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. What document regulates the activities of the partnership business.

A. Deed of assignment

B. Deed of partnership

C. Memoradum of Association

D. Nigerian Constitution

2 / 40

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

A. None of the options

B. Interpersonal

C. Written

D. Intrapersonal

3 / 40

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

A. Frank

B. Roy

C. Kotler

D. Kurfi

4 / 40

4. Quantum meruit as one of remedies for contracts could be claimed in a variety of circumstances, except one_____.

A. parties have agreed to terminate

B. Both parties have obtained benefits

C. Contact executed under a void contract

D. Defendant has abandoned /repudiated the contract

5 / 40

5. Who amongst of these is not a producer?

A. Farmer

B. Miner

C. Fisherman

D. Oil Refining

6 / 40

6. An _______ faces problem of how to finance his business.

A. industry

B. organisation

C. business man

D. entrepreneur

7 / 40

7. Management is

A. Neither

B. Both science and art

C. A science

D. An art

8 / 40

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

A. Unlimited liability

B. Absence of ownership pride

C. Ease of communication and termination

D. Limited financial resources

9 / 40

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

A. Bilateral Contract

B. Implied Contract

C. Quasi Contract

D. Joint Contract

10 / 40

10. ____- include Specialization and the division of labour.

A. classical theories

B. model theories

C. Behavioral theories

D. None of the options

11 / 40

11. Which of the following describes "needs"?

A. Necessities of life, such as food and shelter

B. Desires like owning a luxury car

C. Services provided by businesses

D. Goods that can be physically measured

12 / 40

12. The classification of business organizations by stage in the production cycle includes:

A. Trading and Investment

B. Extraction and Processing

C. Personal Care and Research

D. Manufacturing and Retail

13 / 40

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

A. Economy

B. Social and Cultural

C. Consumers

D. Demography

14 / 40

14. Which of these is not a factor for consideration by a manufacturer in deciding on transportation of goods?

A. Distance involved

B. Cost

C. Quality

D. Type of goods

15 / 40

15. The accounting equation is assessed in a financial position statement called __________.

A. Profit and Loss

B. Income Statement

C. Ptrail Balance

D. Balance Sheet

16 / 40

16. Kurfi( 2005) identified how many classes of contracts?

A. 9

B. 8

C. 12

D. 10

17 / 40

17. Which is not a condition for warranty?

A. Sales by Description

B. Sales by Samples

C. Stipulations as to the Time

D. Sales by Higher Purchase

18 / 40

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

A. Expresesed Agreement

B. Breach of Contract

C. High Cost

D. Performance

19 / 40

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

A. Knowledge of the Law

B. Undue Difference

C. Misrepresentation

D. Mistake

20 / 40

20. What is a characteristic of business?

A. It must be continuous to be regarded as a business.

B. It requires no investment of resources.

C. It does not involve risk.

D. It is primarily for charitable purposes.

21 / 40

21. "Many years ago, James Bumhan, in the management revolution argued that ownership had been divorce from control."

A. Partially True

B. True

C. False

D. Partially False

22 / 40

22. _________ is manageable

A. Disagreement

B. Risk

C. Insurance

D. Assurance

23 / 40

23. Which of the following is an example of a social objective of a business?

A. Exploring new markets

B. Conserving natural resources

C. Earning adequate profit

D. Paying salaries to employees

24 / 40

24. ______ is mostly found in retailing business.

A. Partnership

B. None of the options

C. Sole trading

D. small business

25 / 40

25. Find the odd one out

A. Board of directors

B. Shareholders

C. Chief Executive

D. Foreman

26 / 40

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

A. General Partnership

B. Partnership for a Fixed Duration

C. Partnership at Will

D. Particular Partnership

27 / 40

27. Why is profit considered the primary objective of a business?

A. It serves as a reward for taking risks and ensures survival.

B. It ensures employees receive benefits.

C. It contributes to community development.

D. It allows for better credit ratings.

28 / 40

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

A. Sole proprietorship

B. Club

C. Partnership

D. Company

29 / 40

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

A. A group of investors

B. A single individual

C. Cooperative societies

D. A board of directors

30 / 40

30. _______ benefit from business training opportunity.

A. organisation

B. Employee

C. Employer

D. Individual

31 / 40

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

A. Lack of structure

B. Satisfaction of human needs

C. Absence of profit motives

D. Informal management style

32 / 40

32. The same number of people are required in the onwership of a busines as well as in the case of a bank.

A. False

B. True

C. Partially False

D. Partially True

33 / 40

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

A. 4

B. 2

C. 3

D. 5

34 / 40

34. Who is known to the public as a partner but does not take active part in the management of the firm.

A. Active Partner

B. Silent Partner

C. Normal/Passive Partner

D. Secret Partner

35 / 40

35. An agreement between two parties for the second party to have an item under some conditions, until such conditions are fulfill, the item is still that of the first party is called---.

A. Exchange

B. Contract for Sale

C. Hire Purchase

D. Bailment

36 / 40

36. Which type of objective focuses on promoting national goals and aspirations?

A. Global objectives

B. Human objectives

C. National objectives

D. Economic objectives

37 / 40

37. What is the maximum number of people allowed to form a Private Limited Liability Company?

A. 30

B. 40

C. 50

D. 20

38 / 40

38. How partners are required to sign the Article of Association to make enforceable?

A. 3

B. 5

C. All

D. 4

39 / 40

39. A ___ partner is that who is active in the affairs of the business but not known to the public as a partner.

A. active

B. sleeping

C. secret

D. inactive

40 / 40

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

A. 1999

B. 1976

C. 1985

D. 2003

Your score is

The average score is 46%

BUS/BUA 101 CBT PRACTICE

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