POST UTME REDEEMERS UNIVERSITY 2024 Commerce | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A sole trader's business is registered under the name 'ABC Enterprises'. Which of the following is a correct statement about the business?
Question 2
A company specializes in producing high-quality leather goods. It has a production capacity of 10,000 units per month. The company operates a just-in-time inventory system, which means that it produces and sells its products just in time to meet customer demand. If the company sells 8,000 units in a month, what is the value of its inventory turnover ratio?
Question 3
A firm has a production function given by Q = 2L^0.5K^0.5, where Q is the quantity produced, L is the labor input, and K is the capital input. If the firm uses 100 units of labor and 400 units of capital, what is the value of Q?
Question 4
A consumer purchases a product online and receives a defective item. What is the consumer's right under the Consumer Protection Act?
Question 5
A company's financial statements include the balance sheet, income statement, and
Question 6
A company uses a communication system to manage its supply chain. The company has a team of 5 employees who need to communicate with each other to coordinate the logistics. The company uses a communication system that can support up to 10 users. What is the maximum number of users that the company can add to the system?
Question 7
A firm is considering two different production technologies: one that uses labor and capital as inputs, and another that uses only labor as an input. The production function for the first technology is given by the equation ( Q = 100L^0.5K^0.25 ), while the production function for the second technology is given by the equation ( Q = 50L^0.5 ). If the firm wants to produce 100 units of the commodity, and the wage rate is ₦100 per hour, while the rental rate for capital is ₦50 per hour, what is the minimum cost of production for each technology?
Question 8
A company uses a just-in-time inventory system to manage its inventory. The company receives an order for 5,000 units of goods. The company's supplier has a lead time of 3 days. What is the maximum number of units of goods that the company can order to meet the demand?
Question 9
A consumer has a budget constraint given by P1x + P2y = 100, where P1 and P2 are the prices of two goods, and x and y are the quantities consumed. If the consumer has a utility function given by U(x, y) = 2x + 3y, and the prices of the two goods are P1 = 20 and P2 = 30, what is the value of the consumer's optimal bundle?
Question 10
A company uses a transportation management system to manage its logistics. The company has a fleet of 10 trucks that can transport goods from a warehouse to a distribution center. The distance between the warehouse and the distribution center is 200 miles. What is the maximum number of trips that the company can make in a day?
Question 11
A firm has a cost function given by C(Q) = 2Q^2 + 100, where C(Q) is the total cost and Q is the quantity produced. If the firm produces 10 units of output, what is the value of its average cost?
Question 12
A company's financial statements show a high level of debt. Which of the following is a potential consequence of this?
Question 13
A company is considering investing in a new project. Which of the following is a key factor to consider when evaluating the project's potential return on investment?
Question 14
A company has a sole trader business structure. What is the primary advantage of this structure?
Question 15
A business's introduction to commerce involves understanding its environment and stakeholders. What is the primary stakeholder group that a business must consider?
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