Practice post utme uniport commerce 2025 Past Questions

Question 1

In a consumer protection context, what is the primary purpose of the Consumer Protection Act?

Correct A. To regulate business practices and protect consumers from unfair trade

B. To provide a framework for consumer education and awareness

C. To establish a consumer protection agency to handle complaints

D. To promote consumer research and development

Correct Answer: A

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Question 2

A company is considering a new marketing strategy that involves targeting low-income households. What type of consumer protection law would be most relevant in this scenario?

A. Consumer Protection Act

Correct B. Fair Trading Act

C. Unfair Contract Terms Act

D. Data Protection Act

Correct Answer: B

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Question 3

A consumer purchases a product online and receives a defective item. What is the consumer's right under the Consumer Protection Act?

Correct A. To return the product and receive a full refund

B. To exchange the product for a new one

C. To claim damages for the defective product

D. To cancel the contract and receive a full refund

Correct Answer: A

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Question 4

A company is accused of engaging in unfair business practices. What is the primary purpose of the Fair Trading Act?

Correct A. To regulate business practices and protect consumers from unfair trade

B. To provide a framework for consumer education and awareness

C. To establish a consumer protection agency to handle complaints

D. To promote consumer research and development

Correct Answer: A

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Question 5

A consumer is considering a loan from a financial institution. What type of consumer protection law would be most relevant in this scenario?

A. Consumer Protection Act

B. Fair Trading Act

Correct C. Unfair Contract Terms Act

D. Data Protection Act

Correct Answer: C

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Question 6

A company's financial statements are prepared in accordance with the Generally Accepted Accounting Principles (GAAP). Which of the following is a characteristic of GAAP?

A. It is a set of rules that govern the preparation of financial statements.

Correct B. It is a set of principles that guide the preparation of financial statements.

C. It is a set of standards that are mandatory for all companies.

D. It is a set of guidelines that are optional for companies.

Correct Answer: B

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Question 7

A sole trader's business is not registered with the Corporate Affairs Commission (CAC). What is the implication of this?

A. The business is not liable for any debts incurred.

B. The business is not entitled to any tax relief.

Correct C. The business is not required to file any returns with the CAC.

D. The business is not entitled to any government contracts.

Correct Answer: C

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Question 8

A company's articles of association provide that the company shall be managed by a board of directors. What is the primary function of the board of directors?

Correct A. To make decisions on behalf of the company.

B. To manage the company's day-to-day activities.

C. To oversee the company's financial affairs.

D. To appoint and remove the company's officers.

Correct Answer: A

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Question 9

A consumer purchases a product from a retailer, but the product is defective. What is the consumer's remedy?

A. The consumer can return the product for a full refund.

B. The consumer can exchange the product for a similar one.

Correct C. The consumer can sue the retailer for damages.

D. The consumer can seek a replacement product.

Correct Answer: C

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Question 10

A company's warehouse is not properly secured, resulting in the theft of goods worth ₦1,000,000. What is the company's liability?

A. The company is liable for the full amount of ₦1,000,000.

B. The company is liable for half of the amount, ₦500,000.

C. The company is not liable for any amount.

Correct D. The company is liable for the amount minus any insurance coverage.

Correct Answer: D

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Question 11

A company's sole trader is considering expanding its operations to a foreign market. Which of the following is a key consideration in this decision?

A. The company's brand reputation in the foreign market

B. The cost of transporting goods to the foreign market

C. The availability of skilled labor in the foreign market

Correct D. The company's ability to adapt to local business practices

Correct Answer: D

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Question 12

A firm is considering two different advertising strategies: a print campaign or a social media campaign. Which of the following is a key advantage of the print campaign?

A. Higher reach and frequency

B. Lower cost per impression

C. Greater targeting capabilities

Correct D. Longer shelf life

Correct Answer: D

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Question 13

A company's warehouse is experiencing stockouts due to inadequate inventory management. Which of the following is a key factor contributing to this problem?

A. Insufficient storage capacity

Correct B. Inaccurate demand forecasting

C. Inefficient inventory tracking

D. Poor supplier relationships

Correct Answer: B

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Question 14

A firm is considering two different insurance policies: a liability policy or a property policy. Which of the following is a key advantage of the liability policy?

A. Higher coverage limits

B. Lower premiums

Correct C. Greater protection against lawsuits

D. Longer policy term

Correct Answer: C

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Question 15

A company is considering exporting its products to a foreign market. Which of the following is a key consideration in this decision?

A. The company's brand reputation in the foreign market

B. The cost of transporting goods to the foreign market

C. The availability of skilled labor in the foreign market

Correct D. The company's ability to adapt to local business practices

Correct Answer: D

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Question 16

A firm's production function is given by Q = 2L^(1/2)K^(1/2), where Q is output, L is labor, and K is capital. If the firm wants to increase output by 20% while keeping labor constant, how much should it increase capital?

A. 10%

Correct B. 20%

C. 30%

D. 40%

Correct Answer: B

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Question 17

A company imports goods worth ₦1,500,000. If the exchange rate is 1 USD = ₦375, how much is the import duty?

A. ₦375,000

B. ₦500,000

Correct C. ₦625,000

D. ₦750,000

Correct Answer: C

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Question 18

A firm's cost function is given by C = 2L + 3K, where C is cost, L is labor, and K is capital. If the firm increases labor by 20% and capital by 15%, what is the percentage increase in cost?

A. 5%

B. 10%

Correct C. 15%

D. 20%

Correct Answer: C

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Question 19

A company has a warehouse with a capacity of 10,000 units. If it receives a shipment of 8,000 units, what is the percentage of the warehouse that is occupied?

A. 40%

Correct B. 50%

C. 60%

D. 80%

Correct Answer: B

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Question 20

A firm's revenue function is given by R = 2Q^2, where R is revenue and Q is output. If the firm produces 10 units, what is the revenue?

A. ₦200

B. ₦400

Correct C. ₦600

D. ₦800

Correct Answer: C

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Question 21

A company is considering the introduction of a new product line in the Nigerian market. The product is a high-end smartphone with advanced features. However, the company is concerned about the potential risks associated with the product's high price point. Which of the following strategies would be most effective in mitigating these risks?

Correct A. Conducting market research to gauge consumer demand and willingness to pay

B. Offering discounts and promotions to attract price-sensitive customers

C. Focusing on the product's unique features and benefits to justify the high price

D. Partnering with influencers and celebrities to promote the product

Correct Answer: A

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Question 22

A consumer is considering purchasing a used car from a private seller. The seller has provided a detailed description of the vehicle's history, including its mileage and any previous repairs. However, the consumer is still unsure about the car's condition. Which of the following documents would be most useful in verifying the seller's claims?

Correct A. Vehicle inspection report

B. Service history records

C. Mileage log

D. Police report

Correct Answer: A

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Question 23

A company is planning to expand its operations into the Nigerian market. The company has identified several potential partners, but is unsure about which one to choose. Which of the following factors would be most important in evaluating the potential partner's suitability?

A. Financial resources and stability

Correct B. Market knowledge and expertise

C. Cultural compatibility and values

D. Geographic location and accessibility

Correct Answer: B

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Question 24

A consumer is considering purchasing a product from a foreign company. The product is a high-end electronic device with advanced features. However, the consumer is concerned about the product's compatibility with Nigerian power standards. Which of the following documents would be most useful in verifying the product's compatibility?

A. Product manual

B. Warranty information

C. CE marking certificate

Correct D. Nigerian Standards Institute (NSI) certification

Correct Answer: D

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Question 25

A company is considering the introduction of a new product line in the Nigerian market. The product is a high-end smartphone with advanced features. However, the company is concerned about the potential risks associated with the product's high price point. Which of the following strategies would be most effective in mitigating these risks?

Correct A. Conducting market research to gauge consumer demand and willingness to pay

B. Offering discounts and promotions to attract price-sensitive customers

C. Focusing on the product's unique features and benefits to justify the high price

D. Partnering with influencers and celebrities to promote the product

Correct Answer: A

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POST UTME UNIPORT 2025 Commerce | Objective

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