POST UTME UNILORIN 2024 Commerce | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A bank's financial statements are prepared in accordance with the Generally Accepted Accounting Principles (GAAP). Which of the following is a characteristic of a GAAP-compliant financial statement of a bank?
A. It is prepared in accordance with the International Financial Reporting Standards (IFRS)
B. It is audited by an independent auditor
C. It is prepared in accordance with the Generally Accepted Accounting Principles (GAAP)
D. It is prepared in accordance with the cash basis of accounting
Question 2
A company's financial statements are prepared in accordance with the Generally Accepted Accounting Principles (GAAP). Which of the following is a characteristic of a GAAP-compliant financial statement?
A. It is prepared in accordance with the International Financial Reporting Standards (IFRS)
B. It is audited by an independent auditor
C. It is prepared in accordance with the Generally Accepted Accounting Principles (GAAP)
D. It is prepared in accordance with the cash basis of accounting
Question 3
A company has a production cost of ₦15 per unit and a selling price of ₦25 per unit. If the company produces 1,000 units, what is the profit?
A. ₦5,000
B. ₦10,000
C. ₦15,000
D. ₦20,000
Question 4
A company is considering expanding its operations to a new market. The company has identified several potential markets, but it is not sure which one to choose. Which of the following is a key factor to consider when evaluating the potential markets?
A. The size of the market
B. The level of competition in the market
C. The potential for growth in the market
D. The cost of entering the market
Question 5
A sole trader is a type of business organization that is owned and operated by one individual. What is the main advantage of a sole trader?
A. The sole trader has unlimited liability.
B. The sole trader has limited liability.
C. The sole trader has the ability to raise capital from investors.
D. The sole trader has the ability to transfer ownership of the business.
Question 6
A company is considering exporting its products to a new market. The company has identified several potential markets, but it is not sure which one to choose. Which of the following is a key factor to consider when evaluating the potential markets?
A. The size of the market
B. The level of competition in the market
C. The potential for growth in the market
D. The cost of exporting to the market
Question 7
A firm's demand curve shifts to the right when there is an increase in the
A. Price of a Complementary Good
B. Price of a Substitute Good
C. Income of Consumers
D. Price of the Good Itself
Question 8
A sole trader's business is affected by the following risks: market risk, credit risk, and operational risk. Which of the following insurance products would be most effective in mitigating these risks?
A. Liability Insurance
B. Business Interruption Insurance
C. Professional Indemnity Insurance
D. Public Liability Insurance
Question 9
A company is considering exporting its products to a new market. The company has identified several potential markets, but it is not sure which one to choose. Which of the following is a key factor to consider when evaluating the potential markets?
A. The size of the market
B. The level of competition in the market
C. The potential for growth in the market
D. The cost of exporting to the market
Question 10
A company's introduction to commerce involves the following steps: market research, product development, and market entry. Which of the following business units is most relevant to this process?
A. Sole Trader
B. Limited Liability Partnership
C. Private Limited Company
D. Public Limited Company
Question 11
A consumer protection agency has received complaints about a company's unfair business practices. The agency has the power to investigate and impose penalties. What is the primary purpose of this agency?
A. To promote fair competition
B. To protect consumers from unfair business practices
C. To regulate business operations
D. To provide consumer education
Question 12
A company has a production cost of ₦10 per unit and a selling price of ₦20 per unit. If the company produces 500 units, what is the profit?
A. ₦3,000
B. ₦5,000
C. ₦7,000
D. ₦10,000
Question 13
A firm's marketing strategy involves a mix of promotional tools to create awareness and stimulate demand for its products. Which of the following is a characteristic of a promotional mix?
A. Product placement
B. Public relations
C. Sales promotion
D. Advertising
Question 14
A company is considering implementing a new supply chain management system. The company has identified several potential systems, but it is not sure which one to choose. Which of the following is a key benefit of implementing a new supply chain management system?
A. Improved supply chain efficiency
B. Increased supply chain visibility
C. Reduced supply chain costs
D. Improved customer satisfaction
Question 15
A company specializes in producing and selling a particular brand of chocolate. The production process involves several stages, including harvesting, processing, and packaging. The company uses a just-in-time inventory system to manage its inventory levels. Which of the following is a benefit of using a just-in-time inventory system?
A. Reduced inventory costs
B. Improved product quality
C. Increased production efficiency
D. Better customer service

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