POST UTME UNILORIN 2019 Commerce | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company uses the just-in-time inventory system to manage its inventory. What is the primary advantage of this system?
A. Reduced inventory costs
B. Improved customer service
C. Increased efficiency
D. Better forecasting
Question 2
An insurance company offers a policy that covers the risk of damage to a building due to natural disasters. What type of insurance is this?
A. Life insurance
B. Health insurance
C. Property insurance
D. Liability insurance
Question 3
A consumer purchases a product for ₦5,000 and returns it after one week. The store owner refuses to refund the money. What law protects the consumer in this situation?
A. The Consumer Protection Act
B. The Sale of Goods Act
C. The Hire Purchase Act
D. The Credit Act
Question 4
A firm's revenue function is given by R(x) = 2x^2 + 10x, where x is the number of units sold. If the firm sells 10 units, what is the total revenue?
A. 50
B. 60
C. 70
D. 80
Question 5
The main advantage of a company is that it can raise capital by issuing
A. shares
B. debentures
C. loans
D. equity
Question 6
The main advantage of a company is that it can raise capital by issuing
A. shares
B. debentures
C. loans
D. equity
Question 7
A firm's production function is given by Q = 2L^(1/2)K^(1/2). If the firm's labor and capital inputs are 4 and 9 respectively, what is the level of output?
A. 12
B. 16
C. 20
D. 24
Question 8
A sole trader's business is not registered with the Corporate Affairs Commission (CAC). Which of the following is a consequence of this?
A. The business cannot be sued in court.
B. The business cannot be taxed by the government.
C. The business cannot be registered with the National Industrial Court.
D. The business cannot be registered with the Nigerian Stock Exchange.
Question 9
A firm's production process involves a series of operations, each with a probability of failure. If the probability of failure for each operation is 0.1, what is the probability that all operations will fail?
A. 0.01
B. 0.1
C. 0.5
D. 0.9
Question 10
A consumer protection agency is responsible for enforcing consumer rights. What is the primary responsibility of this agency?
A. To regulate business practices
B. To provide consumer education
C. To investigate consumer complaints
D. To prosecute offenders
Question 11
A company's marketing strategy involves a product life cycle analysis. Which of the following stages is characterized by a decrease in sales and profits?
A. Introduction Stage
B. Growth Stage
C. Maturity Stage
D. Decline Stage
Question 12
A company uses the break-even analysis to determine its optimal production level. What is the break-even point?
A. The point at which total revenue equals total fixed costs
B. The point at which total revenue equals total variable costs
C. The point at which total revenue equals total costs
D. The point at which total revenue equals total sales
Question 13
The concept of 'caveat emptor' is most closely associated with which of the following principles of consumer protection?
A. Principle of Implied Warranty
B. Principle of Unfair Contract Terms
C. Principle of Consumer Redress
D. Principle of Disclosure
Question 14
The concept of 'Warehousing and Stock Control' is closely related to which of the following business functions?
A. Purchasing
B. Marketing
C. Operations
D. Finance
Question 15
A company has a turnover of ₦1,500,000 and a profit of ₦250,000. What is the company's profit margin?
A. 16.67%
B. 20%
C. 25%
D. 30%

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