POST UTME RHEMA UNIVERSITY 2017 Commerce | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company's marketing strategy involves creating a brand image that is perceived as luxurious and exclusive. This is an example of which of the following marketing strategies?
A. Product Differentiation
B. Segmentation
C. Positioning
D. Branding
Question 2
A company's production process involves several stages, including design, production, and distribution. What is the main goal of each stage?
A. Design: to create a product that meets customer needs; Production: to produce the product at a low cost; Distribution: to get the product to the customer quickly and efficiently
B. Design: to create a product that is unique and innovative; Production: to produce the product at a high quality; Distribution: to get the product to the customer at a low cost
C. Design: to create a product that meets customer needs; Production: to produce the product at a high quality; Distribution: to get the product to the customer quickly and efficiently
D. Design: to create a product that is unique and innovative; Production: to produce the product at a low cost; Distribution: to get the product to the customer at a high quality
Question 3
A company is considering the export of its products to a foreign market. The company has estimated that the export revenue will be ₦10 million and the export costs will be ₦2 million. What is the profit from the export transaction?
A. ₦8,000
B. ₦10,000
C. ₦12,000
D. ₦15,000
Question 4
A sole trader is considering the incorporation of his business. The sole trader has estimated that the incorporation costs will be ₦5 million and the benefits of incorporation will be ₦10 million. What is the net benefit of incorporation?
A. ₦5,000
B. ₦10,000
C. ₦15,000
D. ₦20,000
Question 5
A firm's warehouse is designed to store a large quantity of goods. The warehouse has a rectangular shape with a length of 20 meters and a width of 15 meters. If the firm wants to install shelving units that are 2 meters high, how many square meters of floor space will be required to accommodate the shelving units?
A. 300 square meters
B. 400 square meters
C. 500 square meters
D. 600 square meters
Question 6
A firm's total revenue is the total amount of money received from the sale of a good. Which of the following is a characteristic of a firm's total revenue?
A. Increases as output increases
B. Decreases as output increases
C. Remains constant as output increases
D. Increases as output decreases
Question 7
The concept of comparative advantage in international trade is based on the idea that countries should specialize in producing goods for which they have a lower opportunity cost. Which of the following is a correct example of comparative advantage?
A. Country A produces 100 units of wheat and 50 units of cloth, while Country B produces 50 units of wheat and 100 units of cloth.
B. Country A produces 100 units of wheat and 50 units of cloth, while Country B produces 50 units of wheat and 100 units of cloth, but Country A has a lower opportunity cost of producing cloth.
C. Country A produces 100 units of wheat and 50 units of cloth, while Country B produces 50 units of wheat and 100 units of cloth, but Country B has a lower opportunity cost of producing wheat.
D. Country A produces 100 units of wheat and 50 units of cloth, while Country B produces 50 units of wheat and 100 units of cloth, but both countries have the same opportunity cost of producing both goods.
Question 8
A firm's marketing strategy involves creating a brand image that is perceived as luxurious and exclusive. This is an example of which of the following marketing strategies?
A. Product Differentiation
B. Segmentation
C. Positioning
D. Branding
Question 9
The concept of comparative advantage in international trade is based on the idea that countries should specialize in producing goods for which they have a lower opportunity cost compared to other countries. Which of the following is a correct example of comparative advantage?
A. Country A produces 100 units of wheat and 50 units of cloth, while Country B produces 50 units of wheat and 100 units of cloth.
B. Country A produces 100 units of wheat and 50 units of cloth, while Country B produces 50 units of wheat and 50 units of cloth.
C. Country A produces 100 units of wheat and 100 units of cloth, while Country B produces 50 units of wheat and 50 units of cloth.
D. Country A produces 50 units of wheat and 100 units of cloth, while Country B produces 100 units of wheat and 50 units of cloth.
Question 10
A company's insurance policy covers losses due to fire, theft, and natural disasters. However, the policy excludes losses due to war and nuclear accidents. If the company's assets are valued at ₦500 million and the insurance premium is 5% of the total value, what is the total cost of the insurance premium?
A. ₦25,000,000
B. ₦25,500,000
C. ₦26,000,000
D. ₦26,500,000
Question 11
A company's risk management strategy involves identifying, assessing, and mitigating risks. What is the main purpose of each step?
A. Identify: to recognize potential risks; Assess: to evaluate the likelihood and impact of each risk; Mitigate: to reduce or eliminate the risk
B. Identify: to recognize potential opportunities; Assess: to evaluate the likelihood and impact of each opportunity; Mitigate: to reduce or eliminate the risk
C. Identify: to recognize potential risks; Assess: to evaluate the likelihood and impact of each risk; Mitigate: to transfer the risk to another party
D. Identify: to recognize potential opportunities; Assess: to evaluate the likelihood and impact of each opportunity; Mitigate: to reduce or eliminate the risk
Question 12
A company's insurance policy has a deductible of ₦5,000. If the company suffers a loss of ₦20,000, how much will it receive from the insurance company?
A. ₦15,000
B. ₦20,000
C. ₦25,000
D. ₦30,000
Question 13
In a perfectly competitive market, the demand curve for a firm's product is its marginal revenue curve. Which of the following is a characteristic of a perfectly competitive market?
A. Many buyers and sellers
B. Barriers to entry are high
C. Firms have complete control over price
D. Firms produce identical products
Question 14
A bank's interest rate is 12% per annum. If a customer deposits ₦10,000 for 2 years, how much interest will the customer earn?
A. ₦2,400
B. ₦2,500
C. ₦2,600
D. ₦2,700
Question 15
A consumer protection agency receives a complaint about a company's misleading advertisement. The agency finds that the company has made false claims about its product. What action should the agency take?
A. Issue a warning to the company
B. Fine the company ₦100,000
C. Ban the company from advertising
D. Sue the company for damages

Master the Exam!

You've seen a preview, but there are thousands more questions plus AI tutor to break down complex solutions.

Unlock Full Access Available for Android & Windows
Help others prepare! Share this practice hub: