GST301 TMA3 ANSWERS

Q1 If vision is taken away, an organization is said to be in …………….

order

progress

movement

confusion

Q2 ………………….. Is creative, looking to a future of greatness; it keeps the organization as well as

individual motivated even if the founders are no longer in existence.

policy

envision future

envisioned vision

future

Q3 ………………….. Is the reason for the organization's existence, a clear description of the activities of

the organization.

core mission

core purpose

core movement

core activities

Q4 The …………………. Was established by the Companies and Allied Matters Act (CAMA) 1990 as a

corporate body with perpetual succession and a common seal.

Corporate Affairs Commission

Standards Organisation of Nigeria

National Agency for Food and Drug Administration Control

none of the above

Q5 The …………… environment prescribes acceptable principles and guides in business relationship.

Economic

regulatory/legal

judiciary/executive

political and judicial

Q6 One of the following is not the promotional / supportive roles of Gvernment

Tax holiday

Financial incentive

Infrastructural development

Tax evasion

Q7 ………. Improves customertouching

processes be they marketing communications or consumer

transactions

Business Model Innovation

Experiential Innovation

Process Innovation

Marketing Innovation

Q8 ………….. define innovation as the specific instrument of entrepreneurs, the means by which they

exploit change as an opportunity for a different business or a different service.

Knight (1997)

Zimmerer, Sca rborough, and Wilson (2008)

Knight (1977)

Zimmerer, Sca rborough, and Wilson (2000)

Q9 The vision 202020

in Nigeria is built on the philosophy of ………. Documents

WANTS

NEEDS

MDG

EFCC

Q10 …………... is the driving force within individuals that propel them to action.

Motivation

Innovation

Occupation

Actualisatio n

Q11 The document that states all the terms of partnership is known as…………..

Partnership agreement

article of partnership

article of association

a and b

Q12 ……..Partnership formation requires minimum and maximum number of partners respectively

2 and 20

2 and 50

2 and 7

7 and 2 0

Q13 All of the following are the disadvantages of sole proprietorship except………….

Limited growth

unlimited liabili ty

lack of continuity after the death of promoter

Easy to raise capital

Q14 …….. Is/are the minimum number required to start a sole proprietorship

One

Two

Seve n

Twent y

Q15 Which of the following is not an advantage of sole proprietorship?

ownership of all profits

Minimum legal restricti on

unlimited liability

Privacy

Q16 The entrepreneur can assess the internal environment of the business by critically looking at ………..

5ps

5s

5w

5t

Q17 The entrepreneur can assess the internal environment of business by critically looking at the

opportunies and threats and ……….

opportunities

Threats and o pportunities

strength and threats

strengths and weakn esses

Q18 The essence of scanning the external environment of business is in order to identify

……………………..

only strengths

weaknesses

strengths an d weaknesses

opportunities and threats

Q19 Opportunites in the political/legal environment could be ………….

favourable government policies

Tax holidays

Great market demand

a and b

Q20 Threats from external environmental factors can come from…………..

Direct Completion

Indirect competitor s

Consumers

All of the above