POST UTME BABCOCK UNIVERSITY 2023 Commerce | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A warehouse manager is responsible for maintaining inventory levels and ensuring timely delivery of goods to customers. What is the primary tool used to manage inventory levels?
A. Inventory management software
B. Barcoding system
C. Just-in-time inventory system
D. First-in-first-out inventory system
Question 2
A sole trader's business is registered under which of the following?
A. Partnership
B. Company
C. Sole Trader
D. Cooperative
Question 3
A company's 'Break-Even Point' (BEP) is the point at which its total revenue equals its total fixed and variable costs. What is the formula for calculating the BEP?
A. \frac{F}{P - V}
B. \frac{F + V}{P}
C. \frac{F}{P + V}
D. \frac{F + V}{P - V}
Question 4
The following is a type of stock control method:
A. Just-in-Time (JIT) inventory system
B. Economic Order Quantity (EOQ) method
C. Materials Requirements Planning (MRP) system
D. Total Quality Management (TQM) approach
Question 5
The following is a type of production method:
A. Job production method
B. Batch production method
C. Mass production method
D. Flexible manufacturing system (FMS)
Question 6
A consumer protection law is designed to protect consumers from unfair business practices. Which of the following is a correct example of a consumer protection law?
A. The Consumer Protection Act of 2004
B. The Companies Act of 2004
C. The Trade Marks Act of 2004
D. The Patents Act of 2004
Question 7
The following is a characteristic of a sole proprietorship business organization:
A. Limited liability of owners
B. Unlimited liability of owners
C. Separation of ownership and management
D. No separation of ownership and management
Question 8
A foreign trade agreement between two countries involves the exchange of goods and services. What is the primary benefit of such an agreement?
A. Increased competition among domestic businesses
B. Improved access to new markets and customers
C. Reduced tariffs and trade barriers
D. Increased government revenue through taxes
Question 9
A company is considering a new insurance policy that covers business interruption. The policy has a high premium but will provide financial protection in the event of a disaster. What type of risk is the company facing?
A. Financial risk
B. Reputational risk
C. Operational risk
D. Business interruption risk
Question 10
A sole trader's business is registered under which of the following?
A. Partnership
B. Company
C. Sole Trader
D. Limited Liability Partnership
Question 11
A sole trader's business is exposed to a risk of loss due to a fire in the premises. Which of the following types of insurance would be most suitable to mitigate this risk?
A. Fire insurance
B. Liability insurance
C. Business interruption insurance
D. Professional indemnity insurance
Question 12
The following is a characteristic of a sole proprietorship business organization:
A. Limited liability of owners
B. Unlimited liability of owners
C. Separation of ownership and management
D. No separation of ownership and management
Question 13
A warehouse manager is responsible for maintaining inventory levels and ensuring timely delivery of goods to customers. What is the primary tool used to manage inventory levels?
A. Inventory management software
B. Barcoding system
C. Just-in-time inventory system
D. First-in-first-out inventory system
Question 14
A consumer protection law is designed to protect consumers from unfair business practices. Which of the following is a correct example of a consumer protection law?
A. The Consumer Protection Act of 2004
B. The Companies Act of 2004
C. The Trade Marks Act of 2004
D. The Patents Act of 2004
Question 15
A foreign trade agreement between two countries involves the exchange of goods and services. What is the primary benefit of such an agreement?
A. Increased competition among domestic businesses
B. Improved access to new markets and customers
C. Reduced tariffs and trade barriers
D. Increased government revenue through taxes

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