Gst301-exam Sucess Guide

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.

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.

Rochas Okorocha is a social entrepreneur who is interested in poverty reduction and has established a foundation to assist children. He is dedicated to helping the less privileged and improving their living conditions. Through his foundation, Okorocha aims to provide support and opportunities for underprivileged children, enabling them to escape the cycle of poverty. His efforts demonstrate his commitment to making a positive impact on society and addressing the needs of the less fortunate.

A complex and dynamic business environment refers to a situation where there are multiple factors at play that are constantly changing and influencing each other. This means that the business environment is not static or simple, but rather intricate and ever-evolving. In such an environment, businesses need to be adaptable and responsive to the various factors that can impact their operations, such as market trends, competition, technological advancements, and regulatory changes. The complexity and dynamism of the business environment make it challenging for organizations to navigate and succeed, requiring them to constantly analyze and adjust their strategies to stay competitive.

Cohesiveness of group refers to the degree of unity, togetherness, and bonding among the members of a group. It is the measure of how well the group members work together and feel connected to one another. When a group is cohesive, its members share common goals, values, and interests, and they are more likely to cooperate, communicate effectively, and support each other. This sense of oneness and unity within the group enhances their overall performance and productivity. Therefore, the term "Cohesiveness of group" accurately describes the concept of the oneness of the group members.

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.

The correct answer is "NEEDS." The vision 20-20-20 in Nigeria is built on the philosophy of addressing the country's developmental needs in various sectors such as education, health, agriculture, and infrastructure. The acronym NEEDS stands for National Economic Empowerment and Development Strategy, which was introduced in 2004 to guide Nigeria's economic growth and development. This strategy aims to reduce poverty, improve living standards, and promote sustainable development in the country.

SWOT analysis is a strategic planning tool used to evaluate the Strengths, Weaknesses, Opportunities, and Threats of a business or organization. It involves identifying the internal factors that are favorable or unfavorable to the business (Strengths and Weaknesses) and the external factors that could positively or negatively impact the business (Opportunities and Threats). By conducting a SWOT analysis, businesses can gain insights into their current position in the market and make informed decisions about their future strategies.

The "O" in SWOT Analysis represents opportunities. In this analysis, opportunities refer to external factors that can be advantageous to a business or organization. These can include emerging markets, technological advancements, changes in consumer behavior, or new partnerships. By identifying and capitalizing on opportunities, businesses can gain a competitive advantage and achieve growth and success.

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.

The Nigerian economy is primarily a mixed economy. This means that it is a combination of both private and public ownership in various sectors. In a mixed economy, the government plays a significant role in regulating and controlling certain industries, while also allowing for private enterprise and competition. In Nigeria, there is a mix of state-owned enterprises and privately-owned businesses across sectors such as oil and gas, telecommunications, banking, and agriculture. This combination of public and private ownership allows for a balance between government intervention and market forces in driving economic growth and development.

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.

Financial and plan implementation strategies are developed to fast track the implementation of policies. This means that these strategies are designed to accelerate the process of putting policies into action. By developing effective financial and implementation plans, organizations can ensure that policies are executed efficiently and effectively, leading to the desired outcomes.

Business ethics involves applying ethical theories and moral principles to address moral issues that arise in the business world. Ethical theory provides a framework for understanding and evaluating ethical dilemmas, while moral principles guide individuals in making ethical decisions. By considering ethical theory and moral principles, businesses can navigate complex situations, make responsible choices, and uphold values such as honesty, fairness, and respect. This helps to ensure that business practices align with societal expectations and promote ethical behavior in the corporate world.

Self-evaluation enhances creativity in learning. When individuals assess their own progress and performance, they are able to identify areas where they can be more innovative and think outside the box. By evaluating their own work, they can identify new and unique solutions to problems, explore different perspectives, and generate original ideas. This self-reflection and assessment process encourages individuals to be more creative in their learning journey, pushing the boundaries of their knowledge and skills.

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.

The sources of funds available to a firm can be categorized into four groups. This implies that there are four main categories or types of sources from which a firm can obtain funds. These categories could include equity financing, debt financing, retained earnings, and external sources such as loans or investments. Categorizing the sources of funds into four groups helps to provide a clear understanding of where the firm can obtain its financial resources.

In this question, the correct answer is "Threats". The question asks for the meaning of the letter "T" in an unspecified context. Given that "T" is capitalized and stands alone, it is likely being used as an acronym or abbreviation. Considering that "T" is commonly used to represent "Threats" in various contexts such as SWOT analysis (Strengths, Weaknesses, Opportunities, Threats), it can be inferred that "T" stands for "Threats" in this case.

Business ethicists apply ethical theories to moral issues in business. This means that they use different ethical frameworks and principles to analyze and evaluate the moral dilemmas and decisions that arise in the business world. They help businesses and individuals navigate complex ethical situations, such as conflicts of interest, corporate social responsibility, fair treatment of employees, and ethical decision-making in marketing and finance. By applying ethical theories, business ethicists aim to promote ethical behavior and create a more responsible and sustainable business environment.

A group of individuals who collaborate and work together towards achieving a common objective can be referred to as a team. In a team, members interact, communicate, and coordinate their efforts to accomplish tasks and reach a specific goal. Each member brings their unique skills and expertise to contribute to the overall success of the team. Effective teamwork involves cooperation, trust, and effective communication among team members.

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.

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.

The term "core purpose" refers to the reason for the organization's existence and provides a clear description of its activities. It encapsulates the fundamental objective or goal that the organization aims to achieve. This term emphasizes the primary focus and intention behind the organization's actions, highlighting the overarching mission that drives its activities. "Core purpose" is a concise and comprehensive way to define the organization's central reason for being.

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.

Debenture is considered as one of the cheapest sources of long term finance because it offers a fixed rate of interest which is usually lower than the cost of equity or other forms of long term financing. Debentures are long-term debt instruments issued by companies to raise capital, and they provide investors with a regular interest payment until the maturity date. As the interest rate on debentures is typically lower than the cost of equity, it makes it an attractive option for companies to raise funds at a lower cost, thus making it the cheapest source of long term finance.

When a group exhibits oneness, it means that there is a strong sense of unity and harmony among its members. This unity creates a bond and a sense of togetherness, resulting in a cohesive group. A cohesive group is characterized by mutual trust, cooperation, and a shared vision or goal. In such a group, individuals work together effectively, communicate openly, and support each other, leading to increased productivity and success.

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.

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.

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.

Marketing innovation refers to the development and implementation of new strategies, techniques, or ideas that enhance customer-facing processes in marketing communications or consumer transactions. It involves finding creative ways to improve customer interactions and experiences, whether through innovative advertising campaigns, personalized marketing approaches, or the use of new technologies. By continuously innovating in marketing, companies can better engage with their target audience, build stronger relationships, and ultimately drive business growth.

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.

The sources of finance refer to the ways in which companies acquire funds to support their daily operations. This includes obtaining money for various expenses such as purchasing inventory, paying salaries, covering utility bills, and other operational costs. It does not relate to how individuals source their income, how firms obtain funds for dividend payments or retain earnings. Instead, it specifically pertains to the financial resources needed for the day-to-day functioning of a business.

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Business ethicists apply ethical theories to moral issues in business. This means that they analyze and evaluate the ethical implications of various actions, decisions, and practices within the business context. By considering moral issues, such as fairness, honesty, and responsibility, ethicists help businesses make more ethical and socially responsible choices. They may also develop ethical guidelines and codes of conduct to ensure that businesses operate in a morally responsible manner. Overall, the application of ethical theories to moral issues in business helps promote ethical behavior and integrity in the corporate world.

In international business ethics, the emphasis is placed on the cultural relativity of ethical values. This means that ethical values can vary across different cultures and societies, and what is considered ethical in one culture may not be seen the same way in another. Recognizing and understanding these cultural differences is important in international business to avoid misunderstandings, conflicts, and ethical dilemmas. It allows businesses to adapt their ethical practices to align with the cultural norms and values of the countries they operate in, promoting ethical behavior and fostering positive relationships with local stakeholders.

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.

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.

Conflicting cultural standards can occur with regard to child labour, discrimination, and paying bribes. Different cultures may have varying perspectives and norms regarding these issues. Some cultures may view child labour as acceptable or necessary, while others may see it as exploitation. Similarly, discrimination may be tolerated or even encouraged in certain cultural contexts, while others strive for equality and inclusivity. Paying bribes can also be seen as a normal practice in some cultures, whereas it is considered illegal and unethical in others. Therefore, all of these topics can be subject to conflicting cultural standards.

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.

SWOT analysis is the process of scanning the business environment to identify the favorable and unfavorable conditions. It involves analyzing the strengths, weaknesses, opportunities, and threats that a business may face. By conducting a SWOT analysis, businesses can gain a better understanding of their internal capabilities and external market conditions. This analysis helps them to identify areas of improvement, capitalize on opportunities, mitigate risks, and develop effective strategies to achieve their goals.

The business environment can be broadly classified into three categories. This implies that there are three main aspects or components that make up the business environment. However, without further context or information, it is not possible to provide a more detailed explanation of what these three categories specifically entail.

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.

A written business plan should include financial information, product or service details, and business objectives. However, it does not typically include a liquidation plan. A liquidation plan is a document that outlines the steps and processes involved in closing down a business and distributing its assets. While it is important to have a plan for exiting a business, it is not typically included in a standard business plan as it is not directly related to the day-to-day operations and growth of the business.

The correct answer is "Short term" because the question is asking about the sources of funds obtained for a period between one day and three hundred and sixty-five days. This time frame is typically considered short term in the business context. Short-term sources of funds can include bank loans, trade credit, commercial paper, and lines of credit, among others. These sources are used to meet immediate financing needs and are usually repaid within a year.

The correct answer is issuing. Cash Flow from financing activities includes activities related to raising capital, such as issuing new stocks or bonds. Buying back capital stock would be classified as a financing activity, but it is not included in the given statement.

A feasibility study is important because it provides comprehensive details about the business, allowing for an evaluation of its potential for success. It helps determine if the business idea is viable and provides insights into how it can succeed. Additionally, a feasibility study serves as a valuable tool for developing a good business plan, as it provides the necessary information and analysis to make informed decisions and set realistic goals. It helps identify potential challenges and risks, allowing for the development of strategies and solutions to address them.

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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.

In a business plan, the question "Who will manage the business?" will be answered under the organization section. This question pertains to the individuals or team responsible for overseeing the daily operations, making important decisions, and ensuring the overall success of the business. The answer to this question will provide details about the management structure, key personnel, their roles and responsibilities, and their qualifications or experience in running a business.

Nonprofit entrepreneurs are often referred to as social entrepreneurs because they create and manage organizations that are focused on addressing social issues and creating positive social change. These entrepreneurs are driven by a mission to make a difference rather than making profits. They use entrepreneurial principles and innovative approaches to develop sustainable solutions to social problems, often working in collaboration with various stakeholders and utilizing resources effectively to maximize their impact. By combining business acumen with a social mission, social entrepreneurs aim to create long-term, sustainable solutions that benefit society as a whole.

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.

An entrepreneur will continue to be relevant in society as long as his business is meeting the needs of the consumers. This is because the success of any business relies on its ability to fulfill the demands and desires of customers. If the entrepreneur can consistently provide products or services that satisfy the needs of the target market, the business will thrive and remain relevant. Profitability, tax payment, and popularity of the product are also important factors, but they are all ultimately dependent on the business's ability to meet the needs of its customers.

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.

A business plan is a strategic document that outlines the goals, objectives, and strategies of a business. It helps in organizing and guiding the operations of a company. The need for a business plan is evident when planning to launch a new business or expanding an existing one, as it helps in defining the direction and steps required for success. Additionally, adding a new product or product line is also a valid reason for a business plan, as it requires careful analysis and planning. However, increasing the labor force is not directly related to the need for a business plan. While it may be a result of business growth, it is not a specific reason for creating a business plan.

According to Cagan (2006), the need for a full-scale business plan is not spurred by any of the given options. This implies that all of the provided reasons - planning to launch a new business, expanding an existing business into new markets, and adding a new product or product line - are valid justifications for developing a comprehensive business plan.

The question "Who will manage the business?" will be answered in a business plan under organization. This question addresses the key aspect of identifying the individuals or team responsible for the day-to-day operations and decision-making within the business. It outlines the management structure and provides clarity on the roles and responsibilities of the individuals involved in running the business.

Planning helps to justify your plans and actions by providing a clear rationale for why certain decisions were made. It allows you to think through the potential outcomes and consequences of your actions, ensuring that they align with your goals and objectives. By having a well-thought-out plan, you can communicate and defend your choices to others, gaining their support and understanding. Additionally, planning helps to minimize risks and uncertainties, providing a solid foundation for your actions and increasing the likelihood of success.

A plan must be explicit to clearly outline the steps, objectives, and expectations. It should leave no room for ambiguity or misinterpretation. An explicit plan ensures that everyone involved understands their roles and responsibilities, which leads to better coordination and execution. It also helps in evaluating the progress and making necessary adjustments if needed.

The scholars who have contributed to the topic of entrepreneurial and functional education are Obanya, Asika, and Super. The name "Williams" is not included in the list of scholars who have contributed to this topic.

The "S" in SWOT Analysis represents strengths. Strengths refer to the internal factors or characteristics of a company or organization that give it an advantage over others. These can include resources, capabilities, skills, or other attributes that contribute to the success and competitiveness of the business. By identifying and analyzing strengths, organizations can leverage them to capitalize on opportunities and overcome weaknesses and threats in their external environment.

In international business ethics, the emphasis is placed on the cultural relativity of ethical values. This means that ethical standards and principles may vary across different cultures and societies. It recognizes that what is considered ethical in one culture may not be the same in another. Understanding and respecting these cultural differences is crucial in conducting ethical business practices globally. It involves acknowledging and adapting to the diverse ethical values and norms of different countries and regions.

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.

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.

The type of business you are planning should be stated under the description of the business. This section provides a comprehensive overview of the business, including its purpose, products or services offered, target market, and unique selling points. By clearly stating the type of business, potential investors, partners, and customers can quickly understand the nature of the venture and its potential value.

The argument in favor of the business ethic that a business has moral duties that extend well beyond serving the interests of its stockholders is that all stakeholders contribute directly to the profits of the company. This suggests that the success and profitability of the business are dependent on the collective efforts and contributions of all stakeholders, not just the stockholders. Therefore, it is morally right for the business to consider the interests and well-being of all stakeholders, including employees, customers, suppliers, and the community, rather than solely focusing on maximizing profits for stockholders.

Unlimited liability is not an advantage of sole proprietorship. This means that the owner is personally responsible for all debts and liabilities of the business, putting their personal assets at risk. This can be a disadvantage as it exposes the owner to potential financial loss and legal consequences. On the other hand, the advantages of sole proprietorship include ownership of all profits, minimum legal restrictions, and privacy.

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.

The Nigerian economy is primarily a mono economy. This means that it heavily relies on one single commodity or sector for its economic growth and revenue generation. In the case of Nigeria, the mono economy refers to its heavy dependence on oil exports. Oil accounts for a significant portion of Nigeria's GDP, government revenue, and foreign exchange earnings. This heavy reliance on a single commodity can make the economy vulnerable to fluctuations in global oil prices and can hinder diversification efforts.

A formal team can be found in an officially designed organizational structure. This means that the team is intentionally created and recognized within the formal structure of the organization. It is not part of an unofficial or previously designed structure. This suggests that the team has a defined purpose, roles, and responsibilities within the organization, and operates within the established hierarchy and reporting lines.

Tax evasion is not a promotional or supportive role of the government. In fact, it is an illegal activity where individuals or businesses intentionally avoid paying their taxes. The government's role is to enforce tax laws and collect taxes to fund public services and infrastructure development. Tax holidays, financial incentives, and infrastructural development are all examples of ways in which the government supports and promotes economic growth and development.

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.

During the pre-independent era in Nigeria, UAC's direct dealing with producers hindered skills acquisition and the development of entrepreneurship. By acting as intermediaries between the producers and the market, UAC limited the direct interaction and learning opportunities for local entrepreneurs. This lack of direct engagement with producers prevented them from acquiring essential skills and knowledge needed to start and grow their own businesses. As a result, the development of entrepreneurship in Nigeria was hindered, as local entrepreneurs were unable to acquire the necessary skills and knowledge to thrive in the market.

Vision 202020 aims to achieve several goals, including poverty reduction, employment generation, and wealth for all. However, it does not include values orientation as one of its goals. Values orientation refers to promoting and instilling certain values and principles in society, which is not explicitly mentioned as a goal in Vision 202020.

A responsible entrepreneur is someone who not only aims to make a profit but also takes into consideration the impact of their venture on society and works towards creating positive change. They prioritize ethical practices, sustainability, and social responsibility in their business operations. By actively contributing to societal development, a responsible entrepreneur goes beyond just financial success and seeks to make a meaningful difference in the world.

The question asks for the relevant issues in team building that are NOT included in the options. The options provided are "Cohesiveness," "Goal Specification," "Independence," and "Interdependent." The correct answer is "Independence" because it is not a relevant issue in team building. Team building typically focuses on fostering collaboration, communication, and interdependence among team members to achieve common goals. Independence, on the other hand, implies individuality and self-reliance, which may not align with the concept of team building.

The term "learner-centered" refers to an educational approach that prioritizes the needs and interests of the learners. In the context of entrepreneurship and functional education curriculum, this means that the curriculum is designed to actively engage and involve the learners in the learning process. It focuses on their individual strengths, interests, and goals, allowing them to take ownership of their learning and develop relevant skills and knowledge. By being learner-centered, the curriculum aims to empower and motivate learners, promoting a more effective and meaningful educational experience.

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According to Cagan (2006), the need for a full-scale business plan is spurred by various factors such as launching a new business, expanding an existing business into new markets, and adding a new product or product line. Therefore, the correct answer is "None of the above" as all the given options are valid reasons for needing a full-scale business plan.

In international business ethics, the cultural relativity of ethical values is emphasized. This means that ethical standards and values may vary across different cultures and societies, and it is important to understand and respect these differences when conducting business internationally. This includes recognizing that what may be considered ethical in one culture may not be seen the same way in another culture. Therefore, it is crucial for businesses to adapt their ethical practices to the cultural context in which they operate.

The evolution of entrepreneurship in Nigeria and most parts of the world can be attributed to the influence of foreign business. Foreign businesses bring in new ideas, technologies, and investment opportunities, which can stimulate the growth of local entrepreneurship. They create a competitive environment that encourages local entrepreneurs to innovate and improve their products and services. Additionally, foreign businesses often provide employment opportunities and contribute to the development of infrastructure, which further supports the growth of entrepreneurship in the region.

The correct answer is "self-evaluation does not enhance creativity in learning." This answer is correct because the other options all support the fundamental assumptions of the curriculum of entrepreneurial and functional education. The assumption that human beings have natural potentials for learning aligns with the belief that individuals are capable of learning and acquiring new skills. The assumption that learning is facilitated through action supports the idea that hands-on experiences and practical application enhance learning. The assumption that self-initiated learning promotes lasting skills acquisition suggests that individuals who take initiative in their own learning are more likely to retain and apply the knowledge gained. However, the assumption that self-evaluation does not enhance creativity in learning contradicts the belief that self-reflection and assessment can enhance the creative thinking process.

The factors affecting the sources of business finance include the cost of finance, risk involved, and economic conditions. However, government policy is not typically considered a factor that directly affects the sources of business finance. While government policies may indirectly impact the availability or terms of finance through regulations or incentives, they are not a direct factor in determining the sources of finance for a business.

Accruals are the amounts owed for services rendered to the firm but for which payment has not yet been provided. This means that the firm has received the services or goods but has not yet paid for them. Accruals are recorded as liabilities on the balance sheet and are an important part of the accrual accounting method, which recognizes revenue and expenses when they are incurred, rather than when cash is exchanged.

Acquisition is a component of a feasibility study because it involves evaluating the potential purchase of another company or its assets. During a feasibility study, the acquisition option is considered to assess its viability, potential benefits, and risks. This includes analyzing the financial aspects, market conditions, legal implications, and strategic fit of the acquisition. By including acquisition as a component of the feasibility study, decision-makers can make informed choices about whether acquiring another company aligns with their business goals and is a feasible option for growth or expansion.

Corporate ethics policies are designed to provide workers with guidance and moral principles to navigate the potential challenges they may encounter while performing their job responsibilities. These policies aim to establish a framework of values and standards that employees should adhere to in order to maintain ethical conduct within the organization. By offering guidance and moral principles, these policies help employees make informed decisions and handle ethical dilemmas in a manner that aligns with the company's values and expectations.

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.

Debenture interest has to be paid before paying any dividend to preference and ordinary shareholders. This means that the company must prioritize the payment of interest on debentures before distributing any profits to its shareholders. By doing so, the company ensures that its debt obligations are met before distributing any surplus funds to its shareholders. This protects the rights of debenture holders and ensures that they receive their interest payments in a timely manner.

As an economy matures and becomes wealthier, there is a shift in emphasis from industrial activity to a growing service sector. This service sector caters to the needs of a wealthier population and provides the services expected in a high-income society. This shift is driven by entrepreneurship in innovation-driven economies, where there is a focus on creating and implementing new ideas, technologies, and business models to drive economic growth and meet the changing demands of the population. Therefore, the correct answer is Entrepreneurship in Innovation driven economies.

The goals of entrepreneurial and functional education include creating jobs for all, providing training in technical and vocational skills complemented with general education, and providing equal opportunities for both men and women to acquire technical and vocational education. However, exposing learners to the versatility of knowledge is not one of the goals. This means that the education does not aim to provide a broad range of knowledge and skills, but rather focuses on specific technical and vocational skills.

Corporate social responsibility refers to the ethical obligations and responsibilities that a company has towards the societies in which it operates. It encompasses the company's commitment to act in a socially responsible manner, taking into account the impact of its actions on the environment, employees, customers, and the community at large. This includes considerations such as environmental sustainability, fair treatment of employees, community development, and philanthropy. By focusing on the ethical rights and duties between a company and its host societies, the company acknowledges its role and responsibility in contributing positively to society.

Factoring refers to the process of selling accounts receivable to a third party, known as a factor, in order to receive immediate cash. In this case, the factoring is used to explain the amount owing on services rendered to the firm for which payment has not been provided. This means that the firm has sold its accounts receivable to a factor to receive immediate payment instead of waiting for the customers to pay.

The correct answer is EFCC. The EFCC (Economic and Financial Crimes Commission) is responsible for investigating and prosecuting economic and financial crimes, including drug-related offenses. Ensuring that the use of narcotic drugs and psychotropic substances is limited to medical and scientific purposes falls under their jurisdiction as part of their efforts to combat drug-related crimes and promote public safety.

Under social contract theory, stakeholders are given a voice over a company's operations. This means that the company recognizes the importance of involving and considering the opinions and interests of all individuals or groups that are affected by its actions, such as employees, customers, suppliers, and the local community. By giving stakeholders a voice, the company aims to ensure that its decisions and operations align with their needs and expectations, fostering a mutually beneficial relationship and promoting social responsibility.

The factors affecting the sources of business finance include the cost of finance, risk involved, and government policy. However, the answer states that government policy is not one of the factors affecting the sources of business finance. This implies that government policy does not have an impact on the availability or accessibility of business finance options.

Corporate governance refers to the systems and processes put in place to ensure that organizations are effectively and ethically managed. It encompasses the structures, policies, and practices that guide the decision-making and behavior of leaders within an organization. This includes ensuring transparency, accountability, and fairness in how organizations are run. Therefore, the answer "quality of leadership of organizations" accurately reflects the concept of corporate governance.

A feasibility study is conducted to assess the viability of a project or idea. It involves analyzing various factors such as market demand, financial feasibility, technical feasibility, and operational feasibility. The executive summary provides a concise overview of the study, while acquisition refers to the process of obtaining resources or assets for the project. Technology, on the other hand, refers to the tools, equipment, or systems required for the project. Therefore, the correct answer is Product/Service, as it represents one of the key components that are analyzed in a feasibility study.

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

The correct answer is Corporate Affairs Commission. The Corporate Affairs Commission is responsible for establishing and maintaining companies' registry and offices in all the states of the Federation. The National Council and National Affairs Commission do not have the specific role of managing and maintaining companies' registry and offices.

Management is a system of principles that govern the appropriate conduct for a person or group. It involves the organization, coordination, and control of resources and activities to achieve specific goals. Management principles guide individuals and groups in making decisions and taking actions that align with ethical standards and ensure effective and efficient operations.

The Corporate Affairs Commission is headquartered in Abuja, which is the Federal Capital Territory of Nigeria.

The correct answer is Federal, State, and Local government. In Nigeria, the regulatory system operates at three levels: the federal level, the state level, and the local government level. The federal government is responsible for creating and enforcing regulations that apply to the entire country. The state governments have the authority to regulate certain aspects within their respective states, while the local governments have the power to regulate specific issues within their localities. This three-tiered regulatory structure ensures that governance and regulation are effectively carried out at different levels of government in Nigeria.