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Past Questions and Answers

SS1 First Term Commerce Past Questions And Answers

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SS1 First Term Commerce Past Questions And Answers


Here they are;

Question: What is the primary function of commerce?


A) Manufacturing

B) Distribution

C) Agriculture

D) Construction

Answer: B) Distribution

Question: Which of the following is not a type of trade?


A) Retail trade

B) Barter trade

C) Direct trade

D) Political trade

Answer: D) Political trade

Question: What does the term “SME” stand for in the business world?


A) Small and Medium Enterprise

B) Sales and Marketing Evaluation

C) Systematic Monetary Exchange

D) Social Media Engagement

Answer: A) Small and Medium Enterprise

Question: In accounting, what does the term “debit” represent?


A) Increase in assets

B) Increase in liabilities

C) Decrease in assets

D) Decrease in equity

Answer: A) Increase in assets

Question: Which document serves as evidence of a transaction in business?


A) Invoice

B) Receipt

C) Voucher

D) Statement

Answer: A) Invoice

Question: What is the role of a central bank in an economy?


A) Regulating monetary policy

B) Conducting elections

C) Managing foreign affairs

D) Enforcing legal regulations

Answer: A) Regulating monetary policy

Question: What is the main purpose of advertising in business?


A) Increase production

B) Enhance brand awareness

C) Reduce costs

D) Monitor competitors

Answer: B) Enhance brand awareness

Question: Which economic system relies on supply and demand to determine prices and production levels?


A) Command economy

B) Traditional economy

C) Market economy

D) Mixed economy

Answer: C) Market economy

Question: What is the meaning of the term “profit” in business?


A) Total revenue minus total costs

B) Total revenue plus total costs

C) Total assets minus total liabilities

D) Total assets plus total equity

Answer: A) Total revenue minus total costs

Question: What is the purpose of a balance sheet in accounting?


A) Record daily transactions

B) Summarize income and expenses

C) Show financial position at a specific time

D) Calculate profit margins

Answer: C) Show financial position at a specific time

Question: Which business organization is owned and operated by a single individual?

A) Partnership

B) Corporation

C) Sole proprietorship

D) Cooperative

Answer: C) Sole proprietorship

Question: What is inflation in an economy?

A) Increase in the value of money

B) Decrease in the overall price level

C) Persistent rise in general price levels

D) Stability in the cost of living

Answer: C) Persistent rise in general price levels

Question: What does the acronym “WTO” stand for in the context of international trade?

A) World Trade Organization

B) Worldwide Textile Organization

C) Western Trade Operations

D) World Tourism Outlook

Answer: A) World Trade Organization

Question: Which financial statement reflects the profitability of a business over a specific period?

A) Balance sheet

B) Income statement

C) Cash flow statement

D) Statement of retained earnings

Answer: B) Income statement

Question: What is the purpose of market research in business?

A) Increase taxes

B) Understand customer needs

C) Reduce competition

D) Control inflation

Answer: B) Understand customer needs

Question: In the context of business ethics, what does CSR stand for?

A) Corporate Social Responsibility

B) Customer Service Relations

C) Competitive Sales Revenue

D) Cost Saving and Recycling

Answer: A) Corporate Social Responsibility

Question: What is the term for the money a business owes to its suppliers for goods and services?

A) Equity

B) Assets

C) Liabilities

D) Revenue

Answer: C) Liabilities

Question: Which type of market structure is characterized by a large number of sellers offering similar products?

A) Monopoly

B) Oligopoly

C) Monopolistic competition

D) Perfect competition

Answer: D) Perfect competition

Question: What is the purpose of a budget in financial management?

A) Increase debt

B) Control expenses

C) Maximize profits

D) Ignore financial planning

Answer: B) Control expenses

Question: Which economic indicator measures the average change in prices of a basket of goods and services over time?


B) Unemployment rate

C) Consumer Price Index (CPI)

D) Exchange rate

Answer: C) Consumer Price Index (CPI).

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