Gst301-exam Sucess Guide

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Gst301-exam Sucess Guide - Quiz

Beneath are likely examination question (AOC) on GST301. Take our quiz as you prepare for GST301 exams.
NOTE:This questions were culled from past TMAS,current TMAS and more from TEXTBOOK.
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Questions and Answers
  • 1. 

    Also, the entrepreneur can assess the internal environment of the business by critically looking at the internal factors in terms of the 5s

  • 2. 

    Strengths, Weaknesses, Opportunities and Threats

  • 3. 

    If vision is taken away , an organization can set into ________

    Explanation
    If an organization loses its vision, it can lead to confusion. Vision provides a clear direction and purpose for the organization, guiding its decisions and actions. Without vision, there is a lack of clarity and alignment, causing confusion among the members of the organization. This can result in a loss of focus, decreased productivity, and difficulty in making decisions. Confusion can also arise from conflicting goals and objectives, as well as a lack of understanding about the organization's purpose and direction. Ultimately, without a clear vision, the organization may struggle to achieve its goals and fulfill its mission.

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  • 4. 

    An entrepreneur must be open to_______ and be ready to adjust

    Explanation
    An entrepreneur must be open to criticism in order to grow and improve their business. By being receptive to feedback and constructive criticism, they can identify areas for improvement and make necessary adjustments to their strategies or products. Criticism can provide valuable insights and different perspectives that can help entrepreneurs make informed decisions and adapt to changing market conditions. Being open to criticism also demonstrates a willingness to learn and grow, which is essential for long-term success in the business world.

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  • 5. 

    _______________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.

    Explanation
    The phrase "envision future" suggests that the organization or individual is actively imagining or visualizing what the future holds. This forward-thinking mindset helps to inspire creativity and motivation, even if the original founders or leaders are no longer present. By envisioning a future of greatness, the organization or individual can continue to strive for success and progress.

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  • 6. 

    Establishing and maintaining companies" registry and offices in all the states of the Federation is a function of _____

    Explanation
    The establishment and maintenance of companies' registry and offices in all the states of the Federation is a function of the National Council. The National Council is responsible for overseeing and coordinating the activities of various government agencies and departments at the national level. In this case, it is tasked with ensuring that companies' registry and offices are set up and maintained in all states, ensuring proper documentation and compliance with regulations.

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  • 7. 

    ___________is the reason for the organization�??s existence, a clear description of the activities of the organization

    Explanation
    The core purpose refers to the reason for the organization's existence and provides a clear description of its activities. It is the fundamental driving force behind the organization's mission and goals. The core purpose defines the organization's identity and sets the direction for its actions and decisions. It helps the organization focus on its primary objectives and serves as a guiding principle in all its endeavors.

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  • 8. 

    The headquarters of the Corporate Affairs Commission is based in ___________

    Explanation
    The headquarters of the Corporate Affairs Commission is based in Abuja, the Federal Capital Territory. This means that the main office of the commission is located in the capital city of Nigeria, which is Abuja. The Federal Capital Territory is a specific administrative area within Nigeria, where the capital city is situated. Therefore, it is logical for the headquarters of a national commission like the Corporate Affairs Commission to be based in the capital city.

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  • 9. 

    ___________was the first to introduce the concept "entrepreneur" in his work in 1755.

    Explanation
    Richard Cantillon was the first to introduce the concept of "entrepreneur" in his work in 1755. Cantillon, an Irish-French economist, defined an entrepreneur as someone who takes risks by allocating resources to create and develop new products or services. His work, particularly his book "Essai sur la Nature du Commerce en Général" (Essay on the Nature of Trade in General), laid the foundation for understanding entrepreneurship and its role in economic development. Cantillon's ideas continue to influence modern economic theories on entrepreneurship.

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  • 10. 

    Richard Cantillon, was the first to introduce the concept "entrepreneur" in his work in _______

    Explanation
    Richard Cantillon introduced the concept of "entrepreneur" in his work in 1755.

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  • 11. 

    Given the foregoing, we can infer that the concept “entrepreneur” is almost as old as the formal discipline of __________

    Explanation
    The passage suggests that the concept of "entrepreneur" has been around for a long time, as it is mentioned in relation to the formal discipline of economics. This implies that the concept of entrepreneurship has been studied and discussed for a significant period, making it almost as old as the formal discipline of economics.

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  • 12. 

    The non-continuous process of combining resources of time, man, money, and materials to create products,services and ideas is ………….

    Explanation
    Entrepreneurship refers to the non-continuous process of combining resources such as time, manpower, money, and materials to create products, services, and ideas. This involves the identification of opportunities, taking risks, and organizing and managing these resources effectively to bring innovative solutions to the market. Entrepreneurs play a crucial role in driving economic growth and societal development by creating value and generating employment opportunities. They are known for their ability to think creatively, take initiative, and embrace change in order to transform ideas into successful ventures.

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  • 13. 

    _________conceives entrepreneurship as the creation of new organizations.

    Explanation
    Gartner is the correct answer because it is the name of an individual or organization that conceives entrepreneurship as the creation of new organizations. The statement implies that Gartner has a specific perspective on entrepreneurship, viewing it as the process of establishing new businesses or ventures.

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  • 14. 

    There are given situations where an entrepreneur is not able to establish his or her own business and as such has to work in an organization. In this case they are referred to as ________

    Explanation
    Intrepreneurs refers to entrepreneurs who work within an organization rather than establishing their own business. These individuals possess an entrepreneurial mindset and exhibit innovative and proactive behavior within their roles. They take initiative, identify opportunities, and drive change within the organization, often acting as intrapreneurs. Intrepreneurs bring a fresh perspective, contribute to growth and development, and help foster a culture of innovation within the organization.

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  • 15. 

    ____________is an individual whose business is in the realm of high technology, who at the same time has the spirit of an entrepreneur.

    Explanation
    A techpreneur is an individual who operates a business in the field of high technology and possesses the entrepreneurial mindset. This means that they not only have expertise in technology but also possess the drive, innovation, and risk-taking attitude of an entrepreneur. Techpreneurs are known for their ability to identify and capitalize on opportunities in the tech industry, while also being able to navigate the challenges and uncertainties that come with starting and running a business.

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  • 16. 

    The  type of entrepreneur is preoccupied with introducing something new into the market, organization or nation

    Explanation
    The correct answer is "Innovative." This type of entrepreneur is focused on bringing something new and original into the market, organization, or nation. They are constantly seeking innovative ideas and solutions to create value and differentiate themselves from competitors. They are not afraid to take risks and challenge the status quo in order to drive growth and success.

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  • 17. 

    ___________________ These are entrepreneurs that are very careful and cautious in adopting any changes

  • 18. 

    The type of entrepreneurs that are resistant to change are referred to as _________

  • 19. 

    An individual that exhibits innovative abilities, perceives the market opportunities, and has the motivation, drive and ability to mobilize resources to meet market opportunities, while working in an existing organization is referred to as a(an)………………

    Explanation
    An individual who possesses innovative abilities, recognizes market opportunities, and has the motivation, drive, and capability to mobilize resources within an established organization is commonly known as an "intrepreneur." This term refers to someone who demonstrates entrepreneurial qualities while operating within the confines of an existing company rather than starting their own venture. Intrepreneurs are valuable assets to organizations as they bring fresh ideas and drive growth and innovation from within.

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  • 20. 

    The characteristics of entrepreneurs as risk-bearers, coordinators and organizers, gap-fillers, leaders, and innovators or creative imitators were listed by……………..

    Explanation
    Joseph Schumpeter is the one who listed the characteristics of entrepreneurs as risk-bearers, coordinators and organizers, gap-fillers, leaders, and innovators or creative imitators. He was an economist and sociologist who is known for his theories on entrepreneurship and innovation. Schumpeter believed that entrepreneurs play a crucial role in driving economic development and growth through their ability to take risks, organize resources, fill market gaps, lead and inspire others, and introduce new ideas and technologies. His work has had a significant influence on our understanding of entrepreneurship and its impact on the economy.

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  • 21. 

    The two disciplines where entrepreneurship originated were …… / ……

    Explanation
    PLEASE NOTE, IN THE FRONT PAGE OF THE TEXTBOOK, ITS Economics/History but the TMA IN PAGE 11 SAYS: Economics / Business

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  • 22. 

    Ensuring that the use of narcotic drugs and psychotropic substances are limited to medical and scientific purpose is a function of 

    Explanation
    The correct answer is EFCC. The EFCC, or Economic and Financial Crimes Commission, is responsible for enforcing laws related to economic and financial crimes in Nigeria. While the question does not explicitly mention narcotics or psychotropic substances, the EFCC's mandate includes combating drug-related offenses and ensuring that the use of such substances is limited to medical and scientific purposes. Therefore, it can be inferred that the EFCC is responsible for ensuring the proper use of narcotic drugs and psychotropic substances in Nigeria.

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  • 23. 

    The environment prescribes acceptable principles and guides in business relationship

    Explanation
    The environment in which a business operates often has regulations and laws that dictate acceptable principles and guidelines for business relationships. These regulatory and legal requirements ensure that businesses conduct themselves ethically and responsibly, protecting the interests of all parties involved. Complying with these regulations and laws is crucial for businesses to maintain trust and credibility with their stakeholders and avoid legal consequences. Therefore, the answer "regulatory/legal" accurately reflects the role of these principles and guides in business relationships.

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  • 24. 

    The one who creates a new enterprise in a risky and uncertain environment is referred to as a (an)……………...

    Explanation
    An entrepreneur is someone who starts a new business venture in a risky and uncertain environment. They take on the challenge of creating and managing a business, often with limited resources and without a guaranteed outcome. Entrepreneurs are known for their ability to identify opportunities, take calculated risks, and innovate in order to achieve success. They play a crucial role in driving economic growth and creating job opportunities.

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  • 25. 

    An Entrepreneur who starts a business with a fresh idea is simply performing a …………. role.

    Explanation
    When an entrepreneur starts a business with a fresh idea, they are essentially playing the role of a resource allocator. This means that they are responsible for identifying and allocating the necessary resources such as capital, labor, and materials, to ensure the smooth operation of the business. As a resource allocator, the entrepreneur must make strategic decisions on how to best allocate these resources to maximize efficiency and productivity, ultimately leading to the success of the business.

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  • 26. 

    When an entrepreneur directs and controls all organizational activities to ensure that things are done properly on schedule, he is performing the…….. role.

    Explanation
    In this context, the term "leader" refers to an entrepreneur who takes charge and oversees all organizational activities to ensure they are carried out efficiently and according to the established schedule. This individual is responsible for guiding and motivating the team, making decisions, and setting the overall direction of the organization. By assuming the role of a leader, the entrepreneur demonstrates their ability to effectively manage and coordinate the various aspects of the business to achieve desired outcomes.

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  • 27. 

    The scholar who first stressed the significance of entrepreneurship for economic growth is……….

    Explanation
    Cantillon is the correct answer because he is widely recognized as the scholar who first emphasized the importance of entrepreneurship for economic growth. His work, particularly his book "Essai sur la Nature du Commerce en Général" (Essay on the Nature of Commerce in General), published in the early 18th century, discussed the role of entrepreneurs in driving economic activity and innovation. Cantillon's ideas laid the foundation for the understanding of entrepreneurship as a key driver of economic development.

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  • 28. 

    The promotional and supportive roles of Gvernment is revenue -

    Explanation
    The government plays a promotional and supportive role in revenue generation. This means that the government takes actions to encourage and support the generation of revenue, such as implementing policies and programs that stimulate economic growth, attracting investment, and creating job opportunities. Additionally, the government may provide financial support or incentives to businesses and industries to help them generate revenue. Overall, the government's involvement in revenue generation is aimed at boosting the economy and ensuring the financial stability of the country.

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  • 29. 

    The one who creates a new enterprise in a risky and uncertain environment is referred to as a (an)……………...

    Explanation
    An entrepreneur is someone who takes the initiative to start a new business or venture in an environment that is filled with risks and uncertainties. They are willing to take on these challenges and are often characterized by their innovative thinking, ability to identify opportunities, and willingness to take calculated risks. Entrepreneurs play a crucial role in driving economic growth and creating employment opportunities. They are driven by their passion, vision, and determination to succeed in their chosen field.

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  • 30. 

    The scholar who first stressed the significance of entrepreneurship for economic growth is ………………

    Explanation
    Richard Cantillon is credited with being the scholar who first emphasized the importance of entrepreneurship for economic growth. His work, "Essai sur la Nature du Commerce en Général" (Essay on the Nature of Trade in General), published in the early 18th century, explored the role of entrepreneurs in allocating resources and driving economic development. Cantillon recognized that entrepreneurs take risks, innovate, and create new opportunities, which ultimately contribute to economic growth. His ideas laid the foundation for understanding the vital role of entrepreneurship in modern economies.

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  • 31. 

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

    Explanation
    Motivation is the internal force that pushes individuals to take action. It is the desire or willingness to achieve a goal or fulfill a need. Without motivation, people may lack the drive to pursue their objectives or engage in any productive activities. Motivation can come from various sources such as personal aspirations, external rewards, or the need to meet societal expectations. It is essential for individuals to stay motivated in order to overcome challenges, stay focused, and achieve success in their endeavors.

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  • 32. 

    The first step in creative process according to Holt (1992) is :

    Explanation
    According to Holt (1992), the first step in the creative process is idea generation. This implies that before any creative work can take place, the generation of ideas is crucial. This initial step involves brainstorming, thinking outside the box, and exploring various possibilities and perspectives. Idea generation sets the foundation for the creative process, allowing individuals to come up with new and innovative concepts that can be further developed and implemented.

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  • 33. 

    The following are forms of innovation except:

    • A.

      Product-Marked Innovation

    • B.

      Technological Innovation

    • C.

      Administrative Innovation

    • D.

      Idea generation

    Correct Answer
    D. Idea generation
    Explanation
    The given options are all forms of innovation except for idea generation. Idea generation is not a form of innovation but rather the initial stage in the innovation process, where new ideas are generated and brainstormed. Product-Marked Innovation refers to the development of new or improved products, Technological Innovation involves the introduction of new technologies or processes, and Administrative Innovation focuses on improving administrative systems and processes within an organization.

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  • 34. 

    When innovation brings about a new dominant design and consequently,a new set of core design concepts embodied in components that are linked together in a new architecture,it is known as _______

    Correct Answer
    Radical Innovation
    Explanation
    Radical innovation refers to the introduction of a completely new and innovative design, which includes a new dominant design and a new set of core design concepts. This innovation brings about a shift in the existing architecture and components, resulting in a significant change in the way things are done. It is a disruptive and transformative form of innovation that revolutionizes industries and markets.

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  • 35. 

    Creativity emphasizes the “ability,” not the _______

    Correct Answer
    activity
    Explanation
    Creativity emphasizes the "ability," not the activity. This means that creativity is not solely focused on the specific actions or tasks performed, but rather on the individual's capacity to think, imagine, and generate new ideas. It highlights the importance of the person's inherent skill or talent in being creative, rather than the specific actions they engage in. The emphasis is on the ability to think innovatively and come up with unique solutions, rather than the specific activities or tasks involved in the creative process.

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  • 36. 

    When innovation brings about the reconfiguration of an established system to link together components and parts in a new way,it is know as _______

    Correct Answer
    Architectural Innovation
    Explanation
    Architectural innovation refers to the process of reconfiguring an existing system by linking its components and parts in a new way. This type of innovation involves changing the overall structure or design of the system, rather than just making incremental improvements to individual components. It often requires a fundamental shift in thinking and can lead to significant advancements in technology, efficiency, and performance.

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  • 37. 

    The headquarters of the Corporate Affairs Commission in Nigeria is located in ______

    Correct Answer
    Abuja
    Explanation
    The correct answer is Abuja because Abuja is the capital city of Nigeria and is the administrative center of the country. As the headquarters of the Corporate Affairs Commission, it makes sense for it to be located in the capital city where most government offices and institutions are situated.

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  • 38. 

    An agency that is responsible for providing advice, educate to public on and against bribery and corruption is

    Correct Answer
    ICPC
    Explanation
    The correct answer is ICPC. ICPC stands for Independent Corrupt Practices and Other Related Offences Commission. It is an agency that is responsible for providing advice and educating the public on the dangers and consequences of bribery and corruption. Its main aim is to prevent, investigate, and prosecute corrupt practices in both the public and private sectors in Nigeria.

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  • 39. 

    The organisation that is concerned with the registration of Business in Nigeria is 

    Correct Answer
    Corporate Affairs Commission
    Explanation
    The Corporate Affairs Commission is the organization responsible for the registration of businesses in Nigeria. They are in charge of regulating and supervising the formation, incorporation, and management of companies in the country. The commission ensures that businesses comply with legal requirements and provides a transparent and efficient process for registering and maintaining business records.

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  • 40. 

    When innovation consists of market research,product design, and innovations in advertising and promotion,it can be said to be _______

    Correct Answer
    Product-market Innovation
    Explanation
    Product-market innovation refers to the process of developing and introducing new products or services to the market, along with implementing innovative marketing strategies to promote and sell them. This involves conducting market research to identify consumer needs and preferences, designing products that meet those needs, and creating innovative advertising and promotional campaigns to effectively reach and attract the target market. Therefore, the given answer, "Product-market Innovation," accurately describes the concept of innovation that encompasses market research, product design, and innovations in advertising and promotion.

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  • 41. 

    The concept "environment" can also be referred to as

    Correct Answer
    surroundings
    Explanation
    The concept of "environment" can also be referred to as "surroundings" because it encompasses everything that surrounds and influences an organism or a system. The term "surroundings" implies the physical, biological, and social factors that exist in the vicinity of an entity and affect its behavior, development, and overall well-being. Therefore, using the term "surroundings" as a synonym for "environment" accurately captures the idea of the external conditions and elements that impact an individual or a system.

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  • 42. 

    _________is the manifestation of the various forces and influences operating in the internal environment of an organization.

    Correct Answer
    Organizational behaviour
    Explanation
    Organizational behaviour refers to the study of how individuals and groups behave within an organization. It involves understanding the various forces and influences that affect the internal environment of an organization, such as leadership styles, communication patterns, and organizational culture. By studying organizational behaviour, managers can gain insights into how to effectively manage and motivate employees, improve teamwork and collaboration, and create a positive work environment. Therefore, the given answer accurately describes organizational behaviour as the manifestation of the various forces and influences operating in the internal environment of an organization.

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  • 43. 

    The environment that recognizes the customs, traditions and value of the community is known as …………………

    Correct Answer
    Socio-cultural
    Explanation
    The environment that recognizes the customs, traditions, and values of the community is known as the socio-cultural environment. This environment encompasses the social and cultural aspects of a community, including its beliefs, norms, practices, and social interactions. It acknowledges the importance of cultural diversity and promotes inclusivity and respect for different customs and traditions. This environment plays a crucial role in shaping individuals' behavior, attitudes, and identities, as well as influencing social dynamics and relationships within a community.

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  • 44. 

    The environment in the borderline between internal and external environment is _______

    Correct Answer
    Intermediate
    Explanation
    The environment in the borderline between internal and external environment is referred to as intermediate. This suggests that it lies somewhere between the internal factors that directly impact an organization (such as employees and management) and the external factors that are outside the organization's control (such as market conditions and competition). The intermediate environment may include factors like suppliers, customers, and other stakeholders who have a direct influence on the organization but are not part of the internal structure.

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  • 45. 

    Lack of action plan can cause _________

    Correct Answer
    false start
    Explanation
    Lack of an action plan can result in a false start. Without a clear plan in place, it is easy to start a project or initiative without proper direction or understanding of the necessary steps. This can lead to wasted time, resources, and effort, as well as potential failure to achieve the desired outcome. A false start occurs when there is an initial attempt to begin something, but it is unsuccessful or ineffective due to a lack of proper planning and preparation.

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  • 46. 

    The rate of interest that a bond pays to the bondholder is called the ________

    Correct Answer
    coupon rate
    Explanation
    The rate of interest that a bond pays to the bondholder is called the coupon rate. This rate is fixed at the time of issuance and is typically expressed as a percentage of the bond's face value. The bondholder receives periodic interest payments based on this rate until the bond matures. The coupon rate is an important factor for investors as it determines the income they will receive from holding the bond.

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  • 47. 

    An  _is simply a statement that two numbers are not equal.

    Correct Answer
    inequality
    Explanation
    An inequality is a mathematical statement that shows the relationship between two numbers, indicating that they are not equal. It is used to compare the values of the numbers and express that one is greater than, less than, or not equal to the other. Inequalities are represented using symbols such as "" (greater than), or "≠" (not equal to).

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  • 48. 

     is the fee charged for the privilege of borrowing money.

    Correct Answer
    interest
    Explanation
    Interest is the fee charged for the privilege of borrowing money. It is the additional amount that a borrower pays to a lender in exchange for the use of their funds. This fee is typically calculated as a percentage of the loan amount and is paid over a specific period of time. The purpose of charging interest is to compensate the lender for the risk they are taking by lending money and to generate income for the lender.

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  • 49. 

     recommended "the Creation of a Fund.

    Correct Answer
    Lord North
  • 50. 

    Entrepreneur can assess the external environment of the business by critically looking at the

    Correct Answer
    opportunities and threats
    Explanation
    Entrepreneurs can assess the external environment of their business by critically examining both the opportunities and threats that exist. Opportunities refer to favorable circumstances or situations that can benefit the business, such as emerging markets, technological advancements, or changing consumer preferences. On the other hand, threats are external factors that may pose risks or challenges to the business, such as competition, economic downturns, or regulatory changes. By analyzing and understanding these opportunities and threats, entrepreneurs can make informed decisions and develop strategies to capitalize on opportunities and mitigate potential threats.

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