GST 302 TEST
  • 1. ___ is a method of stimulating individuals in an organization who think that something can be done differently and better.
  • 2. The document that shows whether a venture is economically feasible or not is called __
  • 3. The period of business when an entrepreneur must position the venture in a market and make necessary adjustments to assure survival is called __
  • 4. A psychological feature that enable an individual to take action toward a desired goal is called
  • 5. In Entrepreneurship, the process of creating incremental wealth is called
  • 6. An entrepreneur doing business within the national border is called __ entrepreneurship
  • 7. Before opening his own business, Femi was writing a report that details the specifics of his ideas and future business operations. This document is known as
  • 8. The process through which entrepreneurs develop new products thatover time make current products obsolete is known as
  • 9. The individuals that are involved in entrepreneurship are called
  • 10. The method of selling goods to another country through a person in the entrepreneur home country is called
  • 11. The major career solution for many underemployed managers is
  • 12. The point at which an entrepreneur attains a production level where he/she will not gain or lose is called
  • 13. Mr. Alade is an entrepreneur. Before he started his business, he found out the feelings of the prospective consumers on the product. In the business palace, Mr. Alade carried out
  • 14. ___ is alternatively called corporate venturing
  • 15. A business where an individual is both the owner and manager of the business affairs is called
  • 16. __ and R & D are good for spawning new enterprises
  • 17. __ franchisee has a great deal of autonomy and considerable freedom
  • 18. Mrs. Adagba is an entrepreneur who is into the production of garri using the exiting process of garri production. Therefore, Mrs. Adagba can be described as ___ entrepreneur
  • 19. An entrepreneur who is into a product or service that will help to improve on the exiting one is known as ___ entrepreneur
  • 20. An entrepreneur who is more concerned with the business that will help to improve the wellbeing of his/her people rather than profit making is called __ entrepreneur.
  • 21. The first stage in the life-cycle of a business is
A) Startup Stage
B) Growth/Survival Stage
C) Seed or concept
D) Expansion / Rapid Growth Stage
  • 22. Which of the following does not take place during the start-up stage of the business venture?
A) Tweaking your products or services according to the initial feedback
B) Learning and adjusting your business model to ensure profitability
C) Initial screening of product and business ideas
D) Finished developing the products or services
  • 23. At which stage of a business venture does financial institutions and investors traditionally show no interest in funding a business venture?
A) Survival stage
B) Seed or concept
C) Startup Stage
D) Growth stage
  • 24. _____ is a legal consolidation of two or more entities into one entity
  • 25. A plan must be____except
A) Intelligible
B) Written
C) Accurate
D) Flexible
  • 26. _____lays the strategic decision-making
A) Ethics
B) Decision
C) Strategy
D) Structure
  • 27. ______ is the conduct of business process on the internet
  • 28. Disciplne in business requires among other things except
A) Teamwork
B) Motivation and Personal Development
C) Holistic stock
D) Creating a Vision and Plan
  • 29. Focus on result and trying to achieve a goal is,
A) Management by objectives
B) Management by insight
C) Management by seeing
D) Management by dictation
  • 30. _____is an asset used as security for a loan
  • 31. ____is a market for buying and selling company Shares. It supervises the issuing of shares by companies
A) Stock market
B) Private market
C) Shares market
D) Public market
  • 32. _____ growth can be carried out by seeking external finance, or by merger and acquisition
  • 33. Before the launching of the business you logically organise the process you want to adopt to achieve the _____
A) Set business objectives
B) Source of finance
C) Business plan
D) Means of finance
  • 34. Failing to meet deadlines for filing____ returns and payments can incur fines and interest
  • 35. Which of these occur when two companies sell similar products to the same markets?
A) Forward integration
B) Horizontal merger
C) Vertical merger
D) Conglomerate merger
  • 36. All businesses need_____
  • 37. Who coined Competitive Model
A) Michael E. Porter
B) Adam Smith
C) Abraham lincoln
D) Jorgensen
  • 38. typically a steady process of expansion from within the firm
A) Vertical growth
B) Conglomerate growth
C) Internal growth
D) External growth
  • 39. Where the money comes from is known as_______
  • 40. What type of Entrepreneur is Kumar Manglam Birla?
A) First Generation Entrepreneur
B) Fifth Generation Entrepreneur
C) Second Generation Entrepreneur
D) Third Generation Entrepreneur
  • 41. ____refers to the value that is put for a product
  • 42. The 4Ps which make up a typical marketing mix are all these, except
A) Place
B) Production
C) Promotion
D) Price
  • 43. One banking is another form of_____
  • 44. The_____describes to investors and financial sources all the event that are likely to affect the proposed venture.
  • 45. Planning helps you to work _____ rather than harder
A) Better
B) Tougher
C) Accurately
D) Smarter
  • 46. According to Timmons and Spinelli, (2004), developing the business plan is one of the best ways to define the_______, strategy, resources, and individual requirements for a new venture.
A) Blue print
B) Business strategy
C) Business aim
D) Business objectives
  • 47. The principles of planning in feasibility studies and business plan include the following, except
A) Intelligible
B) Flexible
C) Implicit
D) Written
  • 48. The____ should appear first in your business plan.
A) Source of finance
B) Problem definition
C) Introduction
D) Executive summary
  • 49. Business plan and ______ are required as controlled process for identifying business problems and opportunities, determining objectives, describing situations, defining successful outcomes, assessing the range of costs and benefits associated with several alternatives for solving a problem
A) Business definition
B) Code of conduct
C) Feasibility studies
D) Business strategy
  • 50. The following are the factors that motivate someone to start a business, except
A) Accomplishment
B) Business involvement
C) Breaking barriers
D) Make it personal
  • 51. DBA is the acronym for_____
A) Doing business as
B) Decision of business and attainment
C) Decision of business assessment
D) Delivery business assessment
  • 52. To distinguish your business as a separate legal entity, you'll need to obtain a_______
A) Business permit
B) Business Registration Number
C) Federal Tax Identification Number
D) Corporate Affairs Commission Number
  • 53. SME is the acronym for_____
  • 54. ILO (2007) estimated that about ______% of the people in sub-Suharan Africa rely on small and information establishment for their livelihood
A) 70
B) 80
C) 90
D) 40
  • 55. When productivity is higher, cost of _____tends to be lower
A) Promotion
B) Production
C) Resources
D) Investment
  • 56. ILO means_________
  • 57. MOU means_______
  • 58. Opportunity_____can be defined as the cognitive process or process or processes through which individuals conclude that they have identified an opponent.
A) Recognition
B) Preparation
C) Perspection
D) Identification
  • 59. Loans that are given by banks and co-operative institutions are called_____of credit.
A) Informal sector
B) Formal sector
C) Financial sector
D) Non-financial sector
  • 60. _____ stage is that knowledge and experience exercised just before the opportunity discovery process.
A) Insight stage
B) Recognition stage
C) Preparation stage
D) Incubation stage
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