POST UTME UNN 2021 Commerce | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A firm specializes in producing a single product. Which of the following is a characteristic of specialization in production?
Question 2
A bank offers a savings account with a 5% annual interest rate. Which of the following is a benefit of the savings account?
Question 3
A consumer has a budget of ₦5000 and a preference for two goods, A and B. The prices of the goods are ₦2000 and ₦3000, respectively. If the consumer spends all of their budget, what is the quantity of good A consumed?
Question 4
A company uses the marketing mix (4 Ps) to develop its marketing strategy. Which of the following is a component of the marketing mix?
Question 5
A company is considering two different insurance policies to cover its business operations. Policy A has a premium of ₦1,500 and a deductible of ₦5,000. Policy B has a premium of ₦2,000 and a deductible of ₦3,000. If the company expects to incur an average loss of ₦10,000 per year, which policy should it choose?
Question 6
In a sole proprietorship, the owner's personal assets are not protected from business liabilities. What is the name of the legal doctrine that allows creditors to seize the owner's personal assets?
Question 7
A consumer is considering purchasing a product with a price of ₦500 and a discount of 10%. What is the final price of the product?
Question 8
A company's articles of association may be amended by a special resolution passed by a majority of at least 75% of the shareholders present and voting. What is the name of this type of resolution?
Question 9
A company is considering two different transportation modes to deliver its products to a foreign market. Mode A costs ₦50,000 per unit and takes 10 days to deliver, while Mode B costs ₦30,000 per unit and takes 20 days to deliver. If the company expects to sell the products at ₦150,000 per unit, what is the minimum number of units the company should sell to break even?
Question 10
A firm's demand function is given by Q = 100 - 2P, where Q is quantity demanded and P is price. If the firm's total revenue function is given by TR = 200Q - 2Q^2, what is the optimal quantity?
Question 11
A company uses the just-in-time (JIT) inventory system. Which of the following is a benefit of JIT?
Question 12
A firm purchases a liability insurance policy to protect against potential losses. Which of the following is a type of liability insurance?
Question 13
A bank's cash reserve ratio is 20%. If the bank has a total deposit of ₦100,000,000, how much cash must it reserve?
Question 14
A consumer protection agency is investigating a complaint against a company that has been selling defective products. The company has a policy of replacing defective products free of charge, but the consumer has to pay for the return shipping. What type of consumer protection law is this company violating?
Question 15
A consumer protection agency has been established to protect consumers from unfair business practices. Which of the following is a right of a consumer under the Consumer Protection Act?
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