POST UTME GREENFIELD UNIVERSITY 2021 Commerce | Objective

Practice these randomly selected questions to test your readiness.

Question 1
In a perfectly competitive market, the law of supply states that the quantity of a good supplied is inversely related to its price. However, the law of supply is not applicable in a market with a single seller, as the seller can influence the market price. What is the name of this market structure?
A. Monopoly
B. Monopsony
C. Oligopoly
D. Perfect Competition
Question 2
A company has a production process that involves the use of a machine that can produce 1,000 units per hour. If the company operates for 8 hours a day, 5 days a week, and 52 weeks a year, what is the total number of units produced per year?
A. 4,000,000
B. 5,000,000
C. 6,000,000
D. 7,000,000
Question 3
A firm's financial statements are prepared in accordance with Generally Accepted Accounting Principles (GAAP). Which of the following is a characteristic of GAAP?
A. It is based on cash flows
B. It is based on accrual accounting
C. It is based on historical cost
D. It is based on market value
Question 4
A firm's marketing strategy involves a mix of advertising, sales promotions, and public relations. Which of the following is a characteristic of a successful marketing strategy?
A. It is customer-centric
B. It is focused on short-term gains
C. It is adaptable to changing market conditions
D. It is solely dependent on advertising
Question 5
A commercial bank's primary function is to act as a _______ between savers and borrowers.
A. agent
B. broker
C. intermediary
D. facilitator
Question 6
The _______ of a product refers to the process of creating a product that meets the needs and wants of a target market.
A. design
B. development
C. production
D. marketing
Question 7
A company is considering the establishment of a joint venture with a foreign partner. Which of the following would be the most important factor to consider in this situation?
A. Cultural differences
B. Language barriers
C. Differences in business practices
D. Differences in taxation laws
Question 8
A _______ is a written agreement between two or more parties that outlines the terms and conditions of a business transaction.
A. contract
B. agreement
C. treaty
D. memorandum
Question 9
A consumer protection law requires that all businesses must provide a 30-day cooling-off period for customers to return goods. What is the purpose of this law?
A. To protect consumers from defective products
B. To protect businesses from fraudulent customers
C. To promote fair competition among businesses
D. To encourage consumers to make informed purchasing decisions
Question 10
A firm's financial statements are prepared in accordance with Generally Accepted Accounting Principles (GAAP). Which of the following is a characteristic of GAAP?
A. It is based on cash flows
B. It is based on accrual accounting
C. It is based on historical cost
D. It is based on market value
Question 11
A _______ is a type of business that is owned and operated by a single individual.
A. partnership
B. corporation
C. sole proprietorship
D. limited liability company
Question 12
The _______ of a business refers to the process of creating and maintaining a favorable public image.
A. public relations
B. marketing
C. advertising
D. sales
Question 13
A company has a warehouse with a capacity of 10,000 units. The company receives an order for 5,000 units and has a safety stock of 2,000 units. What is the remaining capacity of the warehouse?
A. 3000
B. 4000
C. 5000
D. 6000
Question 14
A company has a production cost of ₦100 per unit and sells its product at ₦150 per unit. What is the profit per unit?
A. ₦50
B. ₦100
C. ₦150
D. ₦200
Question 15
A firm is considering the use of a supply chain management (SCM) system to manage its supply chain. Which of the following benefits would be most likely to be associated with the use of SCM?
A. Improved supply chain visibility
B. Increased flexibility
C. Reduced costs
D. All of the above

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