POST UTME NOUN 2017 Commerce | Objective

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Question 1
A consumer protection law requires businesses to provide clear and accurate information about their products and services. What is the name of this law?
A. Consumer Protection Act
B. Fair Trading Act
C. Unfair Contract Terms Act
D. Data Protection Act
Question 2
A company's break-even point is the point at which its total revenue equals its total fixed and variable costs. What is the break-even point for a company with a fixed cost of ₦100,000, a variable cost of ₦50 per unit, and a selling price of ₦150 per unit?
A. (Q = 1000)
B. (Q = 500)
C. (Q = 2000)
D. (Q = 3000)
Question 3
A marketing campaign aims to increase brand awareness and drive sales. What is the primary goal of this campaign?
A. To create a positive brand image and build customer loyalty.
B. To increase sales revenue and market share.
C. To gather customer feedback and improve product offerings.
D. To reduce marketing expenses and improve efficiency.
Question 4
A company is considering investing in a new project. Explain the concept of 'sunk cost' and how it applies to this decision, using a diagram to illustrate your answer.
Question 5
A consumer protection agency has received a complaint about a company's unfair business practices. The agency has gathered evidence that the company has been engaging in false advertising. What is the most appropriate action the agency should take?
A. Issue a warning to the company
B. Conduct a thorough investigation
C. Impose a fine on the company
D. Suspend the company's business license
Question 6
A company's Memorandum of Association (MOA) outlines its objectives. What is the primary purpose of the MOA?
A. To define the company's business operations and management structure.
B. To outline the company's objectives and scope of business.
C. To specify the company's capital structure and shareholding.
D. To detail the company's financial reporting and auditing requirements.
Question 7
A consumer protection agency has received a complaint about a company's unfair business practices. The agency has gathered evidence that the company has been engaging in price-fixing with its competitors. What is the most appropriate action the agency should take?
A. Issue a warning to the company
B. Conduct a thorough investigation
C. Impose a fine on the company
D. Suspend the company's business license
Question 8
A consumer protection law requires businesses to provide clear and accurate product information. What is the primary purpose of this law?
A. To prevent businesses from engaging in deceptive marketing practices.
B. To ensure that consumers are aware of product risks and benefits.
C. To promote fair competition among businesses.
D. To increase consumer confidence in product quality.
Question 9
A company's cost function is given by (C(x) = 2x^2 + 5x + 10). What is the average cost function?
A. (AC(x) = rac{2x^2 + 5x + 10}{x})
B. (AC(x) = 2x + 5 + rac{10}{x})
C. (AC(x) = 2x^2 + 5x + 10)
D. (AC(x) = 2x + 5)
Question 10
A company's Articles of Association is a legal document that outlines the company's internal management and governance. What is the primary purpose of this document?
A. To outline the company's objectives and powers
B. To specify the company's capital and shareholding
C. To define the company's management structure and governance
D. To outline the company's products and services
Question 11
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. management structure and board composition
D. articles of association and company constitution
Question 12
A firm's demand function is given by (p = 100 - 2x). What is the inverse demand function?
A. (x = 50 - rac{p}{2})
B. (x = 50 + rac{p}{2})
C. (x = 100 - rac{p}{2})
D. (x = 100 + rac{p}{2})
Question 13
A company's Memorandum of Association is a legal document that outlines the company's objectives, structure, and powers. What is the primary purpose of this document?
A. To outline the company's management structure
B. To define the company's products and services
C. To specify the company's capital and shareholding
D. To outline the company's objectives, structure, and powers
Question 14
A company has a warehouse with a capacity of 10,000 units. If it receives a shipment of 8,000 units, what is the percentage of the warehouse's capacity that is currently occupied?
A. 60%
B. 70%
C. 80%
D. 90%
Question 15
A sole trader's business is considered a separate legal entity from its owner. However, in the event of a lawsuit, the owner's personal assets may be at risk. What is the name of this risk?
A. Unlimited Liability
B. Limited Liability
C. Joint Liability
D. Personal Liability

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