) industry, commerce and direct service  (d)  industry, trade and direct service.
31. Into which of the following two broad areas can trade be divided? (a) Home and foreign trade  (b)  Home and wholesale trade  (c)  Home and retail trade  (d)  import and export trade.
32. Commerce increases the utility of goods by making them available when they are needed. This function s performed by the use of a ______ (a) bank  (b)  insurance  (c)  warehousing  (d)
33. Trade can be described as ______ (a) purchase of goods and services (b)  production of goods (c)  buying and selling   (d)  distribution of goods.
34. A system in which people provide their own need directly is known as ______ (a) subsistence economy (b)  mixed economy  (c)  monetized economy  (d)  sub-standard economy.
35. Which of the following is not a branch of production? (a) Consumption  (b)  Extraction  (c)  Manufacturing  (d)
36. Which of the following refers to the practice of importing to re-export? (a) Counter trade  (b)  Entrepot  (c)  Import  (d)
37. Land as a factor of production comprises _______ (a) all resources provided by nature  (b)  the earth surface only  (c)  land surface and vegetation  (d)  oceans and rivers only.
38. Extractive occupation is an example of ______ (a) construction industry  (b)  manufacturing industry  (c)  primary industry  (d)  tertiary industry.
39. Which of the following can be defined as trade and aids to trade? (a) Advertising  (b)  Commerce  (c)  Wholesaling  (d)
40. Production is defined as _________ (a) an industry undertaking  (b)  creation of utility  (c)  earning one’s daily bread  (d)  changing of raw materials.
41. An advertisement method whose objective is to convince customers to buy is ________ (a) informative advertising (b) persuasive advertising (c) competitive advertising (d) mass advertising
42. Informative advertising is aimed at _________ (a) giving advice on the use of a product (b) influencing customers to buy to buy a product (c) giving gifts to attract customers (d) encouraging specific customers to buy a product
43. A cheap means of carrying bulky goods over long distance is buy _________ (a) rail (b) road (c) air (d) pipeline
44. The purchase and sale of goods over electronic system is _______ (a) E-payment (b) E-commerce (c) E-mail (d) E-transfer
45. Which of the following those not belong to the extractive occupation? (a) quarrying (b) carving (c) mining (d) agriculture
46. Which of the following is not a factor of production? (a) capital (b) labour (c) exchange (d) entrepreneurship
47. Which of the following aids to trade is used to stimulate demand demand for goods? (a) banking (b) transport (c) insurance (d) advertising
48. The ancillary to trade which ensures that people have access to information pertaining to goods is _______ (a) insurance (b) advertising (c) warehouse (d) banking
49. Direct sales to consumers by manufacturers is a means of eliminating ________ (a) wholesalers only (b) retailers only (c) middlemen (d) agent
50. Buildings and machinery used on the running of a business are examples of ______ (a) current assets (b) intangible assets (c) liquid assets (d) fixed asassets

SECTION B

INSTRUCTION: ANSWER ANY THREE (4) QUESTIONS IN THIS SECTION

• (a) Define commerce

(b) Explain five (5) ways in which commerce is important in life of a nation.

(c) Show the scope of commerce with the aid of diagram

2)   (a) What is occupation?       (b)With the aid of diagram, show the different classes of occupation

(c) Explain with one example each, three classes of occupation shown in 1(b) above.

3)    (a) Define division of labour and specialization.

(b) Enumerate four (4) advantages of division of labour

(c) Discuss four (4) disadvantages of division of labour

4)   (a) Give a comprehensive explanation of the historical development of commerce in Nigeria

(b) Discuss four (4) factors that affect the growth of commerce in West Africa.

5).        (a) Define barter system.

(b) State five (5) problems of barter system.

(c) Explain the relationship among production, specialization and exchange.

6).        (a) Define trade

(b) In tabular form, give four (4) differences between home   trade and foreign trade.

(c) Show the diagram of division of trade