POST UTME VERITAS UNIVERSITY 2022 Commerce | Objective
Practice these randomly selected questions to test your readiness.
Question 1
In a perfectly competitive market, the law of diminishing marginal utility implies that as the quantity of a good increases, the marginal utility of each additional unit of the good
Question 2
A company has a market share of 30% in the industry. If the industry's total sales revenue is ₦10 billion, what is the company's market value?
Question 3
The Consumer Protection Act of 1999 provides for the establishment of the National Consumer Protection Agency. What is the primary function of this agency?
Question 4
A warehouse has a capacity of 10,000 units. The current stock level is 8,000 units. What is the remaining capacity?
Question 5
A firm's production function is given by Q = 2L^0.5K^0.5. If the firm wants to produce 400 units of output, and the wage rate is ₦50 per hour, and the rental rate is ₦20 per unit of capital, what is the optimal combination of labor and capital?
Question 6
A company's sole trader is responsible for all the profits and losses of the business. What is the name of this type of business organization?
Question 7
A sole trader, Mr. A, has a business income of ₦500,000 and a business expense of ₦200,000. If he has a personal income of ₦300,000 and a personal expense of ₦100,000, what is his total taxable income?
Question 8
A consumer purchases a product with a 10% discount. If the original price of the product is ₦1,500, what is the amount of the discount?
Question 9
A firm's production function is given by Q = 2L^0.5 + 3K^0.5. If the firm's current level of labor and capital are L = 4 and K = 9, respectively, what is the firm's current level of output?
Question 10
A sole trader's business is considered a separate legal entity from its owner. However, in the event of a lawsuit, the owner's personal assets may be at risk. What is the name of the legal doctrine that protects the owner's personal assets?
Question 11
A company has a debt of ₦10 million and an equity of ₦20 million. If the company's debt-to-equity ratio is 0.5, what is the company's total capital?
Question 12
A company has a production capacity of 100 units per day. However, due to a shortage of raw materials, the company can only produce 80 units per day. What is the name of the production concept that the company is experiencing?
Question 13
A company is considering investing in a new project that has a 5-year lifespan. The initial investment required is ₦10 million, and the expected annual returns are ₦2 million. The company's cost of capital is 10% per annum. Using the net present value (NPV) method, calculate the NPV of the project.
Question 14
A consumer is considering purchasing a product that has a 2-year warranty. Which of the following is a key benefit of the warranty?
Question 15
A company's marketing mix is given by the 4 Ps: Product, Price, Place, and Promotion. If the company wants to increase sales, which of the following would be the most effective strategy?
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