THE CONTRIBUTION OF NATIOANL ASSOCIATION OF FULBE

STUDENT OF BAYERO UNIVERSITY KANO (NAFs)

EEP 4201 – VENTURE CREATION AND GROWTH

YAHAYA MALAM AHMAD (ARDO)

TWO HUNDRED AND FIFTY QUESTION AND THEIR ANSWERS

1. All the following are examples of business growth except ………... (a) New marketing strategy (b)
Expanding target market (c) New market identification (d) Innovation
2. An internal growth strategy is comprised of the following except………. (a) When firm capitalizes on
its resources to expand by acquiring new assets (b) Employing more staff (c) Deploying new
technology (d) Borrowing money from family members
3. The major difference between e-business and e-commerce is that (a) e-business is a subset of e-
commerce (b) e-commerce is a subset of e-business (c) e-commerce goes beyond trade (d) All of the
above
4. Department of Chemistry in Bayero University going into pure water business is a good example of
which type of business growth strategy? (a) Expanding product line (b) Exporting (c) Innovation (d)
None of the above
5. Yahuza Suya continued opening of new branches in Kano State as a growth strategy can be more
successful if one of the following is available (a) Consumers (b) Demand (c) Access road (d) Product
6. Dangote group of companies is establishing new companies across Africa, some of his products from
Nigeria are being Exported to the United Kingdom. This process is possible because the company is
able to leverage one of the following growth strategies (a) Expanding products & service (b)
Innovation (c) Licensing (d) None of the above
7. The recent takeover of former Etisalat by 9mobile tele-com company in Nigeria is known as………
(a) Merger (b) Acquisition (c) Consortium (d) Licensing.
8. Companies engage in merger and acquisition in order to get facilities, get access to brand, trademarks,
patent or technology, competent employee, etc. but in most cases the most obvious reason is to acquire
(a) Capital (b) Customers (c) Business Model (d) All of the above
9. Like Coca-Cola, Mr. Biggs, and McDonalds businesses franchise their product offerings when they are
(a) Outside the comfort zone (b) Growing (c) Have no interest in the target market (d) Fully grown.
10. Lack of innovation denotes continuous modifications in the way a business conducts its business. This
statement in the context of business growth is…(a)True (b) False (c)Ambiguous (d)Incomplete
11. A process where a firm allows another firm to use its brand name in exchange for a royalty is regarded
as…….. (a) Royalty (b) Franchising (c) Licensing (d) Entrepreneurial derivative
12. To develop a business plan that will attract funding from banks, one needs to abide by the following
steps chronologically: (a) Research-strategize-calculate-draft (b) Research-draft-calculate-strategize
(c) Research-calculate-draft-strategize (d) Research-calculate-strategize-draft
13. AZMAN oil and gas recently opened a new filling station in BUK old site, this means the company
utilized one of these growth strategies (a) Expanding product lines (b) Innovation (c) Competition
(d) None of the above
14. There are arguments regarding the contents of a business plan, some are of the view of ‘no fixed
content’ that it is determined by the audience. Do you agree with this statement? (a)Yes (b) No
(c)Ambiguous
15. Executive summary is normally written last, but appears at the……….. of the business plan document
(a) End (b) Middle (c) Beginning (d) All of the above
16. Ratio analysis falls into one of the following business plan segment (a) Marketing analysis (b)
Financial plan (c) Operation plan (d) Organizational plan
17. The consideration for physical location and quality control of a business should be under………of a
business proposal (a) Business description (b) Organizational plan (c) Business environment analysis
(d) Operation plan
18. The first come first serve’ ideology is atypical principle of ………. (a) Business independence (b)
Business competition (c) Business ethics (d) Social responsibility
19. One of the reasons why people start up a business is…….. (a) Socio-cultural factors (b) Preference
for smaller company (c) Opportunities in the present job (d) None of the above
20. An opportunity is perceived as means of generating new business idea that…….. (a) has been
exploited by others (b) has not been exploited by others (c) has been influenced by others (d) has
already been subjugated by others
21. An examination that assists an entrepreneur to determine his/her area of competence and weakness and
the available support and hindrances in his/her environment is called…… (a) PESTEL Analysis (b)
PEST Analysis (c) SWOT Analysis (d) CWSH Analysis
22. The stages of opportunity identification consists one of the following (a) Innovation (b) Incubation
(c) Determination (d) Application
23. Corona Virus came with a lot of challenges but equally offered opportunities to the following
businesses except (a) Face mask (b) Hand sanitizer (c) Furniture (d) a and b.
24. The price of the money borrowed from a bank is called……………. (a) Borrowee rate (b) Interest
rate (c) Payee rate (d) Transaction index
25. A situation in the opportunity identification process when a business idea is exposed to external
analysis is called…….. (a) Evaluation (b) Determination (c) Elaboration (d) Insight
26. In one of the following type of opportunity like in the case of POS business, the demand and supply
are already existing the entrepreneurs use their expertise to identify them (a) Discovered type (b)
Created type (c) Enacted type (d) Recognized type
27. With the development of ICT, online-businesses use different technologies now, excluding (a)
Electronic cataloguing (b) Video-conferencing (c) Facsimile (d) Post office
28. Small and large businesses marketing plans are divergent. Small businesses use a lot of business plans
to strategize, while large businesses do not require such because they are already established.
(a) TRUE (b) FALSE (c) AMBIGIOUS (d) Undecided.
29. Product support services include all the following except………. (a) Before sale advice (b) Installation
(b) Repeat purchase (d) Delivery
30. All the following do influence business opportunity identification effort except……… (a) Creativity
(b) Prior knowledge (c) Entrepreneurial nationality (d) Entrepreneurial alertness
31. Rufaida Yoghurt met Habib Yoghurt in the market and was able to lead the market because of the
following except (a) Many branches (b) Lower price (c) Packaging (d) Colour of the Yoghurt.
32. Assuming Shoprite manufactures good product of poor packaging as against their business rival like
Grand Square. This situation can be both opportunity and……. (a) Weakness (b) Threat (c) Strength
(d) None of the above
33. Besides Corporate Affairs Commission a pure bottled water business startup must register with………
(a) CPC (b)NAFDAC (c) Telex (d) NCC
34. One of the following types of business has lower continuity tendencies after the demise of the founder
(a) Sole proprietorship (b) Joint venture (c) Corporation (d) Partnership
35. The cheapest and the fastest startup capital is usually sourced from ………(a) Lending institutions (b)
Family & friends (c) Venture capitalists (d) Personal savings
36. ……………. is a source of funds whereby the beneficiary loses a stake in the ownership (a) Equity
financing (b) Debt financing (c) Venture capital (d) Commercial draft
37. The 4 main marketing-mix elements are … (a) Service/Product, price, promotion and distribution (b)
Product, price, location and place (c) Product, place, promotion and location (d) None of the above
38. …………is a type of share where fixed rates of dividends are paid (a) Redemption share (b) Ordinary
Share (c) Preference share (d) Redeemable share
39. Assuming a firm accesses funds from venture capitalist, it means that whether the business succeeds or
fails, the financiers have a legal right to interest on loan and repayment of the capital. (a) TRUE (b)
FALSE (c) AMBIGUOUS
40. All the following are features of debenture except ……… (a) Interests on debenture are tax-deductible
(b) They have a fixed coupon rate (c) Debentures are non-negotiable (d) Debentures are secured
either on floating or fixed assets.
41. A source of funds where the buyer makes arrangement with the seller to buy goods now and pay after
resale is called……. (a) accounts payable (b) Retained earnings (c) Equity financing (d) Trade credit
42. The online business dealing between companies is best known as... (a) B2C (b) B2G (c) B2B (d) B2E
43. Unshared or retained profits of a firm are………. Sources of finance (a) Informal (b) Internal (c)
External (d) Debt
44. The use of electronics and communication technology in entrepreneurship has…… (a) Reduced
distance and market (b) Reduced distance and fixed costs (c) Stunted business development (d) None
of the above
45. All the following are elements of managing transition in business except….. (a) Planning (b) Decision
making (c) Self-discipline (d) Networking
46. A situation where business owner raises funds based on the value of his or her outstanding invoices is
called…….. (a) Collateral financing (b) Factoring (c) Equity financing (d) Credit financing
47. The funds provided by CBN (NIRSAL) Microfinance Bank to small and micro businesses in Nigeria
is a…………(a) Government grant (b) Debt financing (c) Equity funding (d) Debenture funding
48. Public offering as a financing option is accessible to only firms that are……… (a) Crawling (b)
Established (c) Start-up (d) Partnership
49. Customer interaction for small businesses differ with that of large businesses by being able to-----------
(a) Have a direct interface with the customers (b) Promote their products rapidly (c) Document and
implement proper marketing plans (d) Devise more efficient marketing strategies
50. In an effort to build brand awareness, small businesses like Rufaida Yoghurts employ adverts to stir
two things. One of which is to………..(a) Deter customers from buying from local competitors (b)
Provide direct and measureable marketing action (c) Creation of brand equity (d) Establish a
manageable customer base
51. Service is any ………………. Thing offered to satisfy a need or want of customers (a) Inducible (b)
Tangible (c) Intangible (d) Price
52. A component of the marketing mix is relevant to Indomie noodles but might not be relevant to Skyline
University is……………(a) Location (b) Distribution (c) Price (d) Product
53. More often than not, BUA sugar Company do not transact directly with end users of their products, as
such the company has to rely on……(a) Sales promotion (b) Intermediates (c) Middle men (d) b and c
54. Havilla Ice Cream’s face-to-face presentation and promotion of products is known as………………(a)
Advertising (b) Publicity (c) Sales promotion (d) Personal selling
55. Another name for differentiation in marketing discourse today is…… (a) Comparative advantage (b)
Branding (c)Unique selling proposition (d) Loyalty
56. The internet based transaction that covers online trading and extends to all other interactions with
business partners, suppliers, customers, etc. is known as……(a) E-commerce (b) B2C (c) E-business
(d) All of the above
57. The ability of a customer to shop online 24hours at the comfort of his home is made possible by
ubiquity as one of the features of e-commerce (a) True (b) False (c) Ambiguous (d) Undecided
58. An entrepreneur needs to answer certain questions before borrowing funds for his/her business. Which
of the following is not included (a) When do I need it (b) Why do I need the fund? (c) How much do I
need? (d) What denomination do I need?
59. Alhaji Aliko Dangote of Dangote Group built a business school and Late Sheik Isyaka Rabiu also built
Quranic centre in BUK. These are good examples of (a) CAC (b) USP (c) CXR (d) CSR
60. Masterson identified and proposed the following phases of business transition, except……… (a) Old
age (b) Infancy (c) Childhood (d) Adolescence
61. In managing transition in business, dealing what to do in advance is known as… (a) Family planning
(b) Directing (c) Controlling (d) Planning
62. The adulteration of palm oil for example with custard powder to make it look thick. That singular act
can be described as (a) Creativity (b) Innovation (c) Value addition (d) Business malpractice.
63. The ‘first come first serve’ ideology is a typical principle of ………… (a) Business ethics (b)
Business competition (c) Business independence (d) Social responsibility.
64. Yahuza Suya Spot thrived in an industry or business that existed for over hundred years. What do you
think makes it? (a) Unique possible (b) Unique name (c) Unique location (d) Unique selling
preposition
65. Financing production in cases where there is significant lag when costs are incurred and when
payments are received is too dangerous for business owners (a) True (b) False (c) Ambiguous (d)
Undecided
66. …………………… encompasses everything to do with the way an organization communicates
persuasively with people to influence them towards making a purchase (a) Promotion (b) Canvassing
(c) Transfer (d) Rebelling.
67. A non-personal but paid communication in marketing is called (a) Publicity (b) Personal selling (c)
Advertisement (d) Education.
68. The major difference between venture and business is that the latter is (a) For profit only (b) Both for
profit and not for-profit (c) Not for-profit (d) None of the above
69. Business planning process normally starts with (a) Calculation (b) Research (c) Strategizing (d) In-
depth analysis
70. Ethics in business involves knowing (a) What is or wrong in a business environment (b) What is
allowed or prohibited in a business environment (c) What is legal or illegal in a business environment
(d) What is profitable in a business environment
71. Which of the following is NOT a feature of business ethics (a) Giving protection to social groups (b)
Requires education and guidance (c) Based on moral and social values (d) Requires wealth and
social status
72. Which of the following is NOT a characteristic of an ethical entrepreneur? (a) Honesty (b) Knowledge
(c) Loyalty (d) Integrity
73. Which of the following is an importance of ethics in business (a) Provision of moral compass (b)
Provision of foreign aid (c) Increases the GDP of a country (d) Stimulates the economy
74. Which of the following approaches to CSR involves monetary donations and aid given to local
organizations and impoverished communities (a) Philanthropy approach (b) Ethics approach (c)
Incorporating the CSR into the company’s business strategy (d) Creating shared value
75. Social responsibility is an aspect of business ethics that is concerned with the need for businesses to do
which of the following? (a) Try and maximize profits (b) Try and serve their local communities (c)
Try and promote their businesses (d) Try and improve technology and innovation
76. Which of the following approaches to CSR keeps a policy that makes the business venture source
certain cadres of its manpower from the host community? (a) Philanthropy approach (b) Ethics
approach (c) Incorporating the CSR into the company’s business strategy (d) Creating shared
value
77. Microfinance bank was established in ………..by the Central bank of Nigeria (a) 2005 (b) 2015 (c)
2007 (d) 2006
78. …………. Is a form of business finance in which fund borrow to operate a business venture are not
taken as loan but converted to stake in ownership (a) Equity financing (b) Retained Earnings (c)
Project Financing (d) Commercial Draft
79. ………. Is a low level of finance needed to prove a new idea, often provided by angel investors. (a)
Start-up (b) Venture Partner defeasibility (c) Seed money (d) Feasibility
80. All these are sources of finance for both new and old entrepreneur ventures except (a) Personal Saving
(b) Serial entrepreneur (c) Bank loan (d) Accrual account
81. Before banks grant overdraft, the following factors are considered except (a) Undistributed profit (b)
Character of the Entrepreneur (c) The capacity of the business (d) The management and financial
position of the business
82. The rights of shareholders include (a) Right to participate in the annual general meeting and vote (b)
Right to have access of the organization book (c) Right to contribute to the appointment of members of
board (d) All of the above
83. All these are long term sources of fund except (a) Accrual account (b) Venture capital (c) Hire
purchase (d) Leasing
84. The main objective for setting up Bank of Industry (BOI) is to (a) Provide credit to industrial sector
including SMEs (b) Provide credit to political parties (c) Provide moral assistance to civil societies
(d) Provide credit facilities to only biotechnology companies
85. The following are not features of e-commerce except (a) Money transaction (b) Procurement (c)
Human resources management (d) Logistics
86. E-business is all about management of businesses (a) True (b) False (c) Impossible (d) Ambiguous
87. E-business models based on market relationship include (a) B2C (b) C2E (c) E2C (d) E2E
88. All the under listed are factors impeding e-commerce in Nigeria except: (a) Network reliability (b)
Credit card theft (c) Artificial intelligence (d) Data security
89. One of the following renders cost of doing business in Nigeria extremely high (a) Low access to
finance (b) Lack of electricity (c) Low access infrastructure (d) All of the above
90. All are part of the steps to starting e-commerce except (a) SEO (b)Web publishing (c) Web interacting
(d) Web transacting
91. B2G e-commerce is a form of which type of e-commerce (a) B2C (b) C2C (c) B2B (d) P2P
92. Except in academic discourses, e-business and e-commerce are used interchangeably (a) TRUE (b)
FALSE (c) Impossible (d) Ambiguous
93. The following are not Business models based on the technology used except: (a) P2M (b) P2P (c)
M2P (d) PP2P
94. _________________ refers to use of technology to conduct business which includes procurement,
operation, marketing and sales, etc. (a) E-Commerce (b) E-Business (c) E-Transaction (d) All of the
above
95. The process of buying, selling, transferring or exchanging products, services and/ or information
through the internet is called ___________ (a) E-Commerce (b) E-Business (c) E-Transaction (d)
None of the above
96. ________ involves transactions that are made through mobile telecommunications network (a) E-
Transaction (b) E-Business (c) M Commerce (d) Online shopping
97. The following are advantages of E-commerce except (a) Real time report (b) Brand control (c) All of
the above (d) None of the above
98. An industry characterized by rapidly increasing demand, improving profitability, and falling prices is
most likely in which of the following stages of life cycle? (a) Growth (b) Maturity (c) Declining (d)
Later stage
99. All but one of the following are characteristics of a creative personality. (a) Energy (b) Discipline (c)
Procrastination (d) Smartness
100. One of the following is not a strategy for growing a business (a) Business plan (b) Exporting (c)
Merger (d) Franchise

101. The aim of a professional plan in business plan marketing strategy is to (a) make awareness (b)
Secure funding (c) Set price (d) Defeat competitor

102. One of the following is not a type or form of business in the Nigerian business registration system.
(a) Sole proprietor (b) Cooperative society (c) Partnership (d) Limited Liability Corporation

103. The acronym CAC stands for (a) Customer Acquisition Channel (b) Corporate Affairs Company (c)
Corporate Affairs Commission (d) Character Administrative Centre

104. The acronym CEO stands for (a) Chief Executive Officer (b) Chief Economic Officer (c) Chief
Expenditure Officer (d) Chairman Executive of Board of Directors

105. In business life cycle, the break even period is the period when you (a) Neither make profit nor loss
(b) Earn super normal profit (c) Make less losses (d) None of the above
106. In business transitioning stages growth through creativity is the same thing as (a) Infancy stage (b)
Childhood stage (c) Maturity stage (d) Adolescent stage
107. The major challenges of adolescent phase of business growth includes: (a) Building customer base
(b) Completing sound business plan (c) Managing cash flow (d) Insufficient cash
108. The major difference between change and transition is that the latter is (a) An on-going process (b)
Made up of events (c) Tangible (d) Visible
109. One of the following is critical when there is a need to save a failing business. (a) Start-up (b) Turn
around (c) Realignment (d) Sustaining success
110. Deciding in advance what to do, how to do it, and who is to do it. Best describes (a) Organizing (b)
Directing (c) Planning (d) Decision making
111. A programmed decision is ________ in nature (a) Repetitive (b) One off (c) Arranged (d) All of the
above
112. The following are condition within which managers make decisions, except (a) Certainty (b) Risk (c)
Uncertainty (d) Complexity
113. Doing what needs to be done, when it needs to be done, whether one likes it or not implies (a) Self-
discipline (b) Entrepreneurial mindset (c) Determination (d) Motivation
114. All the following are common sources of stress except (a) Career Uncertainty (b) Support (c)
Relationship (d) Strike action
115. A variable cost is the cost that vary with the level of (a) Marketing (b) Production (c) Operation (d)
Projection
116. An organization that produces food stuff must register with the following agencies, except (a) CAC
(b) FRCN (c) NAFDAC (d) SON
117. A legal form of business where two to twenty people can start-up is known as (a) Sole proprietorship
(b) Limited Liability company (c) Joint venture (d) Partnership
118. The type of business growth that results in adjustment to the capital structure because of new funding
is known as (a) External business growth (b) Internal business growth (c) Debentures (d) None of
the above
119. A growth strategy where an organization discover a new market for its existing products is (a)
Opening a new branches (b) Exporting (c) Innovation (d) None of the above
120. A situation where a business can reach out to other markets far away from its physical location
virtually is known as (a) Online presence (b) Exporting (c) International business (d) Importing
121. Business growth critical success factors include the following, except (a) Clarity (b) Competence (c)
Contentment (d) Resilience
122. The type of amalgamation between Access bank and Diamond bank because the latter was
managerially unstable is better known in business growth as (a) Merger (b) Joint venture (c)
Acquisition (d) Alliance
123. Albarka Restaurant in Oldsite BUK started issuing meal tickets and as result, its number of
customers increased because of ….. (a) Their unique selling proposition (b) There is no restaurant
selling chips (c) They are opening by 8am (d) B and C
124. Peak Milk refused to stop advertising and sales promotion because they are expecting (a)
Monopolistic market (b) Competition (c) Government cooperatives (d) None of the above
125. A lot of businesses prefer to go international because of the following reasons except (a) Pursuance
of higher profit (b) Greater market base (c) Presence of skilled workforce (d) In search of
competition
126. International market has certain mode of entry which include all the following, except (a) Exporting
(b) Joint venturing (c) Foreign branding (d) Direct investment
127. Honorarium, Tariff, fees and rent are all analogous to a …… in marketing (a) Service (b) Price (c)
Promotion (d) Place
128. All the following are questions that an entrepreneur needs to answer before borrowing funds for
his/her business except (a) What denomination do I need? (b) Why do I need the fund? (c) How
much do I need? (d) When do I need it?
129. People usually start business in small scale because of the following reasons except (a) Limited
knowledge of the market (b) Shortage of capital (c) Lack of skilled employees (d) Existing
competition in the market
130. ……… is a document used by entrepreneurs to have a sense of direction in their businesses (a)
Business clinic (b) business partners (c) Business plan (d) Business market
131. A business plan contains mostly …………..for implementing the findings from feasibility analysis
(a) Strategies (b) Results (c) styles (d) Theories
132. A condition where managers take decision where they use probability estimate because of the lack of
information is known as (a) Condition of uncertainty (b) Complexity (c) Algorithm (d) Condition
of risk
133. A process of setting goals and developing strategies to accomplish them is known as (a) Planning
(b) Decision making (c) Entrepreneurial maturity (d) Visioning
134. A process that Zumudi Superstore have been using to automatically replenish their stock when it
reaches certain level by using computer software is a good example of (a) Programmed decision
making (b) Non-programmed decision making (c) Re-order level command (d) Decision support
135. A situation where bank allow its customer to overdraw his/her current account as a temporary source of
funding is better known as (a) Account payable (b) Bank overdraft (c) Bank loan (d) Money at call
136. A …………………..is any activity that offer benefit to people either for profit or personal satisfaction (a)
Business (b) Venture (c) Company (d) Trading
137. A source of financing that an entrepreneur normally use when they delay payment of all due for payment
expense called (a)Accruals account (b) Trade credit (c) Advance payment (d) Factoring
138. ………….is a marketing component mix that is essential to some business, and not vital to others (a) Product
(b) Service (c) Price (d) Place
139. All the following are necessity for businesses regardless of size and industry, except ……… (a) Marketing (b)
Advertising (c) Planning (d) Publicity
140. All the following are cost of borrowing, except (a) Handling charges (b) Interest rate (c) Initial deposit (d)
COT
141. All the following are reasons for sourcing business finance, except (a) Upgrading facilities (b)
Buying shop floor machines (c) Building up inventory in advance of a busy season (d) Business
social responsibilities
142. All the following could be some of the motives why Bill Gates started his Microsoft Business except
(a) Desire to pursue business idea (b) financial ambition (c) Desire to be popular (d) Market
opportunity
143. Business ethics is needed to…….. (a) Increase turnover (b) Protect stakeholders (c) Expand
suppliers (d) Increase share price
144. ……………. Is a specialist activity that influences the success of any organization whether small or
large (a) Discounting (b) Advertisement (c) Marketing (d) Personal selling
145. Business feasibility analysis has the following considerations except (a) Economic (b) Operational (c)
Financial (d) Educational
146. Business growth contributes significantly to the Nigerian GDP. What does GDP stands for? (a)
Gross Domestic Product (b) Government Domestic Product (c) Growth Domestic Product
147. Change is visible and tangible, while ______ is a psychological process that takes place inside of
people (a) Creativity (b) Succession (c) Transition (d) Innovation
148. Direct customers interaction creates an opportunity for businesses to know the preferences of
customers larger organizations have a better chance to communicate directly with their customers. (a)
True (b) False (c) Ambiguous (d) Incomplete
149. Doing what is right with regard to effects of products or services and in relationships with
stakeholders is referred to as ………….. (a) Effective communication (b) Marketing research (c)
Corporate ethics (d) Community service
150. For small businesses……… Is an activity that is aimed at fulfilling two tasks: provide direct and
measurable marketing action and stir adequate buying activity (a) Brand recognition (b) Brand
Awareness (c) Promotion (d) Advertising
151. Habib Yoghurt has used one of the following strategies to grow its business (a) Borrowing from
friends (b) Franchising (c) Opening more branches (d) Licensing.
152. Hire purchase is a type of asset financing where an initial deposit may be required to be followed by
series of installmental payments with attached interest. This statement is (a) True (b) False (c)
Ambiguous (d) Incomplete
153. If a business is said to be any human activity that involve exchange of value between two or more
individuals, the following are business except……. (a) Armed robbery (b) Tailoring (c) Internet café
(d) Medicine store
154. …………. Are the hall mark of ethical executives (a) Guidance and honesty (b) Risk taking and
integrity (c) Honesty and Truthfulness (d) Royalty and foresight
155. One of the following does not contribute to entrepreneur’s stress (a) Excess workload (b) Excess
Motivation (c) Management style (d) Relationship at work
156. One of the following is not among the factors that hindered the development of e-commerce in
Nigeria (a) Data security (b)Network reliability (c) Authenticity (d) Competition
157. One of these type of business growth normally alters its owners’ capital structure in order to fund
expansion (a) Rivalry (b) Internal growth (c) Plough back profit (d) External growth
158. Phase two of business growth normally ends in……… because of the need for new organizational
structure (a) Leadership crisis (b) Red tape crisis (c) Autonomy crisis (d) Control crisis
159. Ploughing back profits into the business to acquire new assets and deploy new technology by a firm
means (a) The firm is expanding from outside (b) The firm is growing from within (c) The form is
growing externally (d) The firm is expanding from without
160. Retained earnings is otherwise known as (a) Plough-back profit (b) Distributed profit (c) Owners’
property (d) None of the above
161. Schedule feasibility analysis is concerned with …… (a) Business take-off (b) Competitors (c)
Decommissioning (d) None of the above
162. Some of the following are reasons why feasibility is being conducted except (a) To appraise market
situation (b) To decide whether or not to go ahead to invest (c) To show strength to competitors (d)
To set out challenges of the business
163. The ‘first come first serve’ ideology is a typical principle of …………… (a) Business independence
(b) Business competitors (c) Business ethics (d) Social responsibility
164. The ability of a customer to buy online at 2:00am at the comfort of his room is made possible by
which feature of e-commerce? (a) Ubiquity (b) Global reach (c) Interactivity (d) Richness
165. The following are examples of internal source of finance, except (a) Retained earnings (b) Sale of
fixed assets (c) Debenture (d) Provision for depreciation
166. The following factors are key in the success of any entrepreneurial venture except (a) Entrepreneur’s
positive attitude (b) Personal discipline (c) Selfishness (d) Resilience
167. The major difference between e-business and e-commerce is that (a) e-business is a subset of e-
commerce (b) e-commerce is a subset of e-business (c) e-commerce goes beyond trade (d) All of the
above
168. The major difference between franchise and licensing is that the former allows another firm to use its
(a) Business model (b) Brand name (c) Patent (d) Proprietary rights
169. The most common sources of finance for small businesses in Nigeria is (a) Trade credit (b) Personal
savings (c) Family assistance (d) NYSC allowance
170. The online transaction that takes place between trading partners is best known as (a) B2C (b) B2G (c)
B2B (d) B2E
171. The philanthropy approach to social responsibility involves ………… (a) Developing local
manpower (b) Provision of scholarships (c) Giving aid local organizations (d) Creating informed
citizenry
172. Thrift savings scheme is a good example of which source of financing? (a) Formal (b) Informal (c)
Semi-formal (d) None of the above
173. To research, strategize, calculate, draft and proof-read are the steps involve in preparing (a) Business
plan (b) Business registration (c) Business partnership (d) Business growth strategy
174. Transitional corporations (TNCs) are contributing to economic growth and development through
community development programmes in all the following sectors except …..(a) Health (b) Education
(c) Transportation and Agriculture (d) Mining and Quarrying
175. What best describes e-commerce? (a) Buying and selling offline (b) Trading online (c) Buying,
selling and supporting sevices online (d) Online payment for goods and services
176. When a firm’s product and services reach new markets, satisfy new demands and generate additional
customers, this means that the firm is ……. (a) Growing (b) Expanding (c) a & b (d) None of the
above
177. When an organization helps its employees, lead and live a better life. It is specifically engaging in
………… (a) Business ethics (b) Organizational (c) Social responsibility (d) Corporate strategy
178. With the development of ICT, online businesses use different technologies now, excluding (a)
Electronic cataloguing (b) Video-conferencing (c) Multimedia (d) Fedex
179. ………….. businesses measure the results of marketing campaign by how many people know and
recognize their brand (a) Medium scale businesses (b) large businesses (c) Small businesses (d)
Micro businesses
180. A …………..could be schools, hospitals, NGOs, clubs and associations, government agencies and parastatals
(a) Business (b) Venture (c) Conglomerate (d) None of the above
181. The act of weighing business idea’s workability, viability and profitability is called (a) Business plan (b)
Business architecture (c) Business feasibility study (d) Business competition
182. The following are stages of e-commerce development that you may find in a small enterprise in Nigeria except
(a) Simple messaging using mobile communications (b) Email messaging (c) e-cyber security agent (d) Web
publishing
183. All the following are among the many reasons behind people going into business except ________ (a)
Exposure to some available fund or program (b) Favourable government policies (c) Inherited family business
(d) Political ambition
184. Business ethics is also referred to as (a) Code of conduct (b) Principle of action (c) Criterion (d) Code of
exchange
185. Business ethics giving protection to social group means all the following are covered except (a) Competitors
(b) Customers (c) Employees (d) Shareholders
186. Yahuza Suya’s growth by reinventing its profit, acquiring more assets and employing more staff is a typical
example of an (a) Internal growth (b) External growth (c) Competition growth (d) Bulk-passing growth
187. Azman has an Airline, established Beauty company and Oil company is about to open a filling station in the
old campus of BUK. Specifically what type of strategy did the company use in growing the business? (a)
Increase in service/product line (b) Branch opening (c) Going international (d) None of the above
188. Joint venture in international business is classified into four categories, which are ….. (a) Licensing, Contract
Manufacturing, Joint ownership and management contracting (b) Technology transfer, Franchising,
Leasing and factoring (c) Lessor, Lessee, Tenor and Venturing (d) All of the above
189. Honorarium, tariffs, fees, fare and rent are all called …… (a) Service (b) Price (c) Promotion (d) Place
190. ……… is used when purchasing assets such as plant and equipment where an initial deposit may be required
followed by a series of installment payments with an attached interest (a) Hire purchase (b) Leasing (c)
Borrowing (d) Lending
191. ………. Is an agreement whereby the owner manager undertakes to make regular monthly payments to the
financial institution in return for the use of equipment belonging legally to the latter (a) Hire purchase (b)
Leasing (c) Borrowing (d) Lending
192. Which of the following is not a common cause of failure in business transitions? (a) Inadequate cash reserves
(b) failure to innovates (c) Inadequate investments in fixed assets (d) Personal use of business funds
193. Chicken and chips started issuing meal tickets and as result, the number of its customers increased because of
(a) Their unique selling proposition (b) there is no restaurant selling chips (c) They are opening by 8am (d) B
and C.
194. Indomie noodles did not stop advertising and sales promotion because they are expecting (a) Monopolistic
market (b) Competition (c) Government cooperatives (d) None of the above
195. A stage of business planning process where one determines competitive distinctiveness for his business is
______________ (a) Research (b) Strategize (c) Calculate (d) Draft
196. Deciding in advance what to do, how to do it when to do it, and who is to do it best describe (a) Organizing (b)
Directing (c) Planning (d) Decision making
197. Commitment to excellence, leadership, concern for others and loyalty are not part of ethical principles of
business. (a) True (b) False (c) Ambiguous
198. At Hospitals and Airports, the rule of first come first serve mostly doesn’t work any longer, what matters is
who you know. This is as a result of lack of adherence to (a) Business ethics (b) Business competition (c)
Business reporting (d) B and C
199. The major distinction between feasibility analysis and business plan is that the former involves a lot of
calculations, while the latter involves a lot of calculations, while the latter involves mainly strategies, this
statement is (a) True (b) False (c) Ambiguous (d) Incomplete
200. Which of the following is an example of B2C e-commerce? (a) e-Donkey (b) Amazon.com (c) Bay (d)
ChemConnect.com
201. What is acceptable in Enugu as business might be prohibited in Kano. This is a clear challenge of …… (a)
Business of technology (b) Business registration (c) Business ethics (D) Business social responsibility
202. Sharp’an Restaurant started their business on Zoo road and now they are in six different places within Kano.
The restaurant is planning to be in other states in the country. Their action is …… (a) Growing through branch
network (b) Growing through increased outlets (c) Growing by collaboration (d) A and B
203. Albarka restaurant now agrees to allow another firm to operates using their business models in ABU Zaria
for fee. What is that called? (a) Franchising (b) Merger (C) Licensing (d) Acquisition
204. ……….. is an expansion money for a newly profitable company (a) First-round (b) Second-round (c) Third-
round (d) Fourth-round
205. The fast growth/childhood phase of business is characterized by an increased in (a) Employee size and
income (b) Number of branches (c) Number of new products (d) Customer value
206. Managing fast growth/ childhood stage and doubling business revenue entails all the following except
(a)Working with smart people (b) Working hard (c) Not increasing the speed in the delivery of goods and
services (d) Creating new adaptations of products/services
207. Nigerian LGN is giving scholarship to students who pass EEP with a grades, the giving is called (a)
Corporate social responsibility (b) Company reprisal (c) Corporate social collaboration (d) Company social
character
208. …………… provides basic framework for doing business in every profession (a) Business name registration
(b) Business organization (c) Business entrepreneur (d) Business ethics
209. All the following are not ethical principles of successful business men/women except (a) Bold (b) Self-
centered (c) Honesty (d) Trust everyone
210. The process of servicing customers, collaborating with business partners, and performing electronic
transaction within an organization via electronic devices is referred to (a) e-business (b) International business
(c) Business partnership (d) e-collaboration
211. Public offering usually resolves in long term sources of funds which include the following except (a)
preference shares (b) ordinary share (c) deventures (d) Commercial paper
212. Who among the following has the rights to appoint a proxy during annual general meeting? (a) Preference
shareholders (b) Ordinary shareholders (c) Deventures holders (d) Commercial paper holders
213. Differences in staffing, creativity, strategy and customers interactions makes small and large business
marketing to be similar (a) True (b) False (c) Ambiguous
214. There are interdependent and interrelated activities that Jujin Labu store operate within, also known as
marketing elements. (a) Product, Price and Property (b) Place, Palace, Competition and Partners (c)
Product/services, Place, Price and Promotion (d) Promotion, Planning, Propagation, Plentiful.
215. In e-commerce, B2C stands for ……. (a) Business to consumer (b) Buyer to consumer (c) Business to
company (d) Buyer and consumer
216. …….. functions in such a way that the leasing company retains ownership and risks associated with the
equipment (a) financial lease (b) Operating lease (c) Acceptable lease (d) Unacceptable lease
217. …….. is a low level financing needed to prove a new idea, often provided by angel investors (a) Start-up
capital (b) Seed money (c) First-round (d) Second-round
218. …….. stage covers early sales and manufacturing funds of firms (a) Start-up capital (b) Seed money (c) First-
round (d) Second-round
219. A situation where a business can reach out to other markets far away from physical shops virtually is known as
(a) Online presence (b) Exporting (c) International Business (d) Importing
220. Business growth critical success factors include the following, except (a) Clarity (b) Competence (c)
Contentment (d) Resilience
221. The focus on entrepreneur at the adolescent phase is fostering growth through …… (a) Institutional ownership
(b) Delegation (c) innovation (d) Creativity
222. At ……… stage based on the STARS model, focus should be on generating cash, gathering skilled labour,
securing adequate inventory and acquiring production technology (a) Turnaround (b) Start-up (c) Realignment
(d) Accelerating growth
223. A non-personal but paid communication in marketing is called (a) Publicity (b) Personal selling (c)
Advertisement (d) Education
224. The major difference between venture and business is that the latter is (a) for-profit only (b) Both for-profit
and not for-profit (c) Not for-profit (d) None of the above
225. In business transitioning stages, growth, through creativity is the same thing as (a) Infancy (b) Childhood (c)
Maturity (d) Adolescence
226. Leadership crisis at the end of start-up phase of business life cycle called for (a) Professional management (b)
Organizational stability (c) Delegation (d) Cultural stagnation.
227. One of these type of business grow normally alters its owners’ capital structure in order to fund expansion (a)
Rivalry (b) Internal growth (c) Plough back profit (d) External growth
228. An e-commerce development model where a customer can only pay offline is ……. (a) Web publishing (b0
Web transacting (c) Web Integration (d) Web interacting
229. ‘Buy 2 get 1 free’ is one of the slogans often used in ………… (a) Sales promotion (b) Sales demotion (c)
Sales advancement (d) Sales domination.
230. Is it true that business ethics is a relative term that varies across borders and trade? (a) Yes (b) No (c) Not sure
231. Country mail, Sahad stores and Jiffatu stores often buy goods from their supplier but pay them later after
reselling the goods bought. What kind of financing is that? (a) Borrowing (b) Accruals (c) Trade credit (d)
Equity financing
232. …………. Is where a drawer addresses a second party, ordering the drawee to pay a specified sum of money to
a third party called the payee (a) Commercial draft (b) Debt financing (c) Bank overdraft (d) Draft financing.
233. Marketing is not a specialist activity that influences the success of any organization whether small or large
(a)True (b) False (c) Ambiguous.
234. Marketing can be conceptualized as a process that enables people obtain their ……… from organizations that
have developed products or services (a) Needs or wants (b) Desires (c) Satisfaction (d) Aspirations.
235. Ethics implicitly regulate area and details of behavior that lie beyond…………… (a) Government control (b)
Privatization (c) Technology (d) Economic control
236. Habib yoghurt purchasers are referred to as customers. What are purchasers to MTN or GLO? (a) Clients
(b)Patients (c) Subscribers (d) Tenants
237. Whatever the type of business one ventured into, it is either ……… or …………. (a) Product (b) Service (c) A
and B (d) None of the above.
238. When a more stronger company takes over weaker one e.g. the case of FCMB and Finbank, one of the
following has taken place (a) Acquisition (b) Merger (c) Joint venture (d) All of the above
239. A statement where video, audio and text are integrated into a single marketing message and consuming
experience, best explain which features of e-commerce (a) Ubiquity (b) Information density (c) Richness (d)
Universal Standards.
240. An e-commerce that takes the form of e-commerce business model but leverages on wireless technology is
known as (a) n-commerce (b) t-commerce (c) m-commerce (d) w-commerce
241. Contents providers and transaction brokers are good example of (a) B2C (b) B2B (c) B2G (d) C2C
242. Mal. Ghalis’ shop uses his stock of goods in his shop as collateral for accessing funding. What type of
financing did he utilized? (a) Inventory financing (b) Debt financing (c) Trade credit (d) Bank loan
243. B2G e-commerce is a form of which type of e-commerce? (a) B2C (b) C2C (c) B2B (d) P2P
244. Which parts of a business plan that is normally written at the end? (a) Business description (b) Financials (c)
Executive summary (d) Operation plan
245. The acronym of CAC stands for (a) Customer acquisition channel (b) Corporate affairs (c) Corporate affairs
commission (d) character administrative center
246. One of the following renders cost of doing business in Nigeria extremely high (a) Low access to finance (b)
Lack of electricity (c) Low access infrastructure (d) All of the above
247. …….. have the capacity to interact directly with their customers, get to know them on a personal level, and
learn exactly what their expectations are (a) Small business (b) large business (c) Multinational business (d)
none of the above
248. One of the following is a good ethical principle for entrepreneurs (a) Fairness (b) Accuracy (c)
Standardisation (d) Low price
249. One of the following is not type of form of business in the Nigerian business registration system (a) Sole
proprietor (b) Cooperative society (c) Partnership (d) Limited Liability Corporation.
250. International market has certain mode of entry which include all the following except (a) Exporting (b) Joint
ventures (c) Foreign branding (d) Direct investment