FTNA Commerce Paper 2 2004 — Past Paper & Online Quiz

2. 10 marks

Choose the correct term from List B which matches with the explanation in List A, then write the letter below the number of the relevant explanation in the table provided. LIST A LIST B (i) Selling goods abroad A. Advertising (ii) Buying goods in bulk B. Retail trade (iii) Storage facility C. Transportation (iv) Payment for labour D. Wholesaler (v) Exchange without money E. Barter trade (vi) Selling to final consumers F. Wage (vii) Movement of goods G. Warehouse (viii) Promotion of goods H. Export trade (ix) Risk taker I. Entrepreneur (x) Stock valuation J. Stock taking K. Rent L. Interest M. Commerce N. Broker O. Import trade

(i) Selling goods abroad 1 mk

(ii) Buying goods in bulk 1 mk

(iii) Storage facility 1 mk

(iv) Payment for labour 1 mk

(v) Exchange without money 1 mk

(vi) Selling to final consumers 1 mk

(vii) Movement of goods 1 mk

(viii) Promotion of goods 1 mk

((viii) Promotion of goods 1 mk

(ix) Risk taker 1 mk

(x) Stock valuation 1 mk

Upgrade to see model answers.

3. 10 marks

Complete each of the following statements by filling in the blanks with correct word(s) (i) Goods used in production are __________ (ii) Payment made after delivery is __________ (iii) The science of wealth is __________ (iv) Goods exchanged directly are __________ (v) The reward for risk is __________ (vi) Trade within borders is __________ (vii) A trader moving from place to place is __________ (viii) The stock held to avoid shortage is __________ (ix) The selling price less cost price is __________ (x) The process of creating goods is __________

(i) Goods used in production are __________ 1 mk

(i) Goods used in production are 1 mk

(ii) Payment made after delivery is 1 mk

(ii) Payment made after delivery is __________ 1 mk

(iii) The science of wealth is 1 mk

(iii) The science of wealth is __________ 1 mk

(iv) Goods exchanged directly are 1 mk

(iv) Goods exchanged directly are __________ 1 mk

(v) The reward for risk is 1 mk

(v) The reward for risk is __________ 1 mk

(vi) Trade within borders is __________ 1 mk

(vi) Trade within borders is 1 mk

(vii) A trader moving from place to place is 1 mk

(vii) A trader moving from place to place is __________ 1 mk

((viii) The stock held to avoid shortage is __________ 1 mk

(viii) The stock held to avoid shortage is 1 mk

(ix) The selling price less cost price is __________ 1 mk

(ix) The selling price less cost price is 1 mk

(x) The process of creating goods is 1 mk

(x) The process of creating goods is __________ 1 mk

Upgrade to see model answers.

101. 1 mark

Commerce facilitates

A. production only

B. consumption only

C. exchange of goods and services

D. specialization

102. 1 mark

A tied shop sells goods of

A. many manufacturers

B. one manufacturer

C. wholesalers

D. retailers

103. 1 mark

A decrease in supply curve shifts it

A. rightwards

B. upwards

C. leftwards

D. downwards

104. 1 mark

The reward for land is

A. wage

B. interest

C. rent

D. profit

105. 1 mark

Goods which last long are

A. perishable

B. durable

C. free

D. producer

106. 1 mark

A document acknowledging receipt of cash is

A. invoice

B. receipt

C. debit note

D. credit note

107. 1 mark

Trade beyond national borders is

A. home trade

B. retail trade

C. foreign trade

D. local trade

108. 1 mark

A person acting on behalf of another is

A. consumer

B. agent

C. producer

D. trader

109. 1 mark

The cost that changes with output is

A. fixed cost

B. variable cost

C. average cost

D. marginal cost

110. 1 mark

The meeting of buyers and sellers determines

A. utility

B. profit

C. price

D. demand

4. 10 marks

Write short notes on (a) Stock turn (b) Consumer needs (c) Bonded warehouse (d) Advertising (e) Profit

(a) Stock turn 2 mk

(a) Stock turn 3 mk

(b) Consumer needs 3 mk

(b) Consumer needs 2 mk

(c) Bonded warehouse 3 mk

(c) Bonded warehouse 2 mk

(d) Advertising 2 mk

(d) Advertising 3 mk

(e) Profit 3 mk

(e) Profit 2 mk

Upgrade to see model answers.

5. 10 marks

Explain five disadvantages of specialization.

(none) Explain five disadvantages of specialization. 10 mk

Upgrade to see model answers.

6. 15 marks

A trader buys sugar at Tshs 2,000 per kg and sells it at Tshs 2,600 per kg. His monthly sales are 500 kg and monthly expenses are Tshs 120,000. (a) Calculate total revenue. (b) Calculate total cost. (c) Determine net profit.

(a) Calculate total revenue. 5 mk

(b) Calculate total cost. 5 mk

(c) Determine net profit. 5 mk

Upgrade to see model answers.

7. 25 marks

Discuss five roles of commerce in economic development.

(none) Discuss five roles of commerce in economic development. 25 mk

Upgrade to see model answers.

Commerce · Paper 2 · 2004

Commerce · Paper 2 · 2004

Section A

Section B

Section C

Unlock