POST UTME OSUSTECH 2021 Commerce | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A firm's demand function is given by Q = 100 - 2P, where Q is quantity demanded and P is price. If the price is increased by 20%, what is the new quantity demanded?
A. 80
B. 90
C. 100
D. 110
Question 2
A company's financial statements include the balance sheet, income statement, and cash flow statement. Which of the following is NOT a type of financial statement?
A. Balance Sheet
B. Income Statement
C. Cash Flow Statement
D. Statement of Changes in Equity
Question 3
A company produces a product with a defect that causes harm to a consumer. The company is liable for the damages under which of the following legal principles?
A. Negligence
B. Strict Liability
C. Unfair Trade Practices
D. Breach of Warranty
Question 4
A firm's marketing strategy involves a combination of product, price, place, and promotion. Which of the following is NOT a characteristic of a product?
A. Quality
B. Brand
C. Packaging
D. Warranty
Question 5
A bank offers a credit card with an annual interest rate of 18% and a minimum payment of 2% of the outstanding balance. If the customer has an outstanding balance of ₦50,000 and makes a minimum payment of ₦1,000, how much interest will be charged in the first year?
A. ₦8,100
B. ₦9,000
C. ₦9,900
D. ₦10,800
Question 6
A company's production function is given by Q = 100L^0.5K^0.5, where Q is output, L is labor, and K is capital. If labor and capital are increased by 20% and 15% respectively, what is the percentage change in output?
A. 10%
B. 12%
C. 15%
D. 18%
Question 7
A company has a policy of paying its employees a bonus of 10% of their salary if they meet their targets. If an employee's salary is ₦80,000 and they do not meet their targets, what is the bonus they will receive as a percentage of their salary?
A. 10%
B. 12%
C. 15%
D. 0%
Question 8
A company's marketing strategy involves a mix of advertising, sales promotion, and public relations. Which of the following is NOT a characteristic of a well-planned marketing mix?
A. It is flexible and adaptable to changing market conditions
B. It is focused on a specific target market
C. It is designed to maximize profits at the expense of customer satisfaction
D. It is a long-term plan that takes into account the company's overall business goals
Question 9
A company is considering investing in a new project that has a projected return on investment (ROI) of 15%. If the company's cost of capital is 10%, is the project a good investment opportunity?
A. Yes
B. No
C. Maybe
D. Depends on other factors
Question 10
A firm is operating in a market with a demand curve given by Q = 100 - 2P. If the firm's marginal cost (MC) is ₦20, what is the optimal price it should charge for its product?
A. ₦40
B. ₦50
C. ₦60
D. ₦70
Question 11
A firm's marketing strategy involves a combination of product, price, place, and promotion. Which of the following is NOT a characteristic of a product?
A. Quality
B. Brand
C. Packaging
D. Warranty
Question 12
A consumer purchases a product that is not as described by the seller. The consumer is entitled to which of the following remedies?
A. Rescission of the contract
B. Damages for breach of warranty
C. Specific performance of the contract
D. Injunction to stop the sale of the product
Question 13
A company has a budget of ₦1,500,000 to spend on advertising. The cost of advertising on television is ₦200,000 per minute, and the cost of advertising on radio is ₦150,000 per minute. If the company wants to spend at least ₦500,000 on television advertising, what is the maximum amount it can spend on radio advertising?
A. ₦750,000
B. ₦800,000
C. ₦850,000
D. ₦900,000
Question 14
What is the primary function of the International Chamber of Commerce (ICC)?
A. To promote international trade
B. To establish trade agreements
C. To provide arbitration services
D. To regulate international business
Question 15
A company's marketing mix is given by the 4 Ps: Product, Price, Place, and Promotion. If a company wants to increase sales by 20%, which of the following strategies would be most effective?
A. Increase price by 10%
B. Increase advertising budget by 20%
C. Improve product quality
D. Increase distribution channels

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