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

2. A reward for capital is called;{   }

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

3. 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

4. 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

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

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

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

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

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

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

8. 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  

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

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

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

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

Answers 

2. 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.

SECTION B (70 Marks)

Answer all questions.

3. 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

4. In the World of commerce there are several auxiliary services which facilitate smooth running of the business. Name them
5. 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.
6. (a) Define the term factors of production

2. Name any Four factors of production

7. Identify any five commercial activities carried out in your community
8. Kiomboi Cooking oil mill Co.ltd has presented you with the following table in which you have been asked to compute missing figure.

9. 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 

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

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

2.             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

3.           Variable cost is that which varies with

1.                 Company position
2.                Output
3.                 Technology
4.                Time

4.           The exchange of goods and services among different countries is called

1.                 Barter trade
2.                Domestic trade
3.                 Foreign trade
4.                Internal trade

5.             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

6.           Which of the following industries deal with natural resources?

1.                 Manufacturing
2.                Constructive
3.                 Extractive
4.                Textile and building

7.         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.

8.      The ability of goods and services to satisfy human wants is known as;

1.                 Production
2.                Specialization
3.                 Subsistence
4.                Utility

9.           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.

10.              Aid to trade that safeguards goods and trade against loss or damage is called

1.                 Advertising                              b) communication          

   c) Insurance                                 d) warehousing 

2.                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.

SECTION B (70 marks)

Answer all questions in this section 

3.                  (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?

4.                 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.

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

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

6.                    Explain four (4) four types of costs incurred during production process.
7.                Describe six qualities of an entrepreneur
8.                 (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.