POST UTME GREENFIELD UNIVERSITY 2020 Commerce | Objective

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Question 1
In a consumer protection case, a court may award damages to a consumer for breach of contract. However, the court may also consider the following factors in determining the amount of damages:
A. The consumer's contributory negligence
Correct B. The seller's breach of contract
C. The consumer's failure to mitigate damages
D. The consumer's lack of diligence in seeking damages

Correct Answer: B

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Question 2
A company's marketing strategy involves creating a sense of urgency among customers to purchase its products. This strategy is an example of:
A. Scarcity marketing
Correct B. Limited-time offer
C. Price anchoring
D. Loss aversion

Correct Answer: B

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Question 3
A warehouse manager wants to optimize the storage capacity of a warehouse. The warehouse has a rectangular shape with dimensions 10m x 5m. The manager wants to store boxes of size 2m x 1m. What is the maximum number of boxes that can be stored in the warehouse?
A. 50
B. 75
C. 100
Correct D. 125

Correct Answer: D

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Question 4
A bank's financial statement shows a net income of ₦1,000,000. The bank's assets are ₦5,000,000, and its liabilities are ₦3,000,000. What is the bank's equity?
A. ₦1,000,000
Correct B. ₦2,000,000
C. ₦3,000,000
D. ₦4,000,000

Correct Answer: B

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Question 5
A company's insurance policy has a deductible of ₦10,000. If the company suffers a loss of ₦50,000, how much will it pay in premiums?
A. ₦40,000
Correct B. ₦50,000
C. ₦60,000
D. ₦70,000

Correct Answer: B

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Question 6
A company's insurance policy has a deductible of ₦50,000 and a maximum payout of ₦200,000. If the company incurs a loss of ₦300,000, what is the maximum amount the insurance company will pay?
A. ₦150,000
Correct B. ₦200,000
C. ₦250,000
D. ₦300,000

Correct Answer: B

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Question 7
A warehouse has a storage capacity of 10,000 units. If 8,000 units are already stored, what is the maximum number of units that can be added to the warehouse?
A. 1,000
B. 2,000
Correct C. 3,000
D. 4,000

Correct Answer: C

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Question 8
A company's marketing strategy involves a 20% discount on all products. If a product originally costs ₦10,000, what is the discounted price?
Correct A. ₦8,000
B. ₦9,000
C. ₦10,000
D. ₦12,000

Correct Answer: A

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Question 9
A foreign trade agreement involves exchanging 100 units of currency A for 120 units of currency B. If a person has 500 units of currency A, how many units of currency B can they exchange for?
A. 600
B. 700
Correct C. 800
D. 900

Correct Answer: C

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Question 10
A company's insurance policy has a premium of ₦50,000 per year. If the company has a 10% discount for paying annually, what is the total premium paid for 5 years?
A. ₦250,000
Correct B. ₦275,000
C. ₦300,000
D. ₦325,000

Correct Answer: B

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Question 11
A company has a warehouse with a capacity to store 1000 crates. The warehouse is currently 75% full. If 150 crates are added to the warehouse, what percentage of the warehouse is now full?
A. 62.5%
B. 65%
Correct C. 67.5%
D. 70%

Correct Answer: C

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Question 12
A firm has two warehouses, A and B. Warehouse A has a capacity of 500 crates and is currently 80% full. Warehouse B has a capacity of 1000 crates and is currently 60% full. What is the total percentage of capacity used by both warehouses?
A. 70%
B. 72%
Correct C. 74%
D. 76%

Correct Answer: C

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Question 13
A company has a warehouse with a capacity to store 1000 crates. The warehouse is currently 75% full. If 150 crates are removed from the warehouse, what percentage of the warehouse is now empty?
A. 25%
B. 27.5%
Correct C. 30%
D. 32.5%

Correct Answer: C

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Question 14
A firm has two warehouses, A and B. Warehouse A has a capacity of 500 crates and is currently 80% full. Warehouse B has a capacity of 1000 crates and is currently 60% full. If 200 crates are added to Warehouse A, what percentage of Warehouse A is now full?
A. 84%
B. 86%
Correct C. 88%
D. 90%

Correct Answer: C

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Question 15
A company has a warehouse with a capacity to store 1000 crates. The warehouse is currently 75% full. If 200 crates are removed from the warehouse, what percentage of the warehouse is now empty?
A. 25%
B. 27.5%
Correct C. 30%
D. 32.5%

Correct Answer: C

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Question 16
A company has two production lines, A and B, with production costs of ₦100 and ₦120 per unit, respectively. If the market price is ₦150 per unit, and the company sells 100 units per day, what is the optimal production plan to maximize profit?
Correct A. Produce 50 units from line A and 50 units from line B
B. Produce 100 units from line A
C. Produce 100 units from line B
D. Produce 0 units from line A and 100 units from line B

Correct Answer: A

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Question 17
A warehouse has a capacity of 1000 units. If the warehouse is currently 75% full, and 500 units are received, what is the new percentage of capacity?
A. 87.5%
B. 90%
Correct C. 92.5%
D. 95%

Correct Answer: C

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Question 18
A company has a 10% discount policy for customers who pay within 30 days. If a customer pays ₦1000 within 30 days, how much does the customer pay?
Correct A. ₦900
B. ₦950
C. ₦1000
D. ₦1050

Correct Answer: A

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Question 19
A firm has two products, A and B, with production costs of ₦80 and ₦120 per unit, respectively. If the market price is ₦150 per unit, and the firm sells 100 units per day, what is the optimal production plan to maximize profit?
Correct A. Produce 50 units from product A and 50 units from product B
B. Produce 100 units from product A
C. Produce 100 units from product B
D. Produce 0 units from product A and 100 units from product B

Correct Answer: A

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Question 20
A company has a 20% markup policy for all products. If a product costs ₦1000, what is the selling price?
Correct A. ₦1200
B. ₦1200
C. ₦1200
D. ₦1200

Correct Answer: A

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Question 21
A company is considering the implementation of a just-in-time (JIT) inventory system. Which of the following benefits is NOT typically associated with JIT?
A. Reduced inventory costs
B. Improved product quality
C. Increased production capacity
Correct D. Reduced flexibility in production planning

Correct Answer: D

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Question 22
A firm is considering the launch of a new product. The product's life cycle is expected to be in the growth stage for 3 years, followed by a decline stage for 2 years. What is the product's life cycle stage at the end of year 5?
A. Introduction
B. Growth
C. Maturity
Correct D. Decline

Correct Answer: D

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Question 23
A company is considering the implementation of a new marketing strategy. The strategy involves creating a new product line that targets a specific demographic. Which of the following marketing research methods would be most appropriate for this strategy?
A. Surveys
B. Focus groups
Correct C. Experimental design
D. Content analysis

Correct Answer: C

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Question 24
A firm is considering the acquisition of a new company. The target company has a strong brand reputation and a loyal customer base. What is the primary benefit of this acquisition?
A. Increased market share
B. Improved brand reputation
Correct C. Enhanced customer loyalty
D. Reduced production costs

Correct Answer: C

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Question 25
A company is considering the implementation of a new production process. The process involves the use of a new machine that can produce a higher quality product at a lower cost. What is the primary benefit of this new process?
A. Increased production capacity
B. Improved product quality
Correct C. Reduced production costs
D. Enhanced customer satisfaction

Correct Answer: C

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