Commerce Grades 9/10

National Insurance

100

The National Insurance program was established on  December 12 of which year?

December 12, 1972.

200

In what year was the last NIB rate hike (or contribution) increased?

2024

300

Why was the National Drug Plan created? Give one reason.

• High rate of chronic diseases amongst the population, which creates a demand for extended health care services
• The lack of timely access by patients to essential drugs to manage conditions
• The financial burden facing patients, families, businesses and government in having to find the resources to treat certain diseases.

400

Give 2 benefits of NIB.

- Financial Security for Citizens

- Retirement Planning

- Healthcare Support

- Supporting Families and Communities

- Economic Stability

- Protecting Workers’ Rights

500

If a business owner or self-employed person gets injured, what category of benefit should they apply for if they may a claim?

Industrial

Transportation

100

Fill in the following blank:

Transportation is the activity that facilitates the ________ movement of goods and individuals from one place to another.

Physical movement

200

This telecommunications method turns the alphabet and characters into standardized sequences of dots and dashes (also called dits and dahs)

Morse Code

300

Name the 3 main modes of transportation.

Air

Land

Water

400

Name 2 of 5 components in the "Pattern of Distribution".

Raw Materials

Manufacturer

Wholesaler

Retailer

Consumer

500

Name the mode of transportation that is fastest, the most reliable and the safest

Air travel

Commerce General Knowledge

100

Define the word "Commerce".

The activity of buying and selling, especially on a large scale.

200

What is the term for buying goods from another country?

Importing

300

What is the simplest form of business ownership where the owner is responsible for all debts and decisions?

Sole Proprietorship

400

Provide two advantages of mass producing goods.

• Create large quantities of produce
• Make standardised products
• Employ a specialised workforce that are employed in one specific part of the production
• Use large amounts of machinery and integrate the latest technology into production processes

500

Which type of financial institution is owned and operated by its members, who pool their savings to provide loans to each other?

Credit Union

Production and Distribution

100

What is the process of transforming raw materials into finished goods called?

Production

200

Name the type of production used when large quantities of identical goods are produced on an assembly line.

Mass production

300

What is the term for the amount of goods that producers are willing and able to produce at a certain price?

Supply

400

What do we call the process of transporting goods from a warehouse to retail stores or directly to customers?

Distribution

500

Name the factors of production.

Entrepreneurship

Land

Capital

Labour

Trade and Commerce

100

What is the term for the exchange of goods or services without using money?

Barter

200

What is the term for selling goods to another country?

Exporting

300

What type of financial institution allows individuals to deposit and withdraw money, and provides loans?

Banks

400

What do we call the management strategy that aims to optimize the flow of materials, services, and information along the supply chain?

Logistics

500

Which two sectors does commerce primarily deal with?

Trade and services