ASSIGNMENT

1. As a small business, it is not advisable to employ ___________

a. Qualified personnel b. Skilled worker c. Family member d. A manager
e. A dedicated worker

2. One way of retaining a good customer is to _________

a. Always give customer discount b. Develop a listen skill c. Develop interpersonal
relationship with the customer d. Be abusive e. Disregard the customer’s suggestions.

3. Entrepreneurs who buys a company for the purpose of improving it for resale in order to make
profit are called___________
a. Speculators b. Buy-sell artist c. Buy sell speculators d. Buy-sell inventors e. Franchise

4. Another name for a favourite leisure time activity or occupation is____________

a. Skill b. Idea c. Hobbies d. Past time e. Exercise

5. What is the full meaning of NEPC?

a. Nigerian Emergency Promoting Council b. Nigerian Export Promotion Council c.
National Emergency Promotion Committee e. Nigerian Entrepreneurship Promotion Council
e. None of the above

6. Investing your own money in your business shows that you believe in your ___________
a. Value for money b. Business background c. Strength and ability
d. Family background e. All of the above

7. A stock-broken firm established from a banking organisation is called __________

a. Franchising b. Inventor c. Intrapreneurship d. Economics of scale e. None of the
above

8. A good business opportunity must fulfill the following criteria except ________
a. Real demand b. Return on investment c. Meet objectives
d. Availability of resources and skill e. None of the above

9. Any activities that reduces costs, other things being equal, will _________
a. Enhance more sales b. Bring about better employment c. Enhance more profit d.
Will reduce production e. All of the above

10. Under which of these categories of business would you put a Cyber cafe?
a. Manufacturing b. Service c. Agriculture d. Retail e. Food and recreation`

11. One of the entrepreneurial characteristics is ___________

a. Being able to wake up early b. Coping with dirty environment c. Being able to down your
competitors d. Being able to cope with stress e. All of the above
12. One of the following is not a role to be performed by the entrepreneur in the process of job
creation
a. Partner b. Inventor c. Director d. Tax Collector e. Shareholder

13. Which of these is not an example of enterprise categorization?

a. Manufacturing vs. Service b. Individual vs. Community c. Formal vs. Informal
d. Profit vs. Non profit e. None of the above

14. When a worker is motivated _____________ she does not need to be externally motivated by
some outside force.
a. Internally b. Occasionally c. Rarely d. Consistently e. None of the above

15. All are essential for your project report except _______
a. Manpower requirement b. Utilities needed c. Annual product quantity
d. Number of spouse e. Source of raw materials

16. Achieving goal for the organization involve _________

a. Having mindset for the organisation b. Setting and implementing plan c.
Setting objective that will lead to achieving goal d. A, B and C only
e. None of the above

17. Those who create new ideas and turn them into successful project within an existing business
is known as __________
a. Acquirers b. Internal entrepreneurs c. Franchisee
d. None of the above e. All of the above
18. Which of the following is not a source of a business idea to an entrepreneur?
a. Hobbies and interest b. Personal skills and experience c. Franchises
d. Exhibitions e. None of the above
19. The primary cause of small business failures is_________
a. Lack of capital b. Management incompetence c. Poor location
d. Improper inventory control e. Scale of enterprise
20. In business decisions are implemented ________
a. With fiat b. With some amount of coercion c. With fairness and enthusiasm
d. With rigidity e. None of the above
21. The following step should be taken by entrepreneurs to get to know their competitors.
a. Identify your competitors b. Analyse business that have recently been set up
c. Analyse existing business d. Compare your proposed business operations against the
competitors e. All of the above
22. A cooperative form of business ownership might have this disadvantage?
a. Joint self-help and shared risk-taking b. Easier to raise capital c. Hard to keep qualified
members d. A means to empower the poor e. None of the above
23. Characteristics of successful salespersons are
i. Must be a lady ii. Self – confident iii.Dependable
iv.Knowledge of products
a. ii, iii and iv b. i, ii, and iv c. i and iii
d. i, ii, iii e. All of the above
24. Advantage of a partnership business is
a. Shared management b. Closely regulated c. Unlimited liability d. Personalised
management e. None of the above
25. Potential customers can be described as:
a. People who need or want a product. b. People who are able to buy a product.
c. People who are willing to buy a product. d. All of the above. e. None of the above.
26. All projects and undertakings can be referred to as an enterprise if the following steps are
followed EXCEPT?
(a)Planning (b)Idea identification (c)Accepting rewards
(d)Non completion of an activity (e)Taking action
27. The following are procedures for analyzing a risk situation
i. Assess the risk
ii. Determine goals and objective
iii. Clarify the alternatives
iv. Gather information and weigh the alternatives
v. Minimize risk
vi. Plan and implement the best alternative
a. i, ii, iii, iv, only
b. i, ii, iii, v and vi only
c. i, iii, iv and vi only
d. All of the above
28. …………………… is an attractive idea or proposition that provides the possibility of a
return for the investor or the risk.
a. Business idea b. Resourcefulness c. Business opportunity d. Business
activity
e. None of the above
29. For a business opportunity to be good it must fulfil the following
a. Real demand b.Return on investment c. Be competitive
d. Meet objective e.All of the above
30. All of these are challenges of paid employment EXCEPT?
a. Minimal risk b. Dependent on the employer c. Follows orders
d. Set income e. The ability not easily recognized
31. The entrepreneurs should know the following about their potential customers EXCEPT?
(a)Know what the customer wants (b)Know the customers (c)Know where the customer
buys (d)Know how the customer buys (e)Know their complexion
32. Which of the following sentences best describe the five entrepreneurial functions in a
business?
a. Identifies gaps in the market, manage the business, status building, energy and
knowledge development
b. Identifies gaps in the market, building, leadership, knowledge development and
coordinating
c. Identifies gaps in the market, capacity building, finances, coordinating
d. Identifies gaps in the market, finances the business, manage, bearing the uncertainties and
encourage competition.
e. None of the above
33. Which of these is not a classification of Enterprises by the Federal Republic Nigeria using
the criterion of workforce?
(a) a. 20 – 50 (b) b. Less than or equals 10 (c) c. 11 – 100
(d) d. 101 – 300 (e) e. Greater than 300

34. The major competencies required for successful entrepreneurship include the following
EXCEPT?
a. Information seeking b. None of the above c. An embodiment of knowledge
d. Possession of a set of skills e. A cluster of traits
35. Entrepreneurs solicit the participation of other persons in their business because of the
following except:
a. Exploiting the loopholes in the business project
b. The complexity of a business idea may require more than one person to run it
c. The degree of success or failure factor involved
d. The influence, experience and the capacity of other may be useful
e. None of the above
36. A good idea is the first step in transforming the entrepreneur’s desire and creativity into
a. An ambition b. An Eldorado c. Resources
d. A business opportunity e. A good life
37. ………………….. represents income not allocated to immediate consumption
expenditure.
a. Disposable income b. Personal savings c. Wages d. Salaries
e. None of the above
38. When resources are processed into goods and services and successfully enjoys repeated
purchase, this could lead to ……………….
a Production of goods and services b. Generation of consumers and business firms
c. Management of resources d. Wealth creation e. All of the above
39. Which of the following sentences best describes the five entrepreneurial functions in a
business?
a. Identifies gaps in the market, finances the business, manage, bearing the uncertainties,
and encourage competition.
b. Identifies gaps in the market, manage the business, status building, energy and
knowledge development
c. Identifies gaps in the market, building, leadership, knowledge development and
coordinating
d. Identifies gaps in the market, capacity building, finances, coordinating
e. None of the above
40. A scientific method of decision making involves the following EXCEPT?
(a) Select the least solution (b) Identify the major problems
(c) Determine the major causes of the problem (d) Determine the potential solutions to the
problem
(e) Implement the solution
41. What is the technique for creative joint-problem solving called
a. Wisdom b. Jaw-jaw c. Action d. Brainstorming e. None of the above
42. All of these are rules are rules of motivation EXCEPT?
(a) Set a major goal but follow a path (b) Finish what you start (c) Learn how to learn
(d) Harmonize natural talent with interest that motivates
(e) Socialize with the others of different interest
43. The guidance needed to establish an enterprise requires which of the following
a. Empathy b. Planning c. Resourcefulness d. Energy e. None of the
above
44. Which of the these tools is not needed for one to become enterprising?
(a) Energy (b) Task oriented (c) Empathy (d) Resourcefulness (e) Need not to achieve
45. ______ is not type of entrepreneurship?
a. Technological b. Social c. Necessity d. Business e. Institutional
46. A society that achieve the goal of full production will assist in achieving __________
a. Full employment b. Minimum employment c. Under employment d. Over
employment e. A and B
47. Mass media as a source of business ideas can be from any of the following with the
exception of a. Newspaper b. Magazines c. Television d. Video player e.
Internet
48. One of the advantages of entrepreneurship is ________ a. Income generation b.
Uncertain and irregular income c. Self employment d. Creativity e. Innovation
49. An unemployed person who needs to establish his/her own business in order to survive can
be described by which of the following? a. Inventors b. Necessity entrepreneur c. Soloist
d. Franchisee e. Adventurer
50. All of these are entrepreneurial functions in a business except_____?
a. introduces unhealthy rivalry b. identifying gaps in the market c. manages the business
d. bearer of uncertainties e. None of the above

Indicate TRUE or FALSE for the following questions in the box provided

1 An entrepreneur is a person who creates and innovates to build

. something of value around perceived opportunities
2 Entrepreneurship involves seeking and pursuing opportunity
.
3 The “let’s vote” or democratic leader gives group members a voice
. in decision making
4 An entrepreneur is a person who creates and innovates to build
. something of value around perceived opportunities
 5 Entrepreneurs participates as directors in business by contributing
. positive ideas to advance the enterprise’s objective

Give SHORT ANSWERS to the following questions in the spaces provided

1. Those who start a business and expand as fast as possible in order to be able
to hire other employees are called ________________________________
2. The entrepreneur is the prime mover in the _____________________________
3. Small enterprise is defined as those industries with a total investment of
between _________________________
4. A successful entrepreneur and his employees need
to_____________________________
5. Human needs as classified by Abraham Maslow is classified into
_________________________
profit