POST UTME UNIOSUN 2017 Commerce | Objective

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Question 1
A firm's revenue is ₦1,000,000. Its total fixed costs are ₦500,000 and its variable costs are ₦200,000. What is the firm's break-even point?
A. ₦250,000
B. ₦500,000
C. ₦750,000
D. ₦1,000,000
Question 2
The concept of 'Risk Management' in Insurance involves identifying, assessing, and prioritizing potential risks to minimize their impact. Which of the following is NOT a key step in the risk management process?
A. Risk Identification
B. Risk Assessment
C. Risk Prioritization
D. Risk Mitigation
Question 3
A consumer protection law aims to safeguard consumers from unfair business practices. Which of the following is a key provision of consumer protection laws?
A. Right to Refund
B. Right to Compensation
C. Right to Information
D. Right to Sue
Question 4
A sole trader's business is considered a separate legal entity from its owner. Discuss this statement with reference to the concept of limited liability.
A. The sole trader's business is not a separate legal entity from its owner.
B. The sole trader's business is a separate legal entity from its owner, but with limited liability.
C. The sole trader's business is a separate legal entity from its owner, with unlimited liability.
D. The sole trader's business is not a separate legal entity from its owner, with limited liability.
Question 5
A consumer protection law requires businesses to provide clear and accurate product labeling. What is the primary purpose of this labeling?
A. To inform consumers about product ingredients
B. To warn consumers about product hazards
C. To promote product sales
D. To reduce product returns
Question 6
A firm is considering two different transportation options to deliver its products to customers. Option A involves a ₦50,000 fixed cost and a ₦10 per unit transportation cost. Option B involves a ₦30,000 fixed cost and a ₦15 per unit transportation cost. If the firm delivers 2,000 units of the product, what is the total transportation cost for each option?
A. Option A: ₦20,000; Option B: ₦30,000
B. Option A: ₦30,000; Option B: ₦20,000
C. Option A: ₦25,000; Option B: ₦25,000
D. Option A: ₦30,000; Option B: ₦30,000
Question 7
A business owner has a 10% chance of losing a shipment of goods worth ₦100,000. What is the expected value of the loss?
A. ₦10,000
B. ₦20,000
C. ₦30,000
D. ₦40,000
Question 8
A company's marketing strategy involves creating a brand image that appeals to a specific target audience. Which of the following is a key element of a brand image?
A. Product Features
B. Price Strategy
C. Brand Personality
D. Distribution Channels
Question 9
In a perfectly competitive market, the supply curve is downward-sloping because of the law of increasing marginal opportunity cost. What is the primary reason for this downward-sloping supply curve?
A. The law of increasing marginal opportunity cost
B. The law of diminishing marginal returns
C. The law of supply and demand
D. The law of diminishing marginal utility
Question 10
A company is considering two different warehousing options: a public warehouse and a private warehouse. What is the primary advantage of a private warehouse?
A. A private warehouse is more secure than a public warehouse
B. A private warehouse is more expensive than a public warehouse
C. A private warehouse is more flexible than a public warehouse
D. A private warehouse is more reliable than a public warehouse
Question 11
A warehouse is a facility used for storing goods. Discuss the importance of warehouse management in the context of supply chain management.
A. Warehouse management is not important in supply chain management.
B. Warehouse management is important in supply chain management, but only for small businesses.
C. Warehouse management is important in supply chain management, as it affects the efficiency and effectiveness of the supply chain.
D. Warehouse management is not important in supply chain management, as it is only a small part of the supply chain.
Question 12
A warehouse is a facility used for storing goods. Discuss the importance of warehouse management in the context of supply chain management.
A. Warehouse management is not important in supply chain management.
B. Warehouse management is important in supply chain management, but only for small businesses.
C. Warehouse management is important in supply chain management, as it affects the efficiency and effectiveness of the supply chain.
D. Warehouse management is not important in supply chain management, as it is only a small part of the supply chain.
Question 13
A business's transport management system uses a just-in-time (JIT) delivery method to reduce inventory costs. What is the primary benefit of this method?
A. Reduced transportation costs
B. Improved inventory turnover
C. Enhanced supply chain visibility
D. Simplified inventory management
Question 14
A company's articles of association are a document that outlines the company's rules and procedures. Discuss the importance of this document in the context of company law.
A. The articles of association are a document that outlines the company's rules and procedures.
B. The articles of association are a document that outlines the company's rules only.
C. The articles of association are a document that outlines the company's procedures only.
D. The articles of association are not a document that outlines the company's rules and procedures.
Question 15
A warehouse manager is responsible for maintaining a stock level of 500 units of a particular product. If the current stock level is 300 units and 20 units are received daily, how many days will it take to reach the target stock level?
A. 10 days
B. 12 days
C. 15 days
D. 18 days

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