PACEY MANUEL COLLEGE
FIRST TERM EXAMINATION 2024/2025 SESSION
CLASS: SSS 1 SUBJECT: COMMERCE DURATION: 2 HOURS
INSTRUCTIONS: ANSWER ALL THE QUESTIONS BELOW
SECTION A: OBJECTIVES
SECTION A
1. Commerce can be defined as the study of how…………(a)Man utilizes his resources in his
physical environment (b) Man produces, distributes and consumes his goods and services
(c)Man buys, sells, and distributes goods and services (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) extracted (b) manufacturing (c) processed (d)constructing
3.A demonstration of a social responsibility by a business is the payment of………(a)taxes to
government (b)dividend to shareholders (c)interests on loans(d) premium on insurance
4. Trade is basically divided into two major parts and they are home trade and ………..
(a)foreign trade (b) occupation (c) aid to trade(d)axillary to distribution
5. The basic requirements for top managerial 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)service(b)money(c)goods(d)products
7. The following are the factors 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 labour (c)monotony or repetition(d)decline in craftsmanship
9. All are function of commerce except (a)raising of capital (b) transport (c) creation of
nation’s wealth(d) regular transactions
10. Career opportunities in private sectors includes the following except……
(a)managers(v)budget analyst (c)cost accountant (d)account clerk
11. The following are the factors affecting the growth of commerce except……..(a)low
savings(b) role of advertising (c)poor transportation system (d)political instability
12.The economic activity that people engage themselves in order to earn a living is ……..
(a)specialization (b)privatization (c)indigenization(d) occupation
13. The situation where by individuals, firms, governments concentrate on the production of
a particular line of goods and services where they have comparative advantage over other
is …….(a)division of labour(b)exchange (c)production (d) specialization
14. The central focus of commerce is ….(a) exchange(b) distribution (c) buying and selling
(d) it’s functions
15. Which of the following is not a job opportunities for accounting professionals….(a)
fashion designer(b)Tax consultant (c)cost accountant (d)finance manager
16. …….is one of the factors affecting the growth of commerce in West Africa (a)
development of insurance (b) development of warehouse (c) emergency of specialization
(d)insufficient capital
17.Which of the following is a means of making payment to a business man?(a)bank
draft(b)cash(c) cheque (d) statement
18. The path through which a product moves from the manufacturer to the consumer
is(a)channel of communication (b) line of production(c) means of transportation (d) channel
of distributions
19. The purchase and sales of goods over electronic system is…..(a)E payment(b) E-
commerce (c)E transfer (d)Email
20. In the olden days…….was used a a means of transportation (a)canoe
(b)Carmel(c)truck(d) tricycle
21. One disadvantages of division of labour is…….(a)it saves time(b) increase in production
(c)decline in craftsmanship (d)leads to specialization
22. In the olden days, people engage in…….farming(a) production (b)subsistence(c)
annual(d) large
23. Which of these is not a branch of commerce?(a) insurance (b) warehouse (c)
computerization (d)trade
24. Occupation can be classified into the following except…..(a)trade(b) service (c) industry
(d) commercial
25. Production ends when …….(a)goods and services are used by the producers(b)goods are
packed and labelled(c)goods are sold in the market (d)goods and services reach the final
consumer
26. The sole purpose of production is……(a) employment (b) competition (c) promotion (d)
consumption
27. The major division of commerce are……(a)Import,export and transportation (b)trade,
communication and warehousing (c)Trade and aid to trade(d)Import, trade and production
28. Foreign trade is divided into ……part
(a)2(b)4(c)3(d)2&3
29. The three main division of production are….
(a) extractive, manufacturing and constructive
(b)import, export and entrepot
(c) industry, commerce and direct service
(d) industry, trade and direct service
30. Foreign trade is also known as ……(a) industrial trade(b) international trade(c)counter
trade(d) domestic trade
THEORY
ANSWER ANY FOUR QUESTIONS OUT OF SIX QUESTIONS
1(a) Define Commerce
(b) Explain (5) importance of commerce in the life of a nation
(c) With the aid of a diagram,show the scope of commerce
2(a) What do you understand by the word trade relating to commerce
(b) In a tabular form , state three differences between home trade and foreign trade
(c) Write short notes on wholesaling, retailing and entrepot
3(a) Define a career
(b) List 5 major career available to commercial students.
4(a) Write short notes on
Tourism ,Tourist ,Tour
(b) Explain five factors favourable for tourism in Nigeria
5(a) Define Occupation
(b) Explain four factors that determines types of occupation and employment
6(a)Define Production and list the four factors production you know
(b)Explain two factors of production you know including their reward
