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. The Nigerian economy is primarily a______ economy

A. Socialist

B. Capitalist

C. Mono

D. Mixed

2 / 40

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

A. Low standard of business ethics and political in stability

B. Infrastructural problem

C. Financial Problem

D. Inadequate raw materials

3 / 40

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

A. Decentralization

B. Centralization

C. Responsibility

D. Delegation

4 / 40

4. All of the following are disadvantages of Sole proprietorship

A. Unlimited liability

B. Easy to raise capital

C. Limited Growth

D. Lack of continuity after the death of the promoter

5 / 40

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

A. Convertible security

B. Preference Share

C. Debenture

D. Equity

6 / 40

6. The followings except_____ is a component of feasibility studies

A. Technology

B. Executive Summary

C. Product/Service

D. Acquisition

7 / 40

7. 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 want to add a new product or product line

C. You plan to launch a new business

D. None of the options

8 / 40

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

A. Grants

B. Cooperative society

C. Banks

D. Personal savings

9 / 40

9. The Nigerian entrepreneur who create the Eleganza industries is

A. Razaq Okoya

B. Uche Uche Ohafia

C. Aliko Dangote

D. Ada Onyejike

10 / 40

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

A. EFCC

B. ICPC

C. CAC

D. SON

11 / 40

11. A written business plan should have the following except

A. Business objectives

B. Financial information

C. Liquidation

D. Product or service

12 / 40

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

A. Management

B. Risk

C. Law

D. Ethics

13 / 40

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

A. External locus of control

B. Self confidence

C. Internal locus of control

D. High need for achievement

14 / 40

14. Product Planning Tells You

A. Cost to produce your product

B. Where you will produce your product

C. Total revenues

D. Your net profit

15 / 40

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

A. All the options

B. Technological environment

C. Socio cultural environment

D. Political-legal environment

16 / 40

16. All these are critical success factors in entrepreneurship except

A. Lack of product development

B. Lack of information about customer

C. Absence of capital project

D. Poor managerial experience

17 / 40

17. Which statement is not true of entrepreneurs

A. They apply innovative ideas

B. They are agents of adjustment

C. The change the way business converts input and output

D. They generally stick to the process

18 / 40

18. Sources of finance relates to

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

B. How individuals source for their income

C. How firms obtain funds for their retain earnings

D. How firm obtain fund for their dividend payment

19 / 40

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

A. Bola Ahmed Tinubu

B. Aliko Dangote

C. Poly Emenike

D. Rochas Okorocha

20 / 40

20. Corporate social responsibility is about

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

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

C. Misuse of corporate ethics policies

D. Quality leadership of organization

21 / 40

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

A. Marketing

B. All the options

C. Description of the business

D. Organization

22 / 40

22. One of the benefits of planning is

A. It indicates your inability

B. It keeps ideas in your memory

C. It justifies your plans and actions

D. It increases "firefight"

23 / 40

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

A. Successful entrepreneurs are born not made

B. Successful entrepreneurs must have a breakthrough invention

C. An entrepreneur faces extraordinary business risk

D. First venture are always successful

24 / 40

24. An entrepreneur must be open to

A. Others

B. Challenge

C. Criticism

D. Negotiation

25 / 40

25. Quality Control is defined as

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

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

C. Controlling the cost of product

D. Controlling the number of pieces involved

26 / 40

26. 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. Entrepreneur

B. Manager

C. Inventor

D. Intrapreneur

27 / 40

27. A market survey is important because it shows you

A. Tells you what the customer will buy

B. All the options

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

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

28 / 40

28. Making a purchase you had not planned is called

A. Impulse Buying

B. Comparison shopping

C. Consumer shopping

D. Warranty

29 / 40

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

A. Values orientation

B. Employment generation

C. Wealth for all

D. Poverty reduction

30 / 40

30. The most important of the factors of production is

A. Land

B. Entrepreneur

C. Capital

D. Labour

31 / 40

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

A. Growth

B. Profitability

C. Adaptability

D. Market peace

32 / 40

32. The reason for feasibility studies includes

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

B. Identifying logistical and other related business problem solution

C. All the options

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

33 / 40

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

A. Large market made available due to high population

B. Opportunity to buy one's way through

C. Constant change in policy

D. The high rate of unemployment

34 / 40

34. A plan must be

A. Accommodating

B. Durable

C. Explicit

D. Readable

35 / 40

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

A. Expose learners to the versatility of knowledge

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

C. Create job for all

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

36 / 40

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

A. Intrapersonal skills

B. Interpersonal skills

C. Technical skills

D. Conceptual skills

37 / 40

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

A. Entrepreneurship

B. Management

C. Production

D. Intrapreneurship

38 / 40

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

A. Long term

B. All the options

C. Medium term

D. Short term

39 / 40

39. The macroeconomic framework of NEEDS does not include

A. Promoting private enterprise

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

C. Empowering people

D. Government to create more jobs

40 / 40

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

A. Planing to launch a new business

B. Adding a new product or product line

C. Increasing your labour force

D. Expanding your existing business

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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