My GST 106 QUESTIONS

1. The concept ‘entrepreneur’ was first coined by……………...

(a) David, McCllenand

(b) Richard, Cantillon

(c) David, Hisrich

(d) Jean-Baptiste, Say

2. 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

3. 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 a(an)………………

(a) entrepreneur

(b) inventor

(c) intrepreneur

(d) manager

4. The characteristics of entrepreneurs as risk-bearers, coordinators and organizers, gap-fillers, leaders,

and innovators or creative imitators were listed by……………..

(a) Adam Smith

(b) David Ricardo

(c) John Stuart Mill

(d) Joseph Schumpeter

5. The two disciplines where entrepreneurship originated were …… / ……

a. French / English
b. Economics / Business

c. Economics / History

d. History / French

6. The one who creates a new enterprise in a risky and uncertain environment is referred to as (an)
……………...

a. risk taker

b. entrepreneur

c. adventurist

d. leader

7. 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.

8. The scholar who first stressed the significance of entrepreneurship for economic growth is……….

(a) Cantillon

(b) Mill

(c) quesnay2

(d) Ricardo

9. When an entrepreneur directs and controls all organizational activities to ensure that things are done
properly on schedule, he is performing the…….. role.

(a) leader

(b) resource allocator

(c) directing and controlling

(d) visionary

10. An Entrepreneur who starts a business with a fresh idea is simply performing a …………. role.
(a) leadership

(b) resource allocator

(c) directing and controllin

(d) visionary

Ques. 1 2 3 4 5 6 7 8 9 10

Ans. B A C D B B B A A B

11. Which of the following affect the supply of entrepreneurship?

a. Money b. Love c. Risk d. Opportunity

12. Creativity is ...................

(a) the ability to bring something new into existence.

(b) the process of doing new things.

(c) ability to imitate perfectly.

(d) all of the above.

13. The first step in creative process according to Holt (1992) is:

(a) Incubation

(b) Preparation

(c) Idea generation

(d) Verification

14. The following are forms of innovation except:

(a) Technological Innovation

(b) Product-Marked Innovation

(c) Administrative Innovation3

(d) Idea generation

15. When innovation brings about a new dominant design and consequently, a new set of core design
concepts embodied in components that are linked together in a new architecture, it is known
as................

(a) Architectural Innovation

(b) Radical Innovation

(c) Modular Innovation

(d) Incremental Innovation

16. When innovation brings about the reconfiguration of an established system to link together
components and parts in a new way, it is known as:

(a) Modular Innovation

(b) Architectural Innovation

(c) Radical Innovation

(d) Incremental Innovation

17. Creative process according to Holt (1992) can be classified into:

(a) 4 stages

(b) 5 stages

(c) 6 stages

(d) 7 stages

18. When innovation consists of market research, product design, and innovations in advertising and
promotion, it can be said to be:

(a) Technological Innovation

(b) Product-market Innovation

(c) Consumer related Innovation

(d) Administrative Innovation

19. According to Adams (2005) the following are critical to individual creativity except:

(a) Knowledge

(b) Thinking
(c) Personal Motivation

(d) Verification

Rules for the question below *Circle T for True and F for False*

20. T F Incremental innovation comprises relatively small modific Radical innovation brings about old
dominant design

21. T F Structural innovation capitalizes on disruption to restructure industry relationships

22. T F Successful innovation has six phases in all

23. T F An invention is only considered an innovation once it has been identified

TRY THE ANSWERS above

24. The concept ‘environment’ can also be referred to as……………………

(a) surroundings

(b) external objects

(c) inferences

(d) circumstances

25. The business environment can be broadly classified into…………….

(a) two

(b) three

(c) four

(d) five

26 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

27. A ………………….. is an inherent constraint that creates strategic disadvantage for an organization.

(a) threat

(b) weaknes

(c) strategy

(d) risk

28. A …….. business environment is made up of a number of factors that interact and interrelate with
one another

(a) complex and dynamic

(b) Simple

(c) Stable

(d) potent

29. 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

30. The environment that recognizes the customs, traditions and value of the

community is known as

(a) Demographic

(b) Socio-cultural

(c) Technology6

(d) Historical

31. The environment in the borderline between the internal and external environment is ………………..

(a) General

(b) Remote
(c) Close

(d) Intermediate

32. The support systems that facilitate entrepreneurship process listed here are ………………..

(a) Seven

(b) Six

(c) Five

(d) Four

33. 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

(d) Weaknesses and threats

34. The scanning of the business environment so as to identify the favourable and unfavorable
conditions therein is ………………..

(a) SWOT analysis

(b) External evaluation

(c) Internal Evaluation

(d) Market analysis

35. Threats from external environmental factors can come from:

(a) Direct Completion (b) Indirect competitors (c) Consumers (d) None of the above (e) All of the above

35. Opportunities in the 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

36. 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

37. The entrepreneur can assess the internal environment of business by 7critically looking at the
opportunities and threats.
(a) Opportunities (b) threats and opportunities

(c) strength and threats (d) strengths and weaknesses

38. The entrepreneur can assess the internal environment of the business by

critically looking at .......

(a)5ps (b) 5s (c) 5w (d) 5t

Questions. No. 26. 27. 28. 29. 30. 31. 32. 33. 34. 35. 36 37. 38. 39.

Answers. A. B. A A B. D D B A. E. D D. D. B8
More on GST 106 questions

1. One of the following is not an advatange of sole proprietorship (a) ownership of all

profits (b) Minimum legal restriction (c) unlimited liability (d) Privacy(Test learning outcome (LO) 4.2)

2. The Minimum number required to start a sole proprietorship (a) One (b) two (c) seven (d) twenty

3. 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

4. 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

5. The document that states all the terms of partnership is known as (a) Partnership

agreement (b) article of partnership (c) article of association (d) a and b

6. The general partners have (a) limited liability (b) Unlimited liability (c) participate in

the day to day running of the business (d) b and c

7. The uniquness of private limited company is that the investors have (a) limited

liability (b) minimum of two person to start the business (c) shares are publicly

subscribed (d) Restrictions on the transfer of shares

8. 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

9. One of the major documents of incorporation is (a) article of partnership (b)

Partnership agreement (c) memorandum of association (d) memorandum of incorporation

10. The emergence of a mature organized and well functioning group were complex task

dealt with and membership disagreement are handled effectively is known as: (a)

a. Total Integration stage (b) Initial Integration stage (c) Forming stage (d) Storming stage.9.

Ques. No. 1 2 3 4 5 6 7 8 9 10

Ans. C A D A D D D A C B9
11. Which of the following is not a feature of vision?

(a) short (b) succinct (c) inspiring (d) ambigous

12. Core value of an organization is also called…………………………………………….

(a) core motive (b) core intent (c) core tenet (d) core mission

13. Core value is the extent of …………………… the organization is ready to maintain.

(a) knowledge (b) capacity (c) integrity (d) inspiration

14. …………is the reason for the organization‟s existence, a clear description of the activities of

the organization (Tests Lo1.3)

(a) core mission (b) core purpose (c) core movement (d) core activities

15. ……………. is creative, looking to a future of greatness; it keeps the organization as well as

individual motivated even if the founders are no longer in existence. (tests Lo 1.2)

(a) policy (b) envision future (c) envisioned vision (d) future

16. If vision is taken away , an organization can set into …… (Tests LO 1.2)

(a) order (b) progress (c) movement (d) confusion

17. Take away skills and have (Tests LO 1.2)_____________________

(a) organisational progress (b) organisation stress (c) organisation anxiety (d) organisation failure

18. Lack of resources can cause ……………in an organization (tests LO 1.2)

(a) slow down (b) frustration (c) efficiency (d) others

19. Lack of action plan can cause …………………..

(a) progress (b) false start (c) clear way (d) none of the above

20. An entrepreneur must be open to …….. and be ready to adjust. (Tests LO 0.4)

(a) criticism (b) challenge (c) other (d) none of the above
Questions. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20.

Answers. A. C. C. B. B. D. C. B. B. A.

21. The three levels of Regulation in Nigeria are ……….

(a) The Judiciary, Legislative and Executive (b) Federal, State and Local government

(c) Decree, Laws and Bye Laws (d) Federal, Judiciary and Executive

22. The organisation that is concerned with the registration of Business in Nigeria is...

(a) EFCC (b) Standard Organisation of Nigeria

(c) Corporate Affairs Commission (d) ICPC

23. An agency that is concerned with the investigation of all financial crimes is –

(a) CAC (b) SON (c) NAFDAC (d) EFCC

24. An Agency that is responsible for providing advice, educate to public on and against

bribery and corruption is ………

(a) EFCC (b) ICPC (c) SON (d) CAC

25. One of the following is not the promotional / supportive roles of Government

(a) Tax holiday (b) Financial incentives (c) Infrastructural development (d) Tax evasion

26.The ___ environment prescribes acceptable principles and guides in business relationship.

(a) Economic (b) regulatory/legal (c) judicial/executive (d) political and judicial

27. The _____________ was established by the Companies and Allied Matters Act (CAMA)

1990 as a corporate body with perpetual succession and a common seal.

(a) Corporate Affairs Commission (b) Standards Organisation of Nigeria

(c) National Agency for Food and Drug Administration Control (d) None of the above.

28. The headquarters of the Corporate Affairs Commission is based in

a) Lagos. b) Abuja the Federal Capital Territory. c).Port Harcourt d) All of the above

29. Establishing and maintaining companies‟ registry and offices in all the states of the Federation is a
function of ----------------------.
(a) National Council (b) National Affairs Commission (c) Corporate Affairs Commission (d) All of the
above.

30. Ensuring that the use of narcotic drugs and psychotropic substances are limited to medical and
scientific purposes is a function of _____________ .

(a) SON (b) EFCC (c) NAFDAC (d) CAC

Questions. 21. 22. 23. 24. 25. 26. 27. 28. 29. 30.

Answers. B C D B D. B D. B A. B12

31. The need for a business plan includes all except:

(a) Planning to launch a new business

(b) Expanding your existing busines

(c) Adding a new product or product line

(d) Increasing your labour force

32. A plan must be ………………..

(a) Readable (b) Accommodating (c) Explicit (d) Durable

33. One of the benefits of planning is ………..

(a) It justifies your plans and actions

(b) It increases “firefight.

(c) It keeps ideas in your memory

(d) It indicates your inability

34. A written business plan should have all the following except __________

(a) financial information (b) product or service

(c) business objective (d) liquidation plan

35. 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.

(d) does not serve as a solid foundation for developing your business plan.

36. The type of business you are planning should be stated under -

(a) Description of the business

(b) Marketing

(c) Organisation

(d) All of the above

37. 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?

38. The following except ………… is a component of feasibility study. (a) Executive

Summary (b) Product/Service (c) Acquisition (d) Technology

39. 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

40. The need for a full-scale business plan according to Cagan (2006) is spurred by the following except
one:

(a) You plan to launch a new business.

(b) You want to expand your existing business into new markets.

(c) You want to add a new product or product line.

(d) None of the above 13

NO ANSWERS YET for 31-40.

41. 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

42. Sources of funds available to a firm can be categorized into………..group

(a) Two

(b) Four

(c) Five

(d) Three

43. Factors affecting the sources of business finance include all except.

(a) Cost of finance

(b) Government policy

(c) Risk involved

d) Economic condition

44.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

(c) Short term

(d) All of the above

45……….. are amount owing on service rendered to the firm for which payment has not been provided.

(a) Prepayment

(b) Short term loan

(c) Unsecured credit

(d) Accruals

46……………. Is where the trade debtors are sold at discount to a finance house

(a) Prepayment

(b) Unsecured credit

(c) Invoice discounting

(d) Factoring.

47. The following are regarded as medium term sources of funds except

(a) Hire purchase

(b) Debenture

(c) Lease arrangement

(d) Factoring

48……………….. is a long term promissory note for raising loan capital

(a) Debenture

(b) Preference share

(c) Retained earning

(d) Term loans

49. The cheapest sources of long term finance is

(a) Equity15

(b) Preference share

(c) Debenture

(d) Convertible security

50. Debenture interest has to be paid

(a) before paying any dividend to preference shareholders

(b) before paying any dividend to ordinary shareholders

(c) after paying dividend to preference shareholders

(d) before paying any dividend to preference and ordinary shareholders.

Questions. 41. 42. 43 44 45 46 47 48 49 50

Answers. D. B B C D D B. A C. D

16

51. Corporate social responsibility is about:

(a) the ethical rights and duties between a company and its host societies.

(b) Moral rights and duties between a company and its shareholders

(c) Quality of leadership of organizations

(d) Misuse of corporate ethics policies

52. Fiduciary responsibility refers to......

(a) the ethical rights and duties between a company and its host societies.

(b) moral rights and duties between a company and its shareholders

(c) quality of leadership of organizations

(d) misuse of corporate ethics policies

53. Corporate governance refers to

(a) the ethical rights and duties between a company and its host societies.

(b) moral rights and duties between a company and its shareholders

(c) quality of leadership of organizations

(d) misuse of corporate ethics policies

54. To be successful, an ethics policy should be …………..

(a) Explained in writing and orally

(b) Something employees can do

(c) Backed up by financial incentives

(d) Backed up by statements of consequences of disobedience.

55. In international business ethics …. is emphasized.

(a) good public relations

(b) the lrgal framework

(c) country risk

(d) cultural relativity of ethical values

56. Business ethicists apply ethical theories to:

(a) increase profits

(b) increase production

(c) moral issues in business

(d) funding issues

57. Corporate ethics policies are meant to offer to workers on the common ……

problems that might arise in the course of their duties.

(a) funds, health (b) guidance, moral

(c) incentives, office (d) admonition, performance

58. Conflicting cultural standards can occur with regard to:

(a) child labour (b) discrimination (c) paying bribes (d) all17

59. In international business ethics …. is emphasized.

(a) good public relations

(b) the legal framework

(c) country risk

(d) cultural relativity of ethical values

60. Business ethicists apply ethical theories to:

(a) increase profits

(b) increase production

(c) moral issues in business

(d) funding issues

61. _______ is a system of principle governing the appropriate conduct for a person or group.

(a) law (b) risk (c) ethics (d) management.

62. _________ bring ethical theories and techniques to bear on moral issues that arise in business.

(a) political (b) cultural (c) religious principles (d) business ethics

63. Business ethics brings ………………… and ……………….to bear on moral issues that arise

in business

(a). ethical theory and technique (b). moral and justification

(c). technique and justification (d). ethical theory and moral

64. The argument in favour for the business ethic that a business has moral duties that

extend well beyond serving the interests of its stockholders is:

(a) stakeholders are entitled to dividends

(b) stakeholders have interest in the conduct of the business

(c) all stakeholders contribute directly to the profits of the company

(d) stakeholders own the company

65. Under social contract theory:

(a) stakeholders are given a voice over a company’s operation

(b) a company should develop neighbouring communities

(c) a company should discharge its responsibilites to government

(d) a company should pay workers well

Questions. 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65

Answers. A B C B D C B. D D. C C D D C A18

66. The evolution of entrepreneurship in Nigeria and most parts of world can be traced to:

(a) Barter (b) Colonial rule

(c) Foreign business (d) United Africa Company (UAC)

67. The direct dealing with the producer by UAC in the pre-independent era –

(a) Hindered skills acquisition and consequently the development of

entrepreneurship in Nigeria.

(b) Encouraged local manufacturing of product

(c) Increased the welfare of Nigerian entrepreneurs

(d) Increased the growth of international business

68. An entrepreneur who creates a venture to make profit as well as strives to contribute to societal
development and regulate positive change can be described as ...

(a) capitalist entrepreneur (b) social entrepreneur

(c) Responsible entrepreneur (d) Entrepreneur

69. The prominent entrepreneur who is visible on food, cement, transportaiton and

other related businesses in Nigeria and abroad is -

(a) Mike Adenuga Jr. (b) Christ Ejiofor (c) Aluko Dangote (d)Chidi Anyaegbu

70. The founder of Chisco Group is -

(a) Chris Ejiofor (b) Chidi Anyaegbu

(c) Uche Uche Ohafia (d) Chetus Olebune

71. The social entrepreneur who is interested in poverty reduction of the less privilege with a foundation
to assist-children is

(a) Aluko Dangote (b) Rochas Okorocha (c) Poly Emenike (d) Mike Adenuga Jr.

72. One of the major advantages facing typical Nigerian entrepreneurs is the –

(a) Large market made available by high population

(b) Constant change in policy

(c) The opportunity to buy one’s way though

(d) The high rate of unemployment

73. An entrepreneur will continue to be relevant in society as long as –

(a) His business is making profit (b) his business is paying tax

(c) His business is meeting needs (d) his product is popula

74. Non Profit Making Entrepreneurs are also called…………

(a) Loss entrepreneurs (b). Social entrepreneurs (c). Political entrepreneurs (d). Non profitable
entrepreneurs

75 . The Nigerian entrepreneur who created the Eleganza industries is………

(a). Razaq Okoya (b). Dangote group (c). Uche Uche Ohafia (d). Ada Onyejike

Questions. 66 67 68 69 70 71 72 73 74 75

Answers. C. A C C B B A. C B A20

76. Entrepreneurship and functional education curriculum is :

(a) self-centered

(b) learner-centered

(c) tutor-centered

(d) theory-centered

77. The fundamental assumptions of the curriculum of entrepreneurial and functional education are at
the following except:

(a) human beings have natural potentials for learning.

(b) through action learning is facilitated

(c) self-initiated learning promotes lasting skills acquisition

(d) self-evaluation does not enhance creativity in learning.

78. The gains of entrepreneurial and functional education include all except.

(a) helping individuals develop good work habits

(b) assisting the workforce to be aware of existing vocations in the job market

(c) assurance of success in business

(d) facilitate better job performance

79. Scholars that have contributed to the topic of entrepreneurial and functional education include all
except

(a) Obanya (b) Asika (c) Williams (d) Super

80. The goals of entrepreneurial and functional education are all except.

(a) creat job for all

(b) training in technical and vocational skills are complemented with sound general education

(c) provide equal opportunities for both men and women to acquire technical

and vocational education

(d) expose learners to the versatility of knowledge

81. The goals of Vision 202020 include all except –

(a) wealth for all

(b) employment generation

(c) poverty reduction

(d) values orientation

82. The macroeconomic framework of NEEDS does not include –

(a) empowering people

(b) government to create more jobs

(c) promoting private enterprise

(d) changing the way government does its work.

83. As an economy matures and its wealth increases, the emphasis on industrial activity gradually shift
toward an expanding service sector that caters to the needs of an increasingly affluent population and
supplies the services normally expected of a high-income society. This is called……..

a. Entrepreneurship in Innovation driven economies

b. Entrepreneurship in efficiency driven economies

c. Entrepreneurship in factor-driven economies

d. All of the above 21

84. The Nigerian economy is primarily a _________ economy.

(a) socialist (b) capitalist (c) mono (d) mixed

85. Which of the following is not a peculiar problem faced by Nigerian entrepreneurs

a. Financial Problems b. Infrastructural Problems c. Low standard of Business Ethics and Political
Instability d. Inadequate Raw materials

Question. 76. 77. 78. 79. 80. 81. 82. 83. 84. 85.

Answer. B D. B C D D. B A. D. D

MORE THAN 💯 CONCISE QUESTIONS. SUCCESS IS ASSURED IN JESUS NAME.