Bismillahir Rahmanir Rahiim

MUDIO ISLAMIC EXAMINATION BOARD (MIEB)

FORM ONE 2ND HOME PACKAGES - 2020
COMMERCE
I

INSTRUCTIONS:-
 Answer all questions
SECTION A (20 marks)

1. For each of the following items, write the letter of the correct answer
(i) The last person in the distribution chain is

A. Consumer C. Manufacturer
B. Consumer and Retailer D. Retailer

(ii) The ability of goods and services to satisfy human wants is known as

A. Production C. Specialization
B. Subsistence D. Utility

(iii) The exchange of goods and services among different countries is called

A. Barter trade
B. Domestic trade C. Foreign trade
D. Inter trade

(iv) An aid to trade that safe guards goods and trade against loss is called

A. Advertising C. Insurance
B. Communication D. Warehousing

(v) The main purpose of commerce if to bridge the gap between

A. Manufactures and wholesalers

B. Producers and consumers
C. Retailers and consumers
D. Wholesalers and retailers

(vi) Home trade involves

A. Buying goods within the country
B. Buying and selling goods with other countries
C. Buying and selling goods within the country
D. Selling goods within the country

(vii) The exchange and distribution of goods and services is referred to as:-

A. Commerce C. Stock control

B. Production D. Trade
 (viii) A wholesaler obtains goods from:-

A. Consumers C. Retailers
B. Producers D. Manufacturers

(ix) Which of the following is not an aid to trade?

A. Insurance C. Retailing
B. Warehousing D. Communication

(x) A refrigerator used in making ice cream for sale is in the category of:-

A. Consumer goods C. Producer goods

B. Luxury goods D. Domestic goods

2. Choose the correct term from Group B which matches with the explanation in Group A, then
write the letter below the maker of the relevant explanation in the table provided.

GROUP A GROUP B
(i) Activities which facilitates trade A. Aids to trade
(ii) Ability of goods and service to satisfy human wants B. Food
(iii) Goods used to produce other goods C. Perishable goods
(iv) Is the final user of goods D. Wholesales
(v) Is the commodity which can be used instead of another E. A traders
(vi) Is a person who buys goods and resells them at a profit F. Commerce
(vii) Is a trader who sells goods to a consumer G. Trade
(viii) Are those item which last a long period of time H. Consumer goods
(ix) Is the one of the basic needs I. Producer goods
(x) A person who links between producers and retailers is J. Retailer
known as
K. Goods
L. Utility
M. Consumer
N. Complementary goods
O. Durable goods
P. Substitution goods
Answers
LIST A i ii iii iv v vi vii viii ix x
LIST B

3. Complete the following statements by filling in the blanks with correct word(s).
(a) _______________________and _____________________are the branches of commerce.
(b) __________________________ is the buying of goods or services from other countries.
(c) Trade between only two countries is called _____________________________
(d) ____________________is another name of aids to trade.
(e) A large building which is made special for storage of goods in safety from bad weather
or thieves is ________________________
(f) ______________________is the another name of capital goods.
 (g) _______________________is any activity under taken with the intention of generation
profit.
(h) ___________________is the buying and selling of goods.
(i) ______________________are items that can be broken easily.
(j) _________________, _________________ and _________________are the human
basic needs.

SECTION B
4. Write short notes on the following terms
(a) Producer
________________________________________________________________________
(b) Basic need
________________________________________________________________________
(c) Wholesale trade
________________________________________________________________________
(d) Advertising
________________________________________________________________________
(e) Auxiliary services
________________________________________________________________________

5. (a) Define the term commerce

___________________________________________________________________________
___________________________________________________________________________

(b) Mention five importance of commerce in our daily life

(i) ____________________________________________________________
(ii) ____________________________________________________________
(iii) ____________________________________________________________
(iv) ____________________________________________________________
(v) ____________________________________________________________

(c) Mention four types of utility

(i) ________________________________________________
(ii) ________________________________________________
(iii) ________________________________________________
(iv) ________________________________________________

SECTION C

6. (a) Define Barter trade

___________________________________________________________________________
___________________________________________________________________________

(b) Briefly explain five draw backs of Barter trade

 (i) ______________________________________________
(ii) ______________________________________________
(iii) ______________________________________________
(iv) ______________________________________________
(v) _____________________________________________

7. Draw a commerce flow chart and label it clearly

Wabillahit Tawfiiq