Comm S
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KIKAAYA COLLEGE SCHOOL END OF TERM I EXAMS 2008 S.3 COMMERCE (800/1) TIME: 2 ½ hours Instructions: Answer all questions SECTION A 1…………. Is the final stage in the process of production? A. Exchange B. Distribution C. Trade D. Consumption. 2. Status inquiries will always be conducted on a new customer, a procedure carried on by A. the buyer B. the seller C. the bank D. an agent 3. ……… guarantees the collection of debts from his clients A. A commission. B. A delcredere agent C.an under writer D. an import broker 4. Producing goods for ones own consumption is known as A. self-service B. direct service C. direct production D. Barter trade. 5. Tertiary production involves; A. direct production B. production of services C. production of tertiary goods. D. activities aimed at making profits. 6. A teacher is an example of A. an extractive industry B. a direct service C. production of tertiary goods D. a commercial industry 7. Which of the following attempts to satisfy most of our wants? A. trade B. commerce C. consumption D. production 8. Which of the following is a reward to an entrepreneur? A. rent B. salary C. interest D. profit 9. Utility is defined as; A. demand for a community C. usefulness in production
B. ability to satisfy wants D. ability to produce goods.
10. Land and capital are factors of production which of the following would provide a third factor. A. premises B. staff C. vehicles D. machinery
11. The form of selling where the seller owns the property until the final installment is paid is called A. Future deal B. deferred payment C. hire purchase D. credit transaction. 12. A drawer of a bill of exchange is; A. a person who owes money on a bill of exchange B. a person demand payment on a bill of exchange C. the place where bills of exchange are kept safely D. A drawing showing a bill of exchange. 13. Two kinds of goods usually produced are; A. Investment goods and capital goods. B. Labour and capital goods C. Assets and capital goods D. Consumer and capital. 14. Which of the following is a long term liability? A. creditors B. bank overdraft C. bank loan
D. land
15. Demand can be defined as the quality of goods and services that; A. satisfy human wants B. consumers are willing to buy at a given price C. are desired by the consumer D. are brought to the market at given price. 16. One advantage of installment credit is; A. It decreases costs of selling. B. it enables consumers buy low priced goods. C. it enables consumers to buy what they don’t want. D. It enables consumers to buy high priced goods. 17. Which of the following is the odd man out? A. branding B. packaging C. retail out – let
D. after- sale
18. A retail establishment stocking one class of goods under one management is called; A. Hypermarket B. super market C. mobile store D. Multiple shops. 19. The chief advantage of specialization is that A. it provides direct service B. it increases production C. It encourages barter trade. D. it eases calculation of profits.
20. In a barter economy, double coincidence of wants means. A. there must be two buyers and two sellers B. Each part must have exactly what the other wants C. Those two parties in question must have two items for sale. D. Those two parties in question must have similar needs. SECTION B. 21. What is a sole proprietorship business? (b) Why are most entrepreneurs in Uganda sole proprietor? (c) What are the likely problems of this type of business? 22. Distinguish between location and localization of industry. (b) What are the benefits and problems of industrial expansion in your nearest town. 23. What is meant by a “credit status inquiry (b) Where can the seller obtain information about the credit worthiness of a new customer? 24. (a) Distinguish between hire purchase and deferred payment. (b) What are the contents of a hire purchase agreement? (c) Give the merits and demerits of installment selling to (i) the buyer (ii) The seller.
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B. ability to satisfy wants D. ability to produce goods.
10. Land and capital are factors of production which of the following would provide a third factor. A. premises B. staff C. vehicles D. machinery
11. The form of selling where the seller owns the property until the final installment is paid is called A. Future deal B. deferred payment C. hire purchase D. credit transaction. 12. A drawer of a bill of exchange is; A. a person who owes money on a bill of exchange B. a person demand payment on a bill of exchange C. the place where bills of exchange are kept safely D. A drawing showing a bill of exchange. 13. Two kinds of goods usually produced are; A. Investment goods and capital goods. B. Labour and capital goods C. Assets and capital goods D. Consumer and capital. 14. Which of the following is a long term liability? A. creditors B. bank overdraft C. bank loan
D. land
15. Demand can be defined as the quality of goods and services that; A. satisfy human wants B. consumers are willing to buy at a given price C. are desired by the consumer D. are brought to the market at given price. 16. One advantage of installment credit is; A. It decreases costs of selling. B. it enables consumers buy low priced goods. C. it enables consumers to buy what they don’t want. D. It enables consumers to buy high priced goods. 17. Which of the following is the odd man out? A. branding B. packaging C. retail out – let
D. after- sale
18. A retail establishment stocking one class of goods under one management is called; A. Hypermarket B. super market C. mobile store D. Multiple shops. 19. The chief advantage of specialization is that A. it provides direct service B. it increases production C. It encourages barter trade. D. it eases calculation of profits.
20. In a barter economy, double coincidence of wants means. A. there must be two buyers and two sellers B. Each part must have exactly what the other wants C. Those two parties in question must have two items for sale. D. Those two parties in question must have similar needs. SECTION B. 21. What is a sole proprietorship business? (b) Why are most entrepreneurs in Uganda sole proprietor? (c) What are the likely problems of this type of business? 22. Distinguish between location and localization of industry. (b) What are the benefits and problems of industrial expansion in your nearest town. 23. What is meant by a “credit status inquiry (b) Where can the seller obtain information about the credit worthiness of a new customer? 24. (a) Distinguish between hire purchase and deferred payment. (b) What are the contents of a hire purchase agreement? (c) Give the merits and demerits of installment selling to (i) the buyer (ii) The seller.
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