POST UTME FUTA 2017 Commerce | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A bank's cash management system involves the use of a cash management software to track and manage its cash flows. Which of the following is a benefit of using a cash management software?
A. Improved cash forecasting
B. Reduced cash handling costs
C. Increased cash availability
D. All of the above
Question 2
A firm's business strategy involves identifying its core competencies and developing a competitive advantage to differentiate its products from those of its competitors. What is the primary goal of a competitive advantage?
A. To increase market share
B. To reduce production costs
C. To create a competitive advantage
D. To improve product quality
Question 3
A firm's marketing strategy involves identifying its target market and developing a unique selling proposition (USP) to differentiate its products from those of its competitors. What is the primary goal of a USP?
A. To increase market share
B. To reduce production costs
C. To create a unique selling proposition
D. To improve product quality
Question 4
A sole trader business has a cash flow statement that shows a net cash inflow of ₦500,000. If the business has a cash balance of ₦200,000 at the beginning of the year, what is the new cash balance?
A. ₦700,000
B. ₦600,000
C. ₦500,000
D. ₦400,000
Question 5
A company exports 80% of its production to foreign countries. If the company's total production is 100,000 units, how many units are exported?
A. 80,000
B. 90,000
C. 100,000
D. 120,000
Question 6
A business has a contract with a supplier to purchase goods at a fixed price. However, the supplier has increased the price of the goods. What should the business do?
A. Accept the increased price and continue with the contract
B. Negotiate with the supplier to reduce the price
C. Cancel the contract and find a new supplier
D. Pay the increased price and claim damages from the supplier
Question 7
A company has a policy of paying its employees a minimum of ₦50,000 per month. However, the company's financial situation has changed, and it can no longer afford to pay this amount. What should the company do?
A. Reduce the minimum wage to ₦40,000
B. Increase the minimum wage to ₦60,000
C. Negotiate with employees to accept a lower wage
D. Lay off employees to reduce costs
Question 8
A firm's marketing strategy involves creating a brand identity that is consistent across all its marketing channels. Which of the following is a key element of a brand identity?
A. Brand name
B. Brand logo
C. Brand tagline
D. All of the above
Question 9
The concept of 'limited liability' is a fundamental principle of which business unit?
A. Sole Trade
B. Partnership
C. Company
D. Cooperative
Question 10
A firm produces two goods, X and Y, using two inputs, labor (L) and capital (K). The production function for good X is given by X = 2L + 3K, and the production function for good Y is given by Y = 4L + 2K. If the firm has 10 units of labor and 5 units of capital, how many units of good Y will it produce?
A. 20
B. 30
C. 40
D. 50
Question 11
A company's marketing mix consists of a product with a high level of quality, a price that is slightly above the average market price, a promotion strategy that focuses on social media advertising, and a distribution channel that involves online sales. What is the primary advantage of this marketing mix?
A. Increased market share
B. Improved brand image
C. Reduced production costs
D. Enhanced customer satisfaction
Question 12
A consumer protection agency has received a complaint from a customer who claims that a product is defective. The agency's primary responsibility is to investigate the complaint and determine whether the product meets the required safety standards. What is the next step in the process?
A. To issue a warning to the manufacturer
B. To conduct a recall of the product
C. To investigate the complaint and determine whether the product meets the required safety standards
D. To fine the manufacturer
Question 13
A company has a policy of paying its employees a bonus of 10% of their salary if they meet their sales targets. If an employee's salary is ₦50,000 and they meet their sales targets, how much bonus will they receive?
A. ₦5,000
B. ₦10,000
C. ₦15,000
D. ₦20,000
Question 14
A company has a policy of providing a 10% discount to customers who pay their bills on time. However, a customer has failed to pay their bill on time and is now facing a penalty. What should the company do?
A. Waive the penalty and provide the 10% discount
B. Increase the penalty to 20%
C. Negotiate with the customer to accept a lower penalty
D. Cancel the customer's account and refuse to provide further services
Question 15
A company has a policy of paying its employees a bonus of 10% of their salary if they meet their sales targets. If an employee's salary is ₦50,000 and they meet their sales targets, how much bonus will they receive?
A. ₦5,000
B. ₦10,000
C. ₦15,000
D. ₦20,000

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