COMMERCE THIRD TERM EXAMINATION SENIOR SECONDARY SCHOOLS (SS 1) EXAM QUESTIONS

SECTION A – OBJECTIVES

INSTRUCTION – CHOOSE THE CORRECT ANSWER FROM THE OPTIONS A – D.

1. ______ is a department in the ministry of internal affairs charged with the responsibility of assessing and collecting duties on import export and goods produced locally.

(a) Police

(b) External authority

(c) Dock authority

(d) Customs authority

 

2. ______ is a business enterprise owned, financed and managed by one person with the primary aim of maximizing profit.

(a) Co-operative society

(b) Partnership

(c) Sole proprietorship

(d) Corporation

 

3. ______ are financial institutions that specialize in granting loans to individuals and corporate bodies for building purposes.

(a) Development bank

(b) Mortgage bank

(c) Co-operative bank

(d) Saving bank

 

4. ______ is a bill of exchange drawn on a banker payable on demand

(a) Bill of lading

(b) Cheque

(c) Bank draft

(d) Master card

 

5. The management control and general operation of the seaports in Nigeria are handled by the Nigerian.

(a) Ports authority

(b) Airport authority

(c) Customs authority

(d) Excise authority

 

6. Banking had its origin with the ______ in the seventeenth century.

(a) goldsmiths in Britain

(b) blacksmiths in America

(c) goldsmiths in London

(d) goldsmiths in Canada

 

7. ______ is a type of business organization in which two to twenty persons agree legally to set up and manage a business outfit with sole aims of making profit.

(a) Partnership

(b) Private company

(c) Sole proprietorship

(d) Co-operative society

 

8. Which of these is not a function of money?

(a) Standard of deterred payment

(b) Medium of exchange

(c) Unit of account

(d) No intrinsic value

 

9. ______ partner contributes only his name to the formation of the business.

(a) General

(b) Dormant

(c) Sleeping

(d) Quasi

 

10. Types of banks are merchant bank, agriculture bank, saving bank, commercial bank, development bank and bank ______.

(a) central

(b) first

(c) union

(d) zenith

 

11. ______ department regulates and controls import and export trade collects import, export and excise duties.

(a) Nigerian port authority

(b) Customs

(c) Navy

(d) Police

 

12. Which of the following facilities are not provided at the seaports by the Nigerian ports authority?

(a) Berth and boats genes

(b) Luggage’s and swimming costumes

(c) Fork-lifts trailers and  quay

(d) Wharf and harbors

 

13. Specialized banks are insurant companies, savings bank, development bank, mortgage bank and ______ bank.

(a) Merchant

(b) UBA

(c) First

(d) Central

 

14. ______ Is a provision made by an individual or enterprise against the occurrence of some future lose.

(a) Mortgage

(b) Assurance

(c) Insurance

(d) Indemnity

 

15. _________ is a document drawn up to clarify the respective position of the partners in a business.

(a) Memorandum of partners

(b) Deed of partnership

(c) Articles of partnership

(d) Partners prospective

 

16. Which of these is not a function of customs and excise authority?

(a) Collection of revenue

(b) Prevention of smuggling

(c) Supervision of loading and off loading of Goods

(d) Enforcement of ban

 

17. A partner making a chance beyond the amount of capital which he has agreed to subscribe is entitled to interest of ______.

(a) 5%

(b) 15%

(c) 10%

(d) 40%

 

18. ______ bank are specialized financial institutions which provide long term credit or loan to other enterprises for capital projects.

(a) Saving

(b) Development

(c) Merchant

(d) Commercial

 

19. ______ partner contributes capital and share from the profit bit will not engage in the day- today running of the firm.

(a) Sleeping

(b) Nominal

(c) General

(d) Limited

 

20. Types of commercial banks are first bank of Nigerian PLC, union of Nigeria PLC, Zenith Bank PLC and ______ etc.

(a) Central Bank of Nigeria

(b) Saving Bank PLC

(c) Merchant Bank PLC

(d) Skye Bank PLC

 

21. ______ is the owner of the account who writes the cheque to the creditor.

(a) Drawer

(b) Market

(c) Bank

(d) Merchant

 

22. ______ is the bank where the cheque will be presented and cashed

(a) Drawer

(b) Commercial bank

(c) Drawee

(d) Central bank

 

23. Which of these is not a source of capital to a sole proprietorship?

(a) Personal savings

(b) Trade credit

(c) Sales of shares

(d) Loan and overdraft

 

24. ______ duties are taxes imposed on surplus goods and services of a country that are sent to other countries of the world.

(a) Airport

(b) Warf

(c) Export

(d) Seaport

 

SECTION B – FILL IN THE GAPS

25. ______ duties are taxes imposed on some locally made goods.

26. ______ is an authority given to an individual by the ministry in charge of industries and commerce to import and export of goods.

27. Partnership ______ refers to agreement, rules and regulations guiding the members of a partnership business.

28. ______ is the person who presents the cheque in the bank for payment and whom the cheque is made payable to.

29. ______ is the document that indicate the country where goods come from or are manufactured.

30. ______ duties are taxes imposed on goods and services that come from another counties into a particular country.

 

THEORY – QUESTIONS

INSTRUCTION – ATTEMPT FOUR (4) QUESTIONS FROM THIS QUESTIONS

QUESTION 1

A. Define customs authority.

B. State four functions of Nigerian ports authority.

 

2. What is a cheque?

2b. State four features of a cheque.

 

QUESTION 3

A. What is money?

B. Outline fives qualities of money and explain one with example where necessary.

 

QUESTIONS 4

A. Define a bank.

B State four function of commercial bank you know?

 

QUESTION 5

A. Who is a sole proprietor?

B. Write 4 advantages and 2 disadvantages of a sole proprietorship.

 

QUESTION 6 – Discuss kinds of partners which you have studied.