Practice Post UTME IMS U commerce 2024 Past Questions

Question 1

In a just-in-time (JIT) inventory system, what is the primary goal of the warehouse manager?

A. To minimize inventory costs

B. To maximize storage capacity

Correct C. To reduce lead times

D. To increase order quantities

Correct Answer: C

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Question 2

A company uses a warehouse management system (WMS) to track inventory levels. What is the primary benefit of using a WMS?

A. Improved inventory accuracy

B. Increased storage capacity

C. Reduced labor costs

Correct D. Enhanced supply chain visibility

Correct Answer: D

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Question 3

A firm uses a first-in-first-out (FIFO) inventory system. What is the primary advantage of using FIFO?

A. Reduced inventory costs

B. Improved inventory turnover

C. Increased storage capacity

Correct D. Enhanced product freshness

Correct Answer: D

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Question 4

A company uses a just-in-time (JIT) inventory system. What is the primary characteristic of JIT?

A. High inventory levels

Correct B. Low inventory levels

C. Long lead times

D. Short production runs

Correct Answer: B

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Question 5

A firm uses a warehouse management system (WMS) to track inventory levels. What is the primary function of the WMS?

Correct A. Inventory tracking and reporting

B. Order processing and fulfillment

C. Supply chain management and optimization

D. Financial management and accounting

Correct Answer: A

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Question 6

A bank's cash reserve ratio is 20%. If the bank has a total deposit of ₦100 million, how much cash must it reserve?

Correct A. ₦20 million

B. ₦25 million

C. ₦30 million

D. ₦35 million

Correct Answer: A

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Question 7

A company produces two products, A and B. Product A requires 2 hours of labor and 3 units of raw material, while product B requires 3 hours of labor and 2 units of raw material. If the company has 120 hours of labor and 180 units of raw material, how many units of product A and product B should it produce to maximize profit?

A. 10 units of A and 15 units of B

B. 12 units of A and 18 units of B

Correct C. 15 units of A and 20 units of B

D. 18 units of A and 22 units of B

Correct Answer: C

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Question 8

A consumer buys a product for ₦1,000 and sells it for ₦1,200. If the consumer's utility function is U(x) = 2x - 0.1x^2, where x is the quantity of the product consumed, what is the marginal utility of the product?

Correct A. 2 - 0.2x

B. 2 + 0.2x

C. 2 - 0.1x

D. 2 + 0.1x

Correct Answer: A

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Question 9

A company has a production function Q = 2L^0.5K^0.5, where Q is the quantity produced, L is the labor input, and K is the capital input. If the company has 100 units of labor and 200 units of capital, how much will it produce?

A. 20 units

B. 30 units

Correct C. 40 units

D. 50 units

Correct Answer: C

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Question 10

A consumer has an income of ₦5,000 and buys two goods, A and B. The prices of the goods are ₦1,000 and ₦2,000, respectively. If the consumer's budget constraint is 5,000 = 1,000x + 2,000y, where x and y are the quantities of goods A and B consumed, respectively, what is the consumer's indifference curve?

Correct A. ( 5,000 = 1,000x + 2,000y )

B. ( 5,000 = 2,000x + 1,000y )

C. ( 5,000 = 1,000x - 2,000y )

D. ( 5,000 = 2,000x - 1,000y )

Correct Answer: A

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Question 11

A company is considering the introduction of a new product line. The marketing manager has estimated that the product will generate an additional ₦1,500,000 in revenue per year. However, the production manager has estimated that the product will require an additional ₦750,000 in fixed costs per year. What is the net increase in profit per year?

A. ₦750,000

Correct B. ₦1,250,000

C. ₦1,500,000

D. ₦2,000,000

Correct Answer: B

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Question 12

A sole trader has the following transactions for the month of January:

A. ₦10,000

B. ₦15,000

Correct C. ₦20,000

D. ₦25,000

Correct Answer: C

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Question 13

A company has the following balance sheet:

A. ₦100,000

B. ₦150,000

Correct C. ₦200,000

D. ₦250,000

Correct Answer: C

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Question 14

A company is considering the introduction of a new product line. The marketing manager has estimated that the product will generate an additional ₦1,500,000 in revenue per year. However, the production manager has estimated that the product will require an additional ₦750,000 in fixed costs per year. What is the net increase in profit per year?

A. ₦750,000

Correct B. ₦1,250,000

C. ₦1,500,000

D. ₦2,000,000

Correct Answer: B

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Question 15

A company has the following income statement:

A. ₦100,000

B. ₦150,000

Correct C. ₦200,000

D. ₦250,000

Correct Answer: C

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Question 16

The Central Bank of Nigeria (CBN) uses the following monetary policy tools to control inflation: Open Market Operations (OMO), Reserve Requirements, and Moral Suasion. Which of the following is NOT a monetary policy tool used by the CBN?

Correct A. Fiscal Policy

B. Monetary Policy

C. Supply-Side Policy

D. Demand-Side Policy

Correct Answer: A

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Question 17

A company's marketing mix consists of the 4 Ps: Product, Price, Place, and Promotion. Which of the following is NOT one of the 4 Ps?

A. Product

B. Price

C. Place

Correct D. Profit

Correct Answer: D

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Question 18

A sole trader's business is not registered with the Corporate Affairs Commission (CAC). What is the name of the document that the sole trader must obtain to register their business?

Correct A. Business Name Certificate

B. Partnership Deed

C. Memorandum and Articles of Association

D. Certificate of Incorporation

Correct Answer: A

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Question 19

A company's financial statement includes the following accounts: Revenue, Cost of Goods Sold, and Net Profit. Which of the following accounts is NOT included in the financial statement?

A. Revenue

B. Cost of Goods Sold

C. Net Profit

Correct D. Dividend

Correct Answer: D

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Question 20

A company's marketing strategy includes the following elements: Market Research, Market Segmentation, and Target Marketing. Which of the following elements is NOT included in the marketing strategy?

A. Market Research

B. Market Segmentation

C. Target Marketing

Correct D. Product Development

Correct Answer: D

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Question 21

The Central Bank of Nigeria (CBN) uses the following monetary policy tools to control inflation: quantitative easing, forward guidance, and reserve requirements. Which of the following is NOT a monetary policy tool used by the CBN?

Correct A. Open Market Operations

B. Reserve Requirements

C. Forward Guidance

D. Quantitative Easing

Correct Answer: A

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Question 22

A firm's production function is given by Q = 2L + 3K, where Q is output, L is labor, and K is capital. If the firm increases labor from 10 units to 15 units, and capital remains constant at 5 units, what is the new output level?

A. 35

Correct B. 40

C. 45

D. 50

Correct Answer: B

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Question 23

A company has the following stock levels: 100 units of Product A, 150 units of Product B, and 200 units of Product C. If the company uses the First-In-First-Out (FIFO) method to track inventory, what is the total value of the stock?

A. ₦150,000

Correct B. ₦180,000

C. ₦200,000

D. ₦220,000

Correct Answer: B

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Question 24

A firm's revenue function is given by R = 2Q + 3Q^2, where R is revenue and Q is output. If the firm produces 10 units of output, what is the revenue level?

A. ₦200

B. ₦300

Correct C. ₦400

D. ₦500

Correct Answer: C

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Question 25

A company has the following transportation costs: ₦100 per unit for Product A, ₦150 per unit for Product B, and ₦200 per unit for Product C. If the company transports 100 units of Product A, 150 units of Product B, and 200 units of Product C, what is the total transportation cost?

A. ₦35,000

B. ₦45,000

C. ₦55,000

Correct D. ₦65,000

Correct Answer: D

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