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

A. Successful entrepreneurs must have a breakthrough invention

B. An entrepreneur faces extraordinary business risk

C. First venture are always successful

D. Successful entrepreneurs are born not made

2 / 40

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

A. Market peace

B. Profitability

C. Adaptability

D. Growth

3 / 40

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

A. Inadequate raw materials

B. Financial Problem

C. Infrastructural problem

D. Low standard of business ethics and political in stability

4 / 40

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

A. Employment generation

B. Values orientation

C. Poverty reduction

D. Wealth for all

5 / 40

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

A. Delegation

B. Decentralization

C. Centralization

D. Responsibility

6 / 40

6. The Nigerian economy is primarily a______ economy

A. Capitalist

B. Mixed

C. Socialist

D. Mono

7 / 40

7. The most important of the factors of production is

A. Land

B. Labour

C. Capital

D. Entrepreneur

8 / 40

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

A. All the options

B. Medium term

C. Short term

D. Long term

9 / 40

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

A. The high rate of unemployment

B. Opportunity to buy one's way through

C. Large market made available due to high population

D. Constant change in policy

10 / 40

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

A. Conceptual skills

B. Interpersonal skills

C. Technical skills

D. Intrapersonal skills

11 / 40

11. The reason for feasibility studies includes

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

B. Identifying logistical and other related business problem solution

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

D. All the options

12 / 40

12. Sources of finance relates to

A. How individuals source for their income

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

C. How firm obtain fund for their dividend payment

D. How firms obtain funds for their retain earnings

13 / 40

13. All these are critical success factors in entrepreneurship except

A. Poor managerial experience

B. Absence of capital project

C. Lack of product development

D. Lack of information about customer

14 / 40

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

A. Law

B. Risk

C. Management

D. Ethics

15 / 40

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

A. ICPC

B. CAC

C. SON

D. EFCC

16 / 40

16. 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. None of the options

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

D. You plan to launch a new business

17 / 40

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

A. Description of the business

B. Organization

C. All the options

D. Marketing

18 / 40

18. Which statement is not true of entrepreneurs

A. They are agents of adjustment

B. They generally stick to the process

C. They apply innovative ideas

D. The change the way business converts input and output

19 / 40

19. 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

20 / 40

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

A. Production

B. Intrapreneurship

C. Entrepreneurship

D. Management

21 / 40

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

A. Poly Emenike

B. Rochas Okorocha

C. Aliko Dangote

D. Bola Ahmed Tinubu

22 / 40

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

A. Banks

B. Cooperative society

C. Grants

D. Personal savings

23 / 40

23. Quality Control is defined as

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

B. Controlling the cost of product

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

D. Controlling the number of pieces involved

24 / 40

24. A written business plan should have the following except

A. Financial information

B. Product or service

C. Business objectives

D. Liquidation

25 / 40

25. An entrepreneur must be open to

A. Challenge

B. Negotiation

C. Criticism

D. Others

26 / 40

26. One of the benefits of planning is

A. It indicates your inability

B. It increases "firefight"

C. It justifies your plans and actions

D. It keeps ideas in your memory

27 / 40

27. Product Planning Tells You

A. Cost to produce your product

B. Where you will produce your product

C. Your net profit

D. Total revenues

28 / 40

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

A. Socio cultural environment

B. Political-legal environment

C. Technological environment

D. All the options

29 / 40

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

A. Self confidence

B. Internal locus of control

C. High need for achievement

D. External locus of control

30 / 40

30. The followings except_____ is a component of feasibility studies

A. Executive Summary

B. Technology

C. Acquisition

D. Product/Service

31 / 40

31. All of the following are disadvantages of Sole proprietorship

A. Lack of continuity after the death of the promoter

B. Limited Growth

C. Unlimited liability

D. Easy to raise capital

32 / 40

32. Making a purchase you had not planned is called

A. Impulse Buying

B. Consumer shopping

C. Comparison shopping

D. Warranty

33 / 40

33. 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. Entrepreneur

C. Intrapreneur

D. Inventor

34 / 40

34. A market survey is important because it shows you

A. Tells you what the customer will buy

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

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

D. All the options

35 / 40

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

A. Debenture

B. Preference Share

C. Equity

D. Convertible security

36 / 40

36. 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

37 / 40

37. The macroeconomic framework of NEEDS does not include

A. Government to create more jobs

B. Promoting private enterprise

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

D. Empowering people

38 / 40

38. Corporate social responsibility is about

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

B. Quality leadership of organization

C. Misuse of corporate ethics policies

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

39 / 40

39. A plan must be

A. Durable

B. Explicit

C. Accommodating

D. Readable

40 / 40

40. The Nigerian entrepreneur who create the Eleganza industries is

A. Uche Uche Ohafia

B. Aliko Dangote

C. Razaq Okoya

D. Ada Onyejike

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

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...
Ace/Undergragra
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