GST 106 Possible Questions & Answer By Smilegist

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| By Olatunji Ayodele
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Olatunji Ayodele
Community Contributor
Quizzes Created: 1 | Total Attempts: 33,412
Questions: 20 | Attempts: 33,412

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GST 106 Possible Questions & Answer By Smilegist - Quiz

Check out our interesting quiz about GST. If you enjoy playing quizzes, then you must try this one too. We'll ask you a few multiple choices based questions based on enterprises and business rules. See how many correct answers you can give in this test. So, get ready to test your knowledge. Attempt all questions, make sure you pick the correct option for each question. We hope that you'll enjoy the quiz and score well.
Do share the quiz with your friends and see which one of you scores the highest.


Questions and Answers
  • 1. 

    NLBD means ____

    • A.

      Nigerian Local Development Board

    • B.

      National local developer board

    • C.

      Nigeria Location of Development Board

    • D.

      National Local and development Board

    Correct Answer
    A. Nigerian Local Development Board
    Explanation
    NLBD stands for Nigerian Local Development Board. This organization is responsible for promoting and facilitating local development initiatives in Nigeria. They work towards improving the socio-economic conditions of local communities and ensuring sustainable development at the grassroots level. The Nigerian Local Development Board plays a crucial role in coordinating and implementing various development programs and projects across the country.

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  • 2. 

    All of these are some of Traits of Entrepreneur except ______

    • A.

      Persistence Confidence

    • B.

      Ability to set goals

    • C.

      Ability to render loans

    • D.

      Foresight, Perceptive

    Correct Answer
    C. Ability to render loans
    Explanation
    The ability to render loans is not a trait of an entrepreneur. Entrepreneurs are typically focused on starting and growing their own businesses, rather than lending money to others. Traits such as persistence, confidence, the ability to set goals, foresight, and being perceptive are commonly associated with successful entrepreneurs as they navigate the challenges and opportunities of running a business.

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  • 3. 

    All of these are concept enterprise except ___

    • A.

      Venture

    • B.

      Business risk taking

    • C.

      Trading Establishment

    • D.

      Loan taking

    Correct Answer
    D. Loan taking
    Explanation
    The correct answer is "Loan taking" because it does not fall under the category of concept enterprises. Concept enterprises typically involve activities such as venturing into new business opportunities, taking risks in business ventures, and engaging in trading establishments. However, "Loan taking" is not a concept enterprise but rather a financial activity where individuals or businesses borrow money from lenders.

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  • 4. 

    All of these are some of the major types of An Entrepreneur except ______

    • A.

      Soloist

    • B.

      Loan manager

    • C.

      Speculator

    • D.

      Kept partner

    Correct Answer
    B. Loan manager
    Explanation
    An entrepreneur is an individual who starts and manages a business venture, taking on financial risks in order to achieve success. The other options listed - soloist, speculator, and kept partner - all relate to different types of entrepreneurs. A soloist is someone who operates their business alone, without any partners or employees. A speculator is an entrepreneur who takes risks by investing in ventures with uncertain outcomes. A kept partner is an entrepreneur who contributes capital to a business but does not actively participate in its management. However, a loan manager does not fit the definition of an entrepreneur as they are typically responsible for managing loans and financial transactions, rather than starting and managing their own business.

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  • 5. 

    Below are characteristics of an Entrepreneur except ____

    • A.

      Originality

    • B.

      Risk taker

    • C.

      Family orientation

    • D.

      Self Oriented

    Correct Answer
    C. Family orientation
    Explanation
    The given characteristics of an entrepreneur are originality, risk taker, and self-oriented. However, family orientation does not fit in this list as it is not typically considered a characteristic of an entrepreneur. Family orientation refers to a person's focus and priority on their family and personal relationships, which may not necessarily align with the traits typically associated with being an entrepreneur, such as being driven, innovative, and focused on business success.

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  • 6. 

    All of these are components of feasibility study except _____

    • A.

      The project Scope

    • B.

      Evaluation

    • C.

      The Current Analysis

    • D.

      Innovative

    Correct Answer
    D. Innovative
    Explanation
    The components of a feasibility study include the project scope, evaluation, and the current analysis. These components help assess the viability and practicality of a project. However, "innovative" is not a component of a feasibility study. While innovation may be a desirable aspect of a project, it is not directly related to the feasibility assessment. Feasibility studies focus on evaluating the project's technical, economic, legal, and operational aspects to determine its viability.

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  • 7. 

    Feasibility is a study of technical documents. State true or false. 

    • A.

      True

    • B.

      False

    Correct Answer
    A. True
    Explanation
    Feasibility is indeed a study of technical documents. It involves evaluating the technical aspects and practicality of a project or proposal. This study helps determine if the project can be successfully implemented and if it aligns with the available resources and technology. Therefore, the statement "Feasibility is a study of technical documents" is true.

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  • 8. 

    Which of the following is not a function of the Feasibility Report?

    • A.

      It's an aid of promoting innovations.

    • B.

      It's an aid in business planning.

    • C.

      It gives an evaluation of new business venture for determining feasibility and profitability.

    • D.

      It provides the basis for a banker, promoter, supplier of goods, the various government agencies.

    Correct Answer
    A. It's an aid of promoting innovations.
    Explanation
    The Feasibility Report is a document that evaluates the viability and profitability of a new business venture. It provides information and analysis for various stakeholders such as bankers, promoters, suppliers, and government agencies. However, it is not directly related to promoting innovations. While the report may identify opportunities for innovation or suggest innovative solutions, its primary purpose is to assess the feasibility and profitability of a business venture. Therefore, the statement "It's an aid of promoting innovations" is not a function of the Feasibility Report.

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  • 9. 

    Marketing research is the set of process that links the Consumer, Customer and public to the marketer through information. True or false?

    • A.

      True

    • B.

      False

    Correct Answer
    A. True
    Explanation
    Marketing research is indeed the set of processes that connect the consumer, customer, and public to the marketer through information. It involves gathering and analyzing data about the target market, competitors, and industry trends to make informed decisions and develop effective marketing strategies. By understanding the needs, preferences, and behaviors of consumers, marketers can tailor their products, services, and communication to better meet their target audience's demands. Therefore, the statement is true.

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  • 10. 

    ______ is a new idea, device, or process.

    • A.

      Globalisation

    • B.

      Innovation

    • C.

      Memorization

    • D.

      Summarization

    Correct Answer
    B. Innovation
    Explanation
    An innovation refers to a new idea, device, or process. It represents a novel concept or invention that brings about a change or improvement in a particular field. It involves the introduction of something new that has not been previously seen or used. Globalisation, memorization, and summarization do not necessarily involve the creation or introduction of something new, making innovation the correct answer.

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  • 11. 

    Which of the following is considered as the major mistakes that must be avoided by young Entrepreneurs?

    • A.

      Risk of Uncertainties

    • B.

      Ability to source for Capital

    • C.

      Ability to Loan others

    • D.

      All of the above

    Correct Answer
    A. Risk of Uncertainties
    Explanation
    Young entrepreneurs often make the major mistake of not properly assessing and managing the risks and uncertainties associated with their business ventures. This can lead to poor decision-making, financial losses, and even failure. It is important for young entrepreneurs to carefully analyze potential risks, develop contingency plans, and seek advice from experienced mentors or professionals to minimize the impact of uncertainties on their businesses.

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  • 12. 

    All of these are Interpersonal skill for Entrepreneurs to succeed except ____

    • A.

      Must be a good listener

    • B.

      They should give loan to help others.

    • C.

      They should be able to lead and motivate others to follow them.

    • D.

      Should have the right mindset with great integrity.

    Correct Answer
    B. They should give loan to help others.
    Explanation
    The correct answer is "They should give loan to help others." This statement does not directly relate to interpersonal skills. Interpersonal skills involve the ability to communicate effectively, build relationships, lead and motivate others, and maintain integrity. Giving loans to help others is more related to financial decisions and generosity, rather than interpersonal skills.

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  • 13. 

    Who is an Entrepreneur?

    • A.

      An Individual that makes profit

    • B.

      Someone who promote business

    • C.

      A person who established business

    • D.

      Any Individual having capability to initiate and successfully run an enterprise.

    Correct Answer
    D. Any Individual having capability to initiate and successfully run an enterprise.
    Explanation
    The correct answer is "Any Individual having capability to initiate and successfully run an enterprise." This answer encompasses the key characteristics of an entrepreneur, which include the ability to start and manage a business venture. It acknowledges that being an entrepreneur goes beyond simply making a profit or promoting a business, as it requires the skills and capabilities to initiate and sustain a successful enterprise.

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  • 14. 

    ______ involves the process of creating and running one's business.

    • A.

      Partnership

    • B.

      Entrepreneurship

    • C.

      Globalization

    • D.

      None of the above

    Correct Answer
    B. Entrepreneurship
    Explanation
    Entrepreneurship involves the process of creating and running one's business. It refers to the ability and willingness of an individual to take risks, innovate, and create new ventures. Entrepreneurs identify opportunities, develop business ideas, and take the necessary steps to turn those ideas into successful businesses. They are responsible for organizing and managing resources, making strategic decisions, and assuming the risks and rewards associated with their ventures. Entrepreneurship plays a crucial role in driving economic growth, job creation, and innovation.

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  • 15. 

    ______ was the first to apply the concept of Entrepreneur to business in year _____

    • A.

      Jean baptiste, 1877

    • B.

      Owoeye, 1855

    • C.

      Richard Cantillion, 1755

    • D.

      Nwafor, 2014

    Correct Answer
    C. Richard Cantillion, 1755
    Explanation
    Richard Cantillon was the first to apply the concept of Entrepreneur to business in the year 1755.

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  • 16. 

    _____ defines globalization as the process of creating networks of connection among actors in year _______. 

    • A.

      Clark, 2000

    • B.

      Richard, 1999

    • C.

      Owoeye, 1984

    • D.

      Nwafor, 2000

    Correct Answer
    A. Clark, 2000
    Explanation
    Clark (2000) defines globalization as the process of creating networks of connection among actors. This suggests that globalization involves the establishment of connections and interactions between various actors, such as individuals, organizations, and countries. Clark's definition highlights the interconnectedness and interdependence that characterizes globalization, emphasizing the importance of networks in facilitating global interactions and exchanges.

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  • 17. 

    ______ is one of the causes of business failure. 

    • A.

      Rendering loan

    • B.

      Declining profit

    • C.

      Wise planing activities

    • D.

      Poor feasibility study

    Correct Answer
    D. Poor feasibility study
    Explanation
    Poor feasibility study is one of the causes of business failure. A feasibility study is conducted to assess the viability and potential success of a business venture. If a feasibility study is poorly done or not done at all, it can lead to significant risks and uncertainties in the business. Without a proper assessment of the market, competition, financial projections, and other important factors, the business may face unexpected challenges and ultimately fail. Therefore, a poor feasibility study can greatly contribute to business failure.

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  • 18. 

    Can anyone start a business?

    • A.

      Yes

    • B.

      Maybe

    • C.

      No

    • D.

      All of the above

    Correct Answer
    A. Yes
    Explanation
    Anyone can start a business because there are no legal restrictions or requirements that prevent individuals from doing so. Starting a business is a personal choice and anyone who has the necessary resources, knowledge, and skills can take the initiative to start their own venture. It is important to note that while anyone can start a business, the success of the business may depend on various factors such as market conditions, competition, and the individual's ability to effectively manage and grow the business.

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  • 19. 

    The well-established habit of doing something expertly or the habit of doing something well is known as ______________. 

    • A.

      Skill

    • B.

      Profession

    • C.

      Learning

    • D.

      Talent

    Correct Answer
    B. Profession
    Explanation
    The term "profession" refers to a well-established habit or skill of doing something expertly. It implies that the individual has acquired a high level of expertise and proficiency in a particular field or occupation. This term is often associated with careers that require specialized knowledge, training, and ethical standards. Therefore, "profession" is the correct answer in this context.

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  • 20. 

    SMEs means___?

    • A.

      Small - medium - enterprises

    • B.

      Small - minimum - Entrepreneur

    • C.

      Small to medium enterprise

    • D.

      Small to minimum Entrepreneurs 

    Correct Answer
    A. Small - medium - enterprises
    Explanation
    The correct answer is "Small - medium - enterprises." SMEs stands for Small - medium - enterprises, which refers to small and medium-sized businesses. These businesses typically have a smaller number of employees and generate lower revenue compared to larger corporations. SMEs play a crucial role in the economy as they contribute to job creation, innovation, and economic growth.

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Our quizzes are rigorously reviewed, monitored and continuously updated by our expert board to maintain accuracy, relevance, and timeliness.

  • Current Version
  • Mar 21, 2023
    Quiz Edited by
    ProProfs Editorial Team
  • Dec 10, 2019
    Quiz Created by
    Olatunji Ayodele

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