GST301-EXAM SUCESS GUIDE

2.

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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1

3.

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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4.

Creativity emphasizes the “ability,” not the _______

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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1

5.

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

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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6.

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

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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7.

is the fee charged for the privilege of borrowing money.

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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8.

recommended "the Creation of a Fund.

9.

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

10.

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

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 stated as a percentage of the bond's face value. The coupon rate determines the amount of interest income that the bondholder will receive periodically, usually semi-annually or annually, until the bond matures. It is an important factor for investors as it helps them calculate the potential return on their investment and compare it with other investment options.

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11.

______ recommended "the Creation of a Fund.

12.

The sinking fund was first used in Great Britain in the th century.

Explanation
The sinking fund was first used in Great Britain in the 18th century. This means that the practice of setting aside money to repay debts or finance future expenses originated in the 18th century in Great Britain.

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13.

The cheapest sources of long term finance is ________

Explanation
Debentures are a type of long-term debt instrument issued by companies to raise capital. They are considered one of the cheapest sources of long-term finance because they offer a fixed rate of interest to investors, which is usually lower than the cost of equity or other forms of long-term financing. Debentures also have a predetermined maturity date, allowing companies to plan their repayment schedule. Additionally, debentures do not dilute ownership or control of the company, making them an attractive option for companies looking for affordable long-term financing.

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14.

__________responsibility refers to the moral rights and duties between a company and its shareholders

Explanation
Fiduciary responsibility refers to the moral rights and duties between a company and its shareholders. In this context, fiduciary responsibility means that the company has a legal and ethical obligation to act in the best interests of its shareholders. This includes being transparent, honest, and making decisions that prioritize the shareholders' financial well-being. The company must also avoid conflicts of interest and make decisions that align with the shareholders' long-term goals. Fiduciary responsibility helps to establish trust and accountability between the company and its shareholders.

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15.

Take away and have organization anxiety

16.

The emergence of a mature organized and well functioning group were complex task dealt with and membership disagreement are handled effectively is known as:

Explanation
The Total Integration stage refers to the point where a group has successfully achieved maturity, organization, and effective handling of membership disagreements. This stage implies that the group has overcome initial challenges and conflicts, and has developed a cohesive and harmonious working environment. At this stage, the group members are able to work together efficiently and effectively towards common goals, with minimal conflicts and disagreements.

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17.

The theory that stated that the more activities persons share, the more numerous will be their interaction and the stronger will be their sentiments is:

Explanation
George Hanmaus theory suggests that the more activities individuals engage in together, the greater their interactions and the stronger their emotional connections will be. This theory implies that shared experiences and interactions contribute to building stronger relationships and fostering deeper sentiments among individuals.

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18.

_________ bring ethical theories and techniques to bear on moral issues that arise in business

Explanation
Business ethics is the field of study that applies ethical theories and techniques to address moral issues that arise in business. It involves examining the moral principles and values that guide decision-making and behavior in the business world. By incorporating ethical theories and techniques, individuals and organizations can navigate complex ethical dilemmas, make responsible choices, and promote ethical conduct in the business environment. Business ethics helps ensure that businesses operate in a socially responsible and morally upright manner, considering the impact of their actions on various stakeholders such as employees, customers, suppliers, and the community.

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19.

The Nigerian entrepreneur who created the Eleganza industries is…

Explanation
Razaq Okoya is the Nigerian entrepreneur who created the Eleganza industries.

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20.

The founder of Chisco Group is -

Explanation
Chidi Anyaegbu is the founder of Chisco Group.

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21.

Lack of action plan can cause _________

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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22.

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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1

23.

___________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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24.

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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25.

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

26.

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 _______

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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27.

A ………………….. is an inherent constraint that creates strategic disadvantage for an organization.

Explanation
A weakness is an inherent constraint that creates a strategic disadvantage for an organization. This means that when an organization has a weakness, it puts them at a disadvantage compared to their competitors or other organizations. Weaknesses can be internal factors such as lack of resources, skills, or capabilities. These weaknesses can hinder the organization's ability to compete effectively in the market or achieve their goals. Therefore, identifying and addressing weaknesses is crucial for organizations to overcome strategic disadvantages and improve their overall performance.

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28.

When a group is created by formal authority of an organization to transform resources inputs into product outputs, such group is known as

Explanation
A work group is created by formal authority of an organization to transform resources inputs into product outputs. This group is responsible for working together to achieve specific goals and tasks assigned to them. They collaborate and utilize their individual skills and expertise to efficiently and effectively produce the desired outcomes. The work group operates within the organizational structure and follows the guidelines and procedures set by the organization.

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29.

Take away skills and have ________

30.

Sources of funds available to a firm can be categorized into………..group

Explanation
The correct answer is "Four" because the question states that sources of funds available to a firm can be categorized into a group, and the answer options provided are numerical. Therefore, the most logical answer is "Four" as it aligns with the numerical pattern of the question.

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31.

Sources of funds obtained for a period between one day and three hundred and sixty five days is business_____

Explanation
The correct answer is "Short term." This refers to the period between one day and three hundred and sixty-five days, during which a business obtains funds. Short-term funding is typically used to meet immediate financial needs, such as inventory purchases, payroll expenses, or short-term liabilities. It is important for businesses to carefully manage their short-term funds to ensure liquidity and meet their short-term obligations.

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32.

_______is a long term promissory note for raising loan capital

Explanation
A debenture is a type of long-term promissory note that is used to raise loan capital. It is a debt instrument issued by a company or government entity to borrow money from investors. Debentures are backed by the general creditworthiness and reputation of the issuer, rather than by specific assets. Investors who purchase debentures are essentially lending money to the issuer in exchange for regular interest payments and the return of the principal amount at maturity. This allows the issuer to raise funds for various purposes, such as financing expansion projects or refinancing existing debt.

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33.

The stage at which group tends to tackle obstacles and conflicts is known as:

Explanation
In the storming stage, a group begins to tackle obstacles and conflicts that arise during their collaboration. This stage is characterized by increased assertiveness and the expression of differing opinions within the group. Members may challenge each other's ideas and vie for leadership positions. It is a crucial stage in the group development process as it allows for the resolution of conflicts and the establishment of norms and roles within the group.

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34.

A team with different levels of hierarchy can be regarded as

Explanation
A team with different levels of hierarchy can be regarded as a vertical team because the term "vertical" refers to the arrangement of individuals in a hierarchical structure, where each level has a different level of authority and responsibility. In this case, the team members are organized in a vertical manner, with some individuals holding higher positions of power and decision-making authority than others. This hierarchical structure allows for clear lines of communication and decision-making within the team.

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35.

___________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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36.

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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37.

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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2

38.

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

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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39.

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

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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1

40.

When a development perceived as a threat by an organization is viewed as an opportunity by another then the business environment is ………………...

Explanation
The term "multifaceted" means having many different aspects or sides. In the given context, when a development is seen as a threat by one organization but as an opportunity by another, it implies that the business environment is complex and has multiple dimensions. This suggests that there are various perspectives and interpretations of the situation, making it multifaceted.

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41.

A company is said to be __________, if the liability of its members limited by the memorandum to the amount, if any unpaid on the shares respectively held by them.

Explanation
Limited by shares refers to a type of company where the liability of its members is limited to the amount unpaid on the shares they hold. This means that if the company faces any financial obligations or debts, the members are only liable to pay the remaining unpaid amount on their shares. Their personal assets are protected, and they are not personally responsible for the company's debts beyond their shareholdings. This type of company structure provides a level of financial security and encourages investment by shareholders.

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42.

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

Explanation
The minimum number required to start a sole proprietorship is one. A sole proprietorship is a type of business entity where an individual is the sole owner and operator of the business. Unlike other business structures, such as partnerships or corporations, a sole proprietorship does not require multiple owners or shareholders. Therefore, only one person is needed to establish and run a sole proprietorship.

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43.

Two or more people who interact and coordinate their work to accomplish a specific goal, can be regarded as:

Explanation
A team is a group of individuals who come together to collaborate and work towards achieving a common objective. They interact and coordinate their efforts to ensure that the specific goal is accomplished. By working together, they combine their skills, knowledge, and resources to maximize their effectiveness and productivity.

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44.

Effective teams must possess the following characteristics except:

Team identity
Competent team members
Mutual trust among team members
Mistrust among team members

Correct Answer

A. Mistrust among team members

Explanation

Effective teams must possess team identity, competent team members, and mutual trust among team members. Mistrust among team members can hinder collaboration, communication, and overall team performance. It can create a negative work environment, decrease morale, and lead to conflicts and misunderstandings. Trust is essential for building strong relationships, fostering open communication, and promoting teamwork. Therefore, mistrust among team members is not a characteristic that effective teams should possess.

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45.

Core value is the extent of …………………… the organization is ready to maintain

Knowledge
Capacity
Integrity
Inspiration

Correct Answer

A. Integrity

Explanation

Integrity refers to the moral and ethical principles that an organization upholds. It is the extent to which an organization is committed to honesty, transparency, and ethical behavior in all its actions. This core value ensures that the organization maintains a high level of trust and credibility with its stakeholders, including employees, customers, and the community. By prioritizing integrity, the organization demonstrates its commitment to doing the right thing, even when faced with difficult decisions or challenges. This value helps to foster a positive organizational culture and build long-term relationships based on trust and ethical conduct.

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46.

……………. Is where the trade debtors are sold at discount to a finance house

Correct Answer
Factoring

Explanation
Factoring is a financial arrangement where a company sells its trade debtors at a discount to a finance house. This allows the company to receive immediate cash for the outstanding invoices, rather than waiting for the customers to pay. The finance house then takes over the responsibility of collecting the payments from the customers. Factoring can be beneficial for businesses that need immediate cash flow and are willing to accept a discount on their receivables in exchange.

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47.

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

Correct Answer
confusion

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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48.

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

Correct Answer
entrepreneur

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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2

49.

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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Gst301-exam Sucess Guide

The environment prescribes acceptable principles and guides in business relationship

Quiz Preview

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

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

Creativity emphasizes the “ability,” not the _______

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

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

is the fee charged for the privilege of borrowing money.

recommended "the Creation of a Fund.

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

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

______ recommended "the Creation of a Fund.

The sinking fund was first used in Great Britain in the th century.

The cheapest sources of long term finance is ________

__________responsibility refers to the moral rights and duties between a company and its shareholders

Take away and have organization anxiety

The emergence of a mature organized and well functioning group were complex task dealt with and membership disagreement are handled effectively is known as:

The theory that stated that the more activities persons share, the more numerous will be their interaction and the stronger will be their sentiments is:

_________ bring ethical theories and techniques to bear on moral issues that arise in business

The Nigerian entrepreneur who created the Eleganza industries is…

The founder of Chisco Group is -

Lack of action plan can cause _________

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

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

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

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

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 _______

A ………………….. is an inherent constraint that creates strategic disadvantage for an organization.

When a group is created by formal authority of an organization to transform resources inputs into product outputs, such group is known as

Take away skills and have ________

Sources of funds available to a firm can be categorized into………..group

Sources of funds obtained for a period between one day and three hundred and sixty five days is business_____

_______is a long term promissory note for raising loan capital

The stage at which group tends to tackle obstacles and conflicts is known as:

A team with different levels of hierarchy can be regarded as

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

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

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

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

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

When a development perceived as a threat by an organization is viewed as an opportunity by another then the business environment is ………………...

A company is said to be __________, if the liability of its members limited by the memorandum to the amount, if any unpaid on the shares respectively held by them.

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

Two or more people who interact and coordinate their work to accomplish a specific goal, can be regarded as:

Effective teams must possess the following characteristics except:

Core value is the extent of …………………… the organization is ready to maintain

……………. Is where the trade debtors are sold at discount to a finance house

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

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

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