SCHOOL:-

NAME:-
CLASS: SENIOR ONE (1) S.S. 1
SUBJECT: COMMERCE

FIRST TERM EXAMINATION 2023 raising capital (c) creates goods and services (d) offers
OBJECTIVE PARTS: SECTION A employment
1. Which of the following aids to trade facilitates 17. The process of making goods attractive and easy to
production ahead of demand? (a) insurance (b) handle is known as _____ (a) branding (b)
transportation (c) advertising (d) warehousing merchandising (b) packaging (d) labeling
2. Which of the following is the function of commerce? (a) 18. Which of the following is classified as an extractive
the conversion of raw materials into semi-finished industry? (a) digging for minerals (b) digging for road
products (b) the conversion of semi – finished products building (c) canning of tomato puree (d) assembling of
into end products (c) provision of services to customers cars
(d) the exchange and distribution of goods and services 19. Employees in the civil or public service are referred to
3. The last link in the production process is the _______ as ______ (a) general servant (b) private servants (c)
(a) transporter (b) wholesaler (c) consumer (d) retailer civil servant (d) management servant
4. The selling of goods in small units is normally 20. Those who are engaged in exploiting natural resources
performed by ________(a) chambers of commerce (b) are in ______ (a) commercial occupation (b)
wholesalers (c) distributors (d) retailers constructive occupation (c) manufacturing occupation
5. An activity involving buying, selling and distribution of (d) extractive occupation
goods and services is known as ________ (a) trade (b) 21. The development of trade in West Africa was aided by
marketing mix (c) exchange (d) commerce the ______ (a) emergence of traditional rulers (b)
6. Trade as a division of commerce is usually classified arrival of the Portuguese (c) introduction of tax payment
into (a) retail and wholesale (b) import and export (c) (d) introduction of money
home and foreign (d) visible and invisible 22. Those who are engaged in the distribution of goods
7. The exchange of goods for goods in home trade is belong to ______ (a) commercial occupation (b)
known _____ (a) entreport trade (b) trade by barter (c) extractive industry (c) manufacturing industry (d)
commodity trade (d) distributive trade construction industry
8. Which of the following is not a function of a retailer? (a) 23. Which of the following protects consumers against poor
providing after sales service (b) stocking variety of quality goods? (a) chambers of commerce (b) standard
goods (c) selling in small units to the consumers (d) organization (c) trade association (d) manufacturers
financing manufacturers association
9. _______ is the buying and selling of goods and 24. Direct sales to consumers by manufacturers is a means
services beyond the geographical boundaries of a of eliminating _____ (a) wholesalers only (b) retailers
country and the other (a) foreign trade (b) home trade only (c) middlemen (d) agents
(c) internal trade (d) insurance 25. Consumers protection places an obligation on
10. The process of importing goods and services for re- producers to ensure that their products _____ (a) are
exporting to other countries is known as _____ (a) wholesome and safe (b) are cheap (c) do not evade
export (b) import (c) entreport (d) foreign trade customs examination (d) are branded
11. According to the history of commerce in Nigeria, people 26. The target for all marketing activities is the _______ (a)
engaged in ______ production (a) existence (b) consumer (b) middlemen (c) producer (d) distributor
subsistence (c) pastoral (d) commercial 27. Foreign trade is concerned with ______ (a) exchange
12. The following are the factors affecting the growth of of goods and services among companies (b) buying
commerce in Nigeria except ______ (a) insufficient and selling of imported goods (c) exchange of goods
capital (b) political instability (c) low saving (s) role of and services among citizens (d) buying and selling of
advertising goods and services among countries
13. Productive activities which people engage in to create 28. Carpentry is an activity classified under ______ (a)
and procure goods and services in order to make a extractive occupation (b) tertiary occupation (c)
living is known as ______ (a) production (b) occupation commercial occupation (d) constructive occupation
(c) commerce (d) industry 29. The two major divisions of trade are _____ and _____
14. The buying and selling of goods and services within a (a) commerce and industry (b) home and foreign (c)
country is called ______ (a) counter trade (b) entreport import and export (d) sole trade and partnership
trade (c) foreign trade (d) home trade 30. Occupation can be classified into these main groups (a)
15. Farmers and all other workers concerned with getting industry, commerce and services (b) extraction,
raw materials from the earth are engaged in ____ (a) manufacturing and construction (c) farming, fishing and
commercial occupation (b) manufacturing occupation farming (d) quarrying, hunting and forestry
(c) constructive occupation (d) extractive occupation 31. All these are direct services except _______ (a)
16. Which of the following is not a function of commerce? housemaids (b) entertainers (c) barbers (d) law makers
(a) facilitates mass production of goods (b) assists in 32. There are ______ factors of production (a) 2 (b) 3 (c) 5
(d) 4
33. The reward for land is ________ (a) profit (b) rent (c) (b) Provides employment to people (c) Increases the
wages (d) interest cost of living (d) Makes funds available for business
34. _______ may be defined as man – made assets used activities
in production (a) capital (b) interest (c) entrepreneurs 53. All are aids to trade except (a) Advertising (b)
(d) resources Transportation (c) Retailing (d) Banking
35. _______ is defined as the concentration of the 54. Which of the following can be defined as trade and aid
productive efforts of an individuals, a firm or a country to trade? (a) Advertising (b) Commerce (c)
in a given aspect of economic activity in which it has Warehousing (d) Retailing
the greatest advantage over others (a) division of 55. Which of the following is NOT a basic want of man? (a)
labour (b) specialization (c) employment (d) technology Transport (b) Food (c) Water (d) Clothing
36. The movement of people and goods from one place to 56. Which of the following is concerned with changing raw
another is called ______ (a) advertising (b) banking (c) materials to finished goods? (a) Extractive occupation
communication (d) transportation (b) Manufacturing occupation (c) Constructive
37. The reward for capital is _______ (a) interest (b) profit occupation (d) Commercial occupation
(c) rents (d) salaries 57. Which of the following is NOT a function of commerce?
38. Which of the following is NOT one of the aids to trade? (a) advertising goods (b) creation of goods (c)
(a) advertising (b) banking (c) insurance (d) mining (e) increasing profit made (d) distribution of goods.
warehousing 58. An industry whose major actors consist of those
39. The amount used in starting up a business is called engaged in sourcing raw materials from the earth
_______ (a) capital (b) cash at bank (c) cash in hand surface is known as __________ industry (a)
(d) opening stock commercial (b) construction (c) extractive (d) mining.
40. Those who buy in large quantities from producers are 59. The services offered by the following people could be
called _____ (a) consumers (b) hawkers (c) grouped under direct services except (a) Doctors (b)
manufacturers (d) wholesalers entertainers (c) policemen (d) teachers.
41. _______ are goods and services that can satisfy the 60. The services of a teacher is in the classification of (a)
consumers immediate needs (a) producer goods (b) commerce (b) direct services (c) extractive occupation
capital goods (c) consumer goods (d) durable goods (d) indirect services.
42. The most suitable medium for demonstrating the use of
a product is _____ (a) handbills (b) newspaper (c) MARKING GUIDE (ANSWERS)
poster (d) television 1.C 2.D 3.C 4.D 5.D 6.C 7.B 8.D 9.A
43. Which of the following is a disadvantage of foreign 10.C 11.B 12.D 13.B 14.D 15.D 16.B 17.B
trade? (a) it encourages dumping (b) it widens the 18.A 19.C 20.D 21.D 22.A 23.A 24.C 25.A
world market (c) it encourages specialization (d) it 26.A 27.D 28.D 29.B 30.A 31.D 32.D 33.B
provides variety of goods 34.A 35.B 36.D 37.A 38.D 39.A 40.D 41.C
44. Buying and selling of goods of goods between Nigeria 42.D 43.A 44.B 45.B 46.D 47.D 48.C 49.C
and China is known as _______ trade (a) export (b) 50.D 51.C 52.C 53.C 54.B 55.A 56.B 57.C
foreign (c) home (d) retail 58.C 59.C 60.D
45. The aids to trade which ensures that people have
access to information pertaining to goods is ____ (a) SECTION B THEORY PARTS
insurance (b) advertising (c) warehouse (d) banking 1. What is Commerce? 1b. With a the aid of a
46. Which of the following is not a right of the consumers? diagram explain the scope of commerce
(a) safety (b) choice (c) discount (d) value 2. What is Tourism? 2b. List three (3) advantages
47. Industrial occupation does not involve the _____ (a) and disadvantages of tourism
growing and extraction of raw materials (c) use of 3. Briefly described the history of commerce in Nigeria
machinery (c) construction and machinery of goods (d) b. List and explain the factors that adversely affect the
movement of people and goods growth of commerce
48. The reward for entrepreneurship as a factor of Define occupation 3b. show with the aid of a diagram
production is _____ (a) interest (b) commission (c) the classification of occupation
profit (d) salary List any four factors that affect employment.
49. Communication is important in business because it 2. Give four examples of commercial occupations.
_____ (a) creates awareness in the minds of the
consumers (b) ensures that finished products are
distributed (c) facilities contact between buyers and
sellers
50. Which of these is not a subject of commercial
students? (a) economics (b)accounting (c) insurance
(d) physics
51. The main divisions of commerce are (a) Home trade
and foreign trade (b) Transportation and warehousing
(c) Trade and aids to trade (d) Wholesale and Retail
trade
52. Which of the following is NOT a benefit of commerce?
It (a) Facilitates the movement of goods and services