POST UTME UI 2018 Commerce | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A consumer is entitled to a refund of the price paid for a defective product under the Consumer Protection Act of 1999. What is the time limit for making a claim for a refund?
A. One year from the date of purchase
B. Two years from the date of purchase
C. Three years from the date of purchase
D. Four years from the date of purchase
Question 2
A company is considering the introduction of a new product line. What type of risk is the company facing?
A. Financial risk
B. Operational risk
C. Strategic risk
D. Compliance risk
Question 3
A firm specializes in producing only one product. If the marginal cost of producing the product is ₦50 and the marginal revenue is ₦60, what is the profit-maximizing quantity?
A. 10 units
B. 20 units
C. 30 units
D. 40 units
Question 4
A consumer has purchased a product that has a defect. What is the consumer's right under the Consumer Protection Act?
A. To return the product for a full refund
B. To claim damages for loss of use
C. To seek a replacement product
D. To cancel the contract
Question 5
A consumer protection law requires businesses to provide a 7-day cooling-off period for customers to return goods. If a customer returns a product after 10 days, what is the likely outcome?
A. The customer will be refunded
B. The customer will be denied a refund
C. The customer will be offered a replacement
D. The customer will be offered a store credit
Question 6
A company's marketing mix includes the 4 Ps: product, price, promotion, and place. Which of the following is NOT one of the 4 Ps?
A. Product
B. Price
C. Promotion
D. Packaging
Question 7
A firm uses a just-in-time inventory system. If the lead time is 5 days and the demand rate is 100 units per day, what is the optimal order quantity?
A. 500 units
B. 750 units
C. 1000 units
D. 1250 units
Question 8
A company is required to file its annual returns with the Corporate Affairs Commission (CAC) under the Companies and Allied Matters Act (CAMA) of 1990. What is the purpose of filing annual returns?
A. To update the company's register of members
B. To update the company's register of directors
C. To update the company's register of charges
D. To update the company's financial statements
Question 9
A company's financial statements are audited annually. Which of the following is a primary objective of the audit?
A. To ensure compliance with tax laws
B. To verify the accuracy of financial statements
C. To identify areas for cost reduction
D. To assess the company's creditworthiness
Question 10
A company is considering investing in a new project. Which of the following is a key factor in determining the project's viability?
A. The project's expected return on investment
B. The project's risk level
C. The project's cash flow projections
D. The project's market demand
Question 11
A consumer has purchased a product that has a defect. What is the primary remedy available to the consumer?
A. Damages
B. Injunction
C. Rescission
D. Specific performance
Question 12
A consumer purchases a product online and receives a defective item. Which of the following is the consumer's best course of action?
A. Return the product and request a refund
B. Contact the manufacturer directly
C. File a complaint with the consumer protection agency
D. Post a negative review online
Question 13
A company is considering the use of a new marketing strategy. What is the primary benefit of using social media marketing?
A. Increased brand awareness
B. Improved customer engagement
C. Enhanced customer loyalty
D. Increased sales revenue
Question 14
A company's marketing strategy includes a social media campaign to promote its new product. Which of the following is NOT a social media platform?
A. Facebook
B. Twitter
C. Instagram
D. LinkedIn
Question 15
A company's inventory management system uses the Economic Order Quantity (EOQ) model to determine the optimal order quantity. The EOQ model is given by the formula: (Q = sqrt{ rac{2DS}{h}}), where Q is the optimal order quantity, D is the demand rate, S is the ordering cost, and h is the holding cost. If the demand rate is 100 units per month, the ordering cost is ₦1200 per order, and the holding cost is ₦10 per unit per month, what is the optimal order quantity?
A. 100
B. 200
C. 300
D. 400

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