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

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

ANSWER

 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)

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.