GST 204 QUESTIONS

1. ………… is an organizational process for transforming individual ideas into collective actions
through internally generated new resources (a) entrepreneurship (b) corporate entrepreneurship
(c) Intrapreneurship (d) all of the above

2. …………… are born not built (a) entrepreneurs (b) Intrapreneurs (c) all of the above (d) None
of the above

3. According to Kirzer, profit opportunities stimulate……… (a) intrapreneurship (b)

entrepreneurship (c) innovation (d) all of the above

4. An entrepreneur/intrapreneur does not work as workers………. (a) think (b) bee (c) all of the
above (d) None of the above

5. An innovation which is created by sub-ordinate without being asked, expected or perhaps even
given permission by higher management to do so refers to as……….. (a) employees ideas (b)
corporate entrepreneurship (c) corporate intrapreneurship (d) all of the above

6. Business environment are broadly divided into ……. (a) 3 (b) 2 (c) 5 (d) 4

7. Corporate entrepreneurship could also be refers to as………… (a) entrepreneurship (b)

Intrapreneurship (c) None of the above (d) all of the above

8. Entrepreneur is ……… (a) inter-dependent (b) dependent (c) independent (d) all of the above

9. External business environment may be subdivided into…….. (a) 2 (b) 3 (c) 5 (d) 4

10. Generally, entrepreneurs are ……. (a) Branch managers (b) Risk bearing (c) employees (d) all
of the above.

11. In individual opportunity nexus, opportunity have an……….. (a) guarantee component (b)
subjective component (c) objective component (d) All of the above

12. Intrapreneurs act under the ambit of…….. (a) self-motivation (b) organization (c) a department
(d) contract

13. Intrapreneurs receives …….. in return for their entrepreneurship spirit (a) profit (b) promotion
(c) gift (d) rewards

14. Intrapreneurship is …… (a) a group of entrepreneurs (b) character of entrepreneurs (c) the spirit
of entrepreneurship (d) all of the above

15. One of the similarities between Intrapreneurs and entrepreneurs is …… (a) ownership of the
organization (b) self-starters (c) Taking the organizational risk (d) all of the above

16. One of the three types of displacement thought is ……… (a) Financial (b) professional (c)
political (d) recession
17. Other characteristic of entrepreneurship include………. (a) voice (b) submission to superior (c)
all of the above (d) None of the above

18. Some people call entrepreneurs……….. (a) human resources manager (b) subscribers (c)
dreamers (d) None of the above

19. The assumption of imperfectly distributed information is based on………. (a) Keynesian
economic (b) classic economics (c) monetarist economic (d) all of the above

20. The broad views of entrepreneurial thought are……. (a) Marco and micro (b) pervasive and
financial (c) Financial/Capital view (d) None of the above.

21. The Marshallian main concern is to show that market clear under the …………….. (a) imperfect
condition (b) perfect completion assumption (c) exploitation of labour (d) None of the above

22. The mind set of an entrepreneurs sees the ………. Rather than the problem created by change (a)
profits (b) economic gain (c) opportunity (d) None of the above

23. The venture opportunity school of thought focuses on…….. (a) cost function (b) profits (c)
Market size (d) opportunity aspect of venture development

24. Business as an ………… (a) economic act (b) environmental act (b) theoretical act (d) all of the
above

25. In business it is commonly said that profit motive should not override…….. (a) employees
benefits (b) business goal (c) internal goal (d) customers satisfaction

26. Distinctive competence is a ……………. One organization has over the other (a) profit margin
(b) opportunity (c) comparative quality (d) all of the above

27. ………….. refers to any limitations a company faces in developing or implementing strategy (a)
inactivity (b) weakness (c) non-profit (d) all of the above

28. Banking system consists of …………….. (a) CBN (b) commercial banks (c) CBN and universal
commercial banks (d) all of the above

29. The primary function of CBN includes ………… (a) accepting deposits (b) making payment on
behave of customers (c) promoting of monetary stability

30. Strength and weaknesses of the organization in the industry play important role for …………..
(a) external environment (b) internal environment (c) business environment (d) all of the above

31. Which of these is not an important role of entrepreneurship? (a) prosperity of regions (b)
prosperity of nations (c) prosperity in employment of new workers (d) growth of
businesses.
32. Entrepreneurial opportunities are those situation in which ……. can be introduced and
sold at a profit (a) goods (b) services (c) goods and services (d) new goods

33. For an entrepreneur to act, he or she must believe in...………… (a) himself (b)
opportunity (c) motivation (d) the product

34. Some individuals will notice signals of changes in the environment that represent………
(a) possible technology (b) possible thinking (c) possible opportunities (d) possible fad

35. Similarities that exist when the basic elements of technology match the basic elements of
the market is called? (a) structural (b) superficial (c) physical (d) etymology

36. Similarities that exist when the underlying mechanism of technology match the
underlying mechanism of the market is called? (a) structural (b) superficial (c) physical
(d) etymology

37. Given the nature of decision-making environment, an entrepreneur must sometimes do all
the following except: (a) think structurally (b) cognitively adapt (c) effectuate (d)
evaluate

38. A situation in which an entrepreneur combine what they have with new problems and
opportunities is called? (a) curry (b) effectuation process (c) bricolage (d) causal process

39. A situation in which entrepreneurs start with what they have and select among possible
outcome is termed? (a) curry (b) effectuation process (c) bricolage (d) causal process

40. A situation in which one starts with a desired outcome and focuses on the means to
generate that outcome is termed? (a) curry (b) effectuation process (c) bricolage (d)
causal process

41. The existence of entrepreneurship in orthodox economic theory has almost been ……….
(a) undetectable (b) underestimated (c) debatable (d) visible

42. One way to examine entrepreneurship theory is with ……. approach (a) school of
thought (b) school of doubt (c) school of research (d) school of taught

43. A view that represents broad arrays of factors that relate to success or failure in
contemporary entrepreneurship venture is? (a) micro (b) macro (c) orthodox (d) classical
44. A view that represents external locust of control point of view refers to? (a) micro (b)
macro (c) orthodox (d) classical

45. The school of thought that deals with external factors that affects the potential
entrepreneur‟s lifestyle either positively or negatively is referred to as? (a) the
displacement school (b) the financial school (c) the environmental school (d) the capital
school

46. ……… school of thought focuses on the group phenomena. (a) displacement (b)
financial (c) environmental (d) classical

47. The search for seed and growth capital is based on which off these school of thought?

(a) displacement (b) financial (c) environmental (d) creation

48. A view that represents internal locust of control refers to? (a) micro (b) macro (c)
orthodox (d) classical

49. ……… theory represent a scenario of copying similar characteristics that an individual
exhibit in order to increase the success opportunities for the emulators. (a) cultural
displacement (b) creation (c) trait (d) venture opportunity

50. Achievement, creativity, determination and technical knowledge are factors exhibited by
successful entrepreneurs in ……. theory, (a) displacement (b) creation (c) trait (d)
venture opportunity

51. A theory that is otherwise known as individual/opportunity (IO) theory is…………. (a)
cultural displacement (b) classical c) trait (d) discovery

52. Which of these theories analyse zero profit equilibrium conditions? (a) Peter Druker)

(b Marshal (c) Kirzner (d) Schumperter

53. …………. school of thought emphasizes the planning process in successful venture
development. (a) strategic formulation (b) creation (c) discovery (d) exzante

54. The Marshallian theory of entrepreneurship tries to explain equilibrium conditions in the
market under the assumption of all the following except …………… (a) imperfect
 knowledge and information (b) free entry and exit (c) perfect competition (d)
homogeneous goods

55. Creative ability gives the entrepreneurs a chance to accumulate surpluses which can be
eroded as ……… appear in the market using same methods. (a) entrepreneurs (b)
intrapreneurs (c) imitators (d) distributors

56. In general, how many categories of entrepreneurship theories do you you?

(a) 3 (b) 4 (c) 2 (d) 8

57. Political displacement theorists believe that entrepreneurship emanates from factors such as;

(a) polity (b) civilian regime (c) military junta (d) family and friends

58. micro view of entrepreneurship focuses on events from the;

(a) inside-looking-out (b) off-side-looking-in (c) outside-looking-in (d) all of the above

59. When we focus on the traits of successful entrepreneurs as the basis of learning
entrepreneurial idea, we are invariably adopting…………………..view;

(a) Entrepreneurial trait theorists (b) micro (c) macro (d) growth

60. Economic displacement theory focuses on………

(a) economic activities (b) economic growth (c) recession (d) depression

61. ………………..are the assumptions of Individual/Opportunity nexus view except;

(a) subjective opportunities (b) unique individual (c) risk bearing entrepreneur (d) unique
market

62. The main assumption of Marshallian neo-classical theory is the existence of;

(a) perfect competition (b) monopoly (c) perfect agreement (d) economic progress

63. Shumpeter‟s entrepreneurship theory is also known as………….

(a) creative destruction (b) creation theory (c) alert theory (d) opportunity theory

64. ..…………….. Believes that the pure entrepreneurial function consists of buying cheap and
selling dear.

(a) Kirzner (b) Marshall (c) Trump (d) Schumpeter

65. In macro view of entrepreneurship, the broadest school of thought is…………….

(a) Environmental (b) trait theory (c) capital school (d) financial school

66. Corporate entrepreneurship can also be seen as………………….

(a) intrapreneurship (b) entrepreneurship (c) corporate begging (d) corporate partnership

67. Corporate entrepreneurship involves the notion of birth of new business within on-going
business.

(a) true (b) false (c) ambiguous (d) undecided

68. ……………coined term intrapreneur.

(a) Pinchott (b) Picthall (c) Marshall (d) Robinson

69. The book “intrapreneuring” was published in………

(a) 1985 (b) 1986 (c) 1999 (d) 1988

70. Intrapreneurship also means………………..

(a) corporate venturing (b) entreprenership (c) external corporation (d) enterprise

71. In general, corporate entrepreneurship is advantageous to economic growth.

(a) true (b) false (c) ambiguous (d) undecided

72. One of the methods of encouraging corporate entrepreneurship is………..

(a) employees are allowed to develop through training (b) punishment to erring employees (c)
transferring ownership of the enterprise (d) closed communication channels

73. Intrapreneurs are also known to be …………. because they create and take risk by stepping
out of their traditional role within the business.

(a) innovators (b) collaborators (c) risk-takers (d) sole-proprietors

74. Mackintosh is an intrapreneurial value of…………….

(a) Apple (b) Sony (c) Dell (d) HP

75. A manager within an established system who uses entrepreneurial approach to offset a highly
bureaucratic structure is referred to as:-

(a) Intrapreneur (b) Venturer (c) Inventor (d) Investor

76. Entrepreneurship contributes to economic growth in the following ways except:-

(a) formation of trade union (b) wealth creation (c) employment generation (d) innovation

77. ……………, ………….and……………are three areas of opportunity which exist within a

company according to Drucker.

(a) unexpected occurrences, incongruities and process needs (b) unexpected occurrences,
incongruities and demographic change (c) New knowledge, process news and unexpected
occurrence (d) New knowledge, innovation and process news

78. NDIC stands for……………….

(a) Nigerian Deposit Insurance Company (b) Nigerian Department of Investment Company (c)
National Demographic Investigation Corporation (d) none of the above

79. The agency tasked with overcoming bureaucratic and institutional red tape in Nigeria is…….

(a) NIPC (b) SEC (c) CAC (d) CBN

80. ………………….Analyses the opportunity and threats that exist in the business location
independent of the firm.

(a) External business environment (b) internal business environment (c) economic business
environment (d) macro environment

81. …………………Has one of the largest free market economies in Africa.

(a) Nigeria (b) Lagos (c) Kano (d) South Africa

82. …………….bears direct relationship with national policies and political solutions.

(a) Economic environment (b) political environment (c) Macro environment (d) Banking and
Finance

83. Non-economic environment constitutes all the following except:-

(a) commercial environment (b) political environment (c) international environment (d)
technological environment

84. ……………..is concerned with factors such as family system, religion, cast etc.

(a) socio-cultural environment (b) political environment (c) national environment (d)
economic environment

85. …………………is a system of shared values, beliefs and norms of members of an

organization including valuing creativity and tolerance for creative people.
(a) Entrepreneurial organizational culture (b) elements of entrepreneurial culture (c) cultural
characteristics (d) entrepreneurial elements

86. The word entrepre‟dre simply connotes ………………………

(a) to work hard (b) to mobilize resources (c) to undertake (d) to control organization

87. Intrapreneur is one of the following;

(a) Employee (b) Self employed (c) Business initiator (d) Producer

88. Intrapreneurs/entrepreneurs are proactive individuals with strong desire for ………..

(a) economic profit (b) maximize resources (c) action (d) minimize cost

89. The character of entrepreneur was explained by one of the following field of study;

(a) Enterpreneurial Skills (b) Economic Sociology (c) Economic Psychology (d) None of the
above

90. ……………… was one the first to note „will to succeed‟ and satisfaction of getting things
done as key motivations of entrepreneurs

(a) John Baptise Say (b) Alfred Marshall (c) Schumpeter (d) Adams Smith

91. According to Kautz (2003), ………….. is one of the basic ingredients of intrapreneurship
process.

(a) identifying employees intrapreneurial weakness (b) developing intrapreneurial loopholes (c)
developing intrapreneurial processes (d) all of the above

92. One of the following is considered as a primary factor that retards intrapreneurship.

(a) cost of failure (b) lack of business opportunities (c) inadequade resources (d) employee‟s
inexperience.

93. The 5M‟s of a business is associated with ………………………..

(a) Microenvironment (b) Macroenvironment (c) external environment (d) None of the above

94. The economic Macro Business Environment include the following;

(a) ECOMOG (b) EFCC (c) NEPZA (d) All of the above

95. Technology life cycle implies …………………….

(a) technological transfer (b) technological process (c) finite product limit (d) All of the above
96. Environment is something that is considered as ………….to the both individual/organization.

(a) primary (b) Secondary (c) internal (d) None of the above

97. ………………… predicted a number of trends in business given the intrapreneurship

concept

(a) Malachi (b) May Weather (c) Macarthy (d) Macrae

98. The American Heritage Dictionary brought intrapreneurism into the mean stream in the year
…….

(a ) 1892 (b) 2002 (c) 1902 (d) 1992

99. One of the following is not considered as a barrier to Entrepreneurial culture

(a) Lack of talent (b) high cost of business (c) lack enforcement of rule of law (d) Government
Policies

100. The course title for GST 204 is ……………………………………..

(a) Entrepreneurial development (b) Entrepreneurship skills (c) Entrepreneurship development

(d) Entrepreneurial Skills

ANSWERS

1. A

2. A

3. A

4. B

5. C

6. B

7. B

8. C

9. A

10. B

11. C

12. B
13. D

14. C

15. B

16. C

17. A

18. C

19. B

20. A

21. B

22. C

23. D

24. A

25. D

26. C

27. B

28. C

29. C

30. A

31. (c) prosperity in employment of new workers.

32. (d) new goods

33. (b) opportunity

34. (c) possible opportunities

35. (b) superficial

36. (a) structural

37. (d) evaluate

38. (c) bricolage

39. (b) effectuation process

40. (d) causal process

41. (a) undetectable

42. (a) school of thought

43. (b) macro

44. (b) macro

45. (c) the environmental school

46. (a) displacement

47. (b) financial

48. (a) micro

49. (c) trait

50. (c) trait

51. (d) discovery

52. (b) Marshal

53. (a) strategic formulation

54. (a) imperfect knowledge and information

55. (c) imitators (d)

56. A

57. A
58. A

59. A

60. A

61. A

62. A

63. A

64. A

65. A

66. A

67. A

68. A

69. A

70. A
71. A

72. A

73. A

74. A

75. A

76. A

77. A

78. A

79. A

80. A

81. A

82. A
83. A

84. A

85. A

86. C

87. A

88. C

89. D

90. C

91. C

92. A

93. D

94. C

95. C
96. D

97. D

98. D

99. A

100. D