POST UTME UNILORIN 2023 Commerce | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company is planning to transport its goods from Lagos to Abuja using a combination of road and rail. The distance between Lagos and Abuja is 700 km, and the company expects to transport 10,000 kg of goods. If the cost of transporting 1 kg of goods by road is ₦5 and the cost of transporting 1 kg of goods by rail is ₦3, what is the total cost of transporting the goods?
A. ₦35,000
B. ₦40,000
C. ₦45,000
D. ₦50,000
Question 2
A consumer purchases a product for ₦10,000 and pays a 5% sales tax. What is the total amount paid by the consumer?
A. ₦10,500
B. ₦10,525
C. ₦10,550
D. ₦10,575
Question 3
A company has a production capacity of 10,000 units per month. The company's production costs are ₦50,000 per unit, and the selling price of each unit is ₦80,000. If the company expects to sell 8,000 units in the first month, what is the company's profit?
A. ₦400,000
B. ₦500,000
C. ₦600,000
D. ₦800,000
Question 4
A firm's production function is given by Q = 2L^0.5K^0.5. If the firm wants to produce 16 units of output, and the price of labor is ₦100 per unit, and the price of capital is ₦200 per unit, what is the minimum cost of production?
A. ₦4000
B. ₦5000
C. ₦6000
D. ₦8000
Question 5
A consumer purchases a product from a retailer, but the product is defective. The consumer sues the retailer for breach of contract. What is the retailer's defense?
A. The consumer is estopped from claiming damages because they failed to inspect the product before purchase
B. The retailer is not liable for the defect because it was not a party to the contract between the manufacturer and the consumer
C. The retailer is not liable for the defect because it was not a breach of the terms of the contract
D. The retailer is not liable for the defect because it was not a breach of the implied terms of the contract
Question 6
A consumer has purchased a product that has a defect. The consumer is seeking compensation from the manufacturer. Which of the following is a legal requirement for the manufacturer to provide compensation?
A. The manufacturer must provide compensation if the defect was caused by a manufacturing error
B. The manufacturer must provide compensation if the defect was caused by a design error
C. The manufacturer must provide compensation if the defect was caused by a third-party supplier
D. The manufacturer must provide compensation if the consumer can prove that the defect was caused by the manufacturer
Question 7
A company is considering implementing a new inventory management system. The company has identified several potential benefits of this system, including improved efficiency and reduced costs. What is the primary benefit of this system?
A. Improved efficiency
B. Reduced costs
C. Enhanced customer satisfaction
D. Increased sales
Question 8
A company is considering outsourcing its warehousing and stock control operations to a third-party logistics provider. Which of the following is a key benefit of outsourcing warehousing and stock control?
A. Reduced costs
B. Improved efficiency
C. Increased flexibility
D. All of the above
Question 9
A firm is considering investing in a new project. The firm has conducted a cost-benefit analysis and has identified several potential risks associated with the project. What is the primary risk that the firm should consider when evaluating this project?
A. Financial risks
B. Operational risks
C. Strategic risks
D. Environmental risks
Question 10
A company is considering two marketing strategies: Strategy A, which involves a 10% increase in advertising expenditure, and Strategy B, which involves a 20% increase in sales promotion expenditure. If the company's current advertising expenditure is ₦100,000, and the current sales promotion expenditure is ₦50,000, what is the total increase in marketing expenditure under Strategy A?
A. ₦10,000
B. ₦15,000
C. ₦20,000
D. ₦25,000
Question 11
A firm's inventory system is based on the Economic Order Quantity (EOQ) model. If the firm's demand rate is 100 units per month, the ordering cost is ₦50 per order, and the holding cost is ₦10 per unit per month, what is the optimal order quantity?
A. 100 units
B. 200 units
C. 300 units
D. 400 units
Question 12
A consumer protection agency has received a complaint about a company's unfair business practices. The agency has gathered evidence that the company has been engaging in price-fixing, which is a violation of the Consumer Protection Act. What is the most appropriate action the agency should take?
A. Issue a warning to the company
B. Impose a fine on the company
C. Suspend the company's business license
D. Prosecute the company's directors
Question 13
A company's articles of association may provide for a specific method of communication between the board of directors and shareholders. Which of the following is an example of such a provision?
A. Annual general meetings
B. Resolutions by post
C. Notice of meetings
D. Proxy voting
Question 14
A company's Articles of Association provide that the company shall be managed by a Board of Directors. What is the primary function of the Board of Directors?
A. To manage the company's day-to-day activities
B. To make strategic decisions on behalf of the company
C. To oversee the company's financial management
D. To represent the company in legal proceedings
Question 15
A company is considering expanding its operations to include a new product line. However, this expansion would require an initial investment of ₦2 million. If the company's current cash balance is ₦1.5 million and it has a credit limit of ₦2.5 million, what is the maximum amount the company can borrow from the bank to finance the expansion?
A. ₦500,000
B. ₦1 million
C. ₦1.5 million
D. ₦2 million

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