Practice post utme unilorin commerce 2024 Past Questions

Question 1

In a perfectly competitive market, the supply curve is typically represented by a

Correct A. Horizontal Line

B. Sloping Line

C. Vertical Line

D. U-Shaped Curve

Correct Answer: A

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Question 2

A company's break-even point is the point at which its total revenue equals its total

A. Fixed Costs

B. Variable Costs

Correct C. Total Costs

D. Selling Price

Correct Answer: C

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Question 3

A firm's demand curve shifts to the right when there is an increase in the

A. Price of a Complementary Good

Correct B. Price of a Substitute Good

C. Income of Consumers

D. Price of the Good Itself

Correct Answer: B

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Question 4

A company's marketing mix consists of the 4 Ps, which are

Correct A. Product, Price, Place, Promotion

B. Product, Price, People, Process

C. Product, Price, Place, Packaging

D. Product, Price, People, Performance

Correct Answer: A

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Question 5

A firm's cost structure can be classified into fixed costs and

Correct A. Variable Costs

B. Semi-Variable Costs

C. Semi-Fixed Costs

D. Sunk Costs

Correct Answer: A

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Question 6

Determine the minimum capital required for a sole trader to establish a retail outlet in Nigeria, considering the following costs: ₦500,000 for rent, ₦200,000 for equipment, and ₦150,000 for initial inventory.

A. ₦850,000

B. ₦950,000

Correct C. ₦1,050,000

D. ₦1,200,000

Correct Answer: C

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Question 7

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

Correct C. ₦15,000

D. ₦20,000

Correct Answer: C

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Question 8

A consumer protection agency has received complaints about a company's unfair business practices. The agency has the power to investigate and impose penalties. What is the primary purpose of this agency?

A. To promote fair competition

Correct B. To protect consumers from unfair business practices

C. To regulate business operations

D. To provide consumer education

Correct Answer: B

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Question 9

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

Correct C. ₦7,000

D. ₦10,000

Correct Answer: C

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Question 10

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

Correct B. ₦75,000

C. ₦100,000

D. ₦125,000

Correct Answer: B

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Question 11

The Consumer Protection Act of 1999 provides for the protection of consumers from unfair trade practices. Which of the following is a key provision of the Act?

A. The Act provides for the establishment of a Consumer Protection Council.

Correct B. The Act provides for the protection of consumers from unfair trade practices.

C. The Act provides for the establishment of a Consumer Protection Agency.

D. The Act provides for the protection of consumers from false advertising.

Correct Answer: B

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Question 12

A sole trader is a type of business organization that is owned and operated by one individual. What is the main advantage of a sole trader?

A. The sole trader has unlimited liability.

B. The sole trader has limited liability.

C. The sole trader has the ability to raise capital from investors.

Correct D. The sole trader has the ability to transfer ownership of the business.

Correct Answer: D

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Question 13

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.

Correct 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.

Correct Answer: B

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Question 14

A business can reduce its risk by diversifying its operations. What is an example of diversification?

A. A company that produces only one product.

Correct B. A company that produces multiple products.

C. A company that operates in only one market.

D. A company that operates in multiple markets.

Correct Answer: B

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Question 15

A business can reduce its risk by hedging its investments. What is an example of hedging?

A. A company that invests in a single stock.

B. A company that invests in multiple stocks.

C. A company that invests in a single bond.

Correct D. A company that invests in multiple bonds.

Correct Answer: D

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Question 16

A company specializes in producing and selling a particular brand of chocolate. The production process involves several stages, including harvesting, processing, and packaging. The company uses a just-in-time inventory system to manage its inventory levels. Which of the following is a benefit of using a just-in-time inventory system?

A. Reduced inventory costs

B. Improved product quality

Correct C. Increased production efficiency

D. Better customer service

Correct Answer: C

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Question 17

A consumer protection agency has received several complaints about a company's unfair business practices. The agency has decided to investigate the company's business practices and determine whether they are in compliance with relevant laws and regulations. Which of the following is a key step in the investigation process?

A. Conducting a survey of the company's customers

Correct B. Reviewing the company's business practices and policies

C. Interviewing the company's employees

D. Analyzing the company's financial records

Correct Answer: B

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Question 18

A company is considering expanding its operations 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

Correct C. The potential for growth in the market

D. The cost of entering the market

Correct Answer: C

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Question 19

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

Correct C. Reduced inventory costs

D. Improved customer service

Correct Answer: C

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Question 20

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

Correct D. The cost of exporting to the market

Correct Answer: D

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Question 21

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?

Correct A. Reduced risk exposure

B. Improved financial performance

C. Increased customer satisfaction

D. Improved employee morale

Correct Answer: A

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Question 22

A company is considering implementing a new insurance policy. The company has identified several potential policies, but it is not sure which one to choose. Which of the following is a key factor to consider when evaluating the potential policies?

A. The cost of the policy

Correct B. The level of coverage provided

C. The potential for claims

D. The reputation of the insurance company

Correct Answer: B

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Question 23

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

Correct C. Reduced supply chain costs

D. Improved customer satisfaction

Correct Answer: C

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Question 24

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

Correct D. The cost of exporting to the market

Correct Answer: D

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Question 25

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?

Correct A. Product

B. Price

C. Promotion

D. Place

Correct Answer: A

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POST UTME UNILORIN 2024 Commerce | Objective

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