GST204 EXAM PRACTICE QUESTIONS AND ANSWERS

In what year did Britain industrial revolution take place?

a.1700

b.1830

c.Mid-1700

d.2000

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Which of the following is not a peculiar problem faced by Nigerian entrepreneurs?

a.Inadequate Raw materials

b.Infrastructural Problems

c.Low standard of Business Ethics and Political Instability

d.Financial Problems

Non-profit-oriented entrepreneurs are referred to as

a.International entrepreneurs

b.Social entrepreneurs

c.Public entrepreneurs

d.Private entrepreneurs

Economic incentives are the main drive for entrepreneurial activities according to

a.G.F. Papanek J.R. Harris

b.G.F. Papanek J.B. Harris

c.Papanek Harris

d.Papanek Harris

Economic theories of entrepreneurship tend to understand business

a.Dynamics

b.Ethics

c.Ideas

d.Ventures

Brainstorming helps in generating a large number of product

a.ideas

b.Research

c.Creativity

d.Familiarity

The need for achievement theory was propounded by

a.Herzberg

b.Maslow

c.Schumpeter

d.McClelland

According to economists, entrepreneurship and economic growth will take place in those situations where particular economic conditions are most

a.Critical

b.Honour

c.Acceptable

d.Favourable

One of these is NOT identified as part of entrepreneurship’s role in a nation’s economic development.

a.Development of monetary policies

b.Utilization of local resources

c.Creation of employment

d.Development of domestic /Indigenous technology

People who are more likely to accept risk and take chances are more likely to be self-employed than those who do not take

a.Contract

b.Faith

c.Risk

d.Belief

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People who take risks normally take a calculated risk and do not

a.Risk

b.Contract

c.Gamble

d.Profitable

The models that have received significant empirical support are the intergeneration inheritance of company, culture, social marginality and ethnicity known as

a.Sociological

b.Opportunity

c.enterprise

d.Property

The theory of entrepreneurship that embraces social culture as a driving force of entrepreneurship is

a.National Distance

b.Psycho-dynamic

c.Economic

d.Sociological

Which of the following is not a peculiar problem faced by Nigerian entrepreneurs?

a.Infrastructural Problems

b.Inadequate Raw materials

c.Financial Problems

d.Low standard of Business Ethics and Political Instability

An entrepreneur must be ready to adjust and open to

a.Friends

b.A viable political group

c.Criticism

d.Business plan

Sociological enterprise focuses on the context of

a.Classical

b.Community

c.Society

d.Social

The person that identified four social contexts that relate to entrepreneurial opportunity in 1991 was

a.Reynolds

b.Ray

c.Roy

d.Rowland

People who are ________ in business are moderate risk-takers.

a.Creative

b.Potential

c.Success

d.Achieved

In what year was Locus of control introduced?

a.1970s

b.1960s

c.1980s

d.1950s

When people tend to work harder in achieve success they have an internal locus of control known as the direction of

a.Causality

b.Achievement

c.Event

d.Accident

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The orientation is a belief about whether the outcomes of our actions are contingent on what we do (internal control orientation) or on events outside our personal control (external control orientation) This is referred to as

a.Locus of direction

b.Locus of power

c.Locus of command

d.Locus of control

The theory that explains that human beings have a need to succeed, accomplish, excel or achieve is called

a.Psychological trait

b.Personality

c.Achievement

d.Personal trait

An individual with an external locus of control believes that life\’s events are the result of external factors, such as chance, luck, or fate. This is referred to as

a.Specific locus of control

b.Major locus of control

c.External locus of control

d.Internal locus of control

Those usually driven by the need to achieve and excel are.

a.Entrepreneurial

b.Entrepreneurs

c.Entrepreneurship

d.Businessmen

Business idea generation and opportunity analysis are the foundation for launching a new

a.Organisation

b.Venture

c.Firm

d.Business

Entrepreneur and Entrepreneurship have been a point of interest to economics as early as

a.1756

b.1755

c.1757

d.1758

What is the meaning of ILO as used in the introductory part of GST204?

a.Issue Labouring Overturn

b.Intended Learning Outcome

c.International Labour Organisation

d.Instant Lego Over

The need for achievement theory was propounded in 1961 by

a.Shokefun

b.McClelland

c.Abdallah

d.McCarthy

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Someone open to criticism and ready to adjust is known as.

a.A viable political group

b.Friends

c.Entrepreneur

d.Business plan

Those who argue that entrepreneurship is most likely to emerge under a specific social culture are

a.Economist

b.Sociology

c.Anthropologist

d.Sociologists

of these is NOT among the stages of economic development as identified by Porter, Sachs and MacArthur (2002).

a. Labour-driven economies

b.factor-driven economies

c.innovationdriveneconomies

d.efficiency-driven economies

Non-profit-oriented entrepreneurs are referred to as

a.Public entrepreneurs

b.International entrepreneurs

c.Social entrepreneurs

d.Private entrepreneurs

In what year did Britain’s industrial revolution take place?

a.Mid-1700

b.1830

c.2000

d.1700

Hygiene theory in organizational behavior was postulated by

a.McClelland

b.Herzberg

c.Maslow

d.Schumpeter

According to economists, entrepreneurship and economic growth will take place in those situations where particular economic conditions are most

a.Favourable

b.Honour

c.Acceptable

d.Critical

People who take risks normally take a calculated risk and do not

a.Risk

b.Contract

c.Gamble

d.Profitable

The model propounded by Kets de Vries is

a.Psycho-dynamic

b.Locus of control

c.Psychological

d.Neoclassical

To be a good entrepreneur you must be:

a.All the above

b.flexible

c.skilled

d.patient

The experiences of people influence their thoughts and actions which motivates them to do something meaningful with their

a.lives

b.Family

c.Friends

d.Individuals

The third of the major entrepreneurship theories is known as

a.Psychological

b.Classical

c.Sociological

d.Psycho-dynamic

Which of the following is not a peculiar problem faced by Nigerian entrepreneurs?

a.Low standard of Business Ethics and Political Instability.

b.Financial Problems

c.Infrastructural Problems

d.Inadequate Raw materials

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The models that have received significant empirical support are the intergeneration inheritance of company, culture, social marginality, and ethnicity known as

a.enterprise

b.Sociologica

c.Property

d.Opportunity

The system of government legislation, customers, employees, and competition are some of the environmental factors that have an effect on the survival ofa  new venture or the success of the entrepreneur to

a.Sociological

b.Economical

c.political

d.Capital

The person who identified four social contexts that relate to entrepreneurial opportunity in 1991 was

a.Roy

b.Ray

c.Reynolds

d.Rowland

Sociological enterprise focuses on the context of

a.Community

b.Society

c.Classical

d.Social

It is not only a financial loss, but also image loss or loss of relationship with other people in the society, which can be regarded as

a.Profitable

b.Risk

c.gamble

d.Contract

Business idea generation and opportunity analysis are the foundation for launching a new

a.Organisation

b.Business

c.Venture

d.Firm

In what year was Locus of control introduced?

a.1950s

b.1960s

c.1970s

d.1980s

Cantillon (circa 1730) conceptualized the entrepreneur as: the “agent who buys means of production at certain prices to combine them” into a new

a.Production

b.productivity

c.Product

d.Promotion

The orientation is a belief about whether the outcomes of our actions are contingent on what we do (internal control orientation) or on events outside our control (external control orientation) This is referred to as

a.Locus of control

b.Locus of power

c.Locus of direction

d.Locus of command

The need for achievement theory was propounded in 1961 by

a.McCarthy

b.McClelland

c.Shokefun

d.Abdallah

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Who introduced the Locus of Control?

a.Juliana Rotter

b.McClelland

c.McCarthy

d.Julian Rotter

Those are usually driven by the need to achieve and excel.

a.Businessmen

b.Entrepreneurial

c.Entrepreneurship

d.Entrepreneurs

Which of the following is most required in business idea generation?

a.Capital

b.Design

c.Brainstorming

d.Labour

The theory that explains that human beings need to succeed, accomplish, excel, or achieve is called

a.Personality

b.Achievement

c.Psychological trait

d.Personal trait

Brainstorming helps in generating a large number of product

a.Research

b.ideas

c.Familiarity

d.Creativity

The need for achievement theory was propounded by

a.Maslow

b.Schumpeter

c.McClelland

d.Herzberg

Someone open to criticism and ready to adjust is known as.

a.A viable political group

b.Friends

c.Entrepreneur

d.Business plan

The following are characteristics of an Entrepreneur except

a.Humanity

b.Visionary

c.Creativity

d.Innovative

Hygiene theory in organizational behavior was postulated by

a.Schumpeter

b.McClelland

c.Maslow

d.Herzberg

Non-profit-oriented entrepreneurs are referred to as

a.Public entrepreneurs

b.Private entrepreneurs

c.Social entrepreneurs

d.International entrepreneurs

GST204 EXAM KEYNOTES ARE NOW AVAILABLE! CLICK HERE TO GET IT NOW!

How best will you classify barriers that cause prejudice and discrimination in a business?

a.Attitude barriers

b.Physical barriers

c.Assistance barriers

d.Policy barriers

In what year did Britain’s industrial revolution take place?

a.1700

b.1830

c.Mid-1700

d.2000

According to economists, entrepreneurship and economic growth will take place in those situations where particular economic conditions are most

a.Critical

b.Favourable

c.Honour

d.Acceptable

Economic incentives are the main drive for entrepreneurial activities according to

a.Papanek Harris

b.G.F. Papanek J.R. Harris

c.Papanek Harris

d.G.F. Papanek J.B. Harris

To be a good entrepreneur you must be:

c.All the above

People who are more likely to accept risk and take chances are more likely to be self-employed than those who do not take

c.Risk

The model propounded by Kets de Vries is

c.Psycho-dynamic

An enduring character of an organization is described as —-

Core ideology

People who are ________ in business are moderate risk-takers.

.Success

GST204 EXAM KEYNOTES ARE NOW AVAILABLE! CLICK HERE TO GET IT NOW!

The theory of entrepreneurship that embraces social culture as a driving force of entrepreneurship is

a.Sociological

The experiences of people influence their thought and actions which motivates them to do something meaningful with their

a.lives

People tend to say that they take the profit and pass the risk to someone else because of

.Risk

The third of the major entrepreneurship theories is known as

.Sociological

Which of the following is not a peculiar problem faced by Nigerian entrepreneurs?

c.Inadequate Raw materials

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