EED 126 Salient Feature
1. What is an enterprise?
A) A small business
B) A large corporation
C) Any organization or venture
D) A non-profit organization
Answer: C) Any organization or venture
2. Who is an entrepreneur?
A) Someone who works for others
B) Someone who creates innovative ventures
C) Someone who manages a large corporation
D) Someone who invests in stocks
Answer: B) Someone who creates innovative ventures
3. What is entrepreneurship?
A) Starting a small business
B) Managing a large corporation
C) Creating innovative ventures
D) Investing in stocks
Answer: C) Creating innovative ventures
4. What is intrapreneurship?
A) Starting a new business within an existing organization
B) Creating innovative products
C) Managing a team
D) Investing in stocks
Answer: A) Starting a new business within an existing organization
5. Which characteristic is essential for entrepreneurs?
A) Risk aversion
B) Creativity
C) Conformity
D) Caution
Answer: B) Creativity
6. What drives entrepreneurial activity?
A) Profit motive
B) Social responsibility
C) Economic growth
D) All of the above
Answer: D) All of the above
7. What is the primary goal of an entrepreneur?
A) To secure funding
B) To create innovative products
C) To generate profits
D) To create employment
Answer: C) To generate profits
8. Who is an intrapreneur?
A) An entrepreneur who starts a new business
B) An employee who innovates within an organization
C) A manager who leads a team
D) An investor who funds startups
Answer: B) An employee who innovates within an organization
9. What is the difference between entrepreneurship and intrapreneurship?
A) Entrepreneurship is external, intrapreneurship is internal
B) Entrepreneurship is small-scale, intrapreneurship is large-scale
C) Entrepreneurship is innovative, intrapreneurship is traditional
D) Entrepreneurship is profit-driven, intrapreneurship is socially driven
Answer: A) Entrepreneurship is external, intrapreneurship is internal
10. Which skill is essential for entrepreneurs and intrapreneurs?
A) Technical skills
B) Business skills
C) Creative thinking
D) All of the above
Answer: D) All of the above
11. What is the role of entrepreneurship in economic growth?
A) Job creation
B) Innovation
C) Increased productivity
D) All of the above
Answer: D) All of the above
12. How do entrepreneurs identify business opportunities?
A) Market research
B) Customer feedback
C) Competitive analysis
D) All of the above
Answer: D) All of the above
13. What is the purpose of a business plan for entrepreneurs?
A) To secure funding
B) To guide business decisions
C) To attract customers
D) To increase profits
Answer: B) To guide business decisions
14. Who benefits from intrapreneurship?
A) Organization
B) Employee
C) Customer
D) All of the above
Answer: D) All of the above
15. What is the relationship between entrepreneurship and risk?
A) Entrepreneurship avoids risk
B) Entrepreneurship manages risk
C) Entrepreneurship takes calculated risk
D) Entrepreneurship ignores risk
Answer: C) Entrepreneurship takes calculated risk
16. How do entrepreneurs measure success?
A) Profitability
B) Customer satisfaction
C) Market share
D) All of the above
Answer: D) All of the above
17. What is the role of innovation in entrepreneurship?
A) Creating new products
B) Improving existing products
C) Identifying new markets
D) All of the above
Answer: D) All of the above
18. What is the difference between a small business and an entrepreneurial venture?
A) Size
B) Growth potential
C) Innovation
D) All of the above
Answer: D) All of the above
19. How do entrepreneurs adapt to changing markets?
A) By being flexible
B) By being innovative
C) By being proactive
D) All of the above
Answer: D) All of the above
20. What is the importance of networking for entrepreneurs?
A) Access to funding
B) Access to market
C) Access to expertise
D) All of the above
Answer: D) All of the above
21. What is the primary advantage of sole proprietorship?
A) Limited liability
B) Easy setup
C) Tax benefits
D) Shared ownership
Answer: B) Easy setup
22. Which form of business ownership has unlimited liability?
A) Partnership
B) Corporation
C) Sole Proprietorship
D) Limited Liability Company (LLC)
Answer: C) Sole Proprietorship
23. What is a partnership?
A) Business owned by one person
B) Business owned by two or more people
C) Business owned by a corporation
D) Business owned by shareholders
Answer: B) Business owned by two or more people
24. What is the primary characteristic of a corporation?
A) Limited liability
B) Unlimited liability
C) Shared ownership
D) Single ownership
Answer: A) Limited liability
25. What is a Limited Liability Company (LLC)?
A) Business structure combining partnership and corporation features
B) Business structure with unlimited liability
C) Business structure with single ownership
D) Business structure with shared ownership
Answer: A) Business structure combining partnership and corporation features
26. Which form of business ownership offers tax benefits?
A) Sole Proprietorship
B) Partnership
C) Corporation
D) S Corporation
Answer: D) S Corporation
27. What is a cooperative?
A) Business owned by members
B) Business owned by shareholders
C) Business owned by a single person
D) Business owned by the government
Answer: A) Business owned by members
28. What is a franchise?
A) Business owned by a single person
B) Business owned by a corporation
C) Business with a licensed name and operating system
D) Business with unlimited liability
Answer: C) Business with a licensed name and operating system
29. What is the primary advantage of a corporation?
A) Easy setup
B) Limited liability
C) Tax benefits
D) Shared ownership
Answer: B) Limited liability
30. Which form of business ownership has the most regulatory requirements?
A) Sole Proprietorship
B) Partnership
C) Corporation
D) LLC
Answer: C) Corporation
31. What is a joint venture?
A) Temporary partnership between businesses
B) Permanent partnership between businesses
C) Business owned by a single person
D) Business owned by shareholders
Answer: A) Temporary partnership between businesses
32. What is the primary characteristic of a partnership?
A) Shared ownership
B) Unlimited liability
C) Limited liability
D) Single ownership
Answer: A) Shared ownership
33. Which form of business ownership offers flexibility in management?
A) Sole Proprietorship
B) Partnership
C) Corporation
D) LLC
Answer: D) LLC
34. What is the primary disadvantage of a sole proprietorship?
A) Unlimited liability
B) Limited resources
C) Difficulty in setup
D) Lack of control
Answer: A) Unlimited liability
35. Which form of business ownership has the most ownership flexibility?
A) Corporation
B) Partnership
C) Sole Proprietorship
D) LLC
Answer: D) LLC
36. What is the primary advantage of a partnership?
A) Shared ownership
B) Limited liability
C) Tax benefits
D) Easy setup
Answer: A) Shared ownership
37.. Which form of business ownership requires a board of directors?
A) Corporation
B) Partnership
C) Sole Proprietorship
D) LLC
Answer: A) Corporation
38. What is the primary characteristic of a cooperative?
A) Business owned by members
B) Business owned by shareholders
C) Business owned by a single person
D) Business owned by the government
Answer: A) Business owned by members
39. Which form of business ownership offers limited liability protection?
A) Sole Proprietorship
B) Partnership
C) Corporation
D) All of the above
Answer: C) Corporation
40. What is the primary disadvantage of a corporation?
A) Double taxation
B) Limited liability
C) Shared ownership
D) Regulatory requirements
Answer: A) Double taxation
[Link] is the primary difference between wage employment and self-employment?
A) Level of income
B) Type of work
C) Source of income
D) Control over work
Answer: D) Control over work
42. Which of the following is an advantage of wage employment?
A) Unlimited earning potential
B) Job security
C) Flexible working hours
D) No benefits
Answer: B) Job security
43. What is a disadvantage of self-employment?
A) Unlimited earning potential
B) Financial instability
C) Flexible working hours
D) Job security
Answer: B) Financial instability
44. Why do many people want to be self-employed?
A) Desire for autonomy
B) Flexibility
C) Unlimited earning potential
D) All of the above
Answer: D) All of the above
45. What is a challenge of self-employment?
A) Managing finances
B) Finding clients
C) Marketing
D) All of the above
Answer: D) All of the above
46. Which of the following is an advantage of self-employment?
A) Job security
B) Unlimited earning potential
C) Benefits
D) Structured work environment
Answer: B) Unlimited earning potential
47. What is the primary reason for the growth of self-employment?
A) Economic instability
B) Technological advancements
C) Changing workforce demographics
D) All of the above
Answer: D) All of the above
48. Which of the following is a characteristic of self-employment?
A) Fixed working hours
B) Variable income
C) Control over work
D) No benefits
Answer: C) Control over work
49. What is a disadvantage of wage employment?
A) Limited earning potential
B) Job security
C) Flexible working hours
D) Benefits
Answer: A) Limited earning potential
50. Which of the following is a type of self-employment?
A) Freelancing
B) Consulting
C) Entrepreneurship
D) All of the above
Answer: D) All of the above
51. What is the primary skill required for self-employment?
A) Time management
B) Financial management
C) Marketing
D) Self-motivation
Answer: D) Self-motivation
52. Which of the following is a challenge faced by self-employed individuals?
A) Managing finances
B) Finding clients
C) Dealing with bureaucracy
D) All of the above
Answer: D) All of the above
53. Why is self-employment attractive to many?
A) Desire for autonomy
B) Flexibility
C) Unlimited earning potential
D) All of the above
Answer: D) All of the above
54. What is the primary advantage of being classified as an independent contractor?
A) Benefits
B) Job security
C) Flexible working hours
D) Tax benefits
Answer: D) Tax benefits
55. Which of the following is a disadvantage of self-employment?
A) Unlimited earning potential
B) Financial instability
C) Lack of benefits
D) All of the above
Answer: D) All of the above
56. What is the primary reason for the increase in self-employment?
A) Economic instability
B) Technological advancements
C) Changing workforce demographics
D) All of the above
Answer: D) All of the above
57. Which of the following is a characteristic of wage employment?
A) Variable income
B) Fixed working hours
C) Control over work
D) Unlimited earning potential
Answer: B) Fixed working hours
58. What is self-employment?
A) Working for someone else
B) Working for oneself
C) Starting own business
D) All of the above
Answer: B) Working for oneself
59. Which of the following is an advantage of self-employment?
A) Job security
B) Unlimited earning potential
C) Benefits
D) Structured work environment
Answer: B) Unlimited earning potential
60. What is the primary challenge faced by self-employed individuals?
A) Managing finances
B) Finding clients
C) Dealing with bureaucracy
D) All of the above
Answer: D) All of the above
61. Self-employment offers job security. (True/False)
Answer: False
62. Wage employment provides unlimited earning potential. (True/False)
Answer: False
63. Self-employment requires self-motivation. (True/False)
Answer: True
64. Freelancing is a type of self-employment. (True/False)
Answer: True
65. Self-employment is suitable for everyone. (True/False)
Answer: False
66. What is the primary advantage of a Limited Liability Company (LLC)?
A) Limited liability
B) Tax benefits
C) Shared ownership
D) Easy setup
Answer: A) Limited liability
67. Which form of business ownership requires annual meetings?
A) Sole Proprietorship
B) Partnership
C) Corporation
D) LLC
Answer: C) Corporation
68. What is the primary characteristic of a franchise?
A) Business owned by a single person
B) Business owned by a corporation
C) Business with a licensed name and operating system
D) Business with unlimited liability
Answer: C) Business with a licensed name and operating system
69. Which form of business ownership offers flexibility in decision-making?
A) Sole Proprietorship
B) Partnership
C) Corporation
D) LLC
Answer: D) LLC
70. What is the primary disadvantage of a partnership?
A) Unlimited liability
B) Shared ownership
C) Difficulty in setup
D) Lack of control
Answer: A) Unlimited liability
71. Which form of business ownership requires a minimum number of shareholders?
A) Corporation
B) Partnership
C) Sole Proprietorship
D) LLC
Answer: A) Corporation
72. What is the primary characteristic of a cooperative?
A) Business owned by members
B) Business owned by shareholders
C) Business owned by a single person
D) Business owned by the government
Answer: A) Business owned by members
73. Which form of business ownership offers tax benefits to shareholders?
A) Corporation
B) Partnership
C) Sole Proprietorship
D) S Corporation
Answer: D) S Corporation
74. What is the primary advantage of a joint venture?
A) Shared risk
B) Shared ownership
C) Limited liability
D) Easy setup
Answer: A) Shared risk
75. Which form of business ownership requires a formal agreement?
A) Partnership
B) Corporation
C) Sole Proprietorship
D) All of the above
Answer: A) Partnership
76. What is the primary characteristic of a sole proprietorship?
A) Business owned by one person
B) Business owned by two or more people
C) Business owned by a corporation
D) Business owned by shareholders
Answer: A) Business owned by one person
77. What is the primary factor affecting business terrain in Nigeria?
A) Economic instability
B) Political instability
C) Infrastructure
D) Corruption
Answer: A) Economic instability
78. Which sector contributes most to Nigeria's GDP?
A) Agriculture
B) Manufacturing
C) Oil and Gas
D) Services
Answer: C) Oil and Gas
79. What is the major challenge facing small businesses in Nigeria?
A) Access to finance
B) Lack of infrastructure
C) Corruption
D) Competition
Answer: A) Access to finance
80. Which government policy affects business operations in Nigeria?
A) Monetary policy
B) Fiscal policy
C) Trade policy
D) All of the above
Answer: D) All of the above
81. What is the impact of inflation on businesses in Nigeria?
A) Increased profits
B) Decreased profits
C) No impact
D) Uncertainty
Answer: B) Decreased profits
82. Which factor affects foreign investment in Nigeria?
A) Political stability
B) Economic growth
C) Infrastructure
D) Corruption
Answer: A) Political stability
83. What is the role of the Central Bank of Nigeria (CBN) in business operations?
A) Regulating interest rates
B) Providing loans
C) Supervising banks
D) All of the above
Answer: D) All of the above
84. How does corruption affect business in Nigeria?
A) Increases costs
B) Reduces efficiency
C) Discourages investment
D) All of the above
Answer: D) All of the above
85. What is the significance of the Nigerian Stock Exchange (NSE)?
A) Raising capital
B) Providing liquidity
C) Regulating trade
D) All of the above
Answer: D) All of the above
86. Which sector has the highest growth potential in Nigeria?
A) Agriculture
B) Manufacturing
C) Oil and Gas
D) Technology
Answer: A) Agriculture
87 Nigeria has a stable economy. (True/False)
Answer: False
88. The Nigerian government supports small businesses. (True/False)
Answer: True
89. Corruption is a major challenge facing businesses in Nigeria. (True/False)
Answer: True
90. The Central Bank of Nigeria regulates interest rates. (True/False)
Answer: True
91. Foreign investment is encouraged in Nigeria. (True/False)
Answer: True
92. The primary factor affecting business terrain in Nigeria is _______________________
Answer: Economic instability
93. The Nigerian government's _______________________ policy affects business operations.
Answer: Fiscal
94. The Central Bank of Nigeria is responsible for regulating _______________________.
Answer: Interest rates
95. Corruption _______________________ business costs in Nigeria.
Answer: Increases
96. The Nigerian Stock Exchange provides _______________________ for businesses.
Answer: Liquidity
97. How does the Nigerian government support small businesses?
Answer: Through initiatives such as loans, grants, and training programs.
98. What is the impact of corruption on businesses in Nigeria?
Answer: Corruption increases costs, reduces efficiency, and discourages investment.
99. Discuss the factors affecting business terrain in Nigeria.
Answer: Business terrain in Nigeria is affected by economic instability, political instability,
infrastructure, corruption, and lack of access to finance. These factors impact business
operations, profitability, and growth.
100. Analyze the role of the Central Bank of Nigeria in business operations.
Answer: The Central Bank of Nigeria regulates interest rates, provides loans, supervises banks,
and maintains economic stability, all of which impact business operations.
101. What is entrepreneurship?
A) Starting a business
B) Managing a business
C) Creating value
D) All of the above
Answer: D) All of the above
102. Which type of entrepreneurship involves creating a new business?
A) Small business entrepreneurship
B) Scalable entrepreneurship
C) Social entrepreneurship
D) Startup entrepreneurship
Answer: D) Startup entrepreneurship
103. What is the primary characteristic of entrepreneurs?
A) Risk aversion
B) Creativity
C) Leadership
D) All of the above
Answer: B) Creativity
104. Which quality is essential for entrepreneurs?
A) Communication skills
B) Strategic thinking
C) Adaptability
D) All of the above
Answer: D) All of the above
105. What is the rationale for entrepreneurship?
A) Profit maximization
B) Job creation
C) Economic growth
D) All of the above
Answer: D) All of the above
106. Which class of entrepreneurship focuses on social impact?
A) Small business entrepreneurship
B) Scalable entrepreneurship
C) Social entrepreneurship
D) Environmental entrepreneurship
Answer: C) Social entrepreneurship
107. What is the feature of scalable entrepreneurship?
A) Small market size
B) High growth potential
C) Limited resources
D) Low risk
Answer: B) High growth potential
108. Which type of entrepreneurship involves buying and operating an existing business?
A) Startup entrepreneurship
B) Small business entrepreneurship
C) Franchise entrepreneurship
D) Acquisition entrepreneurship
Answer: D) Acquisition entrepreneurship
109. What is the primary motivation for entrepreneurs?
A) Financial gain
B) Personal fulfillment
C) Social impact
D) All of the above
Answer: D) All of the above
110. Which quality helps entrepreneurs overcome obstacles?
A) Resilience
B) Flexibility
C) Creativity
D) All of the above
Answer: D) All of the above
111. Entrepreneurship is only about starting a business. ( True/False)
Answer: False
112. Entrepreneurs are always risk-takers. (True/False)
Answer: True
113. Social entrepreneurship focuses on profit maximization. (True/False)
Answer: True
114. Scalable entrepreneurship requires significant resources. (True/False)
Answer: True
115. Entrepreneurs must have strong communication skills. (True/False)
Answer: True
116. Entrepreneurship involves _______________________ value.
Answer: Creating
117. The primary characteristic of entrepreneurs is _______________________
Answer: Creativity
118. Entrepreneurs must have _______________________ skills.
Answer: Communication
119. Scalable entrepreneurship has _______________________ growth potential.
Answer: High
120. Social entrepreneurship focuses on _______________________ impact.
Answer: Social
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