POST UTME UNILAG 2023 Commerce | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company has launched a new marketing campaign to promote its products. Discuss the potential legal implications of the campaign and the steps the company should take to ensure compliance with advertising regulations.
A. The company should ensure that all advertisements are clearly labeled as such and comply with the Advertising Standards Authority's (ASA) code.
B. The company should obtain prior approval from the ASA before launching any new marketing campaign.
C. The company should ensure that all advertisements are truthful and do not make false or misleading claims.
D. The company should not be concerned with advertising regulations as they only apply to consumer-facing advertisements.
Question 2
A company's insurance policy has a deductible of ₦50,000. If the company's annual premium is ₦1,200,000, what is the excess of the premium over the deductible?
A. ₦1,150,000
B. ₦1,200,000
C. ₦1,250,000
D. ₦1,300,000
Question 3
A company is considering implementing a just-in-time inventory system. Which of the following benefits would be most relevant to the company?
A. Reduced inventory costs
B. Improved customer service
C. Increased efficiency
D. Reduced waste
Question 4
A sole trader has a business income of ₦1,200,000 and expenses of ₦800,000. What is the profit before tax?
A. ₦400,000
B. ₦600,000
C. ₦800,000
D. ₦1,200,000
Question 5
A sole trader's business is considered a separate legal entity from the owner's personal assets. However, this separation is not absolute. Discuss the circumstances under which a sole trader's personal assets may be at risk of being used to settle business debts.
A. When the sole trader has guaranteed a business loan.
B. When the sole trader has commingled personal and business finances.
C. When the sole trader has failed to maintain proper accounting records.
D. When the sole trader has been sued personally for business-related negligence.
Question 6
A firm's foreign trade involves importing goods worth ₦1,000,000 and exporting goods worth ₦500,000. What is the firm's balance of trade?
A. ₦500,000
B. ₦0
C. ₦500,000
D. ₦1,000,000
Question 7
A sole trader's business is registered under the sole trader's name. Which of the following is a characteristic of a sole trader's business?
A. Limited liability
B. Unlimited liability
C. Separate legal entity
D. Partnership
Question 8
A firm's cost of goods sold is ₦1,500,000. If the firm's total revenue is ₦3,000,000, what is the gross profit margin?
A. 50%
B. 60%
C. 70%
D. 80%
Question 9
A company's warehousing and stock control system is designed to minimize inventory costs. Which of the following inventory control methods is most likely to be used?
A. Just-In-Time (JIT) inventory control
B. Economic Order Quantity (EOQ) inventory control
C. FIFO (First-In-First-Out) inventory control
D. LIFO (Last-In-First-Out) inventory control
Question 10
A bank offers a loan of ₦1,000,000 at an annual interest rate of 12%. How much interest will be paid after 2 years?
A. ₦120,000
B. ₦240,000
C. ₦360,000
D. ₦480,000
Question 11
A firm is considering exporting its products to the European market. Which of the following documents is required for export purposes?
A. Commercial invoice
B. Bill of lading
C. Certificate of origin
D. Export license
Question 12
A company is considering two different marketing strategies: a push strategy and a pull strategy. Describe the key differences between these two strategies and explain which one is more effective in certain situations.
A. A push strategy involves promoting products to intermediaries, while a pull strategy involves promoting products directly to consumers.
B. A push strategy is more effective in situations where the product is complex and requires a lot of explanation, while a pull strategy is more effective in situations where the product is simple and easy to understand.
C. A push strategy involves creating a sense of urgency among consumers, while a pull strategy involves creating a sense of excitement and anticipation.
D. A push strategy is more effective in situations where the product is expensive, while a pull strategy is more effective in situations where the product is affordable.
Question 13
A company has a sole trader business structure. What is the primary advantage of this structure?
A. Limited liability for the owner
B. Easy to set up and maintain
C. Flexibility in decision-making
D. Ability to raise capital from investors
Question 14
A company has a 10% discount on its products for customers who pay within 30 days. If a customer pays ₦10,000 within 30 days, how much will they pay?
A. ₦9000
B. ₦9500
C. ₦10000
D. ₦10500
Question 15
A company has a warehouse with a capacity of 10,000 units. The company receives an order for 5,000 units and immediately ships out 3,000 units. What is the new inventory level?
A. 7000
B. 8000
C. 9000
D. 10000

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