OSUN STATE UNIVERSITY 2017/2018 HARMATTAN SEMESTER EXAMINATION GNS 203/301: INTRODUCTION TO ENTREPRENEURIAL STUDIES TIME: 1HR. INSTRUCTION: ANSWER ALL QUESTION 1. A gap in the market where the potential exists to do something better and create value is known as —— @ Opportunity (b) Window (c) Threat (d) Strength —_(@) Innovation 2. The person that exercises business judgment in the face of uncertainty is known as — @ Mentor (b) Administrator .(c) Entrepreneur (4) Consultant (©) Justices . 3. One of the factors that make a successful entrepreneur is (a) Motivational trait (b) Mental Health (©) Collateral (d) Self-agitation (e) Money 4, Business Environment includes Macro and Micro environments. (a) True (b) False (c) Both (d) Maybe (e) None of the above 5. Increase in per capita income will affect the business environment (a) Yes (b) No (c) Both (d) Maybe (@) None of the above 6. Finance is bedrock of prosperous business ‘organization. Which of these sources of finance is easily available to young entrepreneur? (a) Personal savings (b) Bank's overdraft (c) Bank's project finance facility (d) IMF loan (e)World Bank 7. A distinguishing characteristics of a limited liability company is. that (@) Itis a collection of many sole proprietors (b) Is a multiple partnership (c) Can sue and be sued (d) Has limited resources (¢) Limited Life 8 An enterprise that is established by Acts of Parliament is: (a) Private Enterprise (b) Sole Proprietorship (0) Individual Enterprise (d) Public Enterprise (e) Franchise 9. Ina limited Partnership, the liability of most of the Partners is (a) Pegged (b) Unlimited (c) Limited (© Unpredictable (e) 50% of investment 10. A. prerequisite for a person ventusing into a business (a) Business Ideas (b) Business Plan (©) Business Strategy (d) Business Tactics (e) Ad hoc Plan 11. Who is the king in the Market that dictates what to produce? (a) Producer (b) Suonlier_(c)_ Consumer 12. Entrepreneur can raise money for a long term basis from —-—-—- market (a) Money (b) Capital (c) Business Angels (d) Ventures (e) B2B 13. The legal documents that set forth the basic agreement between partners is called...... (a) Deed of mortgage (b) Article of partnership (c) Articles of Association (d) Memorandum (e) None of the answers. 14, The profits that are distributed in cash payment to the shareholders of a company are called (@) Salary (b) Wages (c) Dividends (d) Bonus (e) Allowance 15. Traditional and venture capital are two types of venture capital (a) informal (b) Placement (c) Business Angles (d) Corporate (2) None of the answers 16 A Business Plan describes all the relevant.......and...... factors involved in starting a new venture (a) Internal (b) External (c) Internal & External (d) Inputs and Outputs (e)None of the answers 17. The agency established to ensure that Nigerian products and those imported meet national and international standards is called @) FIRO (b) NAFDAC (c) FERMA (d) SON (2) EFCC 18. The process of transforming raw materials into finished goods is called @) Construction (b) Manufacturing (c) Extraction (a) Batching (©) Assembling 19. Individuals and organizations who own shares of the business are called ... (2) Customers (b) ‘Suppliers (c) Contractors (d) Buyers (e) Stockholders, 20. Effectiveness means “doing things right” TRUE OR FALSE (a) True (b) False (c) Both (d) Maybe (e) None of the answers 21. Efficiency means “doing the right thing” TRUE OR FALSE (a) True (b) False (c) Both (a) Maybe (e) None of the answersOSUN STATE UNIVERSITY 2017/2018 HARMATTAN SEMESTER EXAMINATION GNS 203: INTRODUCTION TO ENTREPRENEURIAL STUDIES 23, The concept ‘entrepreneur’ was first coined by... (a) David, McCllenand (b) Richard, Cantillon (c) David, Hisrich (d) Jean-Baptiste, Say (©) Adam Smith 24. The non-continuous process of combining resources of time, man, money and materials to create products, services and ideas is . (a) entrepreneurship (b) management (c) Intrapreneurship (d) production (e) none of the above 25. An individual that exhibits innovative abilities, perceives the market opportunities, and has the motivation, drive and ability to mobilize resources to meet market opportunities, while working in an existing organization is referred to as (AN) eens (@) entrepreneur (b) inventor (c) intrapreneur (d) manager (e) none of the above 26. Characteristics of Entrepreneurs as risk bearers, coordinators and organizers, gap-fillers, leaders, and innovators or creative imitators were listed by.......... (2) Adam Smith (b) David Ricardo (c) John Stuart Mill (d) Joseph Schumpeter (e) David, Hisrich 27. The one who creates a new enterprise in a risky and uncertain environment is referred to as. a an). (@). tisk taker — (b). entrepreneur c. adventurist (d). leader( ). sole proprietor 28. A....... business environment is made up of a number of factors that interact and interrelate with one another can be described as:(a) complex and dynamic (b) Simple (c) Stable (d) potent (e) all of the above : 29. The environment that recognizes the customs, traditions and value of the community is known as (a) Demographic (b) Socio-cultural (©) Technology (d) Historical (e) None of the above Entranranerir nan aecace the _avtamal | as to identify the favourable and 31. The scanning of the business environment so unfavorable conditions therein is .... (@) SWOT analysis (b) External evaluation (c) | Internal Evaluation (d) Market analysis (e) none of the above 32. Threats from external environmental factors can come from: (a) Direct Competition (b) Indirect competitors (c) Consumers (d) None of the above (e) All of the above 33. Opportunities inthe _political/legal environment could be - (a) favourable government policies (b) Tax holidays (c) Great market demand (d) a and b (e) None of the above 34. The essence of scanning the extemal environment of business is in order to identify......(a) only strengths (b) weaknesses (c) strengths and weaknesses (d) opportunities and | threats (e) none of the above 35 The entrepreneur can assess the intemal environment of business by critically looking at : | (2) Opportunities (b) threats and opportunities (c) strength and threats (d) strengths and weaknesses (¢) all of the above 36 One of the following is not an advantage of sole proprietorship (a) ownership of all profits (b) Minimum legal restriction (c) unlimited liability (d) Privacy (e) none of the above 37 All of the followings are the disadvantages of sole proprietorship except (a) Limited growth (b) unlimited liability (c) lack of continuity after the death of promoter (d) Easy to raise capital (e) none of the above 38 Partnership formation requires minimum and maximum number of partners respectively (a) 2 and 20 (b) 2 and 50 (c) 2 and 7 (d) 7 and 20 (e) 7 and 50 39 The general partners have (a) limited liability (b) Unlimited liability (c) participate in the day to day running of the business (d) b andc (e) all of the above 40 The uniquness of private limited company is that the investors have (a) limited liability (b)OSUN STATE UNIVERSITY 2017/2018 HARMATTAN SEMESTER EXAMINATION GNS 203: INTRODUCTION TO ENTREPRENEURIAL STUDIES 41, One of the differences between the public and private limited companies is (a) the minimum number of owners (b) the maximum number of ‘owners (c) limited liability (d) unlimited liability of owners (e) all of the above 42. The need for a business plan includes all except: (@) Planning to launch a new business (b) Expanding your existing business (c) Adding a new product or product line (d) Increasing your labour force (e) none of the above . 43. A written business plan should have all the following except (@) financial information (b) product or service (c) business objective (d) liquidation plan (e) all of the above 44, The importance of feasibility study cannot be overemphasized as it - (a) provides comprehensive details about the business to determine if, and how it can succeed, and serve as a valuable tool for developing a good business plan. (b) does not list in details all the things you need to make the business works.(c)-does not identify logistical and other business related problems and solutions. (¢) does not serve as a solid foundation for developing your business plan. (e) all of the above. 45. In the Business plan, the type of business you are planning should be stated under - (a) Description of the business (b) Marketing (c) Organisation (d) Technical and production plan (@) All of the above 46. The following except is a component of feasibility study. (a) Executive Summary (b) Product/Service (c) Acquisition (d) Technology (©) all of the above 47. The importance of feasibility studies include (@) Listing in details all the things you need to make the business works. (b) Identifying logistical and other business related above problems and solutions. (c) Serving as a solid foundation for developing your business plan. (d) All of the above (e) none of the 49. Sources of funds obtained for a period between one day and three hundred and sixty five | | days is business (a) Medium term (b) Long term | (© Short term (d) Soft loan (d) All of the above 50. Is where the trade debtors are sold at discount to a finance house (a) Prepayment (b) | Unsecured credit (c) Discounting (d) Factoring (©) None of the above 51. The Portion of the Total Environment that is relevant to the organization for strategy development and implementation at any given time is .... .environment.(a) Competitive (b) Remote (c) Task (d) Public 52 The Economic System that states that Government should limit itself to the maintenance of law and order and remove all legal restraints on trade practices is known as | - (@) Capitalism (b) Laissez- Faire | (©) Welfare (4) Mercantilism 58 The best Management Style that an Entrepreneur may adopt is... (@) Autocratic (b) Democratic(c) Free Rein (4) Situational 54 A. .. 18 prerequisite for a person venturing into a business. (a)Business Ideas (b) Business Plan (c) Business Strategy (d) Business Tactics 55 A visual metaphor which allows entrepreneurs to make sense of the opportunities they pursue is StPALEGIC. enn (a) Intent (b) Positioning (c) Vision (d) Window 56 A formal method which involves identifying | the dimensions defining a product category such as price, quantity and performance is Matketen.ccctsccnsncnene (2) Segmentation (b) Mapping (c) Positioning (a) Orchestration. 57 The way an entrepreneur's products and services are located in the market place relative to those of competitors is known as Marketing....n.nnnn(a)Strategy (b) Concepts (c) Positioning(d) Orientation. | 58 Who is the King in the Market that dictates |OSUN STATE UNIVERSITY 2017/2018 HARMATTAN SEMESTER EXAMINATION GNS 203: INTRODUCTION TO ENTREPRENEURIAL STUDIES 59 A graphic representation of the sequential rise and fall of a product's Sales and profit is lifecycle. (a) Product (b) Process (c) Place (A) Period. 60 Creativity is a function of (@) Effectiveness, Knowledge and Control (b) Knowledge, Imagination and Evaluation (c) Character, Capacity and Innovation (d) Efficiency, Collateral and Invention - 61 The agency established to ensure that Nigerian products and those imported meet national and international standards is called..... ) FIRO (b) NAFDAC (c) FERMA (d) SON 62 The Marketing Communication that intends to convey the company and her product or service image to prospective buyers is. (A) Sales Promotion (8) Advertising (C) Public Relations (D) Personal Selling 63 Entrepreneur can raise money for a long term basis from wonMarket. (a) Money (b) Capital (c) Business Angels (d) Ventures 64 The full meaning of MANis.. (2) Manufacturers Amalgamation of Nigeria (b) Manufacturers Association of Nigeria (c) Manufacturers Acquisition of Nigeria (d) Manufacturers Arbitration of Nigeria 65 The key to success in modem business enterprise is ..... (a) Profit (b) Quality (c) Cost Minimisation @ Customer Satisfaction 66 Entrepreneurs are rather than, @) how, why not (6) what, where not (c) why, when not(d) when, how not da enmathinn hatter and rasta value ie knawn preoccupied with 67 The Entrepreneur isa ...Coinage.(a) American (b) Austrian (c) German (d) French 68 The person that exercises business judgment | in the face of uncertainty is known as. (2) Mentor (b) Administrator (c) Entrepreneur (d) Consultant. 69 The need of. ... describes the extent to which people need positive feedback for what they do.(a) Power (b) Achievement (c) ‘Autonomy(d) Authority 70 The Father and active principle of wealth is | , while... is the Mother. (a) Capital, Labour(b) Land, Capital (c) Capital, Entrepreneur (@) Labour, Land.UNIOSUN CONTINUOUS ASSESSMENT TEST GNS 203: INTRODUCTION TO ENTREPRENEURSHIP STUDIES: Circle one correct answer with Pencil: ‘Answer Allthe questions 1 The dynamic process of creating incremental wealth by individuals who assume the major risks in terms of providing new product/service or provides value for some product/service is called: {a) Stewardship (b) Studentship (c) Entrepreneurship (d) Relationship (e) None of the above ‘A person who starts a new business, taking the. initiative and the risk associated with the new venture to create something new or use resources in unusual ways to provide value to end users {a) Engineer (b) Researcher (c) Finder (4) Entrepreneur (e) None of the above ‘person who applied his creativity, vision and risk taking within a large corporation, rather than starting his own company is: (a) Technopreneure (b) Entrepreneure (c) Intrapreneur (4) Opportunitistic Entrepreneur (e) Micropreneur Entrepreneurs whose entrepreneurial activities are in domain of agricultural businesses are: (2) Agropreneurs (b) Agricpreneurs (c) Entrepreneurs (d) Intrapreneurs (e) Producer Entrepreneurs ‘An entity owned by two or more people in which there is division of labour and activities coordinated to produce goods/render services to customers at a profit for the owners is: {a) Association (b) Business organization {c) Partnership (4) Joint Venture (e) Corporation The choice of an appropriate form of business organization by entrepreneurs depends on (a) Preferences (b) Goals (c) Capital Requirement (4) Market size (e) All of the above The business organization with simple management structure, generally managed by their owners and all losses are the owner's responsibilty is called: (a) Partnership (b) Joint Venture (c) Corporation (d) Sole Proprietorship {e) Franc 10. 1. 12. 23. 14. 15. 16. v7. Matriculation No: Level: Time: 80 Minutes (1hours 20 Minutes ) Abbusiness owned by 2-20 persons is called: (2) Cooperative society (b) Public corporation (c) Partnership (d) Joint Venture Franclusing ‘An enterprise that is established by Acts of Parliament is: (a) Private Enterprise (b) Sole Proprietorship (c) Corporation (d) Public Enterprise (e) None of the above Which one of these cannot be described as business owner: (a) Shareholders/(b) Distributors (c) Retailers (d) Employees (e) Frdnchisees ‘An example of a company/corporation that enjoys monopoly is: (a) Nigeria Railway Corporation (b) Nigeria Engineering. Services (c) Nigeria Construction Services (d) a & b (e) b &c That document that set forth the basic agreement between Partners is called: (2) Mamorandum of Association (b) Articles of Association (c) Articles of Partnership (d) JV Agreement (e) None of the above Ina limited Partnership, the liability of the general Partner is: (a) Limited (b) Unlimited (c) Uncertain (d) Unpredictable (e) Finite In a limited Partnership, the limited partner participates in the day-to-day management of the business: (a) True (b) False (c) | don’t know {d) None of the above In partnership business, partnerships pay no income tax, only the partners pay tax at personal income tax rates: (a) True (b) False (c) | don't know (d) None of the above In Nigeria, companies are registered by (a) Christ Apostolic Church (CAC), (b) Company Association commission (CAC), (c) Corporate Affal Commission (CAC) (d) Central Audit Commission (CAC) (e) None of the above Companies must be incorporated as a'legal entity under: (a) CALMA 1986, (b) CALMA 1987 (c) CALMA 1988 (d) CALMA 1989 (e) CALMA 199018. 19. 20. 21. 22. 23. 24, 25. 26. 27. 28. The profits that are distributed to shareholders in the form of cash payments is called: (a) Warrant (b) Security (c) Allowance (d) Dividends (e) Bonus Preference stock has claims and rights ahead of ordinary stock: (a) True (b) False (c) | don’t know (d) None of the above The. Board of Directors are elected at the Annual General Meeting (AGM) by: (a) Company's Auditors (b) Company’s employees (c) CAC Officers (4) Shareholders (e) Government That class of stockholders not involved in running the firm but have a claim to any profit before any other stockholder is called: (a) Bond holders (b) Common shareholders (c) Preferred stock holders (d) Security holders (e) Warrant holders That class of stockholders whose payment “of dividends to them vary according to the business Profitability is: (a) Bondholders (b) Common shareholders (c) Preferred stockholders {d) Warrant holders (e) Security holders The first right which is an advantage common stockholders have over preferred stockholders when a company decides to sell new shares of common stock is called: (a) Legal right (b) Duty Fight (c) Preemptive right (4) Ownership right {e) None of the above Quasi-Pubtic Corporations focus is providing services to the citizens rather than earning a profit: (a) True (b) False (c) Neither True or False (d) None of the above Limited liability companies have an indefinite life not dependent on the life of its owners: (a) False (b) Not True (c) True (d) Neither True or False (e) None of the above Private Limited liability company shares cannot be sold on the stock exchange market, hence itis: (2) Matrix company (b) Mixed company (c) Open ‘company (d) Closed company (e) JV Company Private Limited liability company is managed by Board of Directors headed by: (a) Managing Director (b) General Manager (c) Regent (4) President (e) Chairman - Public Limited Liability Company is managed by Board of Directors through appointed: (a) ‘Managing Director (b) General Manager (c) Regent (d) President (e) Chairman 31. 32. 33, 34, 36. 37. 38. The people that initiate the idea of forming the: " company are called: (a) Shareholders (b) Employees (c) Employers (d) Promoters (e) Risk. ~ Takers: The document that contains the fundamental law ‘of the company which regulates the relationship between the company and the public is called: (2) Articles of Association (b) Memorandum of Association (c) Articles of Partnership (d) Deed of ‘Mortgage (e) Bond The document that states the internal rules and regulations governing the relationship between the company and its members is called: (a) Articles of Association (b) Memorandum of Association (c) Articles of Partnership (d) Bond (e) Deed of Mortgage A document of notice which extends invitation to ‘the general public to subscribe to the shares of the company is called: (a) Warrant (b) Bond {c) Prospectus (d) Handout (e) Bulletin With only certificate of Incorporation, Public Limited Company (PLC) can commence business ‘operation: (a) True (b) False (c) Neither True or False (d) None of the above ‘The certificate issued to Public Limited Company by Registrar of companies to commence business and exercise borrowing powers is called: (a) Eligibility certificate (b) Compliance certificate (c) Credit certificate (d) Discharged certificate (e) Trading certificate A business organization whose membership is voluntary, open to all persons, democratic and minimum required membership of two is: (a) Partnership (b) Sole Proprietorship {c) Cooperative (d) Franchise (e) Joint Venture A franchise agreement is a business contract agreement between: (a) Seller and Buyer (b) Supplier and a Firm (c) Employee and Management (d) Franchisee and Franchiser (e) None of the above Because Public Limited Companies have unlimited member of members or membership, itis: (a) Matrix company (b) Joint stock company (c) Open company (d) Joint venture (e) Closed company ‘The external environment is also called: (a) Microenvironment (b) Macro environment. (c) Task environment (4) Contextual environment (e) General environmenta1. 42. 43. 45. 46. 47. 48. 49, 50. Competitors, Suppliers, Distributors, Allies and lenders are components of Task environment: {a) True (b) False (c) Neither True or False (d) None of the above The Business environment is made up of general environment, Task environment and internal environment: (a) False (b) True (c) Neither true or false (d) None of the above The portion of the total environment that is relevant to the organization for strategy development and implementation of any given time is: (a) Competitive environment (b) Remote environment (c) Task environment (d) Internal environment ‘A-— is a prerequisite for a person venturing into a business: (a) Business Opportunity (b) Business Idea (c) Business Plan (d) Business Strategy (e) Business Tactics Business Environment is the sum of all internal and external forces that hinder or help the growth, development, performance and survival of any business orga : (a) True (b) False (c) Neither true or false (d) None of the above Which one of these does not belong to the internal environment: (a) Owners (b) Employees (c) Board of Directors (d) Suppliers Which of these sources of finance is easi ble to young entrepreneur: (a) Personal savings (b) Banks overdraft (c) IMF Loan (4) Government grants (e) ADB Loan A Limited liability company can sue and be sued: {a) False (b) True (c) Neither true of false (d) None of the above Entrepreneurs are preoccupied with ——~and —— {a) How & why not (b) What & where not (c) Why ‘& when not (d) When and how not A gap in the market where potential exists to do something better and create value is known as: (a) Strength (b) Threat (c) Window (d) Opportunity ‘The word Entrepreneur is a——-coinage: (a) American (b) Austrian (c) German (4) Nigerian (e) French ‘The demand for money or desire of the people to hold cash balances for unforeseen contingencies is, known as: (a) Transitionary (b) Speculative (c) Precautionary (d) Transformation 51. 52. 53. 55. 56. 57. 58. 59. 60. 61. Which‘ of the changes in the following is not an approach to identify Business Opportunity: {a) Economic (b) Social (c) Technological (d) Demographic (e) Maritime The following are some of the more fruitful sources of business ideas except: (a) Consumers (b) Gambling {c) Distribution channels (d) federal Government (e) Existing products and services A is a favourable set of circumstances that creates a need for a new product, service or business: (a) Business Opportunity (b) Business Notion (c) Business Window (d) Business Idea {e) Business Analysis, ‘A——1s a thought or an impression or perception or conscious thought of a business that can be done: (a) Business Opportunity (b) Business Notion (c) Business Window (d) Business Idea (e) Business Analysis ‘A written narrative that describes what a new business venture intends to accomplish and how it intends to accomplish it is a: (a) Marketing Plan (b) Executive Summary (c) Operations Plan (4) Business Plan ‘The Business Plan may be read by the following people except: (a) investors (b) Bankers (c) Politician (d) consultants (e) Suppliers Which of the following is not a technique of generating business idea: (a) Brainstorming (b) Gambling (c) Brain writing (d) Focus Group {e) Library and internet search ‘An assessment of external uncontrollable variables that may impact the business plan is called: (a) Industry analysis (b) Competitors analysis (c) Marketing analysis (d) Environmental analysis (e) Business analysis A professionally managed pool of equity capital formed from the resources of wealthy individuals, pension plans, university endowments, foreign investors and similar sources is called: (a) Venture capital (b) Overdraft (c) informal venture capital (d) Stock (e) None of the above ‘Who is the king in the market that dictates what to produce? (a) Producer (b) Supplier (c) Consumer (d) Marketer (e) Manager ‘The key to success in modern business enterprise (a) Profit (b) Quality {c) Cost minimization (d) Customer satisfaction (e) Branding MAOGNS 203: INTRODUCTION TO ENTREPRENEURSHIP : STUDIES 2019/2020 HARMATTAN ~ C.A TEST ANSWER FOR THE OBJECTIVE QUESTIONS - : fu & aoteeeae Bee 34.0 fee & 35. Oc fe 8 36. oD SB Briaeeac Base a 7? 3. OA 8 c 7 ”. 7 BD a mo 8 a2 ¢ ae 43. OA 2 A BB es A pean “8 ee area 6 OC m0 oe 4. € fe aes 0) mae wm OA mG 2 8D nm O Beco 530A mB ae 23. € s. 5 eee 56 OC Pee 57.7 B Be! 0 58D aE 59. A R.A potiteae 2. ete 30. maoGNS 203 TUTORIAL QUESTIONS 1. The person that exercises business judgment in the face of uncertainty is known as. (A) Sole Proprietor (B) Manager (C) Consultant (D) Entrepreneur ( E) Administrator 2. An individual that exhibits innovative abilities, pérceives the market opportunities, and has the motivation, drive and ability to mobilize resources to meet market opportunities, while working in an existing organization is referred to as a(an). (a) Entrepreneur (b) Inventor (c) Intrapreneur (d) Manager (e) Opportunist 3. Which one of the following is not considered as entrepreneurship? a. The creation of a new business. b. The routine management of an ongoing operation c. Innovation applied to a business context. d. The combination of resources. e. None of the above 4A. is an individual, who invests their own money, and time, directly in unquoted companies in which they have no family connection, in the hope of financial gain. Finance company (B) Business tycoon (C) Venture Capitalist (0) Broker ( E) Business Angel 5. When a development perceived as a threat by an organization is viewed as an opportunity by another then the business environment is... (a) multifaceted (b) Stable (c) Simple (d) potent (e) dynamic 6A for an organization. (a) threat (b) weakness (c) strategy (d) risk (e) challenge an inherent constraint that creates strategic disadvantage 7. A sume business environment is made up of a number of factors that interact and interrelate with one another can be described as: {a) complex and dynamic (b) Simple (c) Stable (d) potent (e) all of the above 8. The body of regulations and laws can be classified under the (a) Political/Legal environment (b) Socio-cultural environment(c) Technological environment (d) Demographic environment (e) Economic environment 9. The environment that recognizes the customs, traditions and value of the community is known as {a) Demographic (b) Socio-cultural (c) Technology (d) Historical (e) None of the above 10. Entrepreneur can assess the external environment of the business by critically looking at the ... (a) Opportunities and strengths (b) opportunities and threats (c) opportunities and weaknessesey (a) Weaknesses and threats (e) all of the above 11. Opportunities in the political/legal environment could be - (a) favorable government policies (b) Tax holidays (c) Great market demand (d) a and b (e) None of the above 12. The essence of scanning the external environment of business is in order to identify (a) only strengths (b) weaknesses (c) strengths and weaknesses (d) opportunities and threats (e) Resources 13. The entrepreneur can assess the internal environment of business by critically looking at : (a) Opportunities (b) threats and opportunities (c) strength and threats (d) strengths and weaknesses (e) weakness and threats 14, One of the following is not an advantage of sole proprietorship (a) ownership of all profits (b) Minimum legal restriction (c) unlimited liability (d) Privacy (e) small capital outlay. 15. All of the followings are the disadvantages of sole proprietorship except (a) Limited growth (b) unlimited liability (c) lack of continuity after the death of promoter (d) Easy to raise capital (e) none of the above 16. Partnership formation requires minimum and maximum number of partners respectively (a) 2 and 20 (b) 2 and 50 (c) 2 and 7 (d) 7 and 20 (e) 7 and 50 17. The uniqueness of private limited company is that..... a) Investors have unlimited liability (b) required minimum of seven person to start the business (c) shares are publicly subscribed (d) Restrictions on the transfer of shares (e) managed by consultants 18. The need for a business plan includes all except: (a) Planning to launch a new business (b) Expanding your existing business (c) Adding a new product or product line (d) Increasing your labour force (e) none of the above 19. A written business plan should have all the following except {a) financial information (b) product or service (c) business objective (d) operating/technical plan (e) liquidation plan 20. In the Business plan, the type of business you are planning should be stated under - (a) Description of the business (b) Marketing (c) Organization (d) Technical and production plan (e) All of the above 21. Which of the following question will be answered in a business plan under organization? (a) What products or services will you sell? (b) Who are your potential customers?(c) How will you promote sales? (d) Who will manage the business? (e) all of the above 22. The following except is a component of feasibility study. (a) Executive ‘Summary (b) Product/Service (c) Acquisition (d) Technology (e) organizational requirement 23, The importance of feasibility studies include (a) Listing in details all the things you need to make the business works. (b) Identifying logistical and other business related problems and solutions. (c) Serving as a solid foundation for developing your business plan. (d) All of the above (e) none of the above 24. Sources of finance relate to (a) How individuals source for their income (b) How firms obtain funds for their dividend payment (c) How firm obtain funds for their retain earnings (d) How Firms obtain funds for the day to day running of their business (e) how firms apply their fund, 25..Sources of funds obtained for a period between one day and three hundred and sixty five daysis a... (a) Medium term (b) Long term (c) Short term (d) Soft loan (4) 26. Is where the trade debtors are sold at discount to a finance house (a) Prepayment (b) Unsecured credit (c) Invoice discounting (d) Factoring. (e) none of the above 27. The one who creates a new enterprise in a risky and uncertain environment is referred to as a (an). a. risk taker b. entrepreneur c. adventurist d. leader e. sole proprietor 28. The word Entrepreneur is a.......coinage (a) German (b) American (c) French (d) Austrian (e) Nigerian 29. Which one of these is not a source of business idea (A) Hobbies (B) Brainstorming (C) Surveys (D) Imitation ( £) Shows and Exhibitions 30. An enterprise that is established by Acts of Parliament is (A) Private Enterprise (8) Public enterprise (C) Individual Enterprise ( D) Public Liability Company ( E) Cooperative Societies 31. The document that lays down the internal rules and regulations governing the relationship between the company and its members is calles (A) Deed of Partnership (B) Memorandum of Association (C) Article of Association (D) Prospectus (E) Business Guidelines 32. The Task environment include the following elements except.......(A) Economic (B) Competitors (C ) Regulators (D) Suppliers (E ) Customers‘ANSWERS (4) D (2) C (3) B (4) E (5) A (6) A (7) A(8) A (9) B (10) B (1) D (12) D (13) D (14) C (15) D (16) A (17) D (28) D (19) E (20) A (21) D (22) C (23) D (24) D (25) € (26) D (27) B (28) C (28) D (30) B (31) C (32) AGNS 203 TUTORIAL QUESTION 2 1. The person that exercises business judgment in the face of uncertainty is known as... {A) Sole Proprietor (B) Manager (C) Consultant (D) Entrepreneur (E) Administrator 2. An individual that exhibits innovative abilities, perceives the market opportunities, and has the motivation, drive and ability to mobilize resources to meet market opportunities, while working in an existing organisation is referred to as a(an). (A) Entrepreneur (8) Inventor (C) Intrapreneur (D) Manager (E) Opportunist 3. Which one of the following is not considered as entrepreneurship? (A) The creation of a new business. (8) The routine management of an ongoing operation {C) Innovation applied to a business context. (D) The combination of resources. {E) None of the above 4. AcsusniS an individual, who invests their own money, and time, directly in unquoted companies in which they have no family connection, in the hope of financial gain. (A) Finance company (8) Business tycoon (C) Venture Capitalist (D) Broker ( E) Business Angel 5. When a development perceived as a threat by an organisation is viewed as an opportunity by another then thg,business environment is (A) Multifaceted (8) Stable Simple (C} Potent'(0) Dyrtamic 6 A Is an inherent constraint that creates strategic disadvantage for an organization. (A) Threat (B) Weakness (C) Strategy (D) Risk (£) Chalienge 7.A snnesee business environment is made up of a number of factors that interact and interrelate with one another can be described as: {A) Complex and dynamic (B) Simple (C) Stable (D) Potent (E) All of the above 8. The body of regulations and laws can be classified under the. (A) Political/Legal environment (8) Socio-cultural environment(C) Technological environment (D) Demographic environment (E) Economic environment 9. The environment that recognizes the customs, traditions and value of the community is known as! (A) Demographic (8) Soci cultural (C) Technology (D) Historical (E) None of the aboveCe ee 10. Entrepreneur can assess the external environment of the business by critically looking at the (A) Opportunities and strengths (8) opportunities and threats (C) opportunities and weaknesses (D) Weaknesses and threats (E) all of the above 11. Opportunities in the Political/legal environment could be - (A) Favorable Government policies (B) Tax holidays (C) Great market demand (D) a and b (E} None of the above 12. The essence of scanning the External Environment of business is in order to identify. (A) Only strengths (B) Weaknesses (C) Strengths and weaknesses (D) Opportunities and threats (E) Resources 13. The Entrepreneur can assess the Internal Environment of business by critically looking at: (A) Opportunities (B) Threats and opportunities (C) Strength and threats (D) Strengths and weaknesses (E) Weakness and threats 14. One of the following is not an advantage of sole proprietorship (A) Ownership of all profits (B) Minimum legal restriction (C) Unlimited liability (D) Privacy (E) ‘Small capital outlay. 15. All of the followings are the disadvantages of sole proprietorship except (A) Limited growth (8) unlimited liability (C) lack of continuity after the death of promoter (D) Easy to raise capital (E) none of the above. 16. Partnership formation requires minimum and maximum number of partners respectively (A) 2 and 20 (B) 2 and 50 (C) 2 and 7 (D) 7 and 20 (E) 7 and 50 17. The uniqueness of private limited company is that.. (A) Investors have unlimited liability (B) required minimum of seven person to start the business (C) shares are publicly subscribed (D) Restrictions on the transfer of shares (E) managed by consultants 18. The need for a business plan includes all except: {A) Planning to launch a new business (B) Expanding your existing business (C) Adding a new product or product line (D) Increasing your labour force (E) None of the above 19. A written business plan should have all the following except {A) Financial information (B) Product or-service (C) Business objective (0) Operating/technical plan (E} liquidation plan 20. In the Business plan, the type of business you are planning should be stated under - (A) Description of the business (B) Marketing (C) Organization (D) Technical and production plan 2OR RE I PE (E) All of the above 21. Which of the following questions will be answered in a business plan under organsation? (A) What products or services will you sell? (B) Who are your potential customers? (C) How will you promote sales? (D) Who will manage the business? (€) Alll of the above 22. The following except .. is a component of feasibility study. (A) Executive Summary (B) Product/Service (C) Acquisition (D) Technology {£) organizational requirement 23. The importance of feasibility studies include: (A) Listing in details all the things you need to make the business works. (B) Identifying logistical and other business related problems and solutions. (C) Serving as a solid foundation for developing your business plan. (D) All of the above (E) None of the above 24, Sources of finance relate to: (A) How individuals source for their income (8) How firms obtain funds for their dividend payment (C) How firm obtain funds for their retain earnings (D) How Firms obtain funds for the day to day running of their business (E) how firms apply their fund, 25. ‘ources of funds obtained for a period between one day and three hundred and sixty five days is .. 7 (A) Medium term (8) Long term (C) Short term {D) Soft loan (E) None of the above 26. Is where the Trade debtors are sold at discount to a Finance House (A) Prepayment (8) Unsecured credit (C) Invoice discounting (D) Factoring (E) None of the above 27. The one who creates a new enterprise in a risky and uncertain environment is referred to as a (an) (A) risk taker (8) Entrepreneur (C) Adventurist (D) leader (E) sole proprietor 28. The word Entrepreneur is a ......coinage (A) German (B) American (C) French (D) Austrian (E) Nigerian 29. Which one of these is not a source of business idea (A) Hobbies (B) Brainstorming (C) Surveys (D) Imitation (E) Shows and Exhibitions 30. An enterprise that is established by Acts of Parliament is (A) Private Enterprise (8) Public enterprise (C) Individual Enterprise (D)Public Liability Company (E) Cooperative Societies 31, The Document that lays down the internal rules and regulations governing the relationship between the Company and its members is called. (A) Deed of Partnership (B) Memorandum of Association (C) Article of Association (D) Prospectus (E) Business Guidelines 332. The Task environment include the following elements except.......(A) Economic (B) Competitors (C ) Regulators (D) Suppliers (E ) Customers 33. An Entrepreneur who owns and manages a business is called (A) Ownership (B) Sole Proprietor (C) Owner -manager (D) Proprietor (E) Capitalist. 34, An Entrepreneur acts as catalytic agent for new project creates (A) Capital (8) Product (C) Market (D) Wealth (E) Resources 35. A process whereby an Entrepreneur organises the product, land, labour, and capital is (A) Economics (B) Business management (C) Entrepreneurship (D) Manufacturing (E) Entrepreneur 36. According to ------- the Entrepreneur discovers and searches for new information, (A) Ghosh (B) Schumpeter (C)Kilby (D) Vehel (E) Kauffaman 37. is the central task of Entrepreneurial process (A) Creativity (8) Innovation (C) Entrepreneurship (D) Business administration (E) production 38, An Entrepreneur is someone who innovates and exploits opportunities says (A) Kilby (B) Schumpeter (C) Ronaldo (D) Vehele (E) Ghosh 39. The agreement between or among partners is called (A) Article (B) Entrepreneurial (C) Articles of partnership business (D) Deed (E) Articles of management. 40 ------is both management guide and selling document (A) manual (B) policy (Carticle of job (D) business plan (E)business ethics. 4a. is positioning new venture in relation to the market (A) Spotting (B) Measuring (C) Opening (D) Closing {E) Concord 42. Travel Agency, Courier Service , Bakery are sources of business identified by -~ (A) Ghosh (8) Vesper (C) Kilby (D) Vehel (E) Schumpeter 43. The word Entrepreneur has its origin in French word called - (A) Entreprendre (B) Entrepreude (C) Entreprendent (D) Entrepreneurship (E) Entreprelieu 44, A Company is an association of individuals who agreed to jointly pool their resources together to establish a venture distinct from their owners is (A) joint venture (8) Limited Liability (C) Individual Liability (D) Private business (E) Individual ability.45. A bu towards achieving the Organisation's efficiency and productivity. (A) Masterplan (8) Master piece (C) Road map (0) Network (£) Document. is a prerequisite for a person venturing into business, (A) Business format (B) Business plan (C) Business idea (D) Bu: feasibility study. 1ess policy (E) Business 47 Squabbles between and among Executives in an Organisation can be another edge for (A) Company Executives (B) managers (C) New Entrants (D) Entrepreneurs (E) Business Directors 48 The Portion of the Total Environment that is relevant to the organisation for strategy development and implementation at any given time is (A) Competitive (B) Remote (C) Task (D) Public (E) Private environment 49 The Economic System that states that Government should limit itself to the maintenance of law and order and remove all legal restraints on trade practices is known as (A) Capitalism (B) Laissez- Faire (C) Welfare (D) Mercantilism (E) Socialism 50 The best Management Style that an Entrepreneur may adopt is.. (A) Autocratic (B) Democratic (C) Free Rein (D) Situational (E) Laissez-Faire SIA. is prerequisite for a person venturing into a business. (A)Business Ideas (B) Business Plan (C) Business Strategy (D) Business Tactics (E) Feasibility Studies 52 A visual metaphor which allows entrepreneurs to make sense of the opportunities they pursue is strategic. (A) Intent (B) Positioning (C) Vision (D) Window (E) Mission '53 A formal method which involves identifying the dimensions defining a product category such as price, quantity and performance is Market. (A) Segmentation (B) Mapping (C) Positioning (D) Orchestration (E) Centralization 54 The way an entrepreneur's products and services are located in the market place relative to those of competitors is known as marketiny (a)Strategy (B) Concepts (C) Positioning(D) Orientation (E) Mapping 55 Who is the King in the Market that dictates what to produce? (A) Producer (B) Supplier (C) Consumer (D) Marketer (E) Intermediary 56 A graphic representation of the sequential rise and fall of a product's Sales and profit is .ulifecycle. (A) Product (B) Process (C} Place (D) Period (E) Price57 Creativity is a function of .. .. (A) Effectiveness, Knowledge and Control (8) Knowledge, Imagination and Evaluation (C) Character, Capacity and Innovation (D) Efficiency, Collateral and invention (E) Innovation, Control and Efficiency 58 The agency established to ensure that Nigerian products and those imported meet national and international standards is called... (A) FIRO (B) NAFDAC (C) FERMA (D) SON (E) CAC 59 The Marketing Communication that intends to convey the company and her product or service image to prospective buyers i (A) Sales Promotion (B) Advertising (C) Public Relations (D) Personal Selling (E) Door-Door 60 Entrepreneur can raise money for a lang term basis from Capital (C) Business Angels (D) Ventures (E) Seed Capital ..Market. (A) Money (8) 61 The full meaning of MAN i — (A) Manufacturers Amalgamation of Nigeria (B) Manufacturers Association of Nigeria (C) Manufacturers Acquisition of Nigeria (D) Manufacturers Arbitration of Nigeria (E) Manufacturers Accord of Nigeria 62 The key to success in modern business enterprise is (A) Profit (B) Quality (C) Cost Minimization (0) Customer Satisfaction (E) Revenue 63 Entrepreneurs are preoccupied with.......rather than ... (A) how, why not (B) what, where not (C) why, when not(D) when, how not (E) Where, why not 64 A gap in the market where the potential exists to do something better and create value is known as ; (A) Opportunity (B) Window(C) Threat (D) Strength (E) Weakness 65 The degree to which individual believe that their actions influence the rewards they received in life is known as... (A) Destiny (8) Locus of Amalgamation (C) Locus of Control (0) Locus of Organization (€) Environmental 66 Managers that turn to entrepreneur as a result of Social, Cultural, Political and Historical reasons because nothing else is open to them are referred to as (A) Unfulfilled B) Excluded (C) Social Misfit (D) Displaced (E) Included 67 The Pattern of Stable state and characteristics that influences an individual’s behavior toward goal achievement is (A) Perception (B) Behaviour(C) Attitude (D) Personality (E) Windowvw Coinage. (A) American (B) Austrian (C) German 68 The Word Entrepreneur is & vm (D) French (E) Japan 69 The person that exercises business judgment in the face of uncertainty is known a5.. .. (A) Mentor (B) Administrator (C) Entrepreneur (D) Consultant (E) Mentee (70) The need of describes the extent to which people need positive feedback for what they do.(A) Power (B) Achievement(C) Autonomy(D) Authority (E) RespoiBeg hs a GNS 203 Tutorial 2 Answer (2) D (2)C (3) B (4)E (5) A (6) A (7) A (8) A (9) (10)B (11) D (12) D (13)D (14) C (15) D (16) A (17) D (48) D (19) E (20)A (21) D (22)C (23) D (24) D (25) C (26)D (27)8 (28) € (29) D (80) B (31) C (32) A (33) D (34) D (35) C (36) C (37) B (38) B (39) D (40) D (41) A (42)A (43)A (44) B (45) C (46) C (47) C (48) C (49) 6 (50) D (51) A (52) D (53)B (54) (55) C (56)A (57) B (58) D (59) C (60)B (61) B (62)D (63) A (64) A (65) C (66) B (67) D (68) D (69)C (70) 8