POST UTME SUMMIT UNIVERSITY 2018 Commerce | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A company's marketing strategy involves a 20% discount on all products. If a product originally costs ₦1,500, what is the new price after the discount?
Question 2
A firm's foreign trade involves exporting goods to a country with a currency exchange rate of 1 USD = ₦500. If the firm sells a product for 100, what is the equivalent in Nigerian Naira?
Question 3
A company's insurance policy covers losses up to ₦1,000,000. If the company suffers a loss of ₦1,500,000, what is the amount the company must pay out of pocket?
Question 4
A company has a foreign exchange rate of 1 USD = ₦500. If the company wants to purchase 100 USD, how much will it cost in Nigerian naira?
Question 5
A company is considering two different risk management strategies to mitigate its risks. Strategy A involves using a hedging strategy, while Strategy B involves using a diversification strategy. If the company wants to minimize its risk exposure, which strategy should it choose?
Question 6
A firm is considering two different production strategies to produce its new product. Strategy A involves using a make-to-stock (MTS) strategy, while Strategy B involves using a make-to-order (MTO) strategy. If the firm wants to minimize its production costs, which strategy should it choose?
Question 7
A company has a production function given by the equation Q = 2L + 3K, where Q is the quantity produced, L is the number of labor units, and K is the number of capital units. If the company wants to produce 10 units of output, how many labor units are required?
Question 8
In a foreign trade transaction, a Nigerian exporter sells goods worth ₦5,000,000 to a foreign buyer. The exporter's bank charges a commission of 2% on the transaction value. If the exchange rate is 1 USD = ₦360, what is the exporter's net earnings in USD?
Question 9
A company is considering two different transportation modes to move its products from the factory to the warehouse. Mode A involves using a truck with a capacity of 10 tons, while Mode B involves using a train with a capacity of 20 tons. If the company needs to transport 50 tons of products, what is the minimum number of trips required to transport the products using Mode A?
Question 10
A company uses the following transportation costs: ₦100,000 for land transport and ₦200,000 for air transport. What is the total transportation cost?
Question 11
In a perfectly competitive market, the supply curve is upward-sloping because of the law of increasing
Question 12
A firm is producing a product with a fixed cost of ₦5000 and a variable cost of ₦10 per unit. If the firm produces 500 units, what is the total cost of production?
Question 13
A firm's demand function is given by Q = 100 - 2P. If the firm's current price is P = 20, what is the elasticity of demand?
Question 14
A company's insurance policy covers a maximum of ₦500,000 in case of an accident. If the company has a deductible of ₦20,000, what is the maximum amount the company will pay out of pocket?
Question 15
In a sole trade business, the owner's capital is ₦250,000. If the business generates a profit of ₦120,000, what is the owner's new capital?
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