Summer Exam
Summer Exam
SECTION B: THEORY
Instruction: Answer four (4) questions but Number 4 is compulsory
1. (a)What is Bank Reconciliation Statement
(b) List and explain two reasons for disagreement between Cash book and Bank statement
(c) Distinguish between sales and purchases
2. (a)Define trial balance?
(b)State two errors that affect the trial balance
(c) Enumerate two errors that do not affect the trial balance
3. (a) State the Rule of Double Entry
(b) State five items you can find in Trading account
(c ) List two benefits or importance of trial balance
4. (a)Use the details below to prepare the trading, profit and loss account of Titilayo Ventures for the
year ended 31st Dec. 2003
N
Stock as at 1/1/2003 10,000
Sales 66,000
Purchases 45,200
Rent and rate 2,000
Salaries 5,000
Stock as at 31/12/2003 12,000
General expenses 500
Sales returns 1,000
Printing and stationery 2,500
Purchases returns 200
5. The following details relate to Bankole ventures prepare the trading account of the business for the
year ended 31st December 2002
N
Sales 80,000
Stock 1/1/2002 8,500
Stock 31/12 6,100
Return inwards 5,300
Carriage inwards 3,600
Carriage outwards 2,800
Return outward 7,300
SECTION A: OBJECTIVES
Attempt all questions
1. In the Account For Non-Profit Making Organization, the Net Profit is called_______ (a)Surplus
(b)Deficit (c)Net Profit (d)Accumulated Fund
2. The opening statement of Affairs is used in Account for Non-Profit making organization to
ascertain________ (a)Opening account (b)Accumulated Fund (c)Deficit (d)Surplus
3. The partner who takes active part in the formation and management of the business is called__________
(a)Sleeping partner (b)Limited Partner (c)Active Partner (d)Dormant partner
4. Partnership business is formed by _______ persons (a)2 to 20 (b)5 to 10 (c)2 to 50 (d)2-15
5. For a partnership to be effective and efficient, there must be some guiding rules and regulations which
will be contained in a written agreement called_____________ (a)Partnership Act (b)Partnership Deed
(c)Partnership account (d)Appropriation Act
6. In ____________ account, the capital receipts and payments, revenue receipts and payments are included
and it follows the same principle as the cash book. (a)Cash book (b)Income and Expenditure (c)Receipt
and Payment (d)Balance sheet
7. The excess of income over expenditure is known as___________ (a)Surplus (b)Receipts (c)Payments
(d)Deficit
8. One is not the similarities between Receipt and payment account and Income and Expenditure account?
(a)Both are prepared on double entry basis (b)Both includes capital items (c)Both are summaries of
financial transactions (d)Both are made to cover the same period to enable balance sheet to be prepared
9. __________ is the periodic contributions of members to association, club or society. (a)Accumulated
Fund (b)Donations (c)Subscription (d)Income
10. In Single Entry and Incomplete Record, there is profit if___________ (a)the closing capital is greater than
opening capital (b)the opening capital is greater than closing capital (c)the closing capital is equal to the
opening capital (d)none of the above
SECTION B: THEORY
Answer three questions only but number one is compulsory
1. The Secretary of Lagos Island club gives the following summary of his receipts and payments for the year
ended 31st December 1990
Receipts and Payments account for the year ended 31st December, 1990
N N
Bal b/f 730 Rent 2340
Subscription (1990) 1500 Insurance 180
Subscription (1991) 200 Printing 120
Fees 1700 Secretary expenses 370
Donations 1340 Postages 1630
Equipment bought 260
Balance c/d 570
5470 5470
Additional information:
31/12/1989 31/12/90
Rent owing 720 540
Insurance prepaid 10 20
Printing owing -- 15
Secretary expenses prepaid 40 80
Subscriptions in arrears 140 120
a. The club had the following properties on 1st January 1990
Equipment 300
Land/Building 1000
b. Depreciate the assets by 5%
You are required to prepare: (a)Income and Expenditure account (b)Balance sheet as at 31 st December 1990
2. Ayo, Banjo and Sola are in Partnership sharing profits/losses in the ratio of 2:2:1 respectively. The
following were agreed by the partners
a. 5% interest on capital
b. 3% interest on drawings
c. Salary of N2,500 per annum to be paid to Sola
d. Partner’s drawing were as follows: Ayo –N5,200 Banjo –N3,700 Sola –N4800
e. Net profit for the year was N22,282
f. The partner’s balance as at 31st July were as follows
Current alc Capital alc
Ayo N2000 (Cr) N16,000
Banjo N200 (Dr) N12,000
Sola N400 (Dr) N4,000
Required: Prepare (a)Partner’s Appropriation account (b)Partner’s Current account (c)Partner’s capital alc
SECTION A: OBJECTIVES
Attempt all questions
1. Which of the following is NOT an intangible asset? (a)License (b)Patents (c)Trade marks (d)Fixtures
2. Which of the following is a capital expenditure? (a) Salaries and wages (b)Stationery (c)Repairs of
motor vehicle (d)Purchase of furniture
3. Sale of goods for N600 to Ade was not posted. This is an error of ___ (a)Omission (b)commission
(c)principle (d)compensation
4. Shares sold at the nominal value are issued at (a)a discount (b)a premium (c)a loss (d)par
5. The excess pf current assets over current liabilities is________ (a)authorized share capital (b)working
capital (c)loan capital (d)called-up capital
A Motor vehicle bought for N16,000 was estimated to have useful life span of 4 years and a scrap value of
N2000
13. What is the Net Book Value of the asset at the end of the third year, using the straight line method?
(a)N9,000 (b)N5,500 (c)N3,500 (d)N2,000
14. If the vehicle is sold for N6,000 at the end of third year, what is the profit or loss on sale? (a) N1,000
profit (b)N500 profit (c)N500 loss (d)N1,000 loss
15. What is the accumulated depreciation at the end of the 2nd year of the useful life of the asset (a)N7,000
(b)N3,500 (c)N10,500 (d)N14,000
16. Which of the following is not an example of input device? (a)Card reader (b)Keyboard (c)Visual
Display Unit (d)Central Processing Unit
17.
SUMMER INTERNATIONAL SCHOOL, AWADA OBOSI
2ND TERM EXAMINATION, 2023/2024 ACADEMIC SESSION
CLASS: SS1 Subject: AGRICULTURAL SCIENCE Time: 1Hour 30mins
SECTION A: OBJECTIVES
Attempt all questions
Instruction: In each question, four options are given, pick the correct option and write the alphabets only.
1. Which of the these listed agricultural implements is rarely used in subsistence agricultural production?
(a)Hoe (b)Matchet (c)Tractor (d)Shovels
2. Environmental factors affecting agricultural production include all excepts (a)Climatic factors
(b)Edaphic factors (c)number of households (d)biotic factors
3. The type of rock formed from the heating up and cooling of molten magma to form glassy or coarsely
crystalline texture is known as__________ (a)Sedimentary rock (b)igneous rock (c)metamorphic rock
(d)sedimentary and metamorphic rocks
4. Animals such as insects, rodents and birds which reduce the quantity and quality of farm produce are
known as_______ (a)pathogens (b)pests (c)diseases (d)bacteria
5. The degree of acidity or alkalinity of a soil refers to ___ (a)soil texture (b)soil PH (c)Soil structure
(d)soil type
6. Mechanized or commercial agriculture is characterized by the following except______ (a)use of tractors,
ploughs, harrows and milking machines (b)application of modern agro-chemicals to increase agricultural
production (c)use of fertilizers such as NPK 15-15-15 and urea (d)use of farmyard manure and compost
manure in large quantity
7. Which of the following is not a physical property of the soil (a)Soil texture (b)Soil structure (c)soil
profile (d)Soil PH
8. The best method to increase the productivity of a sandy soil is_________ (a)bush burning (b)manuring
(c)drainage (d)continuous cropping
9. The climatic factors of a place include the following except (a)Temperature (b)rainfall (c)human
population (d)relative humidity
10. The most important physical factors which influence the weathering of rocks are
(a)colour, particle size and hardness of rock
(b)Particle size, hardness of rock and degree of cementation
(c) hardness, degree of cementation and colour
(d)particle size, temperature and color
SECTION B: THEORY
Answer any four questions
1. (a)Define the term Rock
(b)Enumerate four economic importance of rocks to man
2. (a)What is Soil PH?
(b)Use a sketch to illustrate the soil PH
3. (a)What do you understand by the phrase “Farm machineries”
(b)List the types of farm machineries you know
(c)Mention two examples of each farm machineries
4. (a)Define Climate
(b)List four elements of climate
(c) Draw a sketch to illustrate the relationship between degree centigrade ( oC) and degree Fahrenheit (oF)
5. (a)Mention four edaphic factors affecting agricultural production
(b)List any three types of soils
(c)Which type of soil is best suited for agricultural production
6. (a)Enumerate two benefits of maintenance of farm tools
(b)State six ways of maintenance of farm tools.
SUMMER INTERNATIONAL SCHOOL, AWADA OBOSI
2ND TERM EXAMINATION, 2023/2024 ACADEMIC SESSION
CLASS: SS2 Subject: AGRICULTURAL SCIENCE Time: 1Hour 30mins
SECTION A: OBJECTIVES
1. Nutrient replenishment in soils can be enhanced by (a)Crop removal (b)leaching (c)erosion (d)crop
rotation
2. Floriculture is the division of horticulture that deals with the cultivation of (a)Fruits (b)vegetables
(c)ornamental plants (d)spices
3. Which of the following practices is not a way of maintaining ornamental plants? (a)pruning (b)weeding
(c)watering (d)Harvesting
4. Which of the following is not a characteristics of weeds? (a)Resistance to trampling (b)produces
numerous seeds (c)the seeds from the weeds have short period of viability (d)aggressive growth habit
5. Biological method of weed control do not include (a)introduction of insects to control weeds
(b)Planting crops to compete with the weeds (c)planting leguminous cover crops (d)uprooting the weeds
and burning them
6. Which of the following statements about the effects of diseases on crops are true? Reduction in
I. Quality of farm produce
II. Photosynthetic ability
III. Cost of production
IV. Yield of the farm produce
(a) I, and II only (b)I, and III only (c)I, II and III only (d)I, II and IV only
7. Causal organisms of diseases in crop production do not include (a)viruses (b)bacteria (c)fungi
(d)protozoa
8. The correct sequence of feed utilization in farm animals is?
( a ) Digestion → ingestion→ absorption → assimilation
(b) ingestion→ digestion → assimilation →absorption
(c) ingestion→ digestion → absorption → assimilation
(d) digestion → assimilation →ingestion →absorption
9. The correct sequence of the passage of feed through the digestive system of ruminants is
(a)reticulum → omasum → abomasum →rumen
(b) rumen → omasum → abomasum →reticulum
(c) omasum → abomasum → rumen →reticulum
(d) rumen → reticulum→ omasum → abomasum
10. Which of the following statements about herbivores are true?
I. Non-ruminant herbivores have long caeca
II. Non-ruminant herbivores have complex stomach
III. Ruminant herbivores chew the cud
(a)I and II only (b)I and III only (c)II and III only (d)I,II and III only
SECTION B: THEORY
Answer any four questions
1. (a)Define the term “ornamental plants” (b)mention two examples of ornamental plants
(c) State any four methods of maintenance of flowers
2. (a)Define diseases in crops (b)Enumerate any two general causative organisms of diseases in crops
(c) Describe any four effects of diseases of crops
3. (a)There are many methods of controlling weeds. Mention any three such methods.
(b)State any two features of weeds. (c)List any three economic importance of weeds.
4. (a) What is a farm animal? (b)Classify farm animals according to their habitat
5. (a)What is digestion in farm animals. (b)Mention four organs of the digestive system of farm animals
(c)Using a series of arrows, show the processes of movement of food in the body of farm animals.
6. (a)Define respectively: Anatomy and Physiology of farm animals
(b)What is respiration? (c)Illustrate the types of respiration using chemical equation to do so.
7.
SUMMER INTERNATIONAL SCHOOL, AWADA OBOSI
2ND TERM EXAMINATION, 2023/2024 MOCK EXAMINATION FOR SS3
CLASS: SS3 Subject: AGRICULTURAL SCIENCE Time: 1Hour30mins
SECTION A: OBJECTIVES
Attempt all questions
1. Which of the following benefits of agriculture is of the least importance to the peasant farmer?
(a)materials for shelter (b)employment (c)earning of foreign exchange (d)income
2. The most important contribution of agriculture to mankind is the provision of (a)shelter (b)employment
(c)foreign exchange (d)food
3. Agricultural production in West Africa can be improved y the following practices except (a)use of
modern farm implements by farmers (b)legislation of communal land holding system (c)application of
proven agricultural research findings (d)supply of improved seeds and livestock
4. Which of the following statements best describes commercial agriculture (a)production of plants and
animals for animal consumption (b)large scale agricultural production for sale (c)large scale agricultural
production for family consumption (c)use of family labor for large scale agricultural production
5. The practice of planting one type of annual crop each season is referred to as____ (a)monoculture
(b)continuous cropping (c)monocropping (d)horticulture
6. Which of the following crops should be planed on a piece of land that has been repeatedly cultivated with
maize? (a)Guinea corn (b)Millet (c)Rice (d)Cowpea
7. Which of the following statements about bush burning is false? (a)It releases mineral nutrients bound in
plants tissues (b)it encourages the growth of fresh grasses for feeding livestock (c)the heat generated
destroys pests (d)the heat generated increases the population of soil organisms
8. A detrimental effect of bush burning is that it_______ (a)destroys soil organic matter (b)destroys seeds
of weeds (c)sterilizes the soil (d)adds potash to the soil
9. An important function of mulching is that it___ (a)increases soil temperature (b)provides soils with
nutrients (c)conserves moisture to the soil (d)increases the rate of evaporation
10. One of the major disadvantage of mechanical tillage is the ____ (a)low initial cost of equipment (b)need
for special training before machines can be used (c)use of heavy equipment leading to soil compaction
(d)use of foreign exchange to purchase machine parts
11. Staking is an important practice carried out in the cultivation of some crops in crop production. Which of
the following statements is not a reason for carrying out this operation? To (a)exposure the leaves to
sunlight (b)prevent damage by rodents (c)improve yield of the crop (d)prevent lodging of the plants
12. Which of the following statement about drainage is not true? It (a)removes excess water (b)supplies
moisture for plant growth (c)re-claims waterlogged land and swamps (d)improves the soil structure
13. The removal of excess water from the sub-soil is known as (a)irrigation (b)drainage (c)evaporation
(d)dehydration
14. Which of the following statement about micro-nutrients is correct? They (a)promote formation of only
root nodules (b)are required by plants in very small quantities (c)are fixed into the soil through
microbial activity (d)increase crop tolerance to pest attack
15. The following processes in soil formation are caused by biotic factors except (a)bacterial decomposition
of plants (b)soil mixing and turning by earthworms (c)burrowing of rodents (d)soil disintegration by
dehydration
16. The relative proportion of each fraction of soil in a soil sample determines its (a)texture (b)structure
(c)profile (d)catena
17. Lost soil nutrients can be replenished by the following methods except (a)organic manuring
(b)fertilizer application (c)continuous grazing (d)cover cropping
18. Waterlogged soils impede good crop growth and development because (a)the fibrous roots are
destroyed (b)crop roots ae deprived of sufficient oxygen (c)excessive water stops root growth (d)soil
around roots become too cold for root development
19. Which of the following statements is a disadvantage of decaying organic matter in soil? (a)bacterial and
fungal growth is enhanced (b)minerals in organic matter are released into the soil (c)physical condition
of the soil is enhanced (d)water-holding capacity of soil is improved
20. Which of the following statements about soil organisms is false? (a)Soil PH will affect the population of
soil organisms (b)population of soil living organisms is increased with increase in soil organic matter
(c)soil with good texture and structure cannot harbor soil microbes (d)soil temperature affects the
activities of soil organisms
21. A farm business makes profit when (a)total revenue equals total cost (b)total revenue exceeds total cost
(c)total cost exceeds total revenue (d)average cost equals total revenue
22. Agricultural credits should be put to the following uses except (a)Purchase of farm inputs (b)meeting
family needs (c)improvement of farm structures (d)adoption of new innovations from agricultural
research institutes
23. Which of the following statements is not true about the Profit and loss account of a farm? (a)It is
prepared at the end of the business period usually a year. (b)All expenses and purchases are listed on the
Right hand side (c)all expenses and purchases are listed on the left hand side (d)all receipts and sales are
listed on the right hand side.
24. Calculate the annual depreciation of a farm house using the following data.
I. The initial cost of the farm house = N100,000,000
II. Expected life span of farm house = 100 years
III. Estimated salvage value of farm house = N25,000,000
(a)N75,000 (b)N750,000 (c)N700,000 (d)N250,000
25. Determine the cost price of a farm equipment that has a salvage value of N5,000,000, a useful life of
15years and an annual depreciation of N500,000
(a)N10,000,000 (b)N12,500,000 (c)N15,000,000 (d)N15,500,000
26. In farming enterprise, short term loans are used to (a)purchase farm machinery (b)construct new farm
buildings (c)construct an irrigation dam (d)purchase agro-chemicals
27. A famer obtained a loan of N2,500,000 at a simple interest of 10% per annum to be paid after two years.
What will be the interest the farmer will pay on the loan? (a) N200,000 (b)N400,000 (c)N250,000
(d)N500,000
The table below illustrates a farm record for Goodness farms in the year 2023. Use it to answer question 28
and 29
Date Number of hens Total number of eggs Total number of eggs
collected sold
th
4 June 2023 362 176 96
5th June 2023 360 199 108
th
6 June 2023 360 177 108
28. The table illustrates (a)an inventory record (b)a production record (c)a labor record (d)an input
record
29. If all the unsold eggs were later sold on 7 th June 2023, calculate the income from these unsold eff at
N3800 per crate. (assume a crate = 30 eggs)
(a) N 28,700 (b) N 29800 (c) N 30,400 (d) N 30,000
30. The gross profit of a farm business is the farm’s (a)Net sales less cost of production (b)total sales less
operating expenses (c)net sales less taxation (d)total sales less cost of production
SECTION B: THEORY
Answer six questions
1. (a) Explain the term Commercial Agriculture
(b)Mention two agricultural produce used by each of the following agro-based industries: Canning
industries, beverage industry
2. In a tabular form, list five differences between subsistence agriculture and commercial agriculture.
3. Suggest tow possible solution to each of the following problem to agricultural development in West
Africa
4. Explain four roles of government in agricultural development under the following headings:
i. Pest and Disease control
ii. Marketing of agricultural produce
iii.
5. (a)List five sources of agricultural loans in Nigeria
(b)A farmer was given a loan of N700,000 only by Access bank to be paid after 15months and at a simple
interest of 10%. Find the amount to be paid back at the end of the loan tenure.
6. (a)List four methods by which soil fertility could be maintained
(b)Describe two ways by which the soil fertility will be decreased
7 (a) Mention one function each of the following parts of the seed planter: (i)seed tube (ii)furrow opener
(iii)hopper (iv)furrow wheel
(b)List three machines used in processing crops after harvesting
8 (a)Define the term soil tillage
(b) Distinguish between primary tillage and secondary tillage
9. The diagram illustrates a surveyed school farmland. Study it and use to answer the question below
N
Cash at bank 200,000.00
Cash at hand 70,000.00
Dairy cattle 5,000,000.00
Milk 300,000.00
Loans 3,000,000.00
Initial capital 4,000,000.00
Interest on loan payable 600,000.00
Account receivable 1,000,000.00
Taxes payable 500,000.00
Milking machine 1,500,000
Animal feed 100,000
(i) Use the data to prepare a Balance sheet for the farm.
(ii) Is the farm credit-worthy? Give a reason for your answer?
SUMMER INTERNATIONAL SCHOOL, AWADA OBOSI
2ND TERM EXAMINATION, 2023/2024 ACADEMIC SESSION
CLASS: SS2 Subject: BIOLOGY Time: 1Hour30mins
SECTION A: OBJECTIVES
Attempt all questions
1. Possession of waxy cuticles on leaves to prevent wetting e.g. water lettuce is an adaptation of ______to
aquatic habitat (a)Plant (b)Xylem (c)Organism (d)Animal
2. Plants that can live succssfully in water are called__________ (a)Hydropyhtes (b)hydrophyes
(c)hydrophytes (d)hydroytes
3. Plants that can survive in places which are not too dry or too wet are called_____ (a)xerophytes
(b)mesophytes (c)zorophytes (d)whendophytes
4. Below 0oC or above 42oC the organism may_________ (a)survivo (b)malfunction (c)grow (d)die
5. Competition between members of the same species is called________ competition. (a)Intra (b)ultra-
specific (c)inter specific (d)variable
6. Man and tapeworm is an example of___________ (a)Parasitism (b)predation (c)Commensalism
(d)symbiosis
7. Which of the following is an example of symbiotic association (a)commensalism (b)parasitism
(c)protozoa in the intestine of termites (d)the lion and goat
8. Water cycle is the __________ movement from the _____ to the earth and rom the earth to the ______
(a)continuous, earth, atmosphere (b)continuous, sea, river (c)continuous, land, atmosphere
(d)continuous, atmosphere, atmosphere
9. Nutrient cycling refers to the movement of______nutrient (a)Particular (b)Certain (c)definite
(d)some
10. Pollution is defined as the release of ____ or _____ substances into the _____ by their natural forces or
man and other animals (a)toxic, harmful, environment (b)toxic, harmful, world (c)harmful, toxic,
building (d)biochemical, release
THEORY
Answer any four (4) questions of your choice
1. (a)Define the water cycle
(b) Draw the water cycle
(c) State the process of water cycle in water
2. Write extensively on the following
i. Tolerance range
ii. Geographical range
iii. Tolerance
iv. Competition
3. In a tabular form write 5 major water pollutant, sources, effects and control
(b)water pollution in detail (explain properly)
4. State five Agencies Responsible for conservation an at least three roles they play.
5. (a)Define Pollution
(b)Write extensively on the following: (i)Air pollution (ii)Land pollution (iii)Noise pollution
6. State six (6) control of Land/Soil Pollution.
SUMMER INTERNATIONAL SCHOOL, AWADA OBOSI
2ND TERM EXAMINATION, 2023/2024 MOCK EXAMINATION FOR SS3
CLASS: SS3 Subject: ECONOMICS Time: 1Hour30mins
SECTION A: OBJECTIVES
Attempt all questions
1. The main concern of economists is to______ (a)allocate scarce resources to satisfy human wants
(b)Satisfy all human wants (c)redistribute income between rich and the poor (d)control the growth of
population
2. Productive resources can also be called______ (a)principle of production (b)factors of production
(c)items of production (d)labour and material resources
3. Production covers all the following except when (a)Utility is created (b)a good is manufactured (c)a
commodity is consumed (d)individual wants are satisfied
4. Data presented in tables are usually arranged in______ (a)charts and graphs (b)rows and columns
(c)graphs and rows (d)columns and charts
5. The tory of Diminishing Marginal Utility states that as more units of a commodity are consumed, the____
(a)satisfaction from an extra unit decreases (b)satisfaction from an extra unit rises (c)satisfaction from an
extra unit remains constant (d)total satisfaction from the good remains the same
6. Which of the following factors does not cause a change in demand? (a)taste and fashion (b)vagaries of
weather (c)price of other commodities (d)price of the commodity
7. If goods P and Q are jointly demanded, an increase in the price of P will likely_____ (a)leave the demand
for Q constant but reduce the quantity demanded of Q (b)reduce the quantity of P but increase the price
of Q (c)increase the quantity supplied of Q (d)decrease the quantity demanded of Q
8. The gap between demand supply curves above the equilibrium price is____ (a)normal demand (b)excess
supply (c)equilibrium quantity (d)abnormal demand
9. A major function of the price mechanism is that it determines the (a)allocation of resources (b)amount of
national savings (c)population of the country (d)number of goods to be taxed
10. Which of the following determinants of supply cannot be predicted easily? (a)Price of the commodity
(b)New techniques of product (c)national emergencies (d)mobility of labour
11. If the co-efficient of elasticity of demand is 1.5, then the demand is____ (a)fairly inelastic (b)perfectly
elastic (c)elastic (d)inelastic
12. Small scale enterprises are important in a country because (a)they usually produce goods for the
dependants (b)they provide after-sales services only to the rich (c)the prices of their products are fixed
(d)they render personalized services to the consumers
13. In the long-run, all factors of production are (a)expensive (b)variable (c)durable (d)fixed
14. The transformation curve slope indicates the____ (a)opportunity cost of producing one commodity for
another (b)opportunity cost of producing two commodities at a time (c)sales of the plant to other
investors (d)decrease in the cost of production
15. Which of the following is regarded as fixed cost? (a)Expenditure on raw materials (b)expenditure on
fuel (c)Expenditure on power (d)rent on land
16. Revenue is the_____ (a)cost of good multiplied by the quantity sold (b)price of good multiplied by the
quantity sold (c)quantity of good plus purchase price (d)quantity supplied less quantity sold
17. A business outfit is said to be a public limited company when it___ (a)is owned by government
(b)operates as a public corporation (c)is run by the public (d)sells its shares to members of the public
18. The main characteristics of an ordinary share are (a)Maximum risk, fixed dividends, voting rights
(b)maximum risk, fixed dividends, no voting rights (c)maximum risk, variable dividends, voting rights
(d)minimum risk, fixed dividends, no voting rights
19. The monopolist can determine______ (a)price and output (b)price only (c)output only (d)price or output
20. A market situation with a large number of firms selling closely related but differentiated products is____
(a)Monopolistic competition (b)Perfect competition (c)Monopoly (d)Monopsony
21. Equilibrium under perfect competition require that_____ (a)MC = MR but AR< AC
(b)MR=MC=AR=AC (c)AC=AR < MC (d)TR < TC
22. The purely competitive firm should close down when tis price is less than its (a)average variable cost
(b)total fixed cost (c)average total cost (d)marginal cost
23. During a sale by auction, the price at which the good is finally sold is determined mostly by
(a)Competition between buyers and sellers (b)competition among buyers (c)competition among sellers
(d)government policy
24. Which of the following does not affect a country’s population? (a)Birth rate (b)death rate (c)emigration
(d)unemployment
25. The trade Unions in West Africa have achieved the following for the workers except (a)increased wages
(b)better condition of service (c)competitive determination of wage rate (d)improved welfare facilities
26. The employer’s demand curve for labour is represented by the_____ (a)marginal product curve of labour
(b)total product curve of labour (c)average product curve of labour (d)total cost curve of labour
27. Agriculture plays a dominant role in our country because (a)it is the main source of energy (b)it
employs more than 50% of the total labour force (c)it supplies all industrial inputs (d)there are large
plantations of cocoa, groundnut and palm oil.
28. The main objectives of specialization is to____ (a)allocate resources (b)limit workers’ skill (c)increase
the use of labour (d)increase productivity
29. Industry can be defined as (a)several firms producing different commodities (b)group of firms
producing similar commodities (c)different firms producing equal number of commodities (d)many
firms producing for export
30. Which of the following is a disadvantage of large scale production? (a)Market economies
(b)Managerial economies (c)impersonal organization (d)division of labour
THEORY
Answer 6 questions only
THEORY
Answer four questions only
1. (a)What is Utility?
(b) State the Law of diminishing marginal utility?
(c) Distinguish between Total utility, marginal utility and Average utility?
2. (a)Define Oligopoly?
(b)Differentiate between Monopoly and Duopoly?
(c) List and explain two types of market you know and commodities sold in them
3. (a)Define these terms: (i) A firm (ii)Plant (iii)An industry (iv)Factory (v)Company
(b) What is a market?
(c ) State two concept of utility?
4. (a) State and explain four problems of agriculture development in Nigeria
(b) Enumerate three policies of agriculture in Nigeria
(c ) What is Marketing of agricultural commodities
5. (a)List and explain three prospects of agriculture in Nigeria
(b)Highlight two objectives of fiscal policies
(c ) Mention three sources of government Revenue
6. (a)Define Taxation?
(b) Distinguish between direct tax and indirect tax
(c ) State three effects of taxation
1 2 2
1. Make “x” the subject of the fomular: b=
2
√ a −x
2. x is partly constant and partly varies y. When y =5, x=7 and when y=7, x = 8. Find
a. The law of variation
b. X when y = 11
3. The angles of a pentagon are x ,2 x ,2 x ,120∧170. Find the value of pentagon and the value of x
8 cos θ+ sinθ
4. Given that sin θ= , calculate the value of cos θ , tanθ .
17 cos θ−sin θ
5
5. If tanθ= and 0<θ <900 . Find:
12
(a) sin2 θ (b) cos θ−sin θ (c) c o s e c θ