POST UTME UI 2017 Commerce | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company imports goods into Nigeria and is required to pay customs duty. What is the purpose of the customs duty?
A. To raise revenue for the government
B. To protect domestic industries
C. To regulate the importation of goods
D. To provide a source of income for customs officials
Question 2
The Consumer Protection Act of 1999 provides for the establishment of the National Consumer Protection Agency. What is the primary function of this agency?
A. To investigate complaints from consumers
B. To regulate the activities of businesses
C. To educate consumers on their rights
D. To provide legal assistance to consumers
Question 3
A consumer has a budget of ₦1000 and a demand function for a good given by p = 2x + 10, where p is the price and x is the quantity demanded. If the consumer's income is ₦1000, what is the maximum quantity of the good they can afford to buy?
A. 20
B. 30
C. 40
D. 50
Question 4
In a perfectly competitive market, the supply curve is typically represented by a
A. Horizontal line
B. Vertical line
C. U-shaped curve
D. Inverted U-shaped curve
Question 5
A company has a turnover of ₦1000000 and a profit of ₦200000. What is its gross profit?
A. ₦800000
B. ₦900000
C. ₦1000000
D. ₦1100000
Question 6
A warehouse's inventory turnover ratio is the ratio of
A. Cost of goods sold to average inventory
B. Average inventory to cost of goods sold
C. Total inventory to total sales
D. Total sales to total inventory
Question 7
A consumer purchases a product worth ₦5,000, but the seller offers a discount of 10%. Calculate the amount of money the consumer pays.
A. ₦4,000
B. ₦4,500
C. ₦5,000
D. ₦5,500
Question 8
The following diagram shows a sole trader's balance sheet. What is the value of the owner's equity?
A. ₦5000
B. ₦10000
C. ₦20000
D. ₦30000
Question 9
In a perfectly competitive market, the law of diminishing marginal utility is most relevant to the production of which of the following goods?
A. Giffen goods
B. Normal goods
C. Inferior goods
D. Veblen goods
Question 10
A bank's cash reserve ratio is the ratio of
A. Total deposits to total loans
B. Total deposits to total cash
C. Total loans to total deposits
D. Total cash to total loans
Question 11
A marketing manager wants to measure the effectiveness of an advertising campaign. What is the most appropriate metric to use?
A. Return on Investment (ROI)
B. Return on Ad Spend (ROAS)
C. Click-Through Rate (CTR)
D. Conversion Rate
Question 12
A company has a market share of 30% in a particular industry. What is the name of this market structure?
A. Monopoly
B. Oligopoly
C. Monopolistic competition
D. Perfect competition
Question 13
A company is considering two marketing strategies: Strategy A, which involves a 10% increase in advertising expenditure, and Strategy B, which involves a 5% increase in sales force. If the company's current sales are ₦100 million, what is the expected increase in sales revenue if Strategy A is adopted?
A. ₦1.1 million
B. ₦1.2 million
C. ₦1.3 million
D. ₦1.4 million
Question 14
A company has a foreign trade agreement with a supplier in another country. The supplier offers a 10% discount on the total cost of ₦100,000. What is the amount of the discount?
A. ₦10,000
B. ₦20,000
C. ₦30,000
D. ₦40,000
Question 15
A company has two business units: A and B. Unit A has a profit of ₦150,000 and a loss of ₦75,000, while Unit B has a profit of ₦225,000. What is the total profit of the company?
A. ₦300,000
B. ₦375,000
C. ₦450,000
D. ₦525,000

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