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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1420

Created by

Phil

BUS 101

‍

1 / 40

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

A. Partnership

B. Company

C. Sole proprietorship

D. Club

2 / 40

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

A. Lack of structure

B. Absence of profit motives

C. Informal management style

D. Satisfaction of human needs

3 / 40

3. The Double Entry Rule is applicable to the following class of accounts, except_________.

A. Management Accounts

B. Cash Accounts

C. purchasing account

D. Personal Accounts Real Account

4 / 40

4. One of these is not a feature of Partnership. Which one?

A. Established for profit motive

B. Has separate legal entity

C. Has no Board of Directors

D. Initial Capital is contributed by partners

5 / 40

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

A. 8

B. 10

C. 9

D. 12

6 / 40

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

A. Contributions from sole proprietors

B. Selling company shares to the public

C. Public crowdfunding

D. Overdrafts from banks

7 / 40

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

A. Partnership at Will

B. General Partnership

C. Particular Partnership

D. Partnership for a Fixed Duration

8 / 40

8. Secrecy in operations is an advantage most associated with:

A. Joint stock companies

B. Cooperative societies

C. Sole proprietorships

D. Public corporations

9 / 40

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

A. Manufacturing and Retail

B. Personal Care and Research

C. Trading and Investment

D. Extraction and Processing

10 / 40

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

A. Both parties have obtained benefits

B. parties have agreed to terminate

C. Defendant has abandoned /repudiated the contract

D. Contact executed under a void contract

11 / 40

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

A. Unlimited liability

B. High operational costs

C. Lack of legal framework

D. Limited managerial ability

12 / 40

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

A. Acceptance

B. Consideration

C. Legality of Object

D. Offer

13 / 40

13. Non-profit organizations are primarily established to:

A. Serve charitable, voluntary, or social purposes

B. Promote commercial interests exclusively

C. Generate revenue for shareholders

D. Maximize profit in dynamic environments

14 / 40

14. Which of these is not an advantage to sole proprietorship?

A. Flexible

B. Does not share profit

C. Requires small capital to start

D. Unlimited Financial Resources

15 / 40

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

A. Written

B. Intrapersonal

C. Interpersonal

D. None of the options

16 / 40

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

A. 9

B. 10

C. 8

D. 7

17 / 40

17. Which of these kind of companies are their liabilities not limited by the money they have contributed to the business?

A. Companies limited Liabilities by shares

B. Private Limited Liabilty Companies

C. Unlimited Liability Companies

D. Companies whose Liabilities are limited by Gurantee

18 / 40

18. _______ are those features or conditions that can increase the cause of loss.

A. Disagreement

B. Hazards

C. none of them

D. Argument

19 / 40

19. What percetage of the workforce in the America was estimated to be in service business in the mid 90s?

A. 0.7

B. 0.75

C. 0.6

D. 0.85

20 / 40

20. Business is defined as a set of interrelated activities aimed at:

A. Promoting legal activities

B. Building partnerships

C. Satisfying human needs and wants

D. Enhancing competition

21 / 40

21. Non-profit organizations are primarily established to:

A. Maximize profit in dynamic environments

B. Serve charitable, voluntary, or social purposes

C. Promote commercial interests exclusively

D. Generate revenue for shareholders

22 / 40

22. Which is not a condition for warranty?

A. Stipulations as to the Time

B. Sales by Higher Purchase

C. Sales by Samples

D. Sales by Description

23 / 40

23. 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. Bailment

C. Contract for Sale

D. Hire Purchase

24 / 40

24. _____ use resources to be able to perform their functions

A. factories

B. Organisation

C. business

D. Companies

25 / 40

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

A. Arbitrator

B. Accountant

C. Solicitor

D. Judge

26 / 40

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

A. Trading and Investment

B. Manufacturing and Retail

C. Extraction and Processing

D. Personal Care and Research

27 / 40

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

A. Prospectus

B. Articles of Association

C. Memorandum of Association

D. Certficate of Incorporation

28 / 40

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

A. Advantages of small businesses

B. Types of capital for corporations

C. Methods of risk management

D. Sources of funds for sole proprietorships

29 / 40

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

A. Ease of communication and termination

B. Unlimited liability

C. Limited financial resources

D. Absence of ownership pride

30 / 40

30. Which of the following describes "needs"?

A. Desires like owning a luxury car

B. Goods that can be physically measured

C. Necessities of life, such as food and shelter

D. Services provided by businesses

31 / 40

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

A. Economy

B. Demography

C. Social and Cultural

D. Consumers

32 / 40

32. Who amongst of these is not a producer?

A. Farmer

B. Miner

C. Fisherman

D. Oil Refining

33 / 40

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

A. True

B. Partially False

C. Partially True

D. False

34 / 40

34. "The Nigerian factor has contributed to businesses that are not carrying out its social responsibility"

A. False

B. True

C. Partially False

D. Partially True

35 / 40

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

A. Employees

B. Suppliers

C. Competitors

D. Economy

36 / 40

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

A. Does not participate in daily operations

B. Has no share in profits or losses

C. Actively manages the business

D. Bears no liability for the business

37 / 40

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

A. 1985

B. 2003

C. 1976

D. 1999

38 / 40

38. _______ benefit from business training opportunity.

A. Employee

B. Individual

C. organisation

D. Employer

39 / 40

39. What document regulates the activities of the partnership business.

A. Deed of assignment

B. Nigerian Constitution

C. Memoradum of Association

D. Deed of partnership

40 / 40

40. _________ is manageable

A. Disagreement

B. Assurance

C. Risk

D. Insurance

Your score is

The average score is 46%

BUS/BUA 101 CBT PRACTICE

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