Economics J.S1 3rd Term Examination

Welcome to your Economics J.S1 3rd Term Examination

1. The making of goods nd provision of services for the satisfaction of the needs of people is called ------

2. Any item produced such as clothes is a -----

3. Goods that are consumed directly by the society are called -----

4. A type of production also known as extractive production is ----

5. Farmers, fisherman and miners belong to ----- production

6. Manufacturing and Constructive production belong to -----

7. A term used to refer to the production of services is -----

8. When an individual benefit directly from the producer of service it is called ---

9. The standard or rules of behaviour required from a bank is known as -----

10. A cheque a bank refuses to pay is known ----

11. Mr Obi who is a gold miner is engaged in --- industry

12. A source or supply from which a benefit is produced is called

13. A trader who buys goods from the wholesaler and sells in bits is called a ----

14. One of these is not a type of money

15. A system of book-keeping in which transactions are recorded in both the debit and credit sides of the ledger at the same time is called ---

16. Anything which is of value that is owned by a business is called ---

17. The idea of recording both debit and credit transaction so that information relating to the transaction may be easily obtained is called ---

18. A type of international trade where goods are bought and resold to another country to earn foreign exchange is called ---

19. A wholesaler creates more goods by --- the goods

20. The final link in the distribution channel is ---

SUBJECTIVE

1. A term used to describe the recording of both credit and cash transactions is called ----

2. One quality of a good book keeper is -----

3. One of the needs of man which money can solve is ----

4. A quality of money i know is ----

5. The use of goods in exchange for goods in trading is called ----

6. A source or supply from which a benefit is produced is called ----

7. Commerce is define as ----

8. Two forms of trade i know are --- and 9. ---

10. A barter system was replaced with the use of -----

Theory ( Instruction answer any two questions)

1a. What is production?

1b. List the type of production

1c. Explain any two of the types of production

2a. What is a resource

2b. State why money is a resource

C. Mention five needs money can fullfill

3a. Define money

3b. Explain any two types of money you know

3c. List the four function of money

4a. What is book keeping

4b. Record these transactions as a competent book-keeper

i. June 12 - Bought from Uzo and Coy 4 water tanks at 5000 each

ii. June 15 - Bought 5 toilet facilities at 2500 each

iii. June 20- Bought 10 cartoon of biscuits at 4400 each

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