Commerce · Practice test
SS 3 practice test
17 questions + 2 written tasks. Answers and your score show when you submit the whole test.
1. Define a cooperative society.
2. Explain three types of cooperative society.
3. State two advantages of cooperative societies.
4. Explain the insurance term proximate cause.
5. Explain the insurance term surrender value.
6. What is an occupation? Name its three main classes.
7. State five reasons for government participation in business.
8. Explain five problems faced by government-owned businesses.
9. Outline five functions of commercial banks.
10. List and explain five ways the Central Bank of Nigeria controls commercial banks.
11. The principle of insurance that prevents the insured from making a profit from a loss is
12. In a consumers' cooperative, surplus is shared among members according to
13. Which of these is NOT a function of the Central Bank of Nigeria?
14. Many traders prefer informal thrift groups (ajo, esusu, adashe) to commercial banks. Analyse two reasons for this and one risk.
15. Evaluate the argument that loss-making government enterprises should be privatised.
16. Draft a plan for a students' cooperative shop in your school: membership, capital, management and how surplus will be shared.
17. (new, AI literacy) A lending app uses AI to approve loans by analysing customers' phone contacts and messages. Evaluate the benefits and risks.
Written tasks
Not part of the score above. Write your answer here or on paper, then you, a parent or a teacher can mark it with the marking guide.
1. Explain the functions of the Central Bank of Nigeria and describe how it controls the activities of commercial banks. (9 marks)
2. Discuss five principles of insurance, using a practical example for each. (9 marks)
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