POST UTME ESUT 2019 Commerce | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company is considering the use of a new marketing strategy. Which of the following is a key characteristic of a successful marketing strategy?
A. It is focused on the customer.
B. It is focused on the product.
C. It is focused on the competition.
D. It is focused on the market.
Question 2
A company's memorandum of association is a document that outlines the company's
A. Objects and powers
B. Share capital and dividend policy
C. Directors' remuneration and benefits
D. Articles of association and memorandum of association
Question 3
A warehouse is a place where goods are stored for _______ purposes.
A. short-term
B. long-term
C. temporary
D. permanent
Question 4
A consumer is considering purchasing a product from a company that has a history of environmental irresponsibility. Which of the following is a consideration that the consumer should take into account?
A. The product's price
B. The product's quality
C. The company's environmental record
D. The product's packaging
Question 5
A company has a risk management strategy that involves diversification. What is the primary benefit of this strategy?
A. Reduced risk
B. Increased returns
C. Improved liquidity
D. Enhanced reputation
Question 6
A consumer purchases a product with a warranty period of 2 years. The product develops a fault after 18 months. The consumer is entitled to a replacement or a refund. Which of the following is a requirement for the consumer to claim a replacement?
A. The consumer must provide proof of purchase
B. The consumer must provide proof of payment
C. The consumer must provide a written complaint
D. The consumer must provide a witness statement
Question 7
In a perfectly competitive market, the supply curve is downward sloping because of the law of increasing marginal opportunity cost. What is the marginal opportunity cost?
A. Marginal cost
B. Marginal revenue
C. Marginal factor cost
D. Marginal product
Question 8
The Consumer Protection Act of 1999 provides for the protection of consumers from unfair trade practices. Which of the following is a key provision of the Act?
A. The Act provides for the establishment of a Consumer Protection Council.
B. The Act provides for the protection of consumers from unfair trade practices.
C. The Act provides for the establishment of a Consumer Protection Agency.
D. The Act provides for the protection of consumers from defective products.
Question 9
A sole trader's business is considered a separate legal entity from its owner. Which of the following is a characteristic of a sole trader's business?
A. Unlimited liability
B. Separate legal entity
C. No partnership
D. No limited liability
Question 10
A consumer is considering purchasing a product from a company that has a history of violating consumer protection laws. Which of the following is a consideration that the consumer should take into account?
A. The product's price
B. The product's quality
C. The company's history of violating consumer protection laws
D. The product's packaging
Question 11
A sole trader's business is registered under which of the following?
A. Partnership
B. Limited Liability Company
C. Sole Trader
D. Cooperative Society
Question 12
A company's capital is divided into _______ shares.
A. 10
B. 100
C. 1000
D. 10000
Question 13
A sole trader's business is registered under the Companies and Allied Matters Act (CAMA) 2020. Which of the following is a requirement for registration?
A. Obtain a Tax Identification Number (TIN)
B. Register with the Corporate Affairs Commission (CAC)
C. Obtain a Business Name Certificate
D. Obtain a Patent for the business name
Question 14
A firm's demand function is given by the equation Qd = 100 - 2P. What is the price elasticity of demand?
A. -2
B. 2
C. -1
D. 1
Question 15
A sole trader has a business income of ₦500,000 and business expenses of ₦200,000. What is the sole trader's business profit?
A. ₦300,000
B. ₦400,000
C. ₦500,000
D. ₦600,000

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