FUOYE GST 204 CBT PRACTICE TEST

Ace/Undergragra July 26, 2023

2 475 1 minute read

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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 GST 204 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

FUOYE 200 LEVEL GENERAL GRP

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Undergragra

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Created on July 26, 2023 By

Ace/Undergragra

Gst 204

1 / 40

1. A market survey is important because it shows you

A. How many and what type of people are shopping at the store

B. Tells you what the customer will buy

C. All the options

D. Tells you how much the customer will pay for the product

2 / 40

2. What is the most important source of money for new business start ups

A. Cooperative society

B. Banks

C. Personal savings

D. Grants

3 / 40

3. Which of these isn't a peculiar problem faced by entrepreneurs

A. Infrastructural problem

B. Inadequate raw materials

C. Financial Problem

D. Low standard of business ethics and political in stability

4 / 40

4. For small business owners one of the most important objective is

A. Growth

B. Market peace

C. Adaptability

D. Profitability

5 / 40

5. Sources of finance relates to

A. How firms obtain funds for the day to day running of the business

B. How firms obtain funds for their retain earnings

C. How firm obtain fund for their dividend payment

D. How individuals source for their income

6 / 40

6. 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 known as a/an

A. Manager

B. Inventor

C. Intrapreneur

D. Entrepreneur

7 / 40

7. The social entrepreneur who is interested in poverty reduction of the less privileged with a foundation to assist children is

A. Rochas Okorocha

B. Poly Emenike

C. Aliko Dangote

D. Bola Ahmed Tinubu

8 / 40

8. Which statement is not true of entrepreneurs

A. They apply innovative ideas

B. They are agents of adjustment

C. They generally stick to the process

D. The change the way business converts input and output

9 / 40

9. All of the following are disadvantages of Sole proprietorship

A. Easy to raise capital

B. Limited Growth

C. Lack of continuity after the death of the promoter

D. Unlimited liability

10 / 40

10. A written business plan should have the following except

A. Business objectives

B. Product or service

C. Financial information

D. Liquidation

11 / 40

11. The need for a full scale business plan is spurred by one of the following except

A. You want to expand your existing business into new markets

B. You plan to launch a new business

C. None of the options

D. You want to add a new product or product line

12 / 40

12. Skills in getting along with people and understanding other people is called

A. Technical skills

B. Interpersonal skills

C. Intrapersonal skills

D. Conceptual skills

13 / 40

13. One of the major advantages facing Nigerian entrepreneurs is the

A. Constant change in policy

B. Large market made available due to high population

C. The high rate of unemployment

D. Opportunity to buy one's way through

14 / 40

14. The goal of entrepreneurial and functional education are all except

A. Expose learners to the versatility of knowledge

B. Training in technical and vocational skills are complemented with sound general education

C. Create job for all

D. Provide men and women equal opportunity to learn vocational skills

15 / 40

15. All but which of the following is considered to be a myth

A. An entrepreneur faces extraordinary business risk

B. Successful entrepreneurs must have a breakthrough invention

C. First venture are always successful

D. Successful entrepreneurs are born not made

16 / 40

16. The followings except_____ is a component of feasibility studies

A. Product/Service

B. Executive Summary

C. Technology

D. Acquisition

17 / 40

17. _______ is a system of principle governing the proper conduct of a person or group

A. Ethics

B. Risk

C. Law

D. Management

18 / 40

18. One of the benefits of planning is

A. It keeps ideas in your memory

B. It indicates your inability

C. It justifies your plans and actions

D. It increases "firefight"

19 / 40

19. The reason for feasibility studies includes

A. Listing in detail all you need to make it work

B. Serving as a solo foundation to build your business plan

C. All the options

D. Identifying logistical and other related business problem solution

20 / 40

20. The most important of the factors of production is

A. Land

B. Entrepreneur

C. Capital

D. Labour

21 / 40

21. The macroeconomic framework of NEEDS does not include

A. Promoting private enterprise

B. Empowering people

C. Government to create more jobs

D. Changing the way the government does it's work

22 / 40

22. Product Planning Tells You

A. Your net profit

B. Cost to produce your product

C. Total revenues

D. Where you will produce your product

23 / 40

23. A plan must be

A. Durable

B. Readable

C. Explicit

D. Accommodating

24 / 40

24. The goal of vision 2020 includes all the following except

A. Wealth for all

B. Poverty reduction

C. Employment generation

D. Values orientation

25 / 40

25. An entrepreneur must be open to

A. Negotiation

B. Criticism

C. Others

D. Challenge

26 / 40

26. Making a purchase you had not planned is called

A. Impulse Buying

B. Comparison shopping

C. Warranty

D. Consumer shopping

27 / 40

27. Quality Control is defined as

A. Producing and monitoring products so they are acceptable to the consumer

B. Controlling the cost of product

C. Producing and monitoring products so they are acceptable to the workers

D. Controlling the number of pieces involved

28 / 40

28. The Nigerian economy is primarily a______ economy

A. Mixed

B. Mono

C. Capitalist

D. Socialist

29 / 40

29. All these are critical success factors in entrepreneurship except

A. Lack of information about customer

B. Lack of product development

C. Absence of capital project

D. Poor managerial experience

30 / 40

30. The need for a business plan includes all the following except

A. Expanding your existing business

B. Increasing your labour force

C. Adding a new product or product line

D. Planing to launch a new business

31 / 40

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

A. Organization

B. Description of the business

C. All the options

D. Marketing

32 / 40

32. Which of the following is an important element of an organization external environment

A. Technological environment

B. All the options

C. Political-legal environment

D. Socio cultural environment

33 / 40

33. _____ is the assignment of a task,responsibility or authority by a manager to a subordinate

A. Centralization

B. Delegation

C. Decentralization

D. Responsibility

34 / 40

34. Which of the following is not considered a characteristic of an entrepreneur

A. High need for achievement

B. Self confidence

C. External locus of control

D. Internal locus of control

35 / 40

35. The Nigerian entrepreneur who create the Eleganza industries is

A. Razaq Okoya

B. Ada Onyejike

C. Uche Uche Ohafia

D. Aliko Dangote

36 / 40

36. The cheapest source I'd long term finance is

A. Debenture

B. Preference Share

C. Convertible security

D. Equity

37 / 40

37. The organisation concerned with the registration of business in Nigeria is

A. SON

B. ICPC

C. EFCC

D. CAC

38 / 40

38. Sources of funds obtained for a period between one day and 365 days is

A. Short term

B. Medium term

C. All the options

D. Long term

39 / 40

39. Corporate social responsibility is about

A. Quality leadership of organization

B. The ethical rights between a company and its host societies

C. Misuse of corporate ethics policies

D. Moral rights and duties between a company and its share holders

40 / 40

40. The non continuous process of combining resources of time,man,money and materials to create projects,services and ideas is

A. Management

B. Entrepreneurship

C. Intrapreneurship

D. Production

Your score is

The average score is 48%

Please do well to drop a comment if this has really helped you. Thanks❤️

Ace/Undergragra July 26, 2023

2 475 1 minute read

2.5 2 votes

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Christopher Ime

9 months ago

Good eork

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Reply to Christopher Ime

Thanks for visiting

Ayomidotun Emmanuel
This is really funny though , thanks...
Ace/Undergragra
Thank you for stopping by....
Salimon
Great works...
Masaud salihu Mohammed
I like start payment my school fees...
Chioma Goodness Ekpo
Thanks, it's really helpful...

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