Question 1 of 50

Sole traders and partnerships have unlimited liability, simple to establish, can keep their financial affairs private

Both can source fund from capital market, publish their accounts in company’s magazine with limited liability

Sole trader share profit with other friends invested in the business, simple to establish with small capital.

Decision making in sole trader and partnership may take longer, specialisation can take place, and control of the business may also be shared.

 

Question 2 of 50

Functional structure

Hybrid structure

Divisional structure

Matrix structure

 

Question 3 of 50

23 and 24 of partnership Act of 1890

24 of partnership Act of 1890

29 of partnership Act of 1990

33 and 39 of partnership Act of 1920

 

Question 4 of 50

Selling products at reduced prices

Diseconomies of scale

Economies of scale

Internal economies of scale

 

Question 5 of 50

managing material, money, machinery, environment and men

managing material, money, men and machinery

managing men, office, stock and money

managing material, information and environment

 

Question 6 of 50

availability of adequate capital, proper planning, knowledge of the market, legal consideration and operation location

adequate control, monitoring changes in the environment and business connection

quality product, market research and lower prices

total quality management, quality control and business recognition.

 

Question 7 of 50

Corporate social responsibility

Shareholders

Stakeholders

Customers

 

Question 8 of 50

Subsidies, antidumping rules and export financing

Tariffs, local content requirements and free trade zones

Pollution control, direct investment and joint venture

Import quotas, direct investment and joint venture

 

Question 9 of 50

vision statement is the organizational purpose for the future explicitly expressed whereas mission statement defines the basic reason for the existenceof an organisation

Mission statement is inspiring and exhilarating whereas vision statement should be feasible

Mission statement reflects the philosophy, identity, character and image of an organisation whereas vision statement should be motivating

Mission statement should be clear enough to lead an action while vision statement should be distinctive

 

Question 10 of 50

Process, Do, Committee, Act

Plan, Do, Committee, Approach

Plan, Do, Check, Act

Product, Demand, Control, Activities

 

Question 11 of 50

A SWOT analysis measures a business while PEST analysis measures trends and changes in the market

SWOT analysis can be completed by an individual within the organisation whereas PEST analysis measures the performance of the company.

PEST analysis is an external factors while SWOT analysis is a business measurement tools

PEST analysis is helpful prior to completing a SWOT analysis whereas SWOT analysis is not useful to define the relevant level of significance that need tobe considered when including a factor before completing the analysis.

 

Question 12 of 50

garbage can.

satisficing.

incremental.

rational.

 

Question 13 of 50

re-engineering.

outsourcing.

e-commerce

customization

 

Question 14 of 50

career opportunities.

technological changes.

regulatory changes.

political changes.

 

Question 15 of 50

Price control Act 1970

Price control board

Nigerian Enterprises Promotion Act

Companies and Allied matters Act 1990

 

Question 16 of 50

Lack of adequate finance and inconsistent policies

Bad management, impropriety and political interference

Inadequate control, non accountability, nepotism and favouritism

Lack of cooperation of government officials, inability to listen to the advice of people and Laziness

 

Question 17 of 50

Share is borrowed from the bank and debenture borrowed from the public

Share is the contribution of individuals and debenture borrowed from the public

Shareholder become the owners of the company and debenture holder the creditors of the company

Share cannot be transferred while debenture holder can become the director of the company.

 

Question 18 of 50

Little capital is needed, easy to keep overall control and decisions can be made quickly

Can easily source fund from the capital market in addition to the little available capital

Easy to keep overall control but their staff lack discipline

Decision might have to be made without assistance but can employ specialist to manage the business

 

Question 19 of 50

create employment opportunities

facilitate the conversion of gift of nature

raise the standard of living

sponsor our children to school.

 

Question 20 of 50

Environmental analysis

Ansoff’s matrix analysis

Boston matrix analysis

SWOT analysis

 

Question 21 of 50

Quality of Work life

Quality Circle

Alternative Work schedule.

Job Redesign

 

Question 22 of 50

Direct majority equity, business combination, horizontal combination

Direct investment, direct majority equity interest and indirect investment through whole owed government institution

Indirect investment, merger and acquisitions, joint venture

Direct investment, selling of shares to the public, merger and Horizontal integration

 

Question 23 of 50

Policies, Environmental, Society, Telecommunication, Economic and Legal

Procedure, Environmental, Social, Telecommunication, Economic, Legal

Political, Economic, Society, Technological, Environmental, Legal

Political, Economic, Social, Technological, Environmental, Legal

 

Question 24 of 50

There was relative peace in England, political and financial stability, agricultural revolution and there was much money in England.

Development of engineering, revolution of iron making, use of steam power in textile and rise of chemical industries

Mass production, growth of capitalism, specialisation and improvement in standard of living

There was rural-urban migration leading to high rate of urbanization, specialisation of labour and production of goods.

 

Question 25 of 50

small capital requirement, easy to set up, overhead cost is relatively low, and customer loyalty

Policies of the business can be easily and quickly changed to accommodate recent trends in business environment, personal services, opportunity tosource fund from capital market and can compete with larger businesses.

Favourable environment, credit facilities opportunities, access to raw materials to produce require goods to meet customers demand

Limited liability, perilousness involved in this type of business is very high, serve as a suppliers to small firms

 

Question 26 of 50

Inputs into a product include money spent for diesel while output of a business is physical product to be resold to other organisation.

Inputs into a product are very costly as a result of economic recession.

Input in addition to output contributes to output of the organisation.

Inputs into a product include land, labour, capital and intellectual capital while outputs of a business are goods and services.

 

Question 27 of 50

buy shares in the company

control revenue sources

protect the citizens

exercise sovereign rights

 

Question 28 of 50

concept of conglomerate

horizontal combination

vertical integration

business combination

 

Question 29 of 50

Internal environment refers to all the forces that are available within an environment that affect an organisation and its business while externalenvironment refers to the external factors that affect the business decisions

Internal factors is also known as controllable factors while external factors are unpredictable and uncontrollable

Internal environment includes plans and policies, human resource, financial resources, corporate image, plant and machinery while external environmentincludes economic environment, political environment, legal environment, social environment, technological environment

Both internal forces and external forces can be controlled using available resources in the organisation.

 

Question 30 of 50

horizontal merger occurs between companies belonging to the same industry whereas vertical merger is a merger between companies that producegoods for one common finished product

Horizontal merger is a merger between companies that operate in completely and unrelated industries whereas vertical merger is a merger that has sameproducts to offer but with different markets.

Horizontal merger is a merger between companies that have different but related products but markets are same whereas vertical merger integrationrefers to a company that acquires the distribution channels of its products

Horizontal merger consists of companies that acquire a company that operates before the acquiring company in the production process.

 

Question 31 of 50

hinder the customer from buying the organisation’s products

affect the competitors

influence the organisation’s attainment of business goals

hinder suppliers from giving credit facilities to the organisation

 

Question 32 of 50

Marketing organisation

Globalisation

Information technology

Multinational organisation

 

Question 33 of 50

The macro environment

The global environment

The national environment

The micro environment

 

Question 34 of 50

meet human needs and desires by providing goods and services

create employment opportunity

meet security needs of the communities

raise the standard of living

 

Question 35 of 50

Only (i) and (ii)

(i), (ii), (iii), (iv) and (v)

Only (i), (ii) and (iii)

Only (i), (ii) and (iv)

 

Question 36 of 50

Policy of commercialisation, privatization and deregulation

Workshop and seminars, training of government official and giving scholarship award

Fiscal policy, monetary policies and local sourcing of raw material.

Regulatory agencies, provision of infrastructural facilities and creation of export processing zones.

 

Question 37 of 50

Companies and Allied Matters (CAMA)and Federal Reporting Council of Nigeria

Child Tracking Act and Prostitution Act

Migration Act of 1990 and self Defence Act

Deportation Act and Government Responsibility Act

 

Question 38 of 50

neutralizing

increasing

decreasing

aggravating

 

Question 39 of 50

Net worth and total assets

Number of workers employed and quantity of power ad material used

Value of output and volume of output

Popularity of the managing director and the environment where the company is operating

 

Question 40 of 50

To generate profit for government, to maintain equality of opportunity for citizens.

To assist individuals get jobs in foreign countries, sponsoring individuals to contest for political post

To discourage harmful practices by some businesses, to protect infant industries from unfair competition practices

To protect the welfare of individuals, ensure higher standard of moral safety and conserve the nations resources

 

Question 41 of 50

Impressive increase in the size of the market

Increase in market size

Evolvement of high technology

Difficult of some small businesses surviving.

 

Question 42 of 50

Primary, secondary and tertiary industries

Secondary, extractive and mining industries

Tertiary, textile and raw material industries

Secondary, construction and manufacturing industries

 

Question 43 of 50

Excessive costs.

Absence of mechanism to ensure accountability to society.

Protecting shareholders’ interests.

Weakened international balance

 

Question 44 of 50

To diversify themselves against the risks and uncertainties of the domestic business cycle

Make more money

Merger and acquisition

Business connection

 

Question 45 of 50

Payment of dividends to shareholder

Offering the benefit of limited liability to investors

Giving loan to the shareholders

Encouraging shareholders to participate in decision making

 

Question 46 of 50

quality.

feasibility.

ethics

acceptability.

 

Question 47 of 50

Systematic decision making

Universal management process

Motivation

Universally accepted management style

 

Question 48 of 50

certificate of incorporation

memorandum of association

articles of association

prospectus

 

Question 49 of 50

Parent and school

Market place and food canteen

Religion

Media

 

Question 50 of 50

Creativity and initiative

Individual approach and intelligence

Application and dedication

Inability to motivate and decision making