SS1 Commerce Past Questions and Answers

Meaning and Scope of commerce

Functions of commerce

Characteristics of commerce

E-commerce: meaning, and functions

Differences between commerce and e-commerce

Historical background of commerce in Nigeria.

Factors affecting the growth of commerce.

The barter system.

Meaning of occupation

Classifications of occupation.

Factors that determine types of occupation and employment.

Meaning and types of industry

Factors determining the volume of production.

Factors of production

Limitations to division of labour.

Specialization and exchange.

Meaning of trade

Types of trade

Relationship among the different types of trade.

Retail trade.

Factors to be considered before setting up retail shop.

Small scale retailing

Store/market trader

Unit/tied shop

Reasons for survival or small scale retailers.

Problems of small scale retail business.

Super market

Departmental store

Multiple/chain store

Mail order business firms

Hyper market

Variety store/one top shop

Retail/whole sale co-operative society

Branding

Self services

After sale services-

Factors to be considered before choosing a particular channel of distribution board.

Meaning, elimination and survival of the middlemen.

Criticism/reasons that may warrant the elimination of middlemen.

Merchant wholesaler: functions and types.

Agent middlemen

Vending machine

Reasons why retail trade may fail.

Meaning and functions of Manufacturer and Retailer

Channels of distribution

Types of wholesalers.

Warehousing

Bonded warehousing

State/queen’s warehousing

Public warehousing

Manufacturer’s warehousing.

Meaning and types of foreign trade

Advantages and disadvantages of foreign trade.

Differentiate between export, import and entrepot.

Balance of trade and balance of payment.

Tariffs/restrictions in foreign trade.

Documents used in foreign trade

Nigerian export promotion council

Nigerian airport authority and Nigerian ports authority

Nigerian export authority

Commodity exchange

Requirements for trading

Types of commodity exchange

Benefits of commodity exchange.

Constraints to commodity trading

Differentiate between commodity and stock

Sole proprietorship

Partnership

Types of career opportunities in commerce

The co-operative movement.

Types of co-operative societies

Public enterprises

Reasons for government ownership of public enterprises.

Advantages and disadvantages of public enterprises.

Types of public enterprises

Meaning of limited liability company

Types of limited liability company

Legal requirement for the formation of a limited liability company

Sources of capital

Other sources of capital

Advantages and disadvantages of limited companies.

Liquidation/dissolution of a limited liability company.

Definition of trade associations

Aims and functions of trade associations

Chamber of commerce

Types of business collaborations

Meaning and history/ evolution of money.

Qualities of money

Types and forms of money.

Meaning, importance and forms of transportation.

Land (road & rail) advantages and disadvantages.

Water (advantages and disadvantages).

Air transportation

Pipeline; advantages and disadvantages.

Definition of communication

Types of communication

Advantages and disadvantages of communication