GST 105 CBT Practice Questions for FUOYE Students(Now Active)

📘 GST 105 PRACTICE TEST – IMPORTANT INSTRUCTIONS

Take your time to read the instructions carefully before starting this test.

📝 Test Details

Total Questions: 40

Time Allowed: 20 minutes

This gives you very few seconds per question, so manage your time wisely.

✅ If you can score at least 60%, you can be rest assured that you’ll ace GST 105 in the real exam.

PS:

In the actual GST exam, you’ll likely be asked between 40 – 60 questions.

⚠️ EXAM STRATEGY & TIPS

Do not rush into answering questions.
Don’t waste too much time on questions you don’t know — skip and move on.
Start with questions that don’t involve calculations to save time.
Always crosscheck your answers.
Don’t be in a hurry to submit — you’re not in a competition.
Don’t be scared — getting an A is very achievable.
Don’t be overconfident either — calm your blood, no be only you sabi book 😌.
If you have any complaints, corrections, or feedback, please use the comment box.

📊 GRADING SCALE

70 – 100 → A

60 – 69 → B

50 – 59 → C

45 – 49 → D

40 – 44 → E

0 – 39 → F

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Pos.	Name	Score	Duration
1	Favour@2000	90 %	5 minutes 29 seconds
2	Roesta	90 %	14 minutes 36 seconds
3	AIRSTAR	86 %	8 minutes 17 seconds
4	AKANNI DANIEL	83 %	4 minutes 59 seconds
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7	Medforge	80 %	6 minutes 24 seconds
8	Testimony	78 %	5 minutes 59 seconds
9	ROLLA28@08.	78 %	8 minutes 42 seconds
10	Ademide	73 %	9 minutes 35 seconds

452

GST 105

1 / 40

1. Intellectual Property Right is abbreviated as _____.

A. IPR

B. IPN

C. IPRC

D. IPI

2 / 40

2. A self-employed individual operating alone or with few employees is a _____

A. Intrapreneur

B. Soloist

C. Patriarch

D. Entrepreneur

3 / 40

3. Entrepreneurship was defined as purposeful activity by _____.

A. Say

B. Alfred Marshall

C. Peter Drucker

D. Cole

4 / 40

4. The story linked to the definition of entrepreneurship is the story of _____.

A. Seven economists and seven businesses

B. Seven businesswomen and seven products

C. Seven blind men and seven elephants

D. Two French men and two chicks

5 / 40

5. According to Jim Rohn, an enterprising person sees the making of a sculpture from _____.

A. Scrap metals

B. Old wood

C. Waste papers

D. Broken glasses

6 / 40

6. Determine the truth of the statement regarding marketing research linking the consumer to the marketer

A. False

B. True

7 / 40

7. Cantillon belongs to the _____ school of thought known as _____.

A. French / Economists

B. Greek / Physiocrats

C. French / Physiocrats

D. Greek / Scholars

8 / 40

8. Everett Hagen viewed an entrepreneur as a _____.

A. Business manager

B. Risk bearer

C. Profit seeker

D. Reactive problem solver

9 / 40

9. Identify the individual and the year the concept of entrepreneur was first applied to business:

A. Richard Cantillion, 1755

B. Jean Baptiste, 1877

C. Nwafor, 2014

D. Owoeye, 1855

10 / 40

10. Name the term for a new idea, device, or process:

A. Innovation

B. Memorization

C. Summarization

D. Globalization

11 / 40

11. Define the term entrepreneur:

A. An Individual that makes profit

B. Any Individual having capability to initiate and successfully run an enterprise

C. Someone who promote business

D. A person who established business

12 / 40

12. Select the trait that does NOT belong to an entrepreneur:

A. Ability to render loans

B. Persistence Confidence

C. Ability to set goals

D. Foresight, Perceptive

13 / 40

13. Name the process of creating and running one’s business:

A. Partnership

B. None of the options

C. Entrepreneurship

D. Globalization

14 / 40

14. Select the item that is NOT a component of a feasibility study

A. The Current Analysis

B. Evaluation

C. Innovative

D. The project Scope

15 / 40

15. Idea generation is not regarded as a form of _____.

A. Administrative innovation

B. Innovation

C. Product-market innovation

D. Technological innovation

16 / 40

16. Pick the option that does NOT describe a characteristic of an entrepreneur:

A. Originality

B. Family orientation

C. Risk taker

D. Self Oriented

17 / 40

17. Buying companies with problems but profit potential describes a _____.

A. Copreneur

B. Rich businessman

C. Turn-around artist

D. Legal depositor

18 / 40

18. Enterprise involves two major elements known as _____ and _____.

A. Capital and labour

B. Business and profit

C. Creativity and requirement

D. Innovation and power

19 / 40

19. Individuals preferring psychological relief through group work are known as _____.

A. Turn-around artists

B. Benefactors

C. Groupers

D. Soloists

20 / 40

20. Identify a common cause of business failure

A. Wise planning activities

B. Poor feasibility study

C. Rendering loan

D. Declining profit

21 / 40

21. Searching for change and exploiting opportunity was emphasized by _____

A. Cole

B. Say

C. Alfred Marshall

D. Peter Drucker

22 / 40

22. NLDB stands for Nigeria Local Development Board formed in _____.

A. 1950

B. 1945

C. 1940

D. 1946

23 / 40

23. The scholar that defined an entrepreneur as one who coordinates scarce resources is _____.

A. Carson

B. Meredith et al

C. Everett Hagen

D. Cole

24 / 40

24. Determine the truth of the statement regarding marketing research linking the consumer to the marketer

A. Loan taking

B. Trading Establishment

C. Business risk taking

D. Venture

25 / 40

25. Okpara (2000) defined an entrepreneur as a _____.

A. Capitalist

B. Business owner

C. Human bulldozer

D. Risk taker

26 / 40

26. State whether any individual can start a business:

A. Yes

B. No

C. All the options

D. Maybe

27 / 40

27. Meredith et al defined an entrepreneur as one who gathers resources to ensure _____.

A. Success

B. Expansion

C. Control

D. Stability

28 / 40

28. Environment can also be referred to as _____.

A. Ideas

B. Objects

C. Surroundings

D. Inferences

29 / 40

29. Political/legal environment consists of _____.

A. Customs

B. Technology

C. Culture

D. Regulations and laws

30 / 40

30. An individual heading a family business is a _____.

A. Head of table

B. Coordinator

C. Matriarch

D. Conglomerate

31 / 40

31. Preference for taking over an existing business defines a _____.

A. Heritage entrepreneur

B. Value manipulator

C. Speculator

D. Acquirer

32 / 40

32. Pick the interpersonal skill that is NOT required for entrepreneur success

A. Must be a good listener

B. They should be able to lead and motivate others

C. Should have the right mindset with great integrity

D. They should give loan to help others

33 / 40

33. Identify the person and year associated with defining globalization as the process of creating networks of connection:

A. Nwafor, 2000

B. Clark, 2000

C. Richard, 1999

D. Owoeye, 1984

34 / 40

34. Select the option that is NOT a function of a feasibility report:

Table of Contents

A. It’s an aid in business planning

B. It provides the basis for a banker or supplier

C. It gives an evaluation of new business venture D. It provides the basis

D. It’s an aid of promoting innovations

35 / 40

35. Innovation and power concepts were introduced by _____.

A. Joseph A. Schumpeter

B. Max Weber

C. Kirzner

D. Knight

36 / 40

36. Holt (1992) identified idea generation as the first stage of _____.

A. Innovation

B. Creativity

C. Planning

D. Creative process

37 / 40

37. An entrepreneur that earns capital gain from large assets is a _____.

A. Speculator

B. Innovator

C. Capitalist

D. Thinker

38 / 40

38. Identify the option that is NOT a major type of entrepreneur:

A. Soloist

B. Kept partner

C. Speculator

D. Loan manager

39 / 40

39. Socio-cultural environment recognizes _____.

A. Population

B. Customs and traditions

C. Government

D. Technology

40 / 40

40. Choose a major mistake young entrepreneurs should avoid:

A. Ability to Loan others

B. All the options

C. Ability to source for Capital

D. Risk of Uncertainties

Your score is

GST 105 CBT Practice Questions for FUOYE Students(Now Active)

📘 GST 105 PRACTICE TEST – IMPORTANT INSTRUCTIONS

📝 Test Details

⚠️ EXAM STRATEGY & TIPS

📊 GRADING SCALE

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