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POST UTME GREENFIELD UNIVERSITY 2021 Commerce | Objective

Are you preparing for POST UTME GREENFIELD UNIVERSITY exams? Reviewing past questions is one of the most effective ways to guarantee a high score. This practice hub features authentic 2021 Commerce (Objective) questions designed to simulate the real exam environment.

Practice these randomly selected questions to test your readiness.

Question 1

In a sole proprietorship, the owner's personal assets are

Correct A. liable for business debts

B. liable for business debts and personal assets

C. not liable for business debts

D. liable for business debts and personal assets, but can be sued separately

Correct Answer: A

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Question 2

A company's articles of association can be amended by

A. a simple majority vote of shareholders

Correct B. a two-thirds majority vote of shareholders

C. a unanimous vote of shareholders

D. by a court order

Correct Answer: B

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Question 3

A foreign trade agreement between two countries can be terminated by

A. a simple majority vote of both countries' parliaments

Correct B. a two-thirds majority vote of both countries' parliaments

C. a unanimous vote of both countries' parliaments

D. by a court order

Correct Answer: B

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Question 4

A company's financial statements can be audited by

Correct A. an independent auditor

B. the company's internal auditor

C. the company's external auditor

D. the company's management

Correct Answer: A

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Question 5

A sole proprietorship's business income is taxed as

Correct A. personal income

B. business income

C. capital gains

D. rental income

Correct Answer: A

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Question 6

A commercial bank's primary function is to act as a _______ between savers and borrowers.

A. agent

B. broker

Correct C. intermediary

D. facilitator

Correct Answer: C

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Question 7

The _______ of a product refers to the process of creating a product that meets the needs and wants of a target market.

Correct A. design

B. development

C. production

D. marketing

Correct Answer: A

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Question 8

A _______ is a written agreement between two or more parties that outlines the terms and conditions of a business transaction.

Correct A. contract

B. agreement

C. treaty

D. memorandum

Correct Answer: A

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Question 9

The _______ of a business refers to the process of creating and maintaining a favorable public image.

Correct A. public relations

B. marketing

C. advertising

D. sales

Correct Answer: A

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Question 10

A _______ is a type of business that is owned and operated by a single individual.

A. partnership

B. corporation

Correct C. sole proprietorship

D. limited liability company

Correct Answer: C

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Question 11

A firm specializes in producing a single product, which is a type of consumer durable. The production process involves a series of stages, each with a different level of complexity. Which of the following production stages is most likely to be the bottleneck in the production process?

A. Raw material extraction

Correct B. Manufacturing

C. Quality control

D. Packaging

Correct Answer: B

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Question 12

A company is considering the introduction of a new product line. The product is a type of consumer non-durable, and the company expects it to have a high demand. However, the production process involves a high level of complexity, and the company is concerned about the potential risks associated with it. Which of the following strategies would be most appropriate for the company to adopt?

Correct A. Diversification

B. Concentration

C. Horizontal integration

D. Vertical integration

Correct Answer: A

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Question 13

A firm is considering the use of just-in-time (JIT) inventory management system. Which of the following benefits would be most likely to be associated with the use of JIT?

A. Reduced inventory costs

B. Improved product quality

C. Increased flexibility

Correct D. Reduced lead times

Correct Answer: D

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Question 14

A company is considering the use of a warehouse management system (WMS) to manage its inventory. Which of the following features would be most likely to be included in the WMS?

A. Barcode scanning

B. RFID tracking

C. Automated storage and retrieval

Correct D. All of the above

Correct Answer: D

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Question 15

A firm is considering the use of a supply chain management (SCM) system to manage its supply chain. Which of the following benefits would be most likely to be associated with the use of SCM?

A. Improved supply chain visibility

B. Increased flexibility

C. Reduced costs

Correct D. All of the above

Correct Answer: D

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Question 16

A company is considering the introduction of a new product line. The product has a high potential for success, but it also carries a high level of risk. Which of the following risk management strategies would be most appropriate for this situation?

A. Risk avoidance

B. Risk transfer

Correct C. Risk mitigation

D. Risk acceptance

Correct Answer: C

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Question 17

A freight forwarder is responsible for transporting goods from one country to another. Which of the following documents would be most relevant to this situation?

Correct A. Bill of Lading

B. Commercial Invoice

C. Certificate of Origin

D. Insurance Policy

Correct Answer: A

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Question 18

A consumer is considering purchasing a product that has been advertised as 'eco-friendly'. However, the consumer is unsure about the product's environmental impact. Which of the following would be the most appropriate course of action?

Correct A. Contact the manufacturer for more information

B. Check the product's packaging for environmental certifications

C. Consult with a environmental expert

D. Ignore the advertisement and purchase the product

Correct Answer: A

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Question 19

A company is considering the establishment of a joint venture with a foreign partner. Which of the following would be the most important factor to consider in this situation?

A. Cultural differences

B. Language barriers

Correct C. Differences in business practices

D. Differences in taxation laws

Correct Answer: C

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Question 20

A consumer has been sold a product that is defective. Which of the following would be the most appropriate course of action?

A. Return the product to the store

B. Contact the manufacturer for a refund

Correct C. File a complaint with the consumer protection agency

D. Ignore the defect and continue using the product

Correct Answer: C

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Question 21

In a perfectly competitive market, the law of supply states that as the price of a good increases, the quantity supplied will

A. increase

Correct B. decrease

C. remain constant

D. shift to the left

Correct Answer: B

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Question 22

A firm's production function is given by Q = 2L^0.5K^0.5. If the firm's labor and capital inputs are increased by 20% and 15% respectively, what is the new level of output?

A. 10

B. 12

Correct C. 15

D. 18

Correct Answer: C

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Question 23

A consumer has a budget constraint of 100 and a preference for two goods: X and Y. The prices of X and Y are 5 and 3 respectively. Using the indifference curve analysis, find the consumer's optimal consumption bundle.

A. (10, 20)

Correct B. (15, 15)

C. (20, 10)

D. (25, 5)

Correct Answer: B

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Question 24

A firm's revenue function is given by R(p) = 100p^2. If the price of the firm's product increases by 10%, what is the new level of revenue?

A. 110

B. 120

Correct C. 130

D. 140

Correct Answer: C

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Question 25

A consumer has a utility function given by U(x, y) = 2x + 3y. If the prices of x and y are 2 and 3 respectively, and the consumer's income is 100, find the consumer's optimal consumption bundle.

Correct A. (20, 10)

B. (15, 15)

C. (10, 20)

D. (5, 25)

Correct Answer: A

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