POST UTME VERITAS UNIVERSITY 2023 Commerce | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company has a profit-sharing ratio of 3:5 between its two partners. If the total profit is ₦120,000, how much will each partner receive?
A. ₦36,000 and ₦84,000
B. ₦30,000 and ₦90,000
C. ₦40,000 and ₦80,000
D. ₦50,000 and ₦70,000
Question 2
A sole trader has a business bank account with a balance of ₦150,000. The account has a minimum balance requirement of ₦75,000. If the account is overdrawn by ₦20,000, what is the total amount the sole trader must pay to bring the account balance to the minimum requirement?
A. ₦55,000
B. ₦65,000
C. ₦45,000
D. ₦35,000
Question 3
A company uses a just-in-time (JIT) inventory system to manage its stock levels. Which of the following benefits is associated with JIT?
A. Reduced inventory costs
B. Improved product quality
C. Increased production efficiency
D. All of the above
Question 4
A company has a warehouse with a capacity of 10,000 units. The warehouse operates on a first-in-first-out (FIFO) inventory system. If the warehouse receives a shipment of 2,000 units and then sells 1,200 units, what is the new inventory level?
A. 6,800
B. 7,200
C. 8,000
D. 8,800
Question 5
A company is considering using a new transportation mode to deliver its products to customers. The company has evaluated the costs and benefits of the new transportation mode and has determined that it will be more expensive than the current transportation mode. However, the company believes that the new transportation mode will provide better service and faster delivery times. What are the potential benefits and drawbacks of using the new transportation mode?
A. The potential benefits of using the new transportation mode include faster delivery times, better service, and increased customer satisfaction. The potential drawbacks include higher costs and increased complexity.
B. The potential benefits of using the new transportation mode include lower costs, increased efficiency, and reduced complexity. The potential drawbacks include slower delivery times and decreased customer satisfaction.
C. The potential benefits of using the new transportation mode include increased flexibility, improved reliability, and enhanced customer experience. The potential drawbacks include higher costs, increased complexity, and reduced efficiency.
D. The potential benefits of using the new transportation mode include faster delivery times, better service, and increased customer satisfaction. The potential drawbacks include higher costs, increased complexity, and reduced efficiency.
Question 6
A company is planning to launch a new product. What is the primary goal of market research in this context?
A. To identify potential competitors
B. To determine market size and growth rate
C. To develop a marketing mix strategy
D. To create a brand identity
Question 7
A firm's profit function is given by π = R - C, where π is profit, R is revenue, and C is cost. If the firm's revenue and cost functions are given by R = 1000Q - 20Q^2 and C = 500 + 20Q + 5Q^2, respectively, what is the firm's profit-maximizing output level?
A. 10
B. 15
C. 20
D. 25
Question 8
The Central Bank of Nigeria (CBN) uses monetary policy to regulate the money supply in the economy. Which of the following instruments is used to reduce the money supply?
A. Open Market Operations (OMO)
B. Reserve Requirements
C. Discount Rate
D. Selective Credit Controls
Question 9
A company has a capital of ₦500,000. If the company issues 10% debentures at a premium of 5%, what is the total amount the company must pay to issue the debentures?
A. ₦525,000
B. ₦550,000
C. ₦525,500
D. ₦520,000
Question 10
A bank's cash reserve ratio is a tool used to regulate the money supply in an economy. What is the primary purpose of a cash reserve ratio?
A. To increase the money supply in the economy
B. To decrease the money supply in the economy
C. To regulate the money supply in the economy
D. To increase the interest rates in the economy
Question 11
A company's cost function is given by C = 500 + 20Q + 5Q^2, where C is cost and Q is output. If the company's output is increased by 20%, what is the percentage change in cost?
A. 10%
B. 12%
C. 15%
D. 18%
Question 12
A consumer purchases a product from a retailer, but the product is defective. Which of the following laws protects the consumer's rights?
A. Sale of Goods Act
B. Consumer Protection Act
C. Trade Practices Act
D. Contract Act
Question 13
A company is considering launching a new marketing campaign to promote its products to customers. The company has determined that the target market for the new product is young adults aged 18-35. What are the potential marketing strategies that the company can use to reach this target market?
A. The company can use social media advertising, influencer marketing, and sponsored content to reach young adults aged 18-35.
B. The company can use print advertising, television advertising, and radio advertising to reach young adults aged 18-35.
C. The company can use email marketing, direct mail marketing, and telemarketing to reach young adults aged 18-35.
D. The company can use a combination of all the above marketing strategies to reach young adults aged 18-35.
Question 14
A firm's decision to outsource its production to a foreign country is influenced by several factors. Which of the following is NOT a factor that affects a firm's decision to outsource?
A. Labor costs
B. Market demand and competition
C. Technological advancements
D. Environmental concerns
Question 15
A company is considering the use of a warehouse management system (WMS). What are the primary benefits of using a WMS?
A. Improved inventory accuracy
B. Enhanced supply chain visibility
C. Increased storage capacity
D. Reduced labor costs

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