POST UTME GREENFIELD UNIVERSITY 2021 Commerce | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company's marketing strategy involves a mix of advertising, sales promotions, and public relations. Which of the following is NOT a characteristic of a successful marketing strategy?
A. It is customer-centric
B. It is focused on short-term gains
C. It is adaptable to changing market conditions
D. It is solely dependent on advertising
Question 2
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
C. File a complaint with the consumer protection agency
D. Ignore the defect and continue using the product
Question 3
A company has a warehouse with a capacity of 10,000 units. The company receives an order for 5,000 units and has a safety stock of 2,000 units. What is the remaining capacity of the warehouse?
A. 3000
B. 4000
C. 5000
D. 6000
Question 4
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
C. 130
D. 140
Question 5
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
C. Risk mitigation
D. Risk acceptance
Question 6
In a sole trading business, the owner's personal assets are not protected from business liabilities. What is the legal concept that allows creditors to claim the owner's personal assets?
A. Limited Liability
B. Unlimited Liability
C. Separate Legal Entity
D. Personal Guarantee
Question 7
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
C. 15
D. 18
Question 8
A consumer protection agency has been established to regulate the activities of businesses in a particular industry. Which of the following is a primary function of this agency?
A. To promote competition among businesses
B. To protect consumers from unfair business practices
C. To regulate the prices of goods and services
D. To provide financial assistance to businesses
Question 9
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)
B. (15, 15)
C. (20, 10)
D. (25, 5)
Question 10
A sole proprietorship's business income is taxed as
A. personal income
B. business income
C. capital gains
D. rental income
Question 11
In a sole proprietorship, the owner's personal assets are
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
Question 12
A _______ is a written agreement between two or more parties that outlines the terms and conditions of a business transaction.
A. contract
B. agreement
C. treaty
D. memorandum
Question 13
A company has a production process that involves the use of a machine that can produce 1,000 units per hour. If the company operates for 8 hours a day, 5 days a week, and 52 weeks a year, what is the total number of units produced per year?
A. 4,000,000
B. 5,000,000
C. 6,000,000
D. 7,000,000
Question 14
A firm's financial statements are prepared in accordance with Generally Accepted Accounting Principles (GAAP). Which of the following is a characteristic of GAAP?
A. It is based on cash flows
B. It is based on accrual accounting
C. It is based on historical cost
D. It is based on market value
Question 15
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
C. Differences in business practices
D. Differences in taxation laws

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