WURAVIEW COLLEGE

THIRD TERM EXAMINATION 2024

CLASS: SS1 SUBJECT: COMMERCE

NAME: ________________________________
Instruction: Attempt all questions
Objective
1. Which of the following converts raw materials inti finished goods? (a) Extractive industry (b)
Manufacturing industry (c) Commercial industry (d) Constructive industry
2. Production ends when goods (a) And services are used by the producers (b) Are packed and labelled (c)
Are sold in the market (d) And services reach the final users
3. The critical factors in organizing business is (a) money (b) capital (c) machinery (d) management
4. The factor of production which is describe as wealth set aside for the production of future wealth is called
(a) entrepreneur (b) land (c) capital (d) goodwill
5. Buying and selling of goods and services within the geographical arears of a country is called (a) entrepot
trade (b) external trade (c) domestic trade (d) regional trade
6. The major division of commerce are (a) import, export and transport (b) trade communication and
warehousing (c) trade and auxiliaries to trade (d) exchange, consumption and production
7. Which of the following is true? (a) commercial service is the life blood of a country`s economic system
(b) there cannot occur commercial service until goods have been produced (c) without commercial service
most goods and service will not produce (d) there is no stage of production that does not employ
commercial services
8. Which of the following is one of the functions of commerce? (a) manufacturing (b) growing of tomato (c)
storage of goods (d) construction of road
9. Which of the following is not a factor or production? (a) capital (b) land (c) labour (d) organization (e)
staffing
10. In which class of occupation would you place a taxi driver (a) extractive (b) indirect services (c) personal
services (d) primary production (e) commercial service
11. Enter port trade refers to (a) importing for domestic consumption (b) importing for industrial use (c)
importing for government concerns (d) importing for re-export
12. The reward to capital is (a) dividend (b) interest (c) profit (d) rent
13. Money spent for the day to day running of a business is called (a) fixed capital (b) working capital (c)
equity capital (d) capital employed
14. Which of the following is not a fixed asset of a business (a) Sundry debtors (b) Patent (c) Machinery and
plant (d) Goodwill
15. In which of the following classes of occupation would you place a commerce teacher (a) commercial (b)
extractive (c) direct service (d) manufacturing
16. Activities aimed at creating an image for organization are know as (a) advertising (b) market research (c)
public relation (d) exhibition
17. The reward of land as a factor of a production is know as (a) interest (b) rent (c) profit (d) wages
18. The three main division of production are (a) extraction, manufacturing and construction (b) import,
export and entre-port (c) industry, commerce and direct services (d) industry, trade and direct service
19. The provision of all kind of services is related to (a) primary production (b) secondary production (c)
tertiary production (d) territorial service
20. Which of the following is the primary purpose of a business concern (a) to make maximum profit for itself
and its shareholder (b) provide goods and services to customer at a profit for it self and shareholder (c)
supply essential commodities at a profit (d) make goods and services available to the poor at a profit
21. A trade agreement in which two country exchange goods and services is know as (a) export trade (b)
bilateral trade (c) multilateral trade (d) entrepot trade
22. The function of commerce in production is that (a) help in the extraction of raw materials (b) provide a
link between the different aim of production (c) is the only branch that satisfy want (d) yields result
23. Which of the following is not a basic want of man (a) transport (b) food (c) water (d) clothing
24. Which of the following come last in the chain of distribution (a) consumer (b) manufacturer (c) retailer (d)
wholesaler
25. Which of the following is not an aid to trade (a) transport (b) production (c) banking (d) insurance
26. Trade can be described as (a) purchase of goods and services (b) production of goods (c) buying and
selling (d) distribution of goods
27. Which of the following is not a branch of production? (a) Consumption (b) Extractive (c) Manufacturing
(d) Distribution
28. In which class of occupation would doctors, teachers and entertainers be grouped? (a) Extractive (b)
Manufacturing (c) Direct service (d) Commercial
29. Foreign trade is also known as (a) domestic trade (b) international trade (c) counter trade (d) entre-port
30. Commerce is not concerned with (a) changing the place of a product (b) changing the form of a product
(c) changing ownership of a product (d) distribution of a product
31. The critical factors in organizing business is (a) money (b) capital (c) machinery (d) management
32. The factor of production which is describe as wealth set aside for the production of future wealth is called
(a) entrepreneur (b) land (c) capital (d) goodwill
33. Buying and selling of goods and services within the geographical arears of a country is called (a) entrepot
trade (b) external trade (c) domestic trade (d) regional trade
34. If a limited liability company wishes to finance expansion by using its retained earning it will issue (a)
debentures stock (b) preferred stock (c) dividend warrant (d) bonus share
35. A partnership formed from banking business is made up of (a) 2-10 members (b) 2-20 members (c) 2-30
members (d) 2-50 members
36. Which of the following statement is true of limited partnership? (a) Every member is a limited partner (b)
All members have limited liability (c) All members are general partner (d) There is at least one ordinary
partner
37. Which of the following is not required for the dissolution of partnership? (a) Expiration of partnership
deed (b) Termination of the venture (c) One partner notifying the other of his intention to dissolve it (d)
Mutual consent of the partners
38. Which of the following is a public corporation? The (a) Nigeria Breweries Limited (b)Nigeria Ports
Authority (c) Lagos chamber of commerce (d) Nigeria bottling company (e) Nigeria merchant bank ltd
39. Which of the following is not required in a memorandum of association? The (a) name of the company (b)
location of the company (c) names of board of director (d) limitation of member’s liability (e) object of the
company
40. The amount paid by the assured to the insurer is called (a) interest (b) premium (c) dividend (d) indemnity
(e) surrender

41 The critical factors in organizing business is (a) money (b) capital (c) machinery (d) management
 42 The factor of production which is describe as wealth set aside for the production of future wealth is
called (a) entrepreneur (b) land (c) capital (d) goodwill
43 Buying and selling of goods and services within the geographical arears of a country is called (a)
entrepot trade (b) external trade (c) domestic trade (d) regional trade
44 If a limited liability company wishes to finance expansion by using its retained earning it will issue
(a) debentures stock (b) preferred stock (c) dividend warrant (d) bonus share
45 A partnership formed from banking business is made up of (a) 2-10 members (b) 2-20 members (c) 2-
30 members (d) 2-50 members
46 Which of the following statement is true of limited partnership? (a) Every member is a limited partner
(b) All members have limited liability (c) All members are general partner (d) There is at least one
ordinary partner
47 Which of the following is not required for the dissolution of partnership? (a) Expiration of partnership
deed (b) Termination of the venture (c) One partner notifying the other of his intention to dissolve it
(d) Mutual consent of the partners
48 Which of the following is a public corporation? The (a) Nigeria Breweries Limited (b)Nigeria Ports
Authority (c) Lagos chamber of commerce (d) Nigeria bottling company (e) Nigeria merchant bank
ltd
49 Which of the following is not required in a memorandum of association? The (a) name of the
company (b) location of the company (c) names of board of director (d) limitation of member’s
liability (e) object of the company
50 The amount paid by the assured to the insurer is called (a) interest (b) premium (c) dividend (d)
indemnity (e) surrender

Theory (Answer 3 questions in all)

1. (a) What is Occupation? (b) With the aid of diagram, show the different classes of occupation
2. (a) What is foreign trade? (b) Explain four ways by which foreign trade is different from home trade
3. Explain any five reasons why commerce is important in the life of a nation
4. (a) Define E-commerce (b) Explain all the aids to trade
5. Mention 10 career opportunities for commercial students
6. (a) Define production (b) List and explain the stages of production
7. (a) Define land as a factor of production (b) State four importance of production

WURAVIEW COLLEGE
THIRD TERM EXAMINATION 2024 SESSION.

CLASS: SS2 SUBJECT: COMMERCE

NAME: ________________________________
Instruction: Attempt all questions
Objective
1. If a limited liability company wishes to finance expansion by using its retained earning it will issue a.
debentures stock b. preferred stock c. dividend warrant d. bonus share e. right issues
2. A partnership formed from banking business is made up of a. 2-10 members b. 2-20 members c. 2-30
members d. 2-40 members e. 2-50 members
3. Which of the following statement is true of limited partnership? (a) Every member is a limited partner (b)
All members have limited liability (c) All members are general partner (d) There is at least one ordinary
partner
4. Which of the following is not required for the dissolution of partnership? (a) Expiration of partnership
deed (b) Termination of the venture (c) One partner notifying the other of his intention to dissolve it (d)
Mutual consent of the partners
5. Which of the following is a public corporation? The (a) Nigeria Breweries Limited (b)Nigeria Ports
Authority (c) Lagos chamber of commerce (d) Nigeria bottling company (e) Nigeria merchant bank ltd
6. Which of the following is not required in a memorandum of association? The (a) name of the company (b)
location of the company (c) names of board of director (d) limitation of member’s liability (e) object of the
company
7. The amount paid by the assured to the insurer is called (a) interest (b) premium (c) dividend (d) indemnity
(e) surrender
8. A memorandum of association is a document (a) inviting the public to buy a company shares (b)
governing the affair of a partnership (c) showing the asset and liabilities of a company at a certain date (d)
defining a company`s relationship with the public (e) regulating a company internal affair
9. Which of the following is not a means of raising a capital by a promoter? (a) goodwill (b) borrowing (c)
selling of shares (d) selling real asset (e) past savings
10. A company has recently advertised an issue of one million ordinary shares of 50 kobo at 65 kobo per
shares. When the issues is fully paid the company will collect (a) N65,0000.00 (b) 650,000.00 (c)
500,000.00 (d) 1,0000,000.00 (e) 65,0000,000.00
11. A private limited liability company differs from a public limited liability company because (a) of its
inability to offer shares to the public (b) it has a separate entity (c) it has many shareholders (d) it declares
dividend to shareholders (e) it pays salaries to its managers
12. The main source of capital for a limited liability company is (a) bank overdraft (b) government subsidy (c)
undistributed profit (d) bank loan (e) share subscriptions
13. The authorized capital of a company is also referred as its (a) called-up capital (b) issued capital (c)
subscribed capital (d) nominal capital (e) unissued capital
14. A partnership agreement specifying the relationship amongst partners is called (a) Article of Association
(b) Memorandum of Association (c) Partnership Deed (d) Partnership Act
15. The main purpose for establishing a public corporation is to (a) make profit (b) provide employment (c)
provide essential service (d) compete with entrepreneurs
16. The sole purpose of production is (a) employment (b) promotion (c) consumption (d) competition (e)
enterprise
17. Commerce developed as a result of (a) speculation (b) specialization (c) importation (d) exportation (a)
competition
18. Which of the following is concerned with obtaining raw material from their natural locations? (a)
extractive industry (b) Manufacturing industry (c) construction industry (d) transport industry
19. In winding-up a company, the asset of the company is vested in the hands of the (a) receiver (b) liquidator
(c) register of the company (d)director of the companies (e) the government
20. The Nigeria television authority is an examples of a (a) private limited liability company (b) public limited
liability company (c) multinational corporation. (d) co-operative society (e) public corporation
21. The value stated on the share certificate as opposed to the current value is called its (a) premium value (b)
exchange value (c) nominal value (d) market value
22. Which of the following must be submitted to the Registrar of Companies before a company is
incorporated? (a) Articles of Association and Certificate of Incorporation (b) Memorandum of Association
and Certificate of Incorporation (c) Memorandum of Association and Articles of Association (d)
Memorandum of Association and Prospectus
23. Debentures are part of a company’s (a) authorized capital (b) Issued capital (c) Called-up capital (d) loan
capital
24. The total assets acquired for permanent use in a business concern is called (a) current assets (b) fixed
assets (c) called-up capital (d) working capital
25. Which of the following is not a necessary document in incorporating a company? (a) Memorandum of
Association (b) Articles of Association (c) Statement of nominal capital (c) Certificate of Trading
26. Details of new share for which the public is being invited to subscribe are contained in the (a)
Memorandum of Association (b) Certificate of Trading (c) Certificate of Incorporation (d) Prospectus
27. Equity interest in a company is represented by (a) preference share (b) retained earnings (c) ordinary share
(d) bonds
28. Which of the following is not true of a sole proprietorship? (a) It has a separate legal entity (b) it has
unlimited liability (c) It has slim chances of expansion (d) The capital is small
29. What document is issued by a public limited company when offering shares for sale? (a) Proposal forms
(b) Policy certificate (c) Prospectus (d) Quotation
30. New shares are issued to the public through (a) acceptance houses (b) the stock exchange (c) issuing
houses (d) discount houses
31. Which of the following is a public corporation? The (a) Nigeria Breweries Limited (b)Nigeria Ports
Authority (c) Lagos chamber of commerce (d) Nigeria bottling company (e) Nigeria merchant bank ltd
32. Which of the following is not required in a memorandum of association? The (a) name of the company (b)
location of the company (c) names of board of director (d) limitation of member’s liability (e) object of the
company
33. The amount paid by the assured to the insurer is called (a) interest (b) premium (c) dividend (d) indemnity
(e) surrender
34. A memorandum of association is a document (a) inviting the public to buy a company shares (b)
governing the affair of a partnership (c) showing the asset and liabilities of a company at a certain date (d)
defining a company`s relationship with the public (e) regulating a company internal affair
35. Which of the following is not a means of raising a capital by a promoter? (a) goodwill (b) borrowing (c)
selling of shares (d) selling real asset (e) past savings
36. A company has recently advertised an issue of one million ordinary shares of 50 kobo at 65 kobo per
shares. When the issues is fully paid the company will collect (a) N65,0000.00 (b) 650,000.00 (c)
500,000.00 (d) 1,0000,000.00 (e) 65,0000,000.00
37. Which of the following converts raw materials inti finished goods? (a) Extractive industry (b)
Manufacturing industry (c) Commercial industry (d) Constructive industry
38. Production ends when goods (a) And services are used by the producers (b) Are packed and labelled (c)
Are sold in the market (d) And services reach the final users
39. The critical factors in organizing business is (a) money (b) capital (c) machinery (d) management
40. The factor of production which is describe as wealth set aside for the production of future wealth is called
(a) entrepreneur (b) land (c) capital (d) goodwill
41. Buying and selling of goods and services within the geographical arears of a country is called (a) entrepot
trade (b) external trade (c) domestic trade (d) regional trade
42. The major division of commerce are (a) import, export and transport (b) trade communication and
warehousing (c) trade and auxiliaries to trade (d) exchange, consumption and production
43. Which of the following is true? (a) commercial service is the life blood of a country`s economic system
(b) there cannot occur commercial service until goods have been produced (c) without commercial service
most goods and service will not produce (d) there is no stage of production that does not employ
commercial services
44. Which of the following is one of the functions of commerce? (a) manufacturing (b) growing of tomato (c)
storage of goods (d) construction of road
45. Which of the following is not a factor or production? (a) capital (b) land (c) labour (d) organization (e)
staffing
46 The critical factors in organizing business is (a) money (b) capital (c) machinery (d) management
47 The factor of production which is describe as wealth set aside for the production of future wealth is
called (a) entrepreneur (b) land (c) capital (d) goodwill
48 Buying and selling of goods and services within the geographical arears of a country is called (a)
entrepot trade (b) external trade (c) domestic trade (d) regional trade
49 If a limited liability company wishes to finance expansion by using its retained earning it will issue (a)
debentures stock (b) preferred stock (c) dividend warrant (d) bonus share
50 A partnership formed from banking business is made up of (a) 2-10 members (b) 2-20 members (c) 2-
30 members (d) 2-50 member

Theory (Answer 3 questions in all)

1. (a) Define Private Enterprises (b) Differentiate between private and public enterprise
2. (b) What is Public Limited Company? (b) State and explain any five features distinguishing a public
limited company from private limited company
3. Briefly explain the steps in the formation of a company
4. List the documents in the Articles of Association and Memorandum of Association
5. (a) Explain the following concept
a. Certification of Incorporation
b. Certificate of Trading
c. Share certificate
d. Shares
e. Debentures
6. List the items in the contents of a prospectus
7. a What is warehousing
b Explain 5 types of warehousing
c list 7 factors to consider in siting a warehouse
8 a Explain the three schools of thought that define capital
b explain 4 types of capital
 c explain turnover

KEMBIL COLLEGE
14, OSHIPITAN STREET, OWOTUTU, BARIGA.
1st TERM EXAMINATION 2022/2023 SESSION.

CLASS: SS3 SUBJECT: COMMERCE

NAME: ________________________________
Instruction: Attempt all questions

Objective
51 Which of the following is a public corporation? The (a) Nigeria Breweries Limited (b)Nigeria Ports
Authority (c) Lagos chamber of commerce (d) Nigeria bottling company (e) Nigeria merchant bank ltd
52 Which of the following is not required in a memorandum of association? The (a) name of the company
(b) location of the company (c) names of board of director (d) limitation of member’s liability (e)
object of the company
53 The amount paid by the assured to the insurer is called (a) interest (b) premium (c) dividend (d)
indemnity (e) surrender
54 A memorandum of association is a document (a) inviting the public to buy a company shares (b)
governing the affair of a partnership (c) showing the asset and liabilities of a company at a certain date
(d) defining a company`s relationship with the public (e) regulating a company internal affair
55 Which of the following is not a means of raising a capital by a promoter? (a) goodwill (b) borrowing
(c) selling of shares (d) selling real asset (e) past savings
56 A company has recently advertised an issue of one million ordinary shares of 50 kobo at 65 kobo per
shares. When the issues is fully paid the company will collect (a) N65,0000.00 (b) 650,000.00 (c)
500,000.00 (d) 1,0000,000.00 (e) 65,0000,000.00
57 Which of the following converts raw materials inti finished goods? (a) Extractive industry (b)
Manufacturing industry (c) Commercial industry (d) Constructive industry
58 Production ends when goods (a) And services are used by the producers (b) Are packed and labelled
(c) Are sold in the market (d) And services reach the final users
59 The critical factors in organizing business is (a) money (b) capital (c) machinery (d) management
60 The factor of production which is describe as wealth set aside for the production of future wealth is
called (a) entrepreneur (b) land (c) capital (d) goodwill
61 Buying and selling of goods and services within the geographical arears of a country is called (a)
entrepot trade (b) external trade (c) domestic trade (d) regional trade
62 The major division of commerce are (a) import, export and transport (b) trade communication and
warehousing (c) trade and auxiliaries to trade (d) exchange, consumption and production
63 Which of the following is true? (a) commercial service is the life blood of a country`s economic
system (b) there cannot occur commercial service until goods have been produced (c) without
commercial service most goods and service will not produce (d) there is no stage of production that
does not employ commercial services
64 Which of the following is one of the functions of commerce? (a) manufacturing (b) growing of tomato
(c) storage of goods (d) construction of road
65 Which of the following is not a factor or production? (a) capital (b) land (c) labour (d) organization (e)
staffing
66 In which class of occupation would you place a taxi driver (a) extractive (b) indirect services (c)
personal services (d) primary production (e) commercial service
67 Enter port trade refers to (a) importing for domestic consumption (b) importing for industrial use (c)
importing for government concerns (d) importing for re-export
68 The reward to capital is (a) dividend (b) interest (c) profit (d) rent
69 Money spent for the day to day running of a business is called (a) fixed capital (b) working capital (c)
equity capital (d) capital employed
70 Which of the following is not a fixed asset of a business (a) Sundry debtors (b) Patent (c) Machinery
and plant (d) Goodwill
71 In which of the following classes of occupation would you place a commerce teacher (a) commercial
(b) extractive (c) direct service (d) manufacturing
72 A partnership agreement specifying the relationship amongst partners is called (a) Article of
Association (b) Memorandum of Association (c) Partnership Deed (d) Partnership Act
73 The main purpose for establishing a public corporation is to (a) make profit (b) provide employment
(c) provide essential service (d) compete with entrepreneurs
74 of (a) The sole purpose of production is (a) employment (b) promotion (c) consumption (d)
competition (e) enterprise
75 Commerce developed as a result speculation (b) specialization (c) importation (d) exportation (a)
competition
76 Which of the following is concerned with obtaining raw material from their natural locations? (a)
extractive industry (b) Manufacturing industry (c) construction industry (d) transport industry
77 In winding-up a company, the asset of the company is vested in the hands of the (a) receiver (b)
liquidator (c) register of the company (d)director of the companies (e) the government
78 The Nigeria television authority is an examples of a (a) private limited liability company (b) public
limited liability company (c) multinational corporation. (d) co-operative society (e) public corporation
79 The value stated on the share certificate as opposed to the current value is called its (a) premium value
(b) exchange value (c) nominal value (d) market value
80 Which of the following must be submitted to the Registrar of Companies before a company is
incorporated? (a) Articles of Association and Certificate of Incorporation (b) Memorandum of
Association and Certificate of Incorporation (c) Memorandum of Association and Articles of
Association (d) Memorandum of Association and Prospectus
81 Debentures are part of a company’s (a) authorized capital (b) Issued capital (c) Called-up capital (d)
loan capital
82 The total assets acquired for permanent use in a business concern is called (a) current assets (b) fixed
assets (c) called-up capital (d) working capital
83 Which of the following is not a necessary document in incorporating a company? (a) Memorandum of
Association (b) Articles of Association (c) Statement of nominal capital (c) Certificate of Trading
84 Details of new share for which the public is being invited to subscribe are contained in the (a)
Memorandum of Association (b) Certificate of Trading (c) Certificate of Incorporation (d) Prospectus
85 Equity interest in a company is represented by (a) preference share (b) retained earnings (c) ordinary
share (d) bonds
86 Which of the following is not true of a sole proprietorship? (a) It has a separate legal entity (b) it has
unlimited liability (c) It has slim chances of expansion (d) The capital is small
87 What document is issued by a public limited company when offering shares for sale? (a) Proposal
forms (b) Policy certificate (c) Prospectus (d) Quotation
88 New shares are issued to the public through (a) acceptance houses (b) the stock exchange (c) issuing
houses (d) discount houses
89 Which of the following converts raw materials inti finished goods? (a) Extractive industry (b)
Manufacturing industry (c) Commercial industry (d) Constructive industry
90 Production ends when goods (a) And services are used by the producers (b) Are packed and labelled
(c) Are sold in the market (d) And services reach the final users
91 The critical factors in organizing business is (a) money (b) capital (c) machinery (d) management
92 The factor of production which is describe as wealth set aside for the production of future wealth is
called (a) entrepreneur (b) land (c) capital (d) goodwill
93 Buying and selling of goods and services within the geographical arears of a country is called (a)
entrepot trade (b) external trade (c) domestic trade (d) regional trade
94 If a limited liability company wishes to finance expansion by using its retained earning it will issue (a)
debentures stock (b) preferred stock (c) dividend warrant (d) bonus share
95 A partnership formed from banking business is made up of (a) 2-10 members (b) 2-20 members (c) 2-
30 members (d) 2-50 members
96 Which of the following statement is true of limited partnership? (a) Every member is a limited partner
(b) All members have limited liability (c) All members are general partner (d) There is at least one
ordinary partner
97 Which of the following is not required for the dissolution of partnership? (a) Expiration of partnership
deed (b) Termination of the venture (c) One partner notifying the other of his intention to dissolve it
(d) Mutual consent of the partners
98 Which of the following is a public corporation? The (a) Nigeria Breweries Limited (b)Nigeria Ports
Authority (c) Lagos chamber of commerce (d) Nigeria bottling company (e) Nigeria merchant bank ltd
99 Which of the following is not required in a memorandum of association? The (a) name of the company
(b) location of the company (c) names of board of director (d) limitation of member’s liability (e)
object of the company
100 The amount paid by the assured to the insurer is called (a) interest (b) premium (c) dividend (d)
indemnity (e) surrender