1.

_____ represents skill and practices required by entrepreneur to manage rapid growth business in dynamics
environment?
A. growth strategies
B. new venture management
C. new entrepreneurial mind set
D. new opportunities expansion
E. venture capitalist strategies
ANSWER: B

2.According to Park and Bae, 2004, three strategies for new venture to pursue business opportunities are technological,
product market maturity and _____?
A. human expertise
B. penetration
C. new know how
D. target market
ANSWER: D

3.A major distinguishing feature between _____ and _____ can be the reward status, owners’ structure and role of risk
in the entity?
A. Managing director and stakeholder
B. manager and administrator
C. entrepreneurial spirit and employee
D. manager and entrepreneur
ANSWER: D

4._____ channel duality is informed by selection all wiling and available, wider coverage, customer resistance, lower
price, and less control
A. exlusive duality distribution
B. retailing
C. selective duality distribution
D. intensive duality distribution
E. wholesaling
ANSWER: D

5.Joseph Schumpeter entrepreneurial theory centre ____and Adam Smith pioneered ________
A. innovation creativity and distributive theory
B. wealth of nation and creativity
C. creative destruction and wealth of nation
D. profit alertness and anthropology theory
E. creative destruction and profit maximization
ANSWER: E

6.Which among these entrepreneurship type is odd _______ with res

A. interpremier
B. hustler
C. intre- preneur
D. corporate entrepreneur
E. social entrepreneur
ANSWER: E

7.Major external environment of business contains the following factors _________

A. PEST Acronym analysis
B. Structure
C. marketing mix
D. plan
ANSWER: A

8.The reverse entrepreneurial flow has _____________, ________________- and ------------

A. Plant to, equipment and market
B. market to opportunity to ideal
C. opportunity and market and idea
D. idea, to opportunity, and to market
ANSWER: B

9.Upward movement along in price axis in break –even- analysis will result to _____
A. increase in Profit
B. decrease in quantity
C. no loss; no gain
D. decrease in profit
E. all of the above
ANSWER: A

10.Rightward shift in demand curve will result t-----------------

A. quantity increase
B. price shift
C. equilibrium
D. Quantity decrease
E. zero profit
ANSWER: A

11.The odd and not to common theory of ibo ethnic group to explain the theory of entrepreneur is ______
A. profit alertness
B. necessity theory
C. market equilibrium
D. achievement/ motivation theory
E.creative destruction
ANSWER: B

12.Entrepreneurial innovation are basically broken into ------- major areas as created by Schumpeter Joseph
A. 1
B. 2
C. 3
D. 4
E. 5
ANSWER: 5
13.Product development, market development and marketing development are common found in___________
A. new product introduction
B. Intensive growth ooportunity
C. integrative growth opportunity
D. creation of new method of production
E. diversification
ANSWER: B

14.Where we are going to ? is addressed in _____stage of strategic management process?

A. situational analysis
B. Planning
C. control
D. execution
E. feedback
ANSWER: C
15.SWOT analysis in reverse order represents ______
A. strength, weak, order and trust
B. success weakness opposition and threat
C. strength, weakness, opportunity and threat
D. strengthen, weakness, opportune and threat.
E. threat, opportunity, weakness, and strength
ANSWER: D

16.Those whose business activities impart negatively or positively and who in turn affect others business performance
is summed up as _______
A. customers
B. shareholders
C. stakeholders
D. public
ANSWER: C

17.The Ansoff matrix for Business opportunity is evaluated along all except
A. new product
B. new market
C. increase in risk
D. existing marketing
E. market share
ANSWER: E

18.All EXCEPT one is not a business opportunity quality_______

A. The window opening has a reasonable time
B. ample significant profits and growth potential
C. Break-even taken a long time
D. hard to copy
ANSWER: C

19.The simple source of financing businessopportunity

A. personal savings
B. Bank loan
C. venture capitalist
D debt
E. hire purchase
ANSWER: A

20.______ and _______ are broad classification of sources of business funding

A. Credit financing and equity
B. Bank loan and personal savings
C. venture capitalist and hire purchase
D debt and equity
E. personal savings and shares
ANSWER: D

21.Legal due diligence is featured more in which type business start -up
A. franchising
B. lease
C. buy start up
D. new fresh start
ANSWER: D
22.To buy a new business you considers due diligence in all, EXCEPT_______
A. commercial
B. social
C. financial
D. legal
ANSWER: B

23._____ deals with the scouting, scanning on competitors offering, and how firm brand performance
A. swot analysis
B. product analysis
C. situational analysis
D. Marketing analysis
E. market intelligence
ANSWER:

24.Which is odd as ‘M’ factor of production

A. material
B. man
C. method
D. machine
E. maturity
ANSWER: E

25.External macro business environment include all except _______

A. technology
B. competition
C. political
D. economic
E. socio-cultural
ANSWER: B

26.The common ways to own a business is through all except one _______
A. investment
B. franchising
C. buying an existing business
D. fresh new start
ANSWER: A

27.The distinguishing quality of Aliko Dangote that makes him outstanding entrepreneurs ______
A. power
B. risk taking
C. risk averter
D. networking
ANSWER: B

28.------- reward for your creative thinking and brain work/ research is coined from
A. intellectual property right
B. human investment
C. copy right
D. social capital
ANSWER: A

29.________Is not basic a organization or functional area of business organization

A. finance / accounting
B. hospitality / tourism
C. human resources and administration
D. marketing
e. production
ANSWER: B

30. __________ is an example of Dangote business opportunity growth strategy through entering into unrelated
product sector
A. back ward integration
B. Diversification
C. Market development
D. Integration
ANSWER: B

31.Entrepreneur growth is explained by all except

A. Franchising theory
B. Acquisition theory
C. Agency Theory
D. Organic Theory
ANSWER: C

32. ________ is typical of a book of original

A. ledger
B. profit and loss ac
C. school fee receipt
D. Balance sheet
ANSWER: C

33.PEARLS cosmetic products (soap, lotion, cream powder) is an example of ___________ brand naming
approach
A. corporate
B. generic
C. family
D.individual
E. unbranded
ANSWER: D

34.SONY company products; (eg television. Radio. Phone brand naming follow) __________ type
A. corporate
B. generic
C. family
D.individual
E. unbranded
ANSWER: D

35.competitive advertising, inroads of competitors, intensive distribution and product depth strategies are features of
_____ stage of product life cycle
A. introduction
B. decline
C. growth
D. maturity
ANSWER: D

36.A business managed and Owned by family members simply defines

A. group of companies
B. partnership
C. sole proprietor
D. blood relation only
E. Family business
ANSWER: C

37._____ is more practical approach and is synonymous to business plan

A. contingency plan
B. executive summary
C. master plan
D. blue print
E. feasibility plan
ANSWER: E

38.Entrepreneur who are freelancer to make to a living ______

A. petty trader
B. social entrepreneurship
C. hustlers
D. Agbero
ANSWER: C

39.The three circle model encompasses all EXCEPT one ________

A. Family
B. Ownership
C. management
D. successor
ANSWER: D

40.The best entrepreneurial leadership style can be described as____________

A. participating
B. situational
C. laizes faire
D.autocratic
E. non of the above
ANSWER: B
41.The undesirable business communication channel is found in ____________
A. memo
B. group seminar
C. verbal
D.company handbook
E. grapevine
ANSWER: E

42.One bad side of the coin of being a man business include all except ______
A. succession plan
B. continuity
C. tussle for ownership
D. quick decision
ANSWER: D

43.In limited liability company registration, the public external document for in registration of corporations_____
A. memorandum of association
B. articles of association
C. list and particulars of directors
D. tax clearance certificate
ANSWER: A

44.The sequence of entrepreneur management function _____

A. Planning, organizing, directing, co-ordinating, and controlling
B. planning, organizing, directing, decision and controlling
C. decision making , organizing, directing, co-ordinating and controlling
D. Planning, organizing, directing, co-ordinating and reporting
ANSWER: A

45.The first stage of every e-business model _____

A. sources of revenue
B. value proposition
C. e-business concept
D. Favourable policy of government
ANSWER: C

46.The factor spurring entrepreneurship in rapid growth market create _____

A. Opportunity
B. Necessity
C. Innovation
D. Commitment
ANSWER: C

47.The owner sources of funding entrepreneurial ideas includes EXCEPT one_____

A. equity
B. angel financing
C. shares
D. Personal savings
ANSWER: A

48.Fredrick . W. Taylor theory focues on ____

A. unity of command
B. work environment
C. social relation
D. pay and productivity
E. salary and wages
ANSWER: D

49.Hawthorne experiment on light, air condition and human relations management focuses P? _____
A. Illumination environment
B. production
C. quantity
D. motivation
ANWSER: A

50.Light, air condition and clean environment , human relations management theory was proponent by _____
A. Elton Mayo
B. Adams smith
C. Henri Fayol
D. Abraham Maslow
ANWSER: A
51.Which of these not a technique for assessing business opportunities? _____
A. Net present value (NPV)
B. Break-even approach
C. Linear programming (LP)
D. Balance sheet
ANSWER: D

52.____________________developed the 14 principles of

A. Elton Mayo
B. Adams smith
C. Henri Fayol
D. Abraham Maslow
ANWSER: C

53._____area of uncertainty where the probability of success is less than zero

A. business Risk
B. risk Return
C. Insurance
D. risk averter
ANSWER: A

54.Risk returns trade-off represent ________is associated with

A.more the risk, the more the returns
B. less Risk equals returns
C. more Risk and less returns
D. average risk less investment
ANSWER: A

55._____ is not an example of fixed costs____

A. Salaries
B. Unskilled wages
C. Land
D. Building
E. furniture and fittings
ANSWER: B

56.One of these is NOT an Accounting books____

A. Balance sheet
B. Fixed Account
C. Cash-flow statement
D. Statement of shareholders’ equity
ANSWER: B

57.The followings are e-business revenue function in a typical website EXCEPT ___
A. advertising and agent commission
B. affiliation and licensing
C. subscription and use fee
D. syndication and sales profit
E. activities and capabilities
ANSWER: E

58.The short term sources of loan for entrepreneur include all EXCEPT one ____
A. Debenture
B. Equity
C. Preference Shares
D. over draft
ANSWER: A

59._________ is the easiest share to get in a joint stock company as an entrepreneur ____
A. common share
B. bonus shares
C. Preference Shares
D. cumulative
ANSWER: A

60.Internal duty to ensure complete, order processing and prompt order are conveyed is saddle for
________________
A. Missionary sales people
B. Order delivery
C. Order taker
D. Service people
ANSWER: B

61.Sony electronic pride on these brand name qualities except on? ____
A. memorable
B. meaningful
C. protectable
D. adaptable
E. global
ANSWER: E

62.The first and second to last stage in personal selling process ____
A. Prospecting and closing sales
B. Approach and pre approach
C. Prospecting and follow up
D. Closing sales and prospecting
ANSWER: D

63.Canned sales package is used during what stage of selling process---------------

A. closing sale
B. Presentation
C. Handling objection
D. Prospecting
ANSWER: B

64.____ is used to represents all interested parties to a business firm activities

A. stockholder
B. stakeholders
C. shareholder
D. public environment
ANSWER: B

65.Principal and interest on loan payment are made on equally interval repayment on a time period ________
A. annuity
B. compound interest
C. amortization
D. interest rate
E. return on equity
ANSWER: C
66.By law, the hardest and cumbersome to form type business is ____
A. Sole proprietorship
B. Partnership
C. company
D. limited liability company
E.co-operative society
ANSWER: D

67.____ can used to preplace partnership deed ,

A. partnership Act
B. legal entity.
C. second reading
D. partnership Bill
ANSWER: A

68.To handle employee quarrel , personality issues and problem_______ is required

A. Technical skill
B. human skill
C. Conceptual skill
D. Managerial skill
ANSWER: B

69.Business opportunity can be gotten from unmet customer need and offering substitute good.
A. Not sure
B. .False
C. True
D. all of the above
ANSWER: C

70.A common characteristics of a good entreprenuer is ____

A. Risk averter
B. nobility
C. Risk taker
D. pessimistic
E. all of the above
ANSWER: C

71.Which of these “P’ is not cost saving ____

A. product
B. price
C. Place
D. promotion
ANSWER: B
72.The first stage in managing entrepreneurial risk process is ____
A. risk planning
B. risk mitigating
C. risk control
D. risk implementation
ANSWER: D

73.____ is visiting places for leisure other than for business reason
A. travelling
B. tourism.
C. hospitality
D destination.
ANSWER: A

74.SMART acronym is synonymous to

A. objective
B. planning
C. order
D. span of control
ANSWER: A

75.Which of these is the popular social media for business activities

A.Facebook
B. Social media
C. Twitter
D. OLX
E. Blog,
ANSWER: A

76.________entrepreneurship type differ in their initiation, risk and innovation in existing organization
A. Intraprenuer
B. Entrepreneur
C. Intrapersonal
D. social entrepreneur
E. corporate entrepreneurship
ANSWER: A

77.An entrepreneur has this___________ outlook for sustainable success

A. leader
B. futuristic
C. Innovator
D. All of the above
E. none of the above
ANSWER: D

78._________________proffer selfless solutions to cause and daunting societal cause is _______

A. Social Entrepreneur
b. Socialist enterprise
c. Entrepreneur
d. Philanthropist
E. political entrepreneur
ANSWER: A

79.The following are the benefits of e-commerce except;

A. convenience
B. competitive pricing
C. product comparisons
D. rigidity
ANSWER: D

80.The E-business models consist of the following, with exception to;

A. value proposition
B. source of revenue
C. resources and capabilities
D. structuring
ANSWER: D
81.Value proposition includes the following with exception to;
A.improved service
B. speed of delivery
C. increased efficiency
D. increased duplication of efforts
ANSWER: D

82.The sources of revenue includes the following, except;

A. licensing
B. extortion
C. sales commission
D syndication
ANSWER: B

83.Disruptive technology connotes new technology that follows conventional approaches

A. pattern technology
B. destroy technology
C. alter service delivery pattern
D. adoption of technology
ANSWER: C

84.________ represents pictures or perceptual entity that lives and governs consumer mind and choice;
A. brand
B. product
C. service
D. mass communication
ANSWER: A

85.Easily recall, short syllabus wordsare characteristics of _______ as a good brand name
A. meaningful
B. memorable
C. adaptable
D. likable
ANSWER: B

86.Selling and salesmanship is the same _____________;

A. true
B. false
C. all of the above
D. none of the above
ANSWER: B

87.The roles of the salespeople include the following, except;

A. generate sales revenue
B. change buyers
C. provide marketplace information
D meet buyers expectation
ANSWER: B

88.Qualities skill required in selling includes the following, except;

A. technical
B human
C. professional
D. conceptual
ANSWER: C

89.The three key activities in salespersons’ development include the following, except;
A. recruiting
B selecting
C. selling
D. training
ANSWER: B

90.According to Johnston and Marshall, the new sales management issues represent three key themes, which includes
the following, except;
A. innovation
B. strategy
C. technology
D. leadership
ANSWER: B

91.The three forms of market coverage includes the following, except;

A. selective distribution
B. intensive distribution
C. global distribution
D. exclusive distribution
ANSWER: C

92.The challenges of family business includes the following, except;

A. lack of succession planning
B. unincorporated enterprises
C. low operational cost
D financial constraints
ANSWER: C

93.Working out payment modalities may be cumbersome and could lead to disputes; this is a disadvantage of family
business;
A. true
B. false
ANSWER: A

94.Traits traditionally ascribed to women includes the following, except;

A. gentle
B. logical
C. emotional
D sensitive
ANSWER: B

95.Factors that contributes to the success of women entrepreneurs in small business includes the following, except;
A .good management skills
B. all government support
C. access to financing
D. personal qualities
ANSWER: B

96.Qualities of women entrepreneurs include the following, except; (

A. determination
B. creative
C. complacent
D. profit earning capacity
ANSWER: C

97.A common intellectual property among actors and actresses ;

A. patent
B. copyright
C. market space
D trade secrets
ANSWER: B

98._________ is any information and resources that a business possesses that gives it an advantage over competitors
who are ignorant of
A. trade secrets;
B. Intellectual right
C. Market intelligence
D. trade mark
E. market research
ANSWER: A

99. Entrepreneurs can create an ethical culture by engaging the following, except;
A. visible role model
B. provide ethical training
C. adopts the end justifies the means approach
D communicate ethical expectation
ANSWER: C

100.Causes of unethical behaviors includes the following, except;

A. poor moral background
B. weak sanctions
C. poverty
D. effective leadership
ANSWER: D

101._________is a set of activities, processes and decisions taken by organizations in order to create favorable
societal outcomes and environmental sustainability
A. governance
B. corporate social responsibility
C. product responsibility
D. Citizenship
E. environmentalism
ANSWER: B

102.______ is a good or favourable change available to run a specific business in a given environment at a given point
of time
A. Business opportunity
B. Optimist
C. Savoury
D. Business placement
ANSWER: D

103.Pay back period is an example of_________ analysis

A. liquidity
B. Manpower
C. profit
D. dividend
E. capital budgeting
ANSWER: E

104. _____________________is a major exampleof entrepreneur in every economy

A government
B. industrialist
C. venture capitalist
D. school
E. church
ANSWER: A

105.Statement of cash flow contains operating, financial and investing activities of a company____
A. True
B. False
C. Cash book
D. Income statement
ANSWER: A

106.The following factors are impediments to entrepreneurial practice in Nigeria except____

A. The entrepreneurs’ mindset
B. Fear
C. Innovativeness
D. Worry
ANSWER: C

107.The various components of the external environment that directly and consistently interfere with the daily activities
of the firm is known as____
A. Interest groups
B. Suppliers
C. Deciders
D. government lwa
ANSWER: D

108.Public limited company(PLC) share membership composition is made of ____

A. 7 -21
B. 21 50
C. 21 - infinity
D. 1 unlimited number
ANSWER: C

109.For a new idea to be recognized as a business idea, it must be____

A. Diplomatic
B. Feasible
C. Viable
D. b& a
E. all of the above
ANSWER: D

110._________ the first assets on the balance sheet according to an order .

A. building
B. land
C. Sale potentials
D. cash
ANSWER: A
111.The first and last stages in market research process for SMEs EXCEPT ________
A. data collection and report
B. problem definition and report
C. objective and data analysis
D. problem definition and data collection
ANSWER: C

112.Growth opportunity strategy that mixes its operations at different levels of the production and marketing process is
____
A. Market strategy
B. Vertical integration
C. Penetration strategy
D. None of the above
ANSWER: B

113._______ is defined as the art of recording business transactions in chronological and systematic manner so as to
show firms financial position at any given date
A. Accounting
B. Book keeping
C. Recording
D. a & b
ANSWER: B

114.Selecting a homogeneous of the whole market place for effective marketing mix by a company ____
A. positioning.
B. mass marketing
C. Segmentation
D. Penetration targeting
ANSWER: C
115. One is an element of traditional marketing mix____
A. physical distribution
B. People
C. Process
D. firm
ANSWER: A

116.Common types of market segmentation includes all EXCEPT____

A. product
B. demographic
C. geography
D. psychographic
E. environment `
ANSWER: E

117.Drawing in goods refers to?

A. goods taking for church use only
B. goods for resale bust now taken for personal use
C. drawing in cash
D. goods withdraw but spoil
E. owner’s personal goods
ANSWER:B

118.Major heading of interest to stakeholder are summarized in Balance sheet are ____
A. Assets and capital, debt
B. Fixed assets, current assets and equity
C. Liabilities salary and capital
D. liabilities and capital Assets
ANSWER: D

119._____________are various types of partners except ____

A. sleeping
B. active
C. nominal
D. limited
E. life
ANSWER: D

120.Analysing financial statement include all EXCEPT one ____

A. cash book analysis
B. debt equity analysis
C. Fund flow analysis
D Cash flow analysis
ANSWER: A

121.___________ Entry record is the first in any typical profit/ loss account and trading account
A. cost of good
B. net profit
C. sales
D. profits
E. interest payment
ANSWER: C

122.____ Stock market members are all but

A. The Nigerian Stock Exchange
B. Brokers
C. Registrars
D. Investors
ANSWER: C

123.The one channel used for distribution of technical goods is

A. Wholesalers ----------- retailers ---------- agents ---------- consumers
B. Producers ------------- wholesalers --------- retailers --------- consumers
C. Producers ------------ consumers
D. Producers ------- agents ------ consumers
ANSWER: D

124.Significance of engaging in an informal entrepreneur are all except one in Nigeria ____
A. employment
B. income
C. self-fulfilment
D. self-reliance
E. all of the above
ANSWER: E

125.___________is Not asources documentwhere other accounting particular are first entered
A, invoice
B. debit note
C. bank teller
D trading account
E. cheque
ANSWER: D

126.This correct accounting equation’Assets = equity + liabilities’ is used to summarize ____

A. asset
B. balance sheet
C. ledger account
D. profit and loss account
ANSWER: C

127.The strongest and less convertible asset among the followings is ____
A. debtor
B. Motor vehicle
C. land
D. Stock of goods
ANSWER: C

128.The level of management are ________ in any typical the organization

A. 3
B. 2
C. 1
D. 4.
ANSWER: A

129._________________ is a salient sale man find in every product ___

A. Salesforce
B. CEO
C. product
D. promotion
E. packaging
ANSWER: E

130.A trademark is____

A. word, name that a business uses to identify its goods.
B. A legal protection for information on foreign products.
C. symbol, device as identifier and Legal protection of intellectual works.
D. Legal protection for product exported to another country.
ANSWER: C

131.All is involve to operate Licensing arrangements, except ____

A. operational control
B. royalty
C. low brand image
D. contractual agreement
ANSWER: C

132.Entrepreneur can go into international business with which of the following strategy ___
A. Licensing
B. Exporting
C. multinational
D. all of the above
E. a and b only
ANSWER: D

133. __________is not a personal characteristic trait that is helpful for an entrepreneursuccess
A. visionary
B. pessimistic
C. passionate
D. Optimism
ANSWER: B

134.All are characteristics of industry competition except ___

A. number buyer seller
B. degree o of product bundling
C. degree of exit and barrier
D. degree of vertical integration
E. cost structure
ANSWER: B

135._________ is percentage of share a company has from the industry total sale
A. share of wallet
B. market sales
C. market share
D. sales quota
ANSWER: C

136.________NOT one of the ways increase women entrepreneurship participation ____

A socialization of women
B stereotype sex role
C. androgyny
D. acculturation
E. career self –efficacy
ANSWER: D

137.Identifying , comparing and measuring, even scanning and diagnosing all the business environment refer to
_______
A. situational analysis
B. SWOT analysis
C. BCG model analysis
D. environmental prognosis
ANSWER: B

138. Which of the following should not be called “sales” ____

A. Goods sold, to be paid for m one month’s time
B. Goods sold, cash being received immediately
C. Items previously included in purchases, now sold on credit
D. Sale of a motor lorry not now required
ANSWER: D

139.Which of the followings medium does not have wider coverage and penetration
A. bill board
B. transit
C. television
D. social media
E. radio
ANSWER: A

140.Which of these statements is incorrect? ____

A. drawing increases profit
B. A loss creases capital
C. Profit increase capital
D. Drawings decreases capital
ANSWER: A

141.Brand play significant in organization but for____

A. identify the maker
B. simplify decision making
C. give intellectual protection
D. provide valuation and financial return
E. risk apportionment
ANSWER: E

142.Entrepreneurs evaluation business operation and reward in Net profit iscalculated in all except ____
A. Trial balance
B. Trading account
C Profit and loss account
D. Balance sheet
ANSWER: D

143.The indirect effect of tax burden is transfer to the ____

A consumer
B. investor
C. government
D. suppliers
E. profit
ANSWER: A

144._______and __________ are two sides of the coin that help positive interface with the organization and society
A. ethic and CSR
B. strategy and planning
C. CRM and ethics
D. ethics and public
ANSWER: A

145.Which of these is not used to create entrepreneur ethical culture ____

A. Visible role model
B. Communicate ethical expectation
C. Provide ethical training
D. visibly reward ethical act and punish unethical ones
E. all of the above
ANSWER: A

146.A wider model to explain stakeholders of corporate social responsibility is proposed by

A. Carrol, 1996
B. Aaker, 2011
C. Keller, 1990
D. Igwe, 2009
ANSWER: A

147.The variants ofCorporate social responsibility suggest that business expectation is to cover
A. shareholder profit
B .law abiding
C. environmentally conscious
D. all of the above
E. b and c only
ANSWER: D

148.Social entrepreneur is characteristically described as ________ in Nigeria and West Africa _

A. David Oyedepo
B. Dangote company
C. Elemelu foundation
D. NNPC/ Shell joint vent
ANSWER: A

149.Any patents, trademarks, copyright or trade secrets held by the entrepreneur is____
A. copy right
B. patent
C. Intellectual property
D. trade secret property
E. all of the above
ANSWER: C

150.To reap from creative and innovative , the state mute allow _______
A. human right to association
B. Intellectual property right
C. manufacturing right
D. Publishing right
E. a and c only
ANSWER: B

151.Arrange current assets in ascendingflow in balance ____

A. Debtors, bank, stock, cash
B. cash creditor, debtor, stock
C. Stock, debtors, cash, bank
D. Cash, bank, debtors, stock
ANSWER: B

152.Cash discount and trade discount aim to get ____ and _______ respectively
A. more trade relationship and more prompt cash payment
B. cash payment and volume of sale
C. large quantity purchasen more trade relationship
D. more prompt paymentmore purchase
E,more prompt cash payment and more trade relationship
ANSWER: E

153.Major drawback of limited liability company is

A. multiple taxation
B. perpetuity
C. accesses to fund
D legal entity
ANSWER: A

154.___ and ____ are the two major components of entrepreneur environment
A. political and economic
B. business and non-business
C. internal and task
D. all of the above
ANSWER: B
155.Social, political and legal arrangements are under ____ environment
A. Market
B. Internal
C. external
D. Economic
ANSWER: C

156.___________________ level management is saddle with strategic decision ____

A. top management
B. middle
C.HOD
D. lower
ANSWER: A

157.The government is seen as biggest entrepreneur through what role _____

A. enabling policy
B. financial support
C. Infrastructural enabler
D. a and b only
E. all of the above
ANSWER: E

158.An intent of position a firm desire in the long run with a given industry is____
A. Vision statement
B. Mission statement
C. Strategy
D. business purpose

159._______ is not a major characteristics of mission statement contain of Facebook company as typical ____
A. statement of who benefits
B. statement of how
C. statement of product/ service offered
D. state of location of industry
ANSWER: D

160.Vision and mission statements and objective” are mostly discussed in _____ stage of strategic management
A. Planning
B. Situational analysis
C. Control
D. Implementation
ANSWER: A

161.Work schedule and budgets, material requirements planning, job flow and technicality are typical feasibility item
typically found under____
A. product analysis
B. Job analysis
C. system/ production
D. job specification
ANSWER: C

162.First stage of planning are all geared answering on except ____

A. Goal
B. vision
C. Objective
D. execution
D. Mission
ANSWER: D

163.Major drawback and common characteristics of small businesses are all except _______and ________
A. Local technology and taxation gain
B. Labour intensive and easy start
C. Unlimited liability and lack of perpetuity
D. One man ownership and quick decision
ANSWER: C

164.Access bank joining strength with Diamond bank and retaining their seemly identity is an example---------- growth
strategy
A. Franchise
B. Acquisition
C. Leasor.
D. Merger
ANSWER: D

165.______ concern towards, law, consumer, employee the external stakeholders

A. Corporate governance
B. Cause marketing
C. Citizenship
D. Corporate social responsibility
ANSWER: D

166.In changes in product design and reinforcement advertising is predominate ----------- product life cycle ?
A. Maturity
B. Decline
C. growth
D. Introduction
ANSWER: B

167.The process of rejuvenating a product in decling stage is ________

A. product lifecycle
B. product extension,
C. production modification
D. product modification
ANSWER: D

168.Theory _______ assumes the worker are lazy but need to motivated with force or incentive
A. X
B. need theory
C. type A
D. Y
ANSWER: D

169.Major disadvantage ofone man business e,g ABIOLA M.K.O ______

A. easy start
B. Continuity
C. Quick decision
D.ownership tussle
ANSWER: B

170.Increase in interval repayment of loan will cause ______

A. Interest payable
B. increaseprincipal
C. decrease in amortization amount
D. increase in Amortization amount
ANSWER: D

171. Which must these policy has the highest chances of making and taking premium claim ________
A. Property insurance
B. Marine insurance
C. Fire insurance
D. life Assurance
ANSWER: D

172.Major determinants of final price of product are all except

A. demand
B. cost structure
C. competition
D. government
E. social forces
ANSWER: E

173.Goodwill arising from long stay and good brand name is recorded as
A. assets
B. loses
C. liability
D. sales day book
ANSWER: A

174.A collection of brand lines a firm offers to the market ______________

A. brand mix
B. brand breadth
C. product width
D. product assortment
ANSWER: B

175.A total all brand offered to the market by a firm at a given time is_________
A. brand mix
B. brand breadth
C. product width
D. product assortment
ANSWER: A

176.The apex of every hierarchy of need pyramid is __________

A. safety need
B. social need
C. actualization
D. Physiology
ANSWER: D

177.An independent expert charge with overseeing all logistic for any organization is ________________
A. supply management
B. contractor
C. third party logistic
D. wholesaler
ANSWER: C
178.The real value of money is ______________ related to the price and quantity of goods
A. equally
B. directly
C. positively
D. inversely
ANSWER: D

179.To compensate for time valve of money _______________ is paid

A. annuity
B. present value
C. interest
D. amount
E. principal
ANSWER: C

180.______________ is describe as assign each employee task that they can become proficient at ,
A. work flow
B. job segmentation
C. division of labour
D. specialization
ANSWER: C

181.Receiving order from one superior only at a given time, in a given organization is _________________
A. authority
B. unity direction
C. division of labour
D. unity command
ANSWER: D

182.Employee understanding where they stand in organization hierarchy is____________

A. scalar chain
B. job segmentation
C. order
D. Organogram
ANSWER: A

183.Organization and employee striving to promote team spirit, unity and moral according Henri Fayol is practicing
A. motivation
B. productivity
C. discipline
D. initiative
E. Esprite de corps
ANSWER: E

184._________________is adding dimension to the scope and duties, responsibility of an employee within the same
level and periphery
A. job description
B. job design
C. job enrichment
D. job specification
ANSWER: C

185.The first step in entrepreneurial process is _______________

A. decision making
B. idea
C. planning
D. specialization
ANSWER: B

186.Entrepreneur business life cycle follow from

A. launch
B. growth
C. introduction
D. shake- out
ANSWER: A

187._______________Is a way of thinking that enables you to overcome challenges, be decisive and accept
responsibility for outcome
A. entrepreneurship spirit
B.entrepreneurship mind-set
C. entrepreneurship dream
D. entrepreneurship skill
ANSWER: C

188.Entrepreneurial Innovation process stars with _______________

A. idea screening
B. idea generation
C. product development
D. business analysis
ANSWER: B

189.Experimentation, Pilot development, prototype and sample are commonly found in what stage of innovation
process_____________
A. product development
B. product idea generation
C. concept resting
D. product diffusion
ANSWER: A

190.In product innovation process, mass production, lower unit cost , and use mass marketing mix is are features of
A. test marketing
B. business analysts
C. advertising
D. commercialization
ANSWER: D

191.According to Schumpeter innovation types are __________________

A. 5
B. 4
C. 6
D. 3
ANSWER: A

192.A growth strategy of increasing product ,style , variant , width. Version and item is
A. product enlargement
B. product development
C. product penetration
D. market penetration
ANSWER: B
193.Schumpetrian entrpreperiship theory of innovation centres on
A. creative destruction
B. distribution exchange
C. sociological
D. information theory
E. economic theory
ANSWER: B

194.Which one of these is not an example of type of brand

A. idea
B. cboba
C. Nokia
D. all of the above
E. none of the above
ANSWER: B

195.Using odd price like #3, 799 to alter customers meaning is pricing strategy_
A. Prestige pricing
B. physiological pricing
C. Odd pricing
D. .Psychological pricing
E. competitive pricing
ANSWER: D

196.Schooling as a background and Prerequisites of becoming a successful entrepreneur is a

_______________________ condition
A. necessary
B. sufficient
C. compulsory
D. a must
E. not sufficient
ANSWER: B

197.A function of individual ethics in the workplace as manifested in your life __________________________
A. Ethical principles
B, Kick back
C. organisational culture
D. d. a & c only
E all of the above
ANSWER: D

198.Entrepreneur core reason for developing practical blue print in for of feasibility study; plans is
____________________
A. To provide risk aversion
B. To know and make profit level
C. To make market survey
D. To convince and attract investor capital for a start up
ANSWER: D

199.A way of avoiding steep competition and focusing on small and profitable market segment _________________
A. Niche marketing
B. mass marketing
C. market followers
D. targetmarketing
E, market segmentation
ANSWER: A

200.Incremental search for new market, through moving product to hither land is
A product development
B. market development
C. market penetration
D. integrative strategy
E. all of the above
ANSWER: C

201.Using the wisdom of the industry to set your promotion budget is __________________
A. Parity method.
B. arbitrary method
C. sales method
D. Competitive analysis
E, objective on task
ANSWER: A

202. A wealthy, experienced individual finance other business owner most not really for interest is
_________________
A. Debt financier
B. Equity financier
C. Trade credit
D. Angels
E. ventures capitalist
ANSWER: D

203.The reason for business major failure in Nigeria is due to harsh changes in ________________________
A. entrepreneur style
B. internal environment
C. external environment
D. power
ANSWER: C

204.For entrepreneur, easily ‘fall in love’ major concern for achievement cerntre on
A. New financial plans
B. New management style s
C. New manufacturing ideas
D. New product ideas
E. new opportunities
ANSWER: D

205._______________Is the right given to entity to carry out a commercial activity for royalty
A. Product franchise
B. agent
C. Business franchise
D. Royalty
E. licence
ANSWER: C
206.Entrepreneur’s statement of ‘would be,’ OR ‘to be’, rather than how to get there expresses more of
______________________
A. strategy
B. vision mission
C. objective
D. Mission statement
E. all of the above
ANSWER: C

207._______________explain entrepreneur’s existence by using resources, ability, capability to improve its performance
better than everyone else .
A. absolute advantage
B. competitive forces
C. competitive advantage
D. all of the above
E. none of the above
ANSWER: C

208.A simple and fatter and middle option between starting a fresh business and buying a going concern is to ______
A. Invest and run a franchise
B. fresh start up.
C. buy already existing
D. Involve an intraprenuer
E. None of the above
ANSWER: A

209.A initial and one-time payment made to become a franchise is ______________________

A. Royalty fee
B. Franchisee fee
C. Franchisor fee
D. Franchise fee
E. Disclosure fee
ANSWER: D

210._________ represent continuous and on-going interval payments that franchisees pay to franchisors
A. Franchise agreement fee
B. Franchisee fee
C. Royalty fee
D. All of the above
E. None of the above
ANSWER: C

211.lowering of unit costs through increase production quantities is common practice in _____ stage of product innovation
A. quantity discount
B. Economy of scale
C. commercialization
D. scalar quantity
E. industrialization
ANSWER: C

212.An important record for entrepreneur that help provide liquidity profile __________
A. purchase
B. sale book
C. inventory book
D. cash book
E. bank statement
ANSWER: D
213.To motivate employee entrepreneurs strive meeting their ___________
A. desire
B. want
C. promotion
D. need
ANSWER: D

214.Customer value is explained as a a perception of

A. fair price
B. cost against benefit
C. reasonable price
D. Price against value
ANSWER: D

215.________________ Entrepreneurs know the journey is th goal

A. intrapreneur
B. guerrilla
C. tecchnopreneur
D. agropreneur
ANSWER: B

216.Pricing strategy of offering and charging different prices to different group of customers for the same product
/service is ____________
A. competitive pricing
B. price range strategy
C. promotionsegment pricing
D. price discrimination strategy
E. Mark up strategy
ANSWER: D

217.The scope of entrepreneurial activities on ____________ and _____________

A. product and context
B. context and content
C. production and distribution
D. need and satisfaction
ANSWER: D

218._________inform channelling of organization resource and profit to bring about a positive change in society
A. corporate social responsibility
B. corporate philanthropy
C. environmentalism
D. cause marketing
ANSWER: B

219.GLO sponsors ______________ as their corporate philanthropy in Nigeria

A. football premier league
B. basketball league
C. education empowerment
D. information communication technology.
ANSWER: A

220.Which of these is not an economic aspect of corporate social responsibility

A. fair pricing and competition
B. corporate governance
C. tax payment
D. respect for contractual agreement
ANSWER: D

221._________________is journey made for pleasure seek during which many places are visited

A. travel
B. tourism
C. hospitality
D. business travel
ANSWER: B

222.By United Nation classified tourism into _______________

A. 7
B. 3
C. 4
D. 2
ANSWER: B
223.______________is an indirect elements of the tourism industry
A. transportation
B. accommodation
C. attraction
D. Ancillary services
E. electricity
ANSWER: D
224.___________ is the process of divergent thinking in search of an opportunity
A. destructive technology
B. novelty
C. originality
D. creativity
ANSWER: D

225.Which among these is not a way to transfer business ownership _____________

A. liquidation
B. gifting
C. selling
D. agent
ANSWER: D

226.________ Principles of ensure dual effect of every transaction by posting debit and credit correspondently
A. ledger
B. double entry
C. going concern
D. journal
ANSWER: B

227.Small and mediun enterprisesSMEs mainly and consciously carry out marketing research through __________
A. occasionally asking customer
B. snow ball.
C. complaint form
D. secondary data
ANSWER: A

228.Average Nigeria would always complain not being in business due lack
A. government support
B. finance.
C. power
D. market
ANSWER: B

229.The abstract of every business plan is contained in --------------------------

A. summary
B. abstract
C. executive opinion
D. executive summary
ANSWER: D

230.The critical and brain storming stage of entrepreneurial innovation process is in _-------
A. problem definition
B. product development
C. ideal generation
D. idea screening
ANSWER: D

231.__________________is the process of two equal firms coming together for higher opportunity and retaining their
identity------------------
A. franchising branding
B. horizontal merger
C. brand extension
D. vertical acquisition
ANSWER: D

232.Without ______________ commitment the organisation will find it difficult to ensure changes and achieve it vision
statement
A. managing director
B. supervisor
C. senior manager
D. employee
ANSWER: D

233.The most outstanding reward for using capital for production sake is to ______________
A. further production of good
B. provide interest for the owner
C. give salary to the effort
D. increase production capacity
ANSWER: B

234.The questions What, whom, how and when to produce are originally basic problem__________
A. management
B. finance
C. entrepreneurial mind set
D. economics
ANSWER: D

235.The questions What , whom, how and when to produce problem of the society are resolve by __________
A. want
B. scare resource
C. government policy
D. price mechanism
ANSWER: D
236.According yusuf 1995, all these enhance women entrepreneurial performance in Nigeria except _________
A. managerial skill
B. access to finance
C. personal qualities
D. sharing formula
E. satisfactory government support
ANSWER: D

237.Women entrepreneur benefit from androgyny possession except _______________-

A. high self esteem
B. achievement motivation
C. flexible behaviour
D. pessimistic
ANSWER: D

238. Which among these is not a clear characteristics of service

A. can be stored
B. easy touch
C. highly perishable
D. consumer at the point of production
ANSWER: B

239.The environment where service is delivered and interaction between the service provider and customer meet which
in turn affect the level of customer satisfaction ______
A. physical evidence
B. process
C. design
D. promotion
ANSWER: A

240.Personal selling can take place through all except_______________

A. above – the- counter
B. field selling
C. telemarketing
D. inside selling
E. advertising
ANSWER: E

241.__________Is the processing of identifying prospecting job candidate through job advertisement
A. interview
B. recruitment
C. selection
D. training
ANSWER: B

242.Training is given to which category of employee____________

A. management
B. non performing staff
C. employee
D. new staff
ANSWER: C

243.Compensation structure for sales force are majorly grouped into

A. salary+wages+ income
B. salary+commission+bonuse+wages
C. salary + wages +commission+ incentives
D. salary+commission+ incentives + bonuses
ANSWER: D

244.Every salesperson must understand ____________ number of C(s) of the organization

A. 5
B. 4
C. 3
D. 2
ANSWER: C

245.The key performance indicator of business organization except

A. market share
B. profit
C. sales
D. all of the options
E. customer satisfaction
ANSWER: D

246.“Agree with the person but neutralize the objection” is a example found in___________ stage of selling process
A. handling objection
B. prospect
C. defence
D. closing sale
ANSWER: A

247.As inflation increases the value of money and purchase power money ___________ which in turn ______customer
satisfaction
A. decreases and decrease
B. increase and decrease
C. lower and higher mind set
D. increase and increase
ANSWER: A

248.A school drop -out now renewed for entrepreneurship in the world ________
A. warren buffet
B. Jeff Bezos
C. Alico Dangote
D. bill gate
ANSWER: D

249.____________country like and float large corporation

A. japan
B. Brazil
C. America
D. India
ANSWER: C

250.The first ingredient and starting point of all market segmentation type is through________
A. geographic
B. demographic
C. psychographic
D. product
ANSWER: B
251.________________firm follow price skimming policy and strategy in Nigerian at their introductory business stage
A. MTN
B. GLO
C. Airtel
D. etisalat
ANSWER: A

252.The market leader in the oil and gas industry is

A. Agip
B. Mobil
C. shell
D. chevrons
ANSWER: D

253.Every shareholder of firm periodical get_______________ as his vestment outcome

A. bonus share
B. profit
C. dividend
D. interest
ANSWER: C

254.The starting base of Abraham Maslow need hierarchy is ________ that worker crave to satisfy first.
A.social need
B. physiological need
C. psychological need
D. self esteem need
ANSWER: B
255._______________represent the number of person an individual can effectively supervise
A. unity of command
B. span of control
C. centralization of power
D. control
ANSWER: B

256.Example of e- tailer in Nigeria is except _____

A. jumia
B. Ali express
C. konga
D. FAQ
E. OLX
ANSWER: D

257.From Fredrick Herzberg two factor theories are ____________and ________

A. motivator and hygiene factor
B. expectation and dissatisfiers
C. theory Y and X
D. hygiene factor and demotivator.
ANSWER: A
258.The planning techniques that allows employees at lower levels in the organization in the process of goal
setting._______
A. management by objective ( MBO)
B. top down planning
C. goals- down -plan up
D. top management
ANSWER: D
259.A business way of forecasting sales is through all these except one____________
A. survey
B. employee
C. statistical demand analysis
D. sales forecast
ANSWER: B

260.Break even analysis help to determine _______________

A. equilibrium between cost and revenue
B. increase in quantity of production
C. reset price of current goods
D. equilibrium of price and demand
ANSWER: A

261.Selecting from among alternatives course of action especially as to when, how and what to do with scare resources
defines-------------
A. decision making
B. opportunity cost
C. choice arrangement
D. decision forgone
ANSWER: A

262.Entrepreneur physical distribution activities are all these except

A. transportation
B. inventory control
C. customer service
D. warehousing
E. customer profiling
ANSWER: E

263.The sole purpose of entrepreneurial business is _________________ and to make ___________________

A. profit and goods
B. creation of goods and profit
C. solve problem and satisfaction of customer
D. set up firm and money
E. profit and profit only
ANSWER: B

264.Entrepreneurs providing goods and service when they are need is on creating ___________ utility
A. place
B. time
C. possession
D. form
ANSWER: B

265.Entrepreneurs taking advantage of making his good available, like coca cola product seen every where you go is
creating ___________ utility
A. place
B. time
C. possession
D. brand channel
E. image
ANSWER: A
266.Two twain terms of entrepreneur are _______________ and __________________ that guide daily and
performance
A. effective and effect
B. efficiency and effectiveness
C. goal and objective
D. effectiveness and efficient
ANSWER: B

267.Entrepreneurs providing goods and service when they are need is on creating ___________ utilities
A. place
B. time
C. possession
D. form
ANSWER: B

268.The practice that customer is the first and last and every activities that the entrepreneur does should focus on
customer is _____________
A. production orientation
B. marketing analysis
C. customer orientation
D. customer satisfaction
ANSWER: C

269.Factors of production are majorly grouped as ___________ numbers

A. 3
B. 6
C. 4
D. 5
ANSWER: C

270.Genesis fast food recent and major strategic and competitive edge option is through____________
A. promotion
B. price strategy
C. location strategy
D. customer satisfaction
ANSWER: C

271.A major factor complain and worry of small and medium low performance in Nigeria ___________
A. road network
B. power supply
C. loan hassle
D. increase in competitors
ANSWER: C

272.Major cause of recent rise in prices of goods and services could be traced to____________in Nigeria
A. interest rate
B. exchange rate
C. unemployment rate
D. high production curve
ANSWER: C

273.American going to Asian continent to locate their factories is taking advantage of __________
A. nearness to water supply
B. power supply
C. cheap labour
D. nearness to market
ANSWER: C

274.A major strategic window opportunity especially as result of covid pandemic lies in ________
A. Human resources
B. Information and communication technology
C. retailing
D. supply chain
ANSWER: B

275.Major cause of trade globalization is

A. ICT
B. currency swap
C. trade free zone
D. indigenisation
ANSWER: A

276.How many forms of small business organization ?_______

A. 4
B. 3
C. 5
D. 2
ANSWER: A

277._____________ is responsible for acquiring fund , managing fund within the firm and planning expenditure of the
funds on various assets
A. account
B. banker
C. loan analyst
D. finance
ANSWER: C

278.The main disadvantaging of equity that are overcome in debt financing are all except__________
A. dilution of shareholding
B. increase in third party governance
C. external control
D. increase in quick decision
ANSWER: D

279._______________ is the first basic principle to secure loan from bank

A. draw up a business plan
B. get a collateral
C. know somebody in the bank
D. have a business
ANSWER: A

280.A common jargon that synonymously represent entrepreneurship include all except
A. tycoon and mogul
B. captain of industry and Erasmus
C. venture capitalist and business magnate
D. industrialists and businessperson
E. all of the above
ANSWER: E
281.Which of thesescheme and guideline bank did government build to assist small and medium enterprise_________
A. CBN guideline on sectorial allocation of loan and advances
B. agricultural creditguarantee scheme
C. development banks( BOI &NACRDB)
D. establishment of SMEDAN
E.PENCOM
ANSWER: E

282.One of the first step in management control process ____________

A. control plan
B. establish standard
C. measure standard
D.compare performance
E. correct deviation
ANSWER: D

283.Major factor influencing firm choice of location are except

A. labour market
B. proximity to market
C. union activity
D.government regulation
E. proximity to services
ANSWER: D

284.____________ is most apprehensive and challenge in adoption of e- commerce(ATM)

A. security
B. service failure
C. location of ATM gallery
D.customer
E. lack fund
ANSWER: D
285.__________ is the process of informing, communicating and persuading customer about a product or service.
A. mass marketing
B. business promotion
C. advertising
D. public relation
ANSWER: C

286.The most interactive and fast medium of advertising _________

A. social platform
B. radio
C. television/cable
D. internet
E. social media platforms
ANSWER: E

287.Which of these risk is associated with bad image of the firm ___________risk
A. demand
B. reputation
C. operation
D. financial
ANSWER: B

288.Which of these could be used to mean and represents a brand ____________

A. uniqueness / differential
B. alternative/ identity
C. modifier/adjective
D.name/ sign
E. product
ANSWER: E

289.The number of or collection of brands offered by a firm is ______________

A. brand portfolio
B. assets portfolio
C. brand line
D.brand width
E. investment portfolio
ANSWER: D

290._____________ is a collection of firms offering similar products and competing against each other
A. company
B. firm
C. industry
D.sector
E. competition
ANSWER: C

291.Which is the closest distribution channel closer to the consumer__________

A. retailer
B. agent
C. wholesaler
D. major distributor
ANSWER: A

292._________________pattern is not a possible way to organize business organization

A. labour
B. function
C. geographic
D. product
E. line and staff
ANSWER: D