COMMERCE SS 2

1. ___________ is a commercial institution which performs various financial

activities (a) School (b) Bank (c) post office
2. An example of commercial bank is __________ (a) UNN (b) UBN (c) NNPC
3. There are __________ types of accounts (a) 3 (b) 2 (c) 6
4. _____________ is usually opened by businessmen and is required if a customer
wishes to make payments through cheques (a) saving account (b) current account (c)
deposit accounts
5. ______ is operated by low-income earners who are small savers (a) Deposit
account (b) Saving account (c) Current account
6. _________ is an account in which money is saved in the bank for a fixed period of
time to earn interest (a) Current account (b) Saving account (c) Deposit account
7. A cheque is an order to __________ (a) pay (b) buy (c) sell
8. We have _________ types of cheques (a) 6 (b) 4 (c) 3
9. _______ is the act of storing goods produced or bought in a place until they are
needed (a) Warehousing (b) Housing (c) I don’t know
10. There are _______ types of warehouses (a) 6 (b) 4 (c) 5
11. Full meaning of B.O.I (a) Bank of Industry (b) Bank of Insurance (c) Bill of
Instrument
12. _________ and __________ are valuables that can be saved in a bank (a) Clothes
and shoes (b) Jewelry and will (c) cars and house
13. Payee means (a) the bank on which the cheque is drawn (b) the person responsible
for drawing a cheque (c) the person to whom the cheque is made payable
14. Drawee means (a) the bank on which the cheque is drawn (b) the person to whom
payment is directed to be made (c) usually a creditor to the drawer
15. Drawer means (a) the person responsible for drawing a cheque (b) usually a
creditor to the drawer (c) the bank where the cheque will be presented for cash
16. E-banking is also called __________ (a) Electric banking (b) Element banking (c)
Electronic banking
17. ___________ is a service that allows customers to use some forms of computer to
access their accounts either for specific information or transaction from a remote
location such as at home or place of work (a) E-banking (b) Standing order (c)
Moneygram
18. ATM means (a) Auditing Teller Machine (b) Automatic Teller Machine (c)
Automated Teller Machine
19. The Central Bank is the monetary bank also known as _________ (a) bank of the
bankers (b) bank of the public (c) I don’t know
20. Central Bank of Nigeria was established in ________ year (a) 1950 (b) 1958 (c)
1960

THEORY
Answer three questions
1. state and explain five functions of commercial banks
2. Differences between savings account and current account
2b. Mention 3 types of account
3. State and explain briefly the types of account
3b. Mention 3 characteristics of commercial banks
4. Define warehousing
4b. Mention 5 types of warehouses
5. State 5 factors to be considered in siting a warehouse
5b. Mention 5 problems of warehousing