POST UTME IGBINEDION UNIVERSITY 2019 Commerce | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A company is considering using a new marketing strategy to increase sales. Which of the following is a major disadvantage of this strategy?
Question 2
The concept of 'caveat emptor' in consumer protection law implies that the buyer should be aware of the product's defects before making a purchase. Which of the following is a correct example of a product defect that would invoke the principle of caveat emptor?
Question 3
A firm's marginal revenue is the change in its total revenue resulting from a one-unit change in the quantity sold. If a firm's total revenue is ₦1000 when it sells 10 units of a product, what is its marginal revenue?
Question 4
A sole trader is considering expanding its business by taking on a partner. What are the advantages of this decision?
Question 5
A company is considering the purchase of a new piece of equipment that will cost ₦500,000. The equipment is expected to last for 3 years and will save the company ₦100,000 per year in labor costs. What is the payback period of the equipment?
Question 6
A warehouse manager is responsible for maintaining accurate inventory records. Which of the following is a method of inventory control?
Question 7
A consumer purchases a product that is defective. Which of the following is a consumer protection law that applies in this situation?
Question 8
A bank has a 5% interest rate on a savings account, and a 10% interest rate on a certificate of deposit. If a customer has 1000 in a savings account and 500 in a certificate of deposit, what is the total interest earned after one year?
Question 9
A business owner purchases an insurance policy to protect against potential losses. Which of the following is a type of insurance policy that covers against business interruption?
Question 10
A company is considering exporting its products to a foreign market. Which of the following is a major advantage of exporting?
Question 11
A consumer purchases a product for ₦10,000 and pays a 10% sales tax. If the product is returned within 30 days, the consumer is entitled to a full refund. However, if the product is returned after 30 days, the consumer is entitled to a 50% refund. What is the total amount the consumer will receive if the product is returned after 30 days?
Question 12
The diagram below shows the supply and demand curves for a commodity. If the price of the commodity is ₦100, what is the equilibrium quantity?
Question 13
A firm's transportation costs can be represented by the following equation: TC = 2Q^2 + 5Q + 10, where Q is the quantity transported. If the firm transports 100 units, what is the total transportation cost?
Question 14
A company's return on investment (ROI) is 15%. If it invests ₦100,000 in a project, what is the expected return on the project?
Question 15
A company's marketing mix includes the following elements: product, price, promotion, and place. Which of the following is NOT a part of the marketing mix?
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