UNIVERSITY OF IBADAN MODEL POST -UTME SCREENING TEST PRACTICE QUESTIONS TEST 2

1. An example of a consumer protection agency is the (A) Nigerian Bar Association (B) Nigerian Medical Association (C) Federal Environmental Protection Agency (D) Manufacturers Association of Nigeria.

2. An opportunity to reject a binding contract at will by a third party is said to be a (A)valid contract (B)quasi contract (C)voidable contract (D)conditional contract.

3. An underlying principle in the marketing of goods is that firms should (A)Train their personnel (B) Be consumer oriented. (C)Advertise the goods. (D) Sell through outlets

4. Balance of payments is made up of (A)visible and current items (B) invisible and capital items (C)current and capital items (D)visible and invisible items.

5. Capital as a factor of production can be used as (A) money that regarded as asset (B) goods that are used in business (C) input for further production (D) Services that provides satisfaction.

6. Commercialization of government corporation brings about an increase in the level of (A)money supply in the economy (B) competition among business operators (C) distrust among business operators (D) social responsibility.

7. Debentures differ from shares in that (A) They are secured on the company assets (B) ownership is open to the public (C) they form part of the capital of the business (D) rewards are usually paid out of profit.

8. Division of labour ultimately leads to (A)conservation (B)integration (C)specialization (D)repetition

9. Emeka ordered goods for his retarl shop. The manufacturer sell the goods at retail price of N500 but would give it to Emeka at N400. What kind of discount did he gets?(A)Cash discount (B) trade discount (C) quality discount (D) Seasonal discount

10. Entrepot trade usually occurs in (A) exchanging goods within a nation (B) exchanging goods among countries
(C) importing goods to be re-exported (D) exporting goods to be re-imported

11. Extractive industries may also be denominated as (A)Direct industries (B) Serving industries (C)Primary industries (D)indirect industries.

12. For the establishment of a powerful consumers’ association in Nigeria to exist, there must be (A)financial and moral support from the public (B) honest and committe C. leadership (C) allocation of goods from the producers (D) Freedom from external influence.

13. Given: i. Shoe maker ii. Policeman iii. Fisherman iv.Gardener v. Broker. The persons engaged in primary
occupation are (A)1, llland lV (B)llland lV (C)llland V (D)1, lland V.

14. Goods discharged from ships on which import duties have not been paid are kept in the (A) Ordinary warehouse (B) Public warehouse (C) Private warehouse (D) Bonded warehouse.

15. l. Companies must be registered as private limited liability companies. ll. Companies must have not less than ‘100 shareholders. lll. No shareholders mav have more than 75% of issued, Which of the above are requirements for admission into the second-tier securities market?
(A) land ll only (B) land lllonly (C)l.ll. and lll (D) ll and lll only.

16. If a firm’s turnover is 15,000 and the cost of goods sold is ‘10,000, what is the percentage of gross profit on sales? (A)23.3% (B)33 3% (C)50 0% (D)66 6%

17. In a common market, member countries agree basically to (A) Place bans on other countries’ product (B)wages war against countries products (C)establish common barriers against countries outside the market (D) Negotiate with outside the market for favorable terms of trade.

18. In ClF, contracts risk passes at the time of shipment but the property does not pass until; (A) there is physical transfer of goods (B)the shipping manifests are signed (C)the shipping documents are transferred (D) the goods on the board are delivered.

19. In product pricing, which of these elements needs more consideration than others? (A) The demand for the product (B) The demography of the buyers of the product (C) The economic conditions in the markets
(D) The cost of producing the product.

20. In the long run, all factors of production are; (A) Fixed (B) variable (C) marginal (D) constant.

21. Initial public is undertaken through the (A) secondary securities market (B)first tier securities market
(C) primary securities market (D) second-tier securities market.

22. Maimani Plc, whose nominal capital is made up of 5,000,000 ordinary shares of 50k each, decided to offer
80% of it to the public and realized only 50% of the amount due. What is the company’s authorized share capital?
(A) N2,500,000 (B)4,000,0000 (c) 5,000,000 (D) 7,500,000.

23. Manufacturing and constructive activities are classified under (A) primary production (B)tertiary production(C) secondary production (D) direct service.

24. Most of the barriers to international trade have been eliminated through (A) Diversification (B)globalization
(C)commercialization (D)privatization.

25. NACCIMA stands for (A) Nigerian-American Centre for Culture, lndustries, Mines and Arts (B) Nigeria Association for Culture, Civics, lndustries. Minerals and Arts (C) National Agency for Culture, Civilization, investments,manufacturing and Agriculture. (D) Nigeria Association of Chambers of commerce, industries, Mines, and Agriculture.

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