POST UTME WELLSPRING UNIVERSITY 2022 Commerce | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company is considering two different insurance policies to cover its business operations. Policy A has a premium of ₦1,500,000 and a deductible of ₦200,000. Policy B has a premium of ₦1,200,000 and a deductible of ₦100,000. If the company expects to incur an average loss of ₦500,000 per year, which policy would be more cost-effective?
A. Policy A
B. Policy B
C. Both policies are equally cost-effective
D. Neither policy is cost-effective
Question 2
A consumer purchases a product online and is not satisfied with its quality. What is the consumer's right under the Consumer Protection Council (CPC) Act?
A. To return the product for a full refund
B. To exchange the product for a similar one
C. To claim compensation for damages
D. To file a complaint with the CPC
Question 3
A company is considering the implementation of a new inventory management system. The system will use advanced algorithms to optimize inventory levels and reduce stockouts. However, the company is concerned about the potential impact on warehouse space and storage costs. Which of the following is the most appropriate approach to address these concerns?
A. Conduct a thorough analysis of the potential impact on warehouse space and storage costs
B. Involve warehouse staff in the decision-making process and provide training on the new system
C. Implement the new system immediately and address any concerns later
D. Outsource inventory management to a third-party supplier
Question 4
A company has a bank account with a balance of ₦1,000,000. The company wants to borrow ₦500,000 from the bank at an interest rate of 10% per annum. What is the total amount the company will pay after one year?
A. ₦1,550,000
B. ₦1,600,000
C. ₦1,650,000
D. ₦1,700,000
Question 5
A company has two warehouses, A and B. Warehouse A has a storage capacity of 5,000 units, while Warehouse B has a storage capacity of 3,000 units. If 2,000 units are already stored in Warehouse A, and 1,500 units are already stored in Warehouse B, what is the maximum number of units that can be added to Warehouse A?
A. 2,000
B. 3,000
C. 4,000
D. 5,000
Question 6
A company's supply chain consists of the production, inventory, transportation, and delivery of goods. Which of the following is a type of transportation mode?
A. Rail
B. Road
C. Air
D. Water
Question 7
A marketing mix is a combination of four elements that a business uses to promote its products or services. What are the four elements of the marketing mix?
A. Product, Price, Place, Promotion
B. Product, Price, Place, People
C. Product, Price, Place, Process
D. Product, Price, Place, Packaging
Question 8
A firm's supply function is given by P = 2Q + 10, where P is price and Q is quantity. If the firm is currently producing 5 units, what is the price?
A. 15
B. 20
C. 25
D. 30
Question 9
A company has a warehouse with a capacity to store 1000 units of goods. The warehouse is currently 75% full. If the company receives a new shipment of 500 units, what is the probability that the warehouse will be full after the shipment is received?
A. 0.5
B. 0.75
C. 0.25
D. 0.125
Question 10
A consumer is considering purchasing a product from a company that has a reputation for poor customer service. What should the consumer do?
A. Buy the product anyway
B. Research the company's customer service policies
C. Contact the company's customer service department
D. Avoid buying the product
Question 11
A company has a warehouse with a storage capacity of 10,000 units. If 8,000 units are already stored, and the company wants to add 2,000 units, what is the total storage capacity of the warehouse?
A. 10,000
B. 12,000
C. 14,000
D. 16,000
Question 12
A company is considering the implementation of a new production planning system. The system will use advanced algorithms to optimize production schedules and reduce lead times. However, the company is concerned about the potential impact on employee morale and job security. Which of the following is the most appropriate approach to address these concerns?
A. Conduct a thorough analysis of the potential impact on employee morale and job security
B. Involve employees in the decision-making process and provide training on the new system
C. Implement the new system immediately and address any concerns later
D. Outsource production to a third-party supplier
Question 13
A company's marketing mix consists of product, price, place, and promotion. Which of the following is NOT a part of the marketing mix?
A. Product
B. Price
C. Place
D. Research and Development
Question 14
A company is considering two marketing strategies to increase sales. Strategy A involves a 10% discount on all products, while Strategy B involves a 5% increase in the price of all products. If the company's current sales are ₦1,000,000, which strategy would result in a higher revenue?
A. ₦1,100,000
B. ₦1,050,000
C. ₦1,050,000
D. ₦1,100,000
Question 15
A company has a fleet of 10 trucks, each with a capacity of 5,000 units. If the company wants to transport 50,000 units, how many trips will be required?
A. 5
B. 6
C. 7
D. 8

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