BOUNDLESS SUCCESS INT’L SCHOOL FELELE PHASE II LOKOJA KOGI STATE

2ND TERM EXAMINATION 2024

COMMERCE SS 1

1. An important role of commerce is that it is the; A) core issue in production and occupation B)
basis of commercialisation in a nation c) foundation for marketing strategy d) Central point
around which a nation's economy revolves

2. The process of buying, selling, of market product over the internet is called.. A) E-mail b) E-
transfer c) E-commerce d) E-fund

3. The conversion of raw materials into finished goods is performed by?

a) extractive industry b) Manufacturing Industry c) service occupation d) commercial occupation

4. The long lasting tangible assets of an organisation are known as; A) Capital intensive b) fixed
capital c) circulating capital d) social capital

5.The last link in the channel of distribution is … A) Wholesaler b) Retailer c) consumer d) producer

6.Every free gift of nature is referred to as; A) naturalisation b) creatures c) capital d) land

7.Commerce is divided into ……. A) 4 b) 2 c) 6 d) 5

8. Activities which facilitates commerce includes .. A) engaging youths in environmental sanitation b)

funding political campaigns c) improving road networks d) providing recreational activities.

9. The part through which a product moves from the manufacturer to the consumer is called….
a) Trade by barter b) channel of communication c) channel of exchange d) channel of distribution

10.The whole world become a global village as a result of; A) E-commerce b) E-banking c) E-
communication d) E-transfer

11. All human effort directed towards the production of goods is called….. A)Workers b) retails c)
labour d) production

12.A major function of commerce is to; a) Eliminate trade barriers b) influence govt policies c)
provide raw materials for manufacturers d) facilitates human satisfaction through exchange.

13. Buying and selling of fish, tomatoes etc in Kabba market is known as … a) Import trade b)
entrepot c) home trade d) market trade.

14. The buying of goods in small quantities from the producer is? A) Retail trade b) Wholesale trade
c) Foreign trade d) Multilateral trade

15. Re-exportation of already imported goods is? A) Import b) Export c) Entrepot d) Counter trade

16.The movement of goods on foot is? A) Mobile shop b) Foot trading 1c) Hawking d) Footworking

17.One man business is also called; Partnership b) One manship c) Sole proprietorship d) Sole
commerce
 18...............is the conversion of raw materials into finished goods? A. Occupation b) Production c)
Exchange d) Specialisation

19. Division of works among workers is called? A) Secialisation b) Division of labour c) Division of
production d) Workers division

20. The buying of goods in large quantities from the producer is called; a) Wholesale trade b) Retail
trade c) Consumer trade d) Producer's trade

THEORY: Answer four 4 question from this section

1 Define commerce
B. Explain seven ways in which commerce is important to the life of a nation

2. State seven characteristics of land as a factor of production.

B. Discuss 5 factors that can affect the growth of commerce in a nation

3. What is trade?
B. In a tabular for give 7 difference between home trade and foreign trade

4a State 5 importance of trade.

4b. List 5 advantages of division of labour

5. What is occupation.
5b. List and explain the classifications of occupation.
BOUNDLESS SUCCESS INT’L SCHOOL FELELE PHASE II LOKOJA KOGI STATE
2nd TERM EXAMINATION 2024
Ss2 COMMERCE

1.The shareholders of a company receives __________ as returns on their investment (a) Profit (b) Interest
(c) Dividends (d) Commissions

2. A pubic limited company is owned by (a) Board of Directors (b) Debentures holders (c) General public
(d) Shareholders

3. A business becomes a separate legal entity after it has (a) Started operations (b) Been insured (c) Been
incorporated (d) Been accepted by the public

4. Which of the following is not an intangible asset? A. goodwill B. patent C. furniture D. mark

5. One of the disadvantages of rail transport is ……

a) Suitable for fragile goods b) absence of pilferage c) vulnerability of severe weather d) inflexibility

6………. is a person that provides work for another person A) Employer b) security c) labor d) employee

7. Which of the following is true concerning a consumer cooperative A) Each member has one vote b)
shareholders have vote according to the number of shares they hold c) members can only buy from
their co-op d) the member of owners is restricted to 20

8.The functions of wholesalers cooperative society is to? A) Only sell the products of producer cooperative
b) seller to retailer cooperative c) grow the food that retailers sell d) sell only specialist equipment in large
quantities.

9.Raw materials are; a) Graded materials b) dealers goods c) producer goods. d) consumer goods.

10. Which of the following is not a means of making payment to a businessman. A) Bank Draft b) Cheque
c) cash d) statement

11. Activities which facilitates commerce includes a) Engaging youths in environmental sanitation b)
funding political campaigns c) providing recreational activities in community d) improving road networks

12. An association of businesses engaged in both trade and industry is called..

a) Co-operative society b) trade union c) trust fund d) chamber of commerce

13. A document issued by an insurer giving temporary protection to the insure is? A. endorsement B.
certificate C. proposal form D. cover note

14. one of the steps taken by an insurer in claim settlement is to? A. investigate the loss B. assess the risk C.
present a claim D. appoint loss assessor.

15. the modern insurance business was introduced into Nigeria by? A. American merchants B. British
merchants
C. French merchants D. Portuguese merchants

16. one of the perils of nature is? A. heating B. earthquake C. civil commotion D. spontaneous combustion

17. he insurer is the …….

a) Insurance company b) insurance company clients c) Insurance broker d) insurance agent

18. The money paid to the insurance company is ….. a) Policy b) premium c) cover note d) proposal money

19.Which of the following is not an attribute of an effective business manager a) Empathy b) subjectivity c)
altruism d) objectivity

20. A company will not insure loss arising from a)Theft b) Accident c) Burglary d) speculation

THEORY
Answer 4

1.a.List 3 features that differentiates consumer co-operative society and Wholesaler co-operative.

b. State 3 advantages and disadvantages of cooperative societies

2a.What is the difference between insurance and Assurance b. List and explain the basic principles of
Insurance

3. What is advertising? B. List and explain the types of advertising with examples

4. In a tabular form, give at least 5 differences between co-operative society and limited liability.

5. Explain what you understand by credit union and thrift societies

6.What is occupation? B. Explain the factors that determine occupation.