POST UTME UNIOSUN 2021 Commerce | Objective

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Question 1 View Details
A sole trader's business is registered under which of the following business units?
Correct A. Sole Proprietorship
B. Partnership
C. Limited Liability Company
D. Cooperative Society

Correct Answer: A

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Question 2 View Details
A company's production process involves the use of specialized machines. Which of the following is a characteristic of specialization?
Correct A. Increased productivity
B. Reduced costs
C. Improved quality
D. Increased competition

Correct Answer: A

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Question 3 View Details
A business owner purchases an insurance policy to protect against losses due to fire. Which of the following is a type of risk management?
A. Diversification
B. Hedging
Correct C. Insurance
D. Speculation

Correct Answer: C

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Question 4 View Details
A consumer purchases a product with a price of ₦500. If the consumer is offered a 10% discount, what is the new price of the product?
Correct A. ₦450
B. ₦500
C. ₦550
D. ₦600

Correct Answer: A

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Question 5 View Details
A company's business law requires it to comply with the Consumer Protection Act. Which of the following is a provision of the Act?
A. Prohibition of unfair trade practices
Correct B. Protection of consumer rights
C. Regulation of consumer credit
D. Establishment of consumer tribunals

Correct Answer: B

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Question 6 View Details
A company is considering two marketing strategies: a mass marketing approach or a targeted marketing approach. If the company chooses the mass marketing approach, the cost will be ₦1,500,000 and the expected return will be ₦2,500,000. If the company chooses the targeted marketing approach, the cost will be ₦800,000 and the expected return will be ₦1,800,000. Which marketing strategy should the company choose?
A. Mass marketing approach
Correct B. Targeted marketing approach
C. Both marketing approaches are equally effective
D. Neither marketing approach is effective

Correct Answer: B

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Question 7 View Details
A company has a warehouse with a capacity of 10,000 units. The company receives an order for 5,000 units and immediately places an order for 8,000 units from a supplier. If the supplier takes 3 days to deliver the goods, what is the probability that the warehouse will be empty before the supplier delivers the goods?
Correct A. 0.5
B. 0.6
C. 0.7
D. 0.8

Correct Answer: A

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Question 8 View Details
A company has a sole proprietorship business with a capital of ₦500,000. The company has a profit of ₦200,000 and a loss of ₦100,000 in the first year. What is the company's net worth at the end of the first year?
Correct A. ₦400,000
B. ₦450,000
C. ₦500,000
D. ₦550,000

Correct Answer: A

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Question 9 View Details
A bank has a savings account with an interest rate of 5% per annum. If the account has a principal amount of ₦10,000 and the interest is compounded annually, what is the amount in the account after 2 years?
Correct A. ₦10,510.25
B. ₦10,520.25
C. ₦10,530.25
D. ₦10,540.25

Correct Answer: A

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Question 10 View Details
A company has a business insurance policy with a premium of ₦50,000. The policy has a deductible of ₦20,000 and a maximum payout of ₦100,000. If the company suffers a loss of ₦150,000, what is the amount that the insurance company will pay?
Correct A. ₦30,000
B. ₦50,000
C. ₦70,000
D. ₦90,000

Correct Answer: A

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Question 11 View Details
The concept of specialization in production refers to the process by which a country focuses on producing a limited range of goods and services in which it has a comparative advantage. What is the primary benefit of specialization in production?
A. Increased productivity
B. Improved quality of goods
Correct C. Reduced production costs
D. Increased trade deficits

Correct Answer: C

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Question 12 View Details
A firm's production function is given by Q = 2L^0.5 + 3K^0.5, where Q is the quantity produced, L is labor, and K is capital. If the firm increases its labor input from 4 to 9, what is the percentage change in output?
A. 10%
Correct B. 20%
C. 30%
D. 40%

Correct Answer: B

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Question 13 View Details
A country's balance of payments account is given by the following equation: BOP = (X - M) + (F - I), where BOP is the balance of payments, X is exports, M is imports, F is foreign investment, and I is domestic investment. If the country's exports increase by 10% and imports decrease by 5%, what is the percentage change in the balance of payments?
A. 5%
Correct B. 10%
C. 15%
D. 20%

Correct Answer: B

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Question 14 View Details
A firm's demand for labor is given by the following equation: L = 100 - 2P, where L is labor and P is the wage rate. If the wage rate increases by 10%, what is the percentage change in labor demand?
A. -10%
Correct B. -20%
C. -30%
D. -40%

Correct Answer: B

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Question 15 View Details
A country's trade deficit is given by the following equation: TD = X - M, where TD is the trade deficit, X is exports, and M is imports. If the country's exports increase by 15% and imports decrease by 5%, what is the percentage change in the trade deficit?
A. 10%
Correct B. 15%
C. 20%
D. 25%

Correct Answer: B

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Question 16 View Details
A firm's production function is given by Q = 2L^0.5 + 3K^0.5, where Q is the quantity produced, L is labor, and K is capital. If the firm increases its capital input from 9 to 16, what is the percentage change in output?
A. 10%
Correct B. 20%
C. 30%
D. 40%

Correct Answer: B

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Question 17 View Details
A country's balance of payments account is given by the following equation: BOP = (X - M) + (F - I), where BOP is the balance of payments, X is exports, M is imports, F is foreign investment, and I is domestic investment. If the country's foreign investment increases by 10% and domestic investment decreases by 5%, what is the percentage change in the balance of payments?
A. 5%
Correct B. 10%
C. 15%
D. 20%

Correct Answer: B

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Question 18 View Details
A firm's demand for labor is given by the following equation: L = 100 - 2P, where L is labor and P is the wage rate. If the wage rate decreases by 10%, what is the percentage change in labor demand?
A. 10%
Correct B. 20%
C. 30%
D. 40%

Correct Answer: B

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Question 19 View Details
A country's trade deficit is given by the following equation: TD = X - M, where TD is the trade deficit, X is exports, and M is imports. If the country's imports increase by 15% and exports decrease by 5%, what is the percentage change in the trade deficit?
A. 10%
B. 15%
C. 20%
D. 25%

Correct Answer: VIEW ANSWER

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Question 20 View Details
In a sole proprietorship, the owner's personal assets are
Correct A. liable for business debts
B. not liable for business debts
C. liable for business profits
D. not liable for business losses

Correct Answer: A

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Question 21 View Details
A company's articles of association may be altered by a
Correct A. majority of shareholders
B. minority of shareholders
C. board of directors
D. court order

Correct Answer: A

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Question 22 View Details
The primary goal of marketing is to
A. create awareness of a product
B. build customer relationships
Correct C. increase sales revenue
D. reduce production costs

Correct Answer: C

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Question 23 View Details
A consumer has the right to
A. return a product within 7 days
B. exchange a product for a different size
C. claim compensation for a defective product
Correct D. all of the above

Correct Answer: D

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Question 24 View Details
A bank's primary function is to
A. accept deposits
B. make loans
C. provide investment services
Correct D. all of the above

Correct Answer: D

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Question 25 View Details
In a multiple-line insurance policy, what is the primary purpose of the 'deductible' clause?
A. To reduce the premium paid by the policyholder
B. To increase the coverage provided by the policy
Correct C. To share the risk between the insurer and the policyholder
D. To determine the policy's expiration date

Correct Answer: C

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