POST UTME UNILORIN 2024 Commerce | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company is considering exporting its products to a new market. The company has identified several potential markets, but it is not sure which one to choose. Which of the following is a key factor to consider when evaluating the potential markets?
A. The size of the market
B. The level of competition in the market
C. The potential for growth in the market
D. The cost of exporting to the market
Question 2
A consumer protection agency has been established to protect consumers from unfair business practices. Which of the following is a function of the consumer protection agency?
A. To investigate complaints from consumers
B. To provide education and awareness to consumers
C. To regulate business practices
D. To provide compensation to consumers
Question 3
A company has a production cost of ₦10 per unit and a selling price of ₦20 per unit. If the company produces 500 units, what is the profit?
A. ₦3,000
B. ₦5,000
C. ₦7,000
D. ₦10,000
Question 4
A company is considering implementing a new inventory management system. The company has identified several potential systems, but it is not sure which one to choose. Which of the following is a key benefit of implementing a new inventory management system?
A. Improved inventory accuracy
B. Increased inventory turnover
C. Reduced inventory costs
D. Improved customer service
Question 5
A sole trader's business is affected by the following risks: market risk, credit risk, and operational risk. Which of the following insurance products would be most effective in mitigating these risks?
A. Liability Insurance
B. Business Interruption Insurance
C. Professional Indemnity Insurance
D. Public Liability Insurance
Question 6
A company is considering implementing a new supply chain management system. The company has identified several potential systems, but it is not sure which one to choose. Which of the following is a key benefit of implementing a new supply chain management system?
A. Improved supply chain efficiency
B. Increased supply chain visibility
C. Reduced supply chain costs
D. Improved customer satisfaction
Question 7
A company's marketing strategy involves creating a new product line that caters to the needs of a specific demographic. Which of the following marketing mix elements is most relevant to this strategy?
A. Product
B. Price
C. Promotion
D. Place
Question 8
A firm's insurance policy covers losses due to natural disasters. Which of the following is a type of insurance policy that covers losses due to natural disasters?
A. Liability insurance
B. Property insurance
C. Casualty insurance
D. Disaster insurance
Question 9
A company is considering implementing a new risk management strategy. The company has identified several potential strategies, but it is not sure which one to choose. Which of the following is a key benefit of implementing a new risk management strategy?
A. Reduced risk exposure
B. Improved financial performance
C. Increased customer satisfaction
D. Improved employee morale
Question 10
A company's financial statements are prepared in accordance with the Generally Accepted Accounting Principles (GAAP). Which of the following is a characteristic of a GAAP-compliant financial statement?
A. It is prepared in accordance with the International Financial Reporting Standards (IFRS)
B. It is audited by an independent auditor
C. It is prepared in accordance with the Generally Accepted Accounting Principles (GAAP)
D. It is prepared in accordance with the cash basis of accounting
Question 11
A company's introduction to commerce involves the following steps: market research, product development, and market entry. Which of the following business units is most relevant to this process?
A. Sole Trader
B. Limited Liability Partnership
C. Private Limited Company
D. Public Limited Company
Question 12
A company is a type of business organization that is owned and operated by shareholders. What is the main advantage of a company?
A. The company has unlimited liability.
B. The company has limited liability.
C. The company has the ability to raise capital from investors.
D. The company has the ability to transfer ownership of the business.
Question 13
A company has a production cost of ₦15 per unit and a selling price of ₦25 per unit. If the company produces 1,000 units, what is the profit?
A. ₦5,000
B. ₦10,000
C. ₦15,000
D. ₦20,000
Question 14
A consumer protection agency has been established to protect consumers from unfair business practices. Which of the following is a function of the consumer protection agency?
A. To investigate complaints from consumers
B. To provide education and awareness to consumers
C. To regulate business practices
D. To provide compensation to consumers
Question 15
A sole trader has a business income of ₦100,000 and a business expense of ₦50,000. What is the business profit?
A. ₦50,000
B. ₦75,000
C. ₦100,000
D. ₦125,000

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: