FORM ONE COMMERCE EXAMS SERIES

 

 

 

PRESIDENT OFFICE REGIONAL  ADMINISTRATION

AND LOCAL GOVERNMENT

SECONDARY EXAMINATION SERIES 

COMPETENCE BASED  ASSESSMENT

COMMERCE FORM ONE

MID TERM EXAMS-AUG– 2023

 Instructions

  1. This paper consist of sections A, B and C with total of ten (10) questions
  2. Section A and C carries fifteen (15) marks each and section B carries Seventy (70) marks.
  3. All answers must be written in the spaces provided
  4. All communication devices, calculators and any unauthorized materials are not allowed in the assessment room

SECTION A (15 Mrks)

  1. For each of the following items (i) –(x), choose the correct answers from the given alternatives and write its letter in the space box provided.
  1. A trade which is conducted among the nations is called;{   }

A) Retail trade B) Wholesale trade C) Foreign trade D) Home trade

  1. A reward for capital is called;{   }

A) Labour B) Laborer C) Profit D) Interest 

  1. If Juma has been buying goods from Zambia and sale them in Tanzania, in which trade did Juma involve?                    {   }

A) Import trade B) Export trade C) Foreign trade D) Home trade

  1. Imagine your father deals with distribution and exchange of goods and services. Which type of activity is conducted by your father among the following;{   }

A) WarehousingB) InsuranceC) TradeD) Commerce

  1. A person who organizes other factors of production is called;{   }

           A) Labour B) Employees C) Entrepreneurs D) Producers      

  1. A kind of labour which requires more mental effort than physical efforts is called        {   }

A) Skilled labourB)Unskilled labourC)Semi – Skilled labourD) Labour

  1. Which of the following factors of production is fixed in supply;{   }

A) Land B) Labour C) Entrepreneurship D) Capita            {   }

  1. Which of the following indicate a correct stage of production;{   }

A) Primary, Secondary and Tertiary   B) Secondary, Tertiary and Primary 

C) Tertiary, Primary and Secondary   D) Primary, Tertiary and Secondary  

  1. The following are examples of primary production, except;{   }

           A) Mining B) Lumbering C) Fishing D)Cooking Oil production 

  1. Ability of goods or service to satisfy human wants and need is known as;{   }

A) Service B) Trade C) Commerce D) Utility 

Answers 

  1.  
  1.  
  1.   
  1.    
  1.  
  1.    
  1.  
  1.                        
  1.    
  1.  

 

 

 

 

 

 

 

 

 

 
  1. Match the meaning of stock levels terminologies in List A with the relevant terminology in List B by writing the letter of the correct terminology below the corresponding item number in the table provided.

LIST A

LIST B
  1. A kind of trade which deals with buying and selling of goods to the final consumer
  2. A large building where goods are being stored before being sold
  3. Form of foreign trade which involve selling of goods and services to another country
  4. It deals with creation of goods and services needed to satisfy human wants and needs
  5. A level of production which facilitates availability of goods and services at the market
  1. Retail trade
  2. Wholesale trade
  3. Warehouse
  4. Warehousing
  5. Primary production
  6. Secondary production
  7. Tertiary production
  8. Manufacturing industries
  9. Production
  10. Import trade
  11. Export trade

 

SECTION B (70 Marks)

Answer all questions.

  1. Briefly explain the difference between the following terms as used in commerce;
  1. Goods and Service
  2. Trade and business
  3. Home trade and Foreign trade
  4. Import trade and Export trade
  5. Variable cost and Fixed Cost
  1. In the World of commerce there are several auxiliary services which facilitate smooth running of the business. Name them
  2. One day commerce teacher told form ones that, commerce is very important in their everyday life. Since you were present during the lesson, outline any five points which proves that commerce in very important in our daily life.
  3. (a) Define the term factors of production
  1. Name any Four factors of production
  1. Identify any five commercial activities carried out in your community
  2. Kiomboi Cooking oil mill Co.ltd has presented you with the following table in which you have been asked to compute missing figure.

Output 

FC

VC

TC

AVC

AFC

ATC

2

2,000

-

8,000

-

1,000

4,000

4

-

10,000

12,000

-

-

-

5

4,000

3,000

-

600

8,00
  •  

8

2,000

-

5,000

375

- 

625
  1. Warda and Witness are form one students, on Monday they were not present at school and on the same day Commerce teacher taught their fellow students about different production occupations, now since you were present during the session use diagram to present production occupations so as to help them

SECTION C (15 Marks)

Answer question ten (10) questions in easy form 

  1. Commerce is very important in our daily life. Discuss (Provide 5 Points)

1

 

FORM ONE COMMERCE EXAM SERIES 140  

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FORM ONE COMMERCE EXAM SERIES 140  

PRESIDENT OFFICE REGIONAL ADMINISTRATION AND LOCAL GOVERNMENT

FORM ONE MIDTERM EXAMINATION MARCH 2023

061 COMMERCE

 Time: 2:30 Hours 

Instructions

  1. This paper consists of sections A, B and C with a total of Seven (10) questions
  2. Answer all questions.
  3. Section A and C carry Fifteen (15) Marks each and section B carries Seventy (70) marks.
  4. All answers must be written in the space provided
  5. All communication devices, calculators and any unauthorized materials are not allowed in the assessment room
  6. Write your Assessment Name at the top right corner of every page

 SECTION A (15 Marks) 

Answer all questions in this section.

1. For each of the following items (i)-(x), choose the correct answer and write its letter in the box provided

  1. Commerce involves all activities that enable goods and services to be moved from producers to the
  1. Final consumer
  2. Manufacturer
  3. Retailer
  4. Wholesaler
  1. Which of the following statements is true?
  1. Economics is part of commerce
  2. Commerce is part of economics
  3. Commerce includes production
  4. Commerce is the study of exchange only
  1. Making goods for one’s own use is termed as
  1. Self service
  2. Direct production
  3. Self-employment
  4. Direct service
  1. Commercial activities are generally divided into two main parts which are
  1. Commerce and business
  2. Transport and communication
  3. Home and foreign trade
  4. Trade and aids to trade
  1. Create awareness of the availability of goods and services in the market
  1. Transport
  2. Advertising
  3. Communication
  4. Insurance
  1. While commerce is concerned with bringing goods nearer to the consumer, economics is concerned with
  1. Scarce and plenty goods
  2. Auxiliary services
  3. Marketing of goods
  4. The satisfaction of human wants with scarce resources
  1. Which of the following is a drawback of the barter system
  1. A measure of value
  2. Poor communication
  3. Indivisibility of some commodities
  4. ignorance
  1. The import of foreign produced goods into a country to be re-exported are called
  1. Hypothecation
  2. Entrepot trade
  3. Invisible trade
  4. Entre port trade
  1. Which of the following implies home trade
  1. Buying in Dar es salaam and selling to Mombasa
  2. Buying in Nairobi and selling to Arusha
  3. Buying in niger and selling to Nigeria
  4. Buying in Mara and selling to Dodoma
  1. The purpose of production is to
  1. Link producer and consumer
  2. Create utility
  3. Produce goods and services
  4. Satisfy human needs and wants

Questions

i

ii

iii

iv

v

Vi

vii

viii

ix

x

Answers









2.  For each of the following items, choose the correct answer and write its letter in the box provided

LIST A

LIST B
  1. Goods which are used by consumers to satisfy their needs directly
  2. Goods which are used to produce other goods
  3. These are goods which are available for anyone to use, regardless of who pays and who does not pay
  4. Goods which are freely available by nature and in abundance
  5. Goods which can last for a long period without being destroyed
  1. Free goods
  2. Perishable goods
  3. Public goods
  4. Durable goods
  5. Private goods
  6. Consumer goods
  7. Producer goods
  8. Intermediate goods

Answer box

LIST A

I

ii

Iii

iv

V

LIST B




SECTION B (70 Marks)

Answer all questions in this section.

3. Define the following terms

  1. Commerce
  1. business
  1. Economics
  1. Advertising
  1. Utility

4. Many factors have facilitated the growth of trade and commerce at Igunga town. Basing on this statement. Briefly Mention five (5) factors contributed in the development of trade and commerce in Tanzania.

5. (a) No production no life no business. what does the term “Production” means

(b) Mention four types of utilities

6. Differentiate the following concepts as applied in commerce

  1. Goods from service
  1. Commerce from Economics
  1. Direct production from indirect production
  1. Durable goods from perishable goods

7. Mr Marcly is a mathematics teacher at Mwanzugi Secondary school, he heard the subject called commerce but he said that the commerce subject is not important to our country, as an expert of commerce subject analyze to him five importance of studying commerce in our country

8. Mention five features of land as a factor of production

9. Draw a commerce flow chart and label it clearly

SECTION C (15 Marks)

10. There those people who do not buy or sell goods but offer services which facilitate trade. Without such services there would be hindrances in the exchange of goods. With the help of such services there is a continuous flow of exchange of goods and service which helps in the distribution of goods from producer to final consumers. Basing on this statement explain six (6) aids to trade in commerce.

FORM ONE COMMERCE EXAM SERIES 122  

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FORM ONE COMMERCE EXAM SERIES 122  

THE PRESIDENT’S OFFICE MINISTRY OF EDUCATION, REGIONAL ADMINISTRATION AND LOCAL GOVERNMENT

COMPETENCY BASED SECONDARY EXAMINATION SERIES

COMMERCE MARKING SCHEME

FORM ONE- SEPT 2022

Instructions

  1.                This paper consists of section A,B, and C
  2.                Answer ALL questions in all  sections
  3.                Write legibly brief and straight to the point.

 

SECTION A (20 Marks)

            Answer ALL questions in this section

  1.                Read the following statement (i- x) and then write the letter of the correct answer in a table provided.
  1.               Capital as factor for production includes;
  1.                 Expertise of a craft man
  2.                Raw materials
  3.                 Machinery
  4.                Management skills of the owner

 

  1.             Which of the following is an example of home trade?
  1.                 “A” of Kampala buys goods from “B” of Nairobi
  2.                “A” of Kampala buys goods from “B” of Kampala
  3.                 “A” of Kampala sells to “B” of Nairobi
  4.                “A” of Kampala sells goods anywhere outside of Uganda

 

  1.           Variable cost is that which varies with
  1.                 Company position
  2.                Output
  3.                 Technology
  4.                Time

 

  1.           The exchange of goods and services among different countries is called
  1.                 Barter trade
  2.                Domestic trade
  3.                 Foreign trade
  4.                Internal trade
  1.             The purpose of production process is
  1.                 To satisfy consumer needs
  2.                To satisfy producer needs
  3.                 To satisfy business men needs
  4.                None of the above

 

  1.           Which of the following industries deal with natural resources?
  1.                 Manufacturing
  2.                Constructive
  3.                 Extractive
  4.                Textile and building
  1.         Demand is;-
  1.                 The quantity of commodity or services to be bought at a particular price and time
  2.                The quantity of commodity or services to be sold at a particular time and price
  3.                 The list of goods with price
  4.                A graph showing commodities or services to be sold or bought at given time and price.

 

  1.      The ability of goods and services to satisfy human wants is known as;
  1.                 Production
  2.                Specialization
  3.                 Subsistence
  4.                Utility

 

  1.           Equilibrium point means
  1.                 Price is equal to goods demanded  and supplied
  2.                Price at which goods and services are equal
  3.                 Price at which quantity demanded and quantity supplied are equal
  4.                Is the graph showing price, quantity demanded and quantity supplied on the same graph.

 

  1.              Aid to trade that safeguards goods and trade against loss or damage is called
  1.                 Advertising                              b) communication          

   c) Insurance                                 d) warehousing 

 

i

ii

iii

iv

v

vi

vii

viii

ix

x

 

 

 

 

 

 

 

 

 

 

 

 

  1.                Match the items in column A with the responses in column B by writing the letter of the correct response beside the item number in table provided.

Column A

Column B
  1.        The quantity of a commodity required by buyers
  2.      Increase in the price of one of the products lead to an decrease in demand for the other.
  3.   Increases in the price of one of the products leads to an increase in the demand for other.
  4. The demand for a commodity due to an increase in the demand for another commodity 
  5.      The demand for a commodity that can be used in many ways.

 
  1.              Composite demand
  2.               Elasticity of demand
  3.               Derived demand
  4.              Law of demand
  5.               Cross elasticity of demand
  6.                Change in quantity demanded
  7.              Income elasticity of demand
  8.              Demand
  9.                 Inelastic demand
  10.                 Demand schedule
  11.              Unitary demand
  12.               Elastics demand
  13.             Joint demand
  14.              Inelastic demand
  15.              Competitive demand

 

 

 

i

ii

iii

iv

v

vi

vii

viii

ix

x

 

 

 

 

 

 

 

 

 

 

 

 

 

SECTION B (70 marks)

Answer all questions in this section 

 

  1.                  (a) Mention five (5) factors which causes change in demand of a commodity

      (b) What is elasticity of demand and how it can be calculated?

 

  1.                 When the price of maize flour was shs 50/= per Kilogram 40 million kilograms were bought. When the price rise to shs 150/= per kilogram the same amount of maize was bought.

 

  1.                 Calculate the price elasticity of demand of maize flour
  2.                Is the price elasticity of demand elastic or inelastic? Give reasons for your answer.

 

  1.                    (a) Define entrepreneur as a factor of production

        (b) Explain four (4) functions of entrepreneur of a business

 

  1.                    Explain four (4) four types of costs incurred during production process.
  2.                Describe six qualities of an entrepreneur
  3.                 (a) What is self employment?

            (b) Give the benefits of self-employment to an individual

9.  Explain qualities of a good retailer

SECTION C (15 MARKS)

10. Describe characteristics of land as a factor of production.

 

 



FORM ONE COMMERCE EXAM SERIES 108  

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FORM ONE COMMERCE EXAM SERIES 108  

THE UNITED REPUBLIC OF TANZANIA PRESIDENT’S OFFICE REGIONAL  ADMINISTRATION AND LOCAL GOVERNMENT

FORM ONE TERMINAL EXAMINATION Monday, 18th July 2022

061 COMMERCE TIME: 2:30 Hours

Instructions

1. This paper consists of sections A, B and C with a total of Seven (7) questions

2. Answer all questions.

3. Section A and C carry Fifteen (15) Marks each and section B carries Seventy (70) marks.

4. All answers must be written in the space provided

5. All communication devices, calculators and any unauthorized materials are not allowed in the assessment room

6. Write your Assessment Number at the top right corner of every page

 SECTION A (15 Marks)

Answer all questions in this section.

1.For each of the following items (i)-(x), choose the correct answer and write its letter in the box provided

I. The study of how human beings strive to satisfy endless wants using the available scarce resources.

  1. Commerce
  2. Accounting
  3. Office practice
  4. Economics

II. The major aim of commerce is to

  1. Bridge the gap between producer and supplier
  2. Bridge the gap between producer and consumer
  3. Bridge the gap between producer and retailer
  4. Bridge the gap between supplier and consumer

III. The following are the real examples of services

  1. education, entertainment, hair dressing
  2. Pen, chalk, desk, ruler
  3. Pen, education, exercise book
  4. Medical care, doctor, medicine

IV. Which of the following statement is true about the nature of commerce

  1. Trade involves buying and selling of goods and services
  2. Aids to trade likewise depend on trade
  3. Development of trade depends on the development of Aids to trade.
  4. All of the above

V. This is the process of concentrating on what he or she can do the best.

  1. Division of labour
  2. Specialization
  3. Labour
  4. Entrepreneur

VI. Which of the following show the real examples of primary wants

  1. farming, fishing, Industry, mining
  2. farming, Manufacturing, lumbering, mining
  3. farming, fishing, lumbering, trade
  4. farming, fishing, lumbering, mining

VII. One of the qualities of economic goods is that

  1. They have utility
  2. They can be bought and sold
  3. They can be transferable in terms of ownership.
  4. All of the above

VIII. Form one students was in a great debate about the concept of labour and perishable in nature.

Why do you think labour is more perishable than other factors of production?

  1. Labour can be stored.
  2. labour cannot be stored.
  3. Labour is not perishable in nature
  4. None of the above

IX. One of the following is not a features of entrepreneur

  1. Persistent
  2. Creativity
  3. Laziness
  4. Initiative

X. Trade which involves buying goods from wholesalers or manufacturers in large quantities and selling them in reasonable quantities to the final consumers or users is termed as

  1. Consumer
  2. Producer
  3. Retailer
  4. Wholesaler

ITEM

i

Ii

iii

iv

v

vi

vii

viii

ix

x

ANS











2. For each of the following items, choose the correct answer and write its letter in the box provided

LIST A

LIST B

i. Traders who open their shops at different places on fixed days or dates

ii. Traders who move from one place to another carrying their goods on suitable vehicles such as bicycles or motorcycles in search for customers

iii. Traders who sit next to a roadside selling small items such as fruits, vegetables, maize, newspapers or soft drinks

iv. Traders who move from one place to another carrying their goods on their shoulders, bicycles or motorcycles in search of customers

v. Traders who move from one place to another on foot, carrying goods on their heads or shoulders in search for customers
  1. Itinerant traders
  2. Peddlers
  3. Hawkers
  4. Street traders
  5. Market traders
  6. Cheap jacks traders
  7. Roadside sellers
  8. Tied shop

ANSWER

LIST A

I

Ii

iii

iv

v

LIST B






 SECTION B (70 Marks)

Answer all questions in this section.

3. Briefly explain the following terms as they are used in commerce

a. Human wants

b. Employment

c. Economics

d. Semi-skilled labour

e. Small scale retailers

4. Distinguish the following commercial terms

a. Extractive industry and manufacturing industries

(b)Preventing the risk and reducing the risk

(c) Goods and Services

(d) Retailer with no fixed shop and retailers with fixed shop

5. Draw a production flow chart and label it clearly

6. Before the invention of money, the system of business that people used was barter system trade. Due to various problems that related with this system, people forced to change to the use of money as a medium of exchange. Discuss five problems that associated with barter system of trade. 7. Complete the following table by filling the gaps(blanks)

Unit of output (Q)

Fixed cost (FC)

Variable cost (VC)

Total cost (TC)

Average Fixed Cost MINISTRATION AND  (AFC)

Average variable cost (AVC)

0

50


50



1

50


130



2

50


150



3

50


170



4

50


190



8. Business opportunities are created out of many sources one being studying human wants. As a commercial student, briefly show out five business opportunities that you may create basing on your society you live.

9. Imagine you have been invited to attend meeting with people who expects to start a small business few days to come. As an expert, explain to them five functions that performed by the Retailer.

SECTION C: Essay type (15 Marks)

10. Being employed in an organization will not make a person rich, but being a boss for you is a source of richness to many entrepreneurs. Briefly explain three (3) benefits and two (2) demerits of self-employment to the people of Tanzania. 

FORM ONE COMMERCE EXAM SERIES 98  

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FORM ONE COMMERCE EXAM SERIES 98  

 THE PRESIDENT’S OFFICE MINISTRY OF EDUCATION, REGIONAL ADMINISTRATION AND LOCAL GOVERNMENT

COMMERCE MID TERM EXAMINATION

FORM ONE-MARCH/APRIL-2022

TIME: 2:30 HRS  NAME:…………………………………………

INSTRUCTIONS

1.  This paper consists of sections A, B, and C,

2.  Answer ALL questions in each section

3.  Read instructions on each question carefully

SECTION A: Multiple choices (20 marks)

1. For each of the following items (1-x) write the letter of the most correct answer in space provided. (i) Trade can be defined as

  1. Exchange of services for goods
  2. Business expansion in order to earn maximum profit
  3. Buying and selling of goods and services
  4. Exchange of goods for goods

(ii) Barter trade means;

  1. Buying in large quantities
  2. Better trading
  3. Exchanging goods for goods
  4. Exchange of goods for services

(iii) One of the following is not factor production.

  1. Labour 
  2. Land 
  3. Capital 
  4. Man

(iv) Examples of extractive industry

  1. Farming, mining and fishing
  2. Engineering, oil-refiming and steel production
  3. Builders of bridges, houses and chairs
  4. None of the above

(v) Other names for foreign trade is

  1. Home trade 
  2. Retail trade
  3. International trade
  4. Aids to trade

(vi) Perishable goods are like

  1. Bananas, oranges, and vegetables 
  2. Hones, motor van and industries 
  3. Cups, cupboards and chairs
  4. Hammers, hoes and tractors

(vii) International trade grouped in 

  1. Insurance and import trade 
  2. Export and transport trade
  3. Import and export trade
  4. Warehouse and export trade

(viii) The purpose of production process is: 

  1. to satisfy consumer needs
  2. to satisfy producer needs
  3. to satisfy business men needs
  4. None of the above

(ix) Aids to trade means;

  1. All activities which assists to cure and prevent disease 
  2. All activities which assist diseases to grow in the body 
  3. All actives which assist international trade
  4. All activities which assists the trade

(x) Labour as a factor of production is provided by ;

  1. The government
  2. Land
  3. Gift of nature 
  4. Human being

(1 marks @ total 10 marks ) 

Question

i

ii

iii

iv

v

Vi

vii

viii

ix

x

Answer











2. Match the items in list A with the response from list B by writing the letter of the corresponding response beside the item number in a space provided.

Group A

Group B

i) Are necessary agents for production to take place

ii) Is a collective term for all goods and commercial services bought from other country.

iii) Performing only one activity either by hand or machine with

the aim of increasing production.

iv) The transmitting information, ideas and news,

v) The ways through which goods flow from the centre of production to the area of consumption.

vi) Expenses

vii) The physical movement of people and goods from one place to another.

viii) Food, clothes and shelter

ix) Process of storing goods until they are need

x) Process of keeping customers money and providing loans
  1. Communication
  2. Consumer
  3. Chain of distribution /channels of distribution
  4. Factors of production
  5. Specialization
  6. Imports
  7. Are payments for, service which helps in running the business
  8. Banking
  9. Warehousing
  10. Basic needs
  11. Indirect production
  12. Transportation
  13. Stock taking
  14. Gross profit


List A

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Vi

vii

viii

ix

x

List












SECTION B: (40 MARKS)

Filling in blanks answer all questions

3. (a) Price paid for the use of land as a factor of production is ------------------------

(b) Mental or physical efforts of human beings directed to production process is known as --------------------

(c) A trade carried on between different countries ----------------------------------------

(d) A person who organize and start a business is----------------------------------------

(e) The restoring of a businessman to its position of original after he/she suffer losses ----------------------- 

(f) Informing the customers and public in large about business activities is known as ------------------------- 

(g) -------------------------------------------- is the ability of goods and services to satisfy human wants.

(h) An example of producer goods ----------------------- ------------------- 

(i) The one of the basic human wants is -----------------------------------

(j) The reward for entrepreneur is …………………………………………. 

(1mark @ total 10 marks)

4. Define the following terms; 

(a) Capital goods

(b) Non-durable consumer goods

(c) Fixed cost

(d) Aids to trade 

(e) Commerce

(2 marks @ total 10 marks) 

5. Write T for the true sentences and F for False sentences in front of a sentence

(i) Commerce involves, both trade and Aids to trade ----------------------------- 

(ii) Warehousing is grouped together with international trade ----------------- 

(iii) Barter trade is the old method of exchanging goods for goods -------------- 

(iv) Land is a gift of nature -----------------------------

(v) Import and export are parts of international trade -------------------------

(vi) Commerce is defined also as a study of trade and its Aids to trade ----------------- 

(vii) Variable costs decrease as output increases--------------------

(viii) Direct production is the making of goods for self-consumption -----------

(ix) Transportation is the physical movement of people and goods from one place to another----------- 

(x) Communication is an art of passing information from one person to another---------------

(1 marks @ total 10 marks)

SECTION C: (40 marks) Answer ALL questions 

6. Outline five importance of studying commerce subject in your life (10 marks) 

7. In short explain six (6)dis advantages of batter trade (18 marks) 

8. Draw a well lebelled diagram showing classification of production (22 marks)

FORM ONE COMMERCE EXAM SERIES 86  

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FORM ONE COMMERCE EXAM SERIES 86  

 

THE MINISTRY OF EDUCATION AND LOCAL GOVERNMENT

FORM TWO MID TERM EXAMINATION- MARCH 2020

061        COMMERCE

 

Duration: 2:30 Hours

 

INSTRUCTIONS.

 

  1. This paper consists of sections A, B and C with a total of seven (7) questions.
  2. Answer all questions.
  3. All writing must be in blue or black ink except drawing which must be in pencil.
  4. Calculators, cellular phones and any unauthorized materials are not allowed in the examination room.
  5. Write your Examination Number at the top right corner of every page.

 

 

SECTION A (30 MARKS)

  1.                For each of the following items (i) –(x) choose the correct answer among the given alternatives and write its letter in the box provided.

(i)                 Commerce is mainly dealing with 

(a)                Distribution of goods and services

(b)               Production and consumption of goods and services

(c)                Buying and selling of goods and services

(d)               Exchange and distribution of goods and services  

 

(ii)               Which of the following is not included in the commerce flow chart 

(a)                Insurance  (b)Ware housing   (c)Production (d)Transportation

(iii)            The exchange of goods and services is referred to as  

(a)                Aids to trade (b) Trade        (c)Barter trade  (d)Commerce    

(iv)             Which of the following statements represents the correct arrangement of the basic factors of production

(a)                Land ,labour, capital and Entrepreneurship

(b)               Labour, capital, entrepreneurship and labor

(c)                Labour, land, capital and entrepreneurship

(d)               Labour, capital, land and entrepreneurship   

(a)                     

(v)               Which of the following is not a nature of commerce?

  1.              Production
  2.               Economic activities.
  3.               Exchange of goods and services
  4.              Creation of utility.

 (vi) Which of the following is an indirect service? 

  1.              Cobbles and Client
  2.               Doctor and patient
  3.               Advocate and client
  4.              Public rallies

(vii) Ability of economic resource to satisfy human need is called?

  1.                 Variability
  2.                  Inseparability
  3.                  Utility.
  4.                 Transferability.

 (viii) A foregone satisfaction as a result of making a choice is called?.

  1.              Scarcity.
  2.               Utility
  3.               Opportunity cost
  4.              Choice.

 

 

 (ix) Activities that facilitate trade are called?

  1.           Utility
  2.            Trade supporter
  3.            Elements of trade
  4.           Aids of trade.

(x) Which of the following is not a drawback of barter trade?

  1.              Double coincidence
  2.               Lack of measure of value.
  3.               Indivisibility of commodity.
  4.              Lack of store of value.

2. Match the items from list A with those in list B.

LIST A

LIST B

(i)                 Tangible products.

(ii)               Resources provided freely by nature.

(iii)            Foregoing satisfaction as a result of making choice between two equally competing goods or services.

(iv)             Ability of good or service to satisfy human wants

(v)               Elements of commerce.
  1.              Satisfaction
  2.               Form utility
  3.               Perishability
  4.              Time utility
  5.               Human resources
  6.                Possession
  7.              Opportunity cost
  8.              Consumption
  9.                 Exchange value
  10.                 Variability.
  11.              Natural resources.
  12.               Good.
  13.             Trade and Aids to trade
  14.              Service
  15.              Place utility
  16.                Direct service.

 

  1.                (a) Write true if the statements is correct and false if the statement is not correct  

     on the space provided.

(i)                 Wants refers to the quantity of commodities that consumers are willing and able to have at a time ……………..

(ii)               Trade is basically categorized as home trade and foreign trade …………

(iii)            Export trade deals with only selling goods to other countries …………….

(iv)             Commerce is a branch of economics …………….

(v)               The final user of a commodity is known as a retailer ………………

(vi)             The exchange of goods to goods is referred to as barter trade ………….

(vii)           Communication is an aid to trade that gives the public awareness of availability of given commodities               on the market ……………..…..

(viii)        Rent is the payment of land as a factor of production ……………….

(ix)             Perishable goods are those goods that stay for a long period of time without getting exhausted ……………………

(x)               Extractive industries are also referred as primary industries …………

 

 

SECTION B 30 Marks

 

4.         Complete the following sentences by filling the blanks with correct words.

(i)                     The study which deals with allocation of scarce resources to satisfy needs and wants …………………..

(ii)                    Human needs which are not necessary for human survival are called………….

(iii)                   The ability of goods and services to satisfy human wants is refered to ………

(iv)                   ……………. Is the creation of utility 

(v)                    Any Physical or mental efforts given for a certain work to be done…………

 

5. Write short notes on the following commercial terms 

(i)                 Direct production ……………………………………………………………………….

…………………………………………………………………………………………….

(ii)               Retail trade ……………………………………………………………………………….

……………………………………………………………………………………………….

(iii)            Constructive industries ………………………………………………………………..

……………………………………………………………………………………………….

(iv)             Goods ……………………………………………………………………………………..

……………………………………………………………………………………………….

(v)               Commerce …………………………………………………………………………………

……………………………………………………………………………………………….

 6.  Define any five (5) auxiliaries to trade that you may know

(i)                     ……………………………………………………………………………………………….……………………………………………………………………………………………………

(ii)                    ……………………………………………………………………………………………….…………………………………………………………………………………………………….

(iii)                   ……………………………………………………………………………………………….…

…………………………………………………………………………………………………

(iv)                   …………………………………………………………………………………………………

……………………………………………………………………………………………….…

………………………………………………………………………………………………………………………………………………………………………………………………………..

7. Write short notes on the following terms.

a)                  Scarcity

b)                  Choice

c)                  Opportunity cost

d)                  Form utility

e)                  Time utility

8. (a) Describe the Aids to trade.

    (b) Outline importance of Commerce in our daily life. 

 

 

FORM ONE COMMERCE EXAM SERIES 4  

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FORM ONE COMMERCE EXAM SERIES 4  

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