POST UTME EKSU 2020 Commerce | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A bank has a loan of ₦1,000,000 at an interest rate of 12% per annum. If the loan is compounded annually, what is the amount of the loan after 2 years?
A. ₦1,144,000
B. ₦1,160,000
C. ₦1,200,000
D. ₦1,280,000
Question 2
A company is considering the implementation of a just-in-time (JIT) inventory system. Which of the following is a key benefit of JIT?
A. Reduced inventory costs
B. Improved product quality
C. Increased production efficiency
D. Enhanced customer service
Question 3
A company has a foreign trade agreement with a country that has a currency exchange rate of 1 USD = 360 Naira. If the company imports goods worth 1000, what is the total cost in Naira?
A. ₦360,000
B. ₦360,000
C. ₦360,000
D. ₦360,000
Question 4
In a perfectly competitive market, the supply curve is downward sloping because of the law of increasing marginal opportunity cost. What is the marginal opportunity cost?
A. The cost of producing one additional unit of a good
B. The cost of producing one unit of a good
C. The cost of producing two units of a good
D. The cost of producing three units of a good
Question 5
A consumer has the following budget constraint: 2x + 3y = 12. If the consumer's indifference curve is given by IC: x + 2y = 6, what is the point on IC that the consumer will choose?
A. (2, 2)
B. (4, 3)
C. (6, 4)
D. (8, 5)
Question 6
A consumer protection agency receives a complaint from a consumer who purchased a product online. The product was not delivered within the stipulated time frame, and the consumer wants a refund. If the consumer has already paid ₦20,000 for the product, and the agency wants to deduct a 10% administrative fee, what is the amount of the refund?
A. ₦18,000
B. ₦19,000
C. ₦20,000
D. ₦21,000
Question 7
A bank's cash reserve ratio is 20%. If the bank has a cash reserve of ₦1,000,000, what is the maximum amount of loans it can give out?
A. ₦4,000,000
B. ₦5,000,000
C. ₦6,000,000
D. ₦8,000,000
Question 8
A company has two business units: A and B. Unit A has a probability of 0.6 of producing a defective product, while unit B has a probability of 0.4 of producing a defective product. If the company produces 1000 units, what is the expected number of defective units produced?
A. 600
B. 400
C. 800
D. 1200
Question 9
A company uses a transportation mode that has a cost of ₦5,000 per unit. If the company transports 1,000 units, what is the total transportation cost?
A. ₦5,000,000
B. ₦4,000,000
C. ₦3,000,000
D. ₦2,000,000
Question 10
A life insurance policy has a premium of ₦5000 per annum. If the policyholder wants to pay the premium in 6 equal installments, what is the amount of each installment?
A. ₦833.33
B. ₦1000
C. ₦1250
D. ₦1666.67
Question 11
A warehouse manager wants to optimize storage space. Which of the following storage systems would be most effective?
A. First-In-First-Out (FIFO)
B. Last-In-First-Out (LIFO)
C. First-In-Last-Out (FILO)
D. Just-In-Time (JIT)
Question 12
A sole trader is considering the purchase of a new piece of equipment for their business. The equipment costs ₦500,000 and is expected to last for 5 years. The sole trader expects to save ₦10,000 per month on utility bills due to the new equipment. What is the net present value (NPV) of the new equipment, assuming a discount rate of 10%?
A. ₦250,000
B. ₦300,000
C. ₦350,000
D. ₦400,000
Question 13
The concept of 'Warehousing and Stock Control' is crucial in the management of inventory. What is the primary objective of a warehouse in a supply chain?
A. To minimize storage costs
B. To maximize storage capacity
C. To ensure timely delivery of goods
D. To reduce inventory levels
Question 14
A consumer protection law that prohibits unfair or deceptive acts or practices in the marketplace is known as?
A. Consumer Protection Act
B. Fair Trade Act
C. Truth-in-Advertising Act
D. Deceptive Business Practices Act
Question 15
A consumer has the following indifference curves: IC1: 2x + 3y = 6, IC2: 2x + 3y = 12. If the consumer is initially at point A(2, 1), what is the point on IC2 that the consumer will choose?
A. (4, 2)
B. (6, 3)
C. (8, 4)
D. (10, 5)

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