Take your time to read instructions before taking this test.

There are 40 questions which you are to answer in 15 minutes that gives you roughly 30 seconds per question.

If you can get at least 60%, you can be rest assured that you’ll ace BUS /BUA 101 exam

In a normal exam you will be asked between 40 – 60 questions but I only arranged 40 questions

Note

Do not be in a hurry to answer the questions

Do not waste time on a question you don’t know

Move as fast as possible and starting with questions that don’t have calculation first to save time

Always crosscheck

Don’t be in a hurry to submit, you are not in a competition

Don’t be scared. Getting an A is easy

Don’t be over confident, you can end up a D, E or F. Calm your blood, no be only you sabi book

Please do well to use our comment box incase there’s a message you want to pass to us

70 – 100 A

60 – 69 B

50 – 59 C

45 – 49 D

40 – 44 E

0 – 39 F

I wish you success

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Created by

Phil

BUS 101

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1 / 40

1. Which of the following is an advantage of a sole proprietorship?

A. Absence of ownership pride

B. Limited financial resources

C. Unlimited liability

D. Ease of communication and termination

2 / 40

2. Which type of partnership exists only for a specific task or venture?

A. Partnership at Will

B. General Partnership

C. Partnership for a Fixed Duration

D. Particular Partnership

3 / 40

3. The _____ (mostly the secretary) needs to cultivate good telephone diplomacy.

A. Geologist

B. secretariat

C. telephonist

D. Technologist

4 / 40

4. How types of Businesses are memtioned in the study material?

A. 2

B. 3

C. 4

D. 5

5 / 40

5. _________Communication is a process of information transfer, which goes on within you as an individual.

A. none of them

B. written

C. Interpersonal

D. Intrapersonal

6 / 40

6. One of the following does not portend a positive side of managers of a business.

A. Increased Profits

B. Frequent strikes

C. Cordial Relationship

D. Improved business prospects

7 / 40

7. The failure of a sole proprietorship affects the owner because of:

A. Lack of legal framework

B. High operational costs

C. Unlimited liability

D. Limited managerial ability

8 / 40

8. The main motive of a sole-proprietorship is:

A. Risk-sharing

B. Community service

C. Employee satisfaction

D. Profit-making

9 / 40

9. Which of the following is a function of management?

A. Planning

B. Co operation

C. Staffing

D. Controlling

10 / 40

10. Which of the following is an advantage of a sole proprietorship?

A. Ease of communication and termination

B. Absence of ownership pride

C. Unlimited liability

D. Limited financial resources

11 / 40

11. What is the primary characteristic of a sleeping or dormant partner?

A. Has no share in profits or losses

B. Actively manages the business

C. Bears no liability for the business

D. Does not participate in daily operations

12 / 40

12. The sole-proprietorship business structure is owned, managed, and controlled by:

A. A board of directors

B. Cooperative societies

C. A group of investors

D. A single individual

13 / 40

13. Personal savings, credit purchases, and loans from cooperative societies are examples of:

A. Methods of risk management

B. Advantages of small businesses

C. Types of capital for corporations

D. Sources of funds for sole proprietorships

14 / 40

14. How many types of partners exist in a partnership?

A. 2

B. 3

C. 4

D. 5

15 / 40

15. ________ is Is a promise or a commitment to do or reframe from doing some specifying things in the future.

A. Acceptance

B. Offer

C. Legality of Object

D. Consideration

16 / 40

16. When did Olusegun Obasanjo take over power as Nigerian elected President?

A. 2003

B. 1985

C. 1976

D. 1999

17 / 40

17. Which of the following is a source of funds for a partnership?

A. Selling company shares to the public

B. Contributions from sole proprietors

C. Public crowdfunding

D. Overdrafts from banks

18 / 40

18. What class of contracts invloves two parties making mutal promiises?

A. Joint Contract

B. Quasi Contract

C. Implied Contract

D. Bilateral Contract

19 / 40

19. ___ partner contributes only the money needed for formation of the business or for running of the business.

A. Inactive

B. Dormant

C. None of the options

D. Active

20 / 40

20. Policy formulation is a function of the

A. Middle Level management

B. All the options

C. Operational management

D. Top level management

21 / 40

21. A----------- is an association of investors who buy or own shares in a company for the purpose of carrying on a business

A. Company

B. Partnership

C. Sole proprietorship

D. Club

22 / 40

22. Which Companies Registration Document contains notices, circular, advertisement or other invitation offering the public subscription or purchase of shares or debentures

A. Memorandum of Association

B. Articles of Association

C. Certficate of Incorporation

D. Prospectus

23 / 40

23. One of these is not an advantage of Partnership?

A. Limited Liability

B. Ease of formation

C. Greater Financial Resources

D. Combined abilities and Skills

24 / 40

24. Which of these is not a factor that business can control?

A. Social and Cultural

B. Economy

C. Consumers

D. Demography

25 / 40

25. Non-profit organizations are primarily established to:

A. Serve charitable, voluntary, or social purposes

B. Maximize profit in dynamic environments

C. Generate revenue for shareholders

D. Promote commercial interests exclusively

26 / 40

26. One of the demerits of a partnership is:

A. Lack of managerial talent

B. Division of labor

C. Uncertainty of existence

D. Better credit rating

27 / 40

27. Management is

A. A science

B. Both science and art

C. An art

D. Neither

28 / 40

28. A contract may be declared null and void except under which condition?

A. Misrepresentation

B. Mistake

C. Knowledge of the Law

D. Undue Difference

29 / 40

29. Non-profit organizations are primarily established to:

A. Serve charitable, voluntary, or social purposes

B. Generate revenue for shareholders

C. Maximize profit in dynamic environments

D. Promote commercial interests exclusively

30 / 40

30. A contract may be discharged by the following way, except on the basis of _______.

A. Performance

B. High Cost

C. Breach of Contract

D. Expresesed Agreement

31 / 40

31. The "Constitution" of the partnership is drawn by _________

A. Arbitrator

B. Accountant

C. Judge

D. Solicitor

32 / 40

32. Which of the following is a characteristic of a business organization?

A. Absence of profit motives

B. Satisfaction of human needs

C. Lack of structure

D. Informal management style

33 / 40

33. Who had identified the cultural characteristics and trend that may be of interest to business?

A. Kurfi

B. Frank

C. Roy

D. Kotler

34 / 40

34. _________ is manageable

A. Risk

B. Assurance

C. Disagreement

D. Insurance

35 / 40

35. Which of the following is a characteristic of a business organization?

A. Satisfaction of human needs

B. Informal management style

C. Absence of profit motives

D. Lack of structure

36 / 40

36. ______ is not an account itself and it is not part and parcel of the double entry system.

A. Ledger

B. Trial Balance

C. Balance sheet

D. Final account

37 / 40

37. There basically _____ types of Partnerships.

A. 2

B. 4

C. 3

D. 5

38 / 40

38. Which of thse is not a specific environment to business?

A. Employees

B. Competitors

C. Economy

D. Suppliers

39 / 40

39. _______ benefit from business training opportunity.

A. Individual

B. organisation

C. Employer

D. Employee

40 / 40

40. How many conditions must be fulfilled for a contract to be enforceable?

A. 8

B. 9

C. 7

D. 10

Your score is

The average score is 46%

BUS/BUA 101 CBT PRACTICE

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