MID TERM TEST FIRST TERM COMMERCE SS 1

FIRST TERM MID TERM TEST 

Subject: COMMERCE              

Class: SS 1       Time:        

SECTION A: OBJECTIVE. ANSWER ALL

1. Commerce is a branch of _______  (a) biology (b) science (c) production (d) physics
2. All activities which assist or facilitate trade is _______ (a) retailing (b) aids to trade (c) utilities (d) values
3. The general focus of commerce is ______ (a) selling (b) exchange (c) marketing (d) specialization
4. Commerce develop as a result of _______ (a) profit (b) specialization (c) trade (d) commerce
5. The act of buying and selling of goods and services is called ______ (a) trade (b) commerce (c) foreign trade (d) home trade
6. Trade is classified into _______ (a) two (b) ten (c) four (D) six
7. Another name for home trade is ______ (a) domestic trade (b) international trade (c) wholesale trade (d) retailing 
8. The buying of goods in small quantities is ________ (a) retailing (b) wholesaling (c) buying (d) selling
9. Another name for foreign trade is ______ (a) wholesale trade (b) international trade (c) internal trade (d) Crosscity trade
10. ____________ makes trading possible by making funds available (a) tourism (b) transportation (c) banking (d) warehousing
11. In the olden days ,people engaged in ______ production (a) subsistence production (b) job creation (c) mass production (d) small production
12. The first form of foreign trade in Nigeria was the trans Sahara trade in which _________were used as means of transportation (a) gold (b) kolanut (c) camels (d) motor van
13. European traders bought weapons, books, cloths in exchange for _______ and _________ (a) crude oil (b) mineral resources (c) silver and gold (d) slaves and palm oil
14. __________ played a great role in the development of commerce in Nigeria (a) king Zaria (b) king Jaya (c) king bonny (d) king Badagry 
15. _________ is a system in which goods are exchanged directly for other goods without the use of money is called ________ (a) barter system (b) growth (c) development (d) modern trends
16. People engaged in various commercial activities to satisfy _________ (a) community (b) immediate family (c) human want (d) citizens
17. The three basic needs of man are ______-,_________ and _______ (a) food, shelter and good roads (b) food, shelter and clothing (c) food, cars and building (d) food, industry and clothing
18. Service occupations are sometimes referred to as ________ (a) commerce (b) tertiary occupation (c) direct occupation (d) civil occupation
19. All goods and services produced must possess ________ (a) volume (b) utility (c) information (d) division
20. Production is said to be complete when the goods and services gets to the _______ (a) producers (b) wholesalers (c) retailers (d) final consumers
21. ________ is a situation in which an individual produces goods and services only for farming use or consumption (a) tertiary (b) direct production (c) primary production (d) secondary production 
22. _______ refers to agents, components or resources  which are combined together to produce goods and services (a) factors of production (b) land (c) labor (d) capital
23. The reward for labor as a factor of production is ________ (a) wages and salaries (b) profit (c) loss (d) rent
24. The breaking down of production process into a number of separate operation is _______ (a) efficiency (b) specialization (c) exchange (d) division of labor
25. The act of buying within a geographical area is _________ (a) foreign trade (b) home trade (c) producer trade (d) retail trade 
26. The final link in the chain of distribution is _________ (a) owners (b) consumers (c) producers (d) manufacturers
27. To set up a retail trade, you need _________ (a) a lot of capital (b) little capital (c) large capital (d) huge capital
28. Specialization is a result of ____________ (a) buying (b) selling (c) trade (d) division of labor
29. A factor of production that co-ordinates and organizes other factors of production is called __________ (a) capital (b) entrepreneur (c) land (d) labor
30. Risk bearing is one of the characteristics of _________ (a) an entrepreneur (b) a producer (c) labor (d) land

SECTION B : THEORY

ANSWER ANY THREE (3)

1. (a) Define commerce

(b) Explain four functions of commerce

1. (a) What is occupation

(b) With the aid of a diagram illustrate the classification of occupation

1. List and explain five factors that determine the choice of occupation
2. What are the advantages and disadvantages of division of labor
3. (a) Define production

(b) List the four factors of production

(c) State five importance of capital