CLASS: SS2            

         SUBJECT: COMMERCE    

TIME: 2HOURS

SECTION A (OBJECTIVE)

         Answer all questions

1.      Which of the following is not an advantage of advertising?… It   (a)gives information about products
(b)increases sales (c)increases production(d) improves the quality of products (e)introduces new products.

2. Which of the following is a commercial service (a)transporting (b)garri processing (c)oil

drilling (d)lumbering   (e)tailoring

3. In which of the following classes of occupation would you place a commerce teacher?(a) commercial
(b)extractive(c)direct service(d)manufacturing(e)construction

4. The abbreviation ECOWAS stands for…  (a)Economic Community of West African States (b)Economic
Communion of West African State (c)Economic Council of West African states(d)Economic Counsel of West
African States(e)Economic Cooperation of West African States

5.  A shoe repairer is engaged in a (a) service occupation (b) manufacturing (c) extractive occupation (d)
commercial occupation.

6. An economic activities in which people engaged themselves in order to gain a living is known as 

(a) labour  b) employee (c) occupation (d) fighting

7. The type of occupation whereby raw materials are extracted from the soil is known as 

(a) manufacturing

(b) employee

(c) occupation

(d) fighting

8. Formation of a cooperation society is done through

(a) incorporation

(b) registration

(c) decree

(d) act of parliamentary

9. One of the following is not an occupation

(a) armed robber

(b) teacher

(c) barber

(d) tailoring

10. Public enterprise is also known as

(a) public corporation

(b) people business

(c) nation’s firm

(d) government properties

11. ______ is an example of a public enterprise

(a) Nigeria port authority

(b) first bank of Nigeria

(c) Management of labour

(d) fund management

12. A worker who process grain is engaged on

(a) extractive occupation

(b) manufacturing occupation

(c) exchange

(d) constructive occupation

13. An economic activities in which people engaged themselves in order to gain a living is known as 

(a) labour 

(b) employee

(c) occupation

(d) fighting

14. The type of occupation whereby raw materials are extracted from the soil is known as 

(a) manufacturing

(b) employee

(c) occupation

(d) fighting

15. Local enterprises are managed by _____

(a) federal government

(b) state government

(c) local government

(d) council

16. The world ltd written after the name of a company means that
(a) members are liable to the extent of their holding

(b) the individual member capital is limited

(c) the total sum of the capital is high

(d) company’s location is limited

17. The main purpose for establishing a public corporation is to

(a) provide essential service

(b) make profit

(c) provide employment

(d) complete with entrepreneur

18. A place where goods are stored for future use is

(a) hospital

(b) market

(c) warehouse

(d) bank

19. The main aim and objective of every business is to

(a) make profit

(b) make profit and loss

(c) legalized lender

(d) partials money

20. _____ is the risk bearer of every business is

(a) entrepreneur

(b) staff

(c) employee

(d) society

SECTION B: THEORY

ANSWER All QUESTIONS.

1a. Outline the differences between Central Bank and a Commercial Bank .

1b. Mention 5 Trade Association in Nigeria .

1c. What your understanding on these terms in insurance

I)Insurable risk

ii) Non -insurable risk. (10 marks).

2a. Highlight Four (4) features of the following Accounts.

i)Current Account

ii)Savings Account

2b.Mention six(6) Chambers of commerce in Nigeria .

2c.Differentiate between Insurance and Assurance .(10 marks )

3a. Write short note on the following items

i) Tourism

ii)Bank

iii)Fire insurance.

iv)Life Assurance.

3b. The Acronym (Nipost and Nitel) means ? (10 marks)

4 Calculate the compensation based on the fire insurance policy which contains "average clause"

using the following figures;

Insured Amount ₦20000

Actual value ₦50000

Actual loss. ₦ 35000

ii)Mention 5 Tourism Centre's in Nigeria .(10 marks).