POST UTME CHRISTOPHER UNIVERSITY 2019 Commerce | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A firm's warehousing and stock control system involves a first-in-first-out (FIFO) inventory management policy. What is the primary advantage of this policy?
A. Reduced inventory costs
B. Improved product freshness
C. Enhanced customer satisfaction
D. Increased storage capacity
Question 2
A firm's production function is given by Q = 2L^0.5K^0.5, where Q is output, L is labor, and K is capital. If labor increases from 100 to 121, and capital remains constant at 400, what is the percentage increase in output?
A. 10%
B. 20%
C. 30%
D. 40%
Question 3
A firm's cost function is given by C = 50 + 10Q. If the firm's current output is 10 units, what is the firm's current cost?
A. ₦150
B. ₦160
C. ₦170
D. ₦180
Question 4
A company's marketing mix is given by the 4 Ps: product, price, promotion, and place. Which of the following is an example of a product strategy?
A. Offering a discount on a product
B. Introducing a new product feature
C. Changing the packaging of a product
D. Increasing the price of a product
Question 5
A firm's production function is given by Q = 2L^(1/2)K^(1/2). If the firm's current inputs are L = 16 and K = 9, what is the firm's current output?
A. 24
B. 36
C. 48
D. 60
Question 6
A firm's accounts payable balance decreased by ₦150,000 during the year. If its beginning accounts payable balance was ₦400,000, what is its ending accounts payable balance?
A. ₦250,000
B. ₦350,000
C. ₦450,000
D. ₦550,000
Question 7
A company's Memorandum and Articles of Association (MAA) are the primary documents that outline its constitutional framework. Which of the following is a key feature of the MAA?
A. The MAA outlines the company's business objectives and strategies.
B. The MAA specifies the company's share capital and dividend policy.
C. The MAA defines the company's constitutional framework, including its name, objects, and management structure.
D. The MAA outlines the company's employment policies and staff benefits.
Question 8
In a perfectly competitive market, the supply curve is horizontal and the demand curve is downward-sloping. What is the equilibrium price and quantity of a product in this market?
A. ₦100, 100 units
B. ₦120, 80 units
C. ₦150, 60 units
D. ₦180, 40 units
Question 9
A company's accounts receivable balance increased by ₦200,000 during the year. If its beginning accounts receivable balance was ₦300,000, what is its ending accounts receivable balance?
A. ₦500,000
B. ₦400,000
C. ₦600,000
D. ₦700,000
Question 10
A firm's cost of goods sold (COGS) is ₦1,500,000. If its gross profit is ₦750,000, what is its selling price?
A. ₦2,250,000
B. ₦2,250,000
C. ₦2,250,000
D. ₦2,250,000
Question 11
A country's trade balance is given by the equation TB = X - M, where TB is the trade balance, X is the value of exports, and M is the value of imports. If the country's exports are worth ₦100 billion and its imports are worth ₦120 billion, what is the trade balance?
A. -₦20 billion
B. ₦20 billion
C. ₦40 billion
D. -₦40 billion
Question 12
A company has a sole trader business structure. Which of the following is a characteristic of a sole trader?
A. Limited liability
B. Separation of ownership and management
C. Flexibility in decision-making
D. Ability to raise capital
Question 13
A bank's cash reserve ratio (CRR) is the percentage of customer deposits that it must hold in reserve. Which of the following is a key purpose of the CRR?
A. To reduce the risk of bank runs and maintain financial stability.
B. To increase the bank's lending capacity and stimulate economic growth.
C. To ensure that banks maintain a minimum level of liquidity and meet their payment obligations.
D. To reduce the bank's operating costs and improve its profitability.
Question 14
A firm's profit function is given by π = R - C. If the firm's current revenue is ₦100 and the current cost is ₦60, what is the firm's current profit?
A. ₦40
B. ₦50
C. ₦60
D. ₦70
Question 15
A firm's transport and communication system involves the use of a logistics management software to track shipments. Which of the following is a key benefit of using this software?
A. Improved shipment tracking
B. Enhanced customer satisfaction
C. Reduced transportation costs
D. Increased storage capacity

Master the Exam!

You've seen a preview, but there are thousands more questions plus AI tutor to break down complex solutions.

Unlock Full Access Available for Android & Windows
Help others prepare! Share this practice hub: