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    Commerce

    Uploaded by

    oziegreesther17
    Commerce

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    © All Rights Reserved
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    Commerce

    Uploaded by

    oziegreesther17
    3 views3 pages
    Commerce

    Copyright

    © © All Rights Reserved

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    DOCX, PDF, TXT or read online from Scribd

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    Commerce

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    3 views3 pages

    Commerce

    Uploaded by

    oziegreesther17
    Commerce

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    You are on page 1of 3

    Class: S.

    S 2 Subject: Commerce

    OBJECTIVES

    Answer all

    1. ________ can be defined as any economic or productive activities which people engage in to create
    and produce goods and services in order to make a living (a) employment (b) occupation (c) self-
    employment (d) classification

    2. Examples of industrial workers are (a) farmers (b) carpenters (c) miners (d) all of the above

    3. The creation of utility or production of goods and services which satisfy human wants is known as
    _______ (a) occupation (b) job creation (c) employment (d) production

    4. The factors of production are __________(a) land, labour, money, workers (b) Land, labour, capital,
    entrepreneur (c) Land, labour, workers, employers (d)employers, proprietors, land, workers

    5. ________ is common within the low income earners in under-developed countries like Nigeria (a) hire
    purchase (b) book-me-down (c) credit selling (d) hire selling

    6. ________ is a system of credit in which building societies or banks assists people to buy properties (a)
    hire purchase (b) budget account (c) mortgage (d) Book-me-down

    7. Act by which the buyer or hirer has possession and the use of goods while the owner retains the
    ownership of goods until the final payment has been made is called (a) budget buying,(b) Book-me-
    down (c) hire purchase (d) mortgage buying

    8. An association of merchants, manufacturers and business-men from different commercial field is


    called (a) trade union (b) trade association (c) chamber of commerce (d) labour associates

    9. _________ is a group of firms in the same trade (a) trade association (b) trade union (c) trade society
    (d) chamber of commerce

    10. ______ is the coming together or amalgamation of two or more firms to form a one new company
    (a) partnership (b) merger (c) union (d) association

    11. An association of organizations who work together for a common sim while retaining their
    independence is called (a) merging (b) syndicate (c) union (d) society

    12. Which of these is a reason for merges? (a) buying and selling old products (b) diversification (c)
    interrogation (d) cartel

    13. In holding, one company acquires ________ proportion of the issued share capital of other
    companies (a) small (b) large (c) little (d) no
    14. The provision of cover against some eventuality which must occur at sometime in the future is
    ______ (a) insurance (b) assurance (c) possibilities of insurance (d) compensation

    15. Compensation for victims depends on the premium paid and the extent of________suffered (a)
    losses (b) death (c) association (d) child

    16. Example of non-life insurance includes ________(a) bad debts (b) goods in transit (c) motor vehicle
    (d) all of the above

    17. Life insurance does not include _________(a) endowment (b) term assurance (c) annuities (d) none
    of the above

    18. Example of industrial workers are _______(a) farmers (b) carpenters (c) miners (d) all of the above

    19. Consumer have the right to seek redress and correct any _______(a) product (b) goods and services
    (c) items (d) injustice

    20. The money consideration for goods and services is called ______ (a) price mix (b) interest (c) wages
    (d) capital

    THEORY

    Answer four questions

    1a) Define credit

    b) State two advantages and disadvantages of credit sale

    c) List any three(3) sources of credit that you know

    2a) Explain the term "Trade Association"

    b) state three(3) aims and objectives of trade association

    c) state three(3) functions of trade association

    3a) What is insurance?

    b) Differentiate between insurance and assurance

    c) List five(5) types of insurance

    4a) What is trade?

    b) Differentiate between home trade and foreign trade

    c) Write three(3) examples of non-insurable risks

    5a) What is consumer protection?


    b)State any three (3) rights of a consumer

    c) Write three (3) means by which consumers can be protected

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