1 Another name for a laissez – faire leader is __________

a. “Hands-in” leader b. Carefree leader c. “Hands-down” leader

d. “Hands-off” leader e. None of the above

2 Individuals who perform all the work and keep all the profit is known to be _______ type of
entrepreneur.

a. opportunistic b. self-employed c. acquirers d. franchise e. Pattern multiplier

3 Entrepreneurs with particular inventive abilities who design a better product and then create
companies to develop, produce and sell the item are referred to as ?

a. self-employed b. opportunistic c. Necessity d. acquirers e. Inventors

4 Entrepreneurs who start a business and expand as fast as possible in order to be able to hire
other employees.

a. opportunistic b. self-employed c. acquirers d. franchise e. Pattern multiplier

5 Entrepreneurs who look for an idea someone else has already had so that they can then create
their own business based on this model.

a. Franchise. b. Pattern multipliers c. Inventors d. Acquirers. e. Mergers

6 A good idea is the first step in transforming the entrepreneur’s desire and creativity into
________

a. An ambition b. An Eldorado c. Resources

d. A business opportunity e. A good life

7 All of the following but one are the sources of generating business idea

a. Hobbies/Interest b. Personal Skills and Experience c. Franchises

d. All of the Above e. None of the Above

8 The guidance needed to establish an enterprise requires _______

a. Empathy b. Planning c. Resourcefulness d. Energy e. All of the above

9 Those who benefit from a large volume of sales by offering discount prices and operating with
very low overhead.

a. Acquirers b. Inventors c. Speculators d. Franchise e. Economy of scale eploiters

10 Those who take over a business started by somebody else and use their own ideas to make it
successful is known as _________

a. Pattern multipliers b. Acquirers c. Franchise d. Necessity entrepreneur e. None of the above

11 A number of factors are important in entrepreneurial success. These factors could be _______

a. Knowledge of the key areas of the business b. Personal discipline and commitment to work c.
Appropriate industrial relations framework

d. Proper monitoring and control of costs and expenditure e. All of the above

12 The letter “T” in the SWOT analysis stand for___________

a. Threat b. Treaty c. Trace d. Treat e. Three

13 When an enterprise requires too much investment, the entrepreneur is preferred to be a ____

a. Director b. Shareholder c. Promoter d. Planner e. Controller

14 Which of the following is a constraint to self employment?

a. Job security b. Independence c. Long business hours d. Flexibility e. Insecurity

15 The practical ability you need to produce the product or provide the service of your business is
called __________

a. Business Management Skills b. Technical Skills c. Production Skill

d. Service Provider Skills. e. Gaining skill

16 Entrepreneurs are generally perceived as all of these but one.

a. Risk bearers b. Coordinators c. Gap Fillers d. Entertainers e. Creative Imitators

17 All of these features is not associated with business enterprises except _____

a. Products must be demanded b. Products or services are sold in market c. Profit(s) are a
primary motive d. Market situation need not be present

e. All of the above

18 Motivation start with ________

a. Needs b. Vision c. Desire to achieve d. All of the above e. None of the above

19 The ability of an entrepreneur to keep on track despite many challenges and obstacles in
achieving his objectives is termed

a. Perseverance b. Courage c. Endurance d. Agility e. None of the above

20 The following are Entrepreneurial leadership characteristics except ______

a. Understanding the environment b. Creating management options

c. Being visionary and flexible d. Creating competitive advantage

e. Discouraging open discussion

21 Those who benefit from a large volume of sales by offering discount process and operating with
very low overhead are known as ___________

a. Economy of scale exploiters b. Economists c. Businessmen

d. Entrepreneurs e. None of the above

22 The last “E” in the word ENTERPRISE represents?

a.Encouragement b. Endurance c. Energy d. Enthusiasm e. Education

23 The act of harnessing and combining productive resources in the most efficient way in filling the
gap between demand and supply is known as _______

a. Entrepreneurship b. Factorization c. Entrepreneur d. Production. e. All of the above

24 All the following qualities can be used to rate oneself as an entrepreneur except ________

a. Drive and energy level b. Learning from failure c. Taking moderate risk

d. Security e. Persistence problem solving

25 An unemployed person who needs to establish his/her own business in order to survive is
known as a __________ entrepreneur

a. Necessity b. Opportunistic c. Speculators d. Franchise e. None of the above

26 A successful business venture or undertaking that started with an identified idea is called______

a. Trading b. Import and export business c. Enterprise

d. Buying and selling e. None of the above

27 Those individuals who perform all the work and keep all the profits are called ____

a. Self-employed entrepreneurs b. Organizers c. Administrators

d. None of the above e. All of the above

28 The major goal and mission of the Nigerian Export Promotion Council is to_____

a.Plan and organize outward trade mission and support

b. Make the non-oil export sector the major contributor to Nigeria GDP
c. Administer grants d. Engage in export trade publicity e. None of the above

29 Which is not a way that entrepreneurs raise money to start a business?

a. Savings b. Borrow c. Issue stock d. Collect taxes e. Partnerships

30 All of the following are reasons why entrepreneurs initiate businesses in their communities
except?

a.Personal satisfaction b. Need for recognition c. Encourage urban-rural drifts

d.Self-Motivation e. Expression of leadership ability

31 “Sometimes I wonder how any work ever gets done in my office …” The speaker is

a. a laissez faire leader b. a democratic leader c. an autocratic leader

d. all of the above e. None of the above

32 ________ is not an Entrepreneurial functions

a. Identifying gaps in the market b. Market leverage c. Managing and coordinating

d. Employment generation e. None of the above

33 Which word would you rather use for a successful entrepreneur?

a. He was determined b. He was persistence c. He was creative

d. All of the above e. None of the above

34 Which government agency is charged with monitoring activities in the telecoms sector?

a.NUC b.NEC c.NCC d.NLC e.NIC

35 Which of these is a function of the entrepreneur in the society?

a. Provision of corporate social responsibility b. Provision of leaders.

c. Provision of electricity. d. Business registration. e. Provision of income

36 One of the elements of motivation is _________

a. Need to achieve b. Starting a business c. Location of business

d. Family e. None of the above

37 Which of the following is not a basic aspect of entrepreneurship?

a. A creation that has value b. A transaction that involves reward to the entrepreneur

c. A transaction that involves the risk factor d. An interaction that encourages non-challant attitude.
e. Creative process

38 It is the duty of the entrepreneur to determine all the following except ________in his
entrepreneurial pursuit.

a. What is to be produced b. For whom it is to be produced c. How it is to be produced

d. All of the above. e. None of the above

39 A casket seller along University of Lagos road makes a greater turn over than his competitor who
sells beside Ozone Cinema. The factor solely responsible for this situation is______

a. Administration b. Conduct c. Medication d. Location e. Money at hand

40 To encourage diversified team means _________

a. To develop a need for more business b. To develop an existing business

c. To develop new location for good business d. A, B and C

e. B, C and D only

41 Projects and undertakings can be referred to as enterprise if the certain steps are followed these
include?

a. Idea identification b. Planning c. Implementation

d. All of the abovee. None of the above.

42 In order to test your understanding of your market, the suggested approach would be to

a. Rely on your personal instinct b. Test market your product or service

c. Conduct a survey among your friends d. All of the above e. None of the above

43 Entrepreneurs who operate business based on taking advantage of situations are

called_________

a. Opportunistic b. Pattern Multipliers c. Speculators

d. Franchisee e. Buy –Sell Artists

44 The ability of an entrepreneur to keep on track despite many challenges and obstacles in
achieving his objectives is termed

a. Perseverance b. Courage c. Endurance d. Agility e. None of the above

45 The following are Entrepreneurial leadership characteristics except ______

a. Understanding the environment b. Creating management options

c. Being visionary and flexible d. Creating competitive advantage

e. Discouraging open discussion

46 Those who benefit from a large volume of sales by offering discount process and operating with
very low overhead are known as ___________

a. Economy of scale exploiters b. Economists c. Businessmen

d. Entrepreneurs e. None of the above

47 An entrepreneur creates new business in the face of risk and uncertainty for the purpose of
achieving profit and growth by identifying __________

a. Products b. People c. Opportunities d. Jobs e. Locations

48 The apex regulator of Banking in Nigeria is __________

a. Central Bank of Nigeria b. Commercial Banks c. Ministry of finance

d. Securities and exchange commission e. Nigerian stock exchange

49 To believe that there is light after the tunnel is an act _______

a. Leadership by example b. Demoralization c.Re-assurance

d. Balance thought e. Optimism

50 Entrepreneurship provide the following to the society except ______

a. Jobs b. Fairness to gender c. Good governance

d. Good reward system e. None of the above

51 Demilade, Daniel, and Ordained, run a cookie business. In the business, Ordained mixes the
dough, Daniel cuts the cookies, and Demilade bakes them. The different jobs the boys do is an example
of ___________

a. Marketing b. Specialization c. Marginal cost d. Economic exchange e. Differentiation

52 The type of leaders we have in entrepreneurship includes _______

a. “Iron fisted” or Autocratic leaders b. Lets vote or Democratic leaders

c. “Hands off” or Laissez-faire leader d. All of the above e. None of the below

53 Entrepreneurs cope with change more effectively by being?

a. Flexible and Receptive. b. Self-confident c. Optimistic

d. All of the above e. None of above

54 Management functions include all the following except _________

a. Planning b. Directing c. Controlling d. Organizing e. Following

55. The word ENTREPRENEUR was carried from the ________

a. Latin verb b. Portuguese verb c. French verb d. English verb e. Yoruba verb.

56. Pest attack is one of the threats to _______ business in Nigeria

a. Pure water b. Crop production c. Retail d. Music industry e. Poultry business

57. Those who create new ideas and turn them into successful project within an existing business is
known as __________

a. Acquirers b. Internal entrepreneurs c. Franchisee

d. None of the above e. All of the above

58. Another name for a favourite leisure time activity or occupation is____________

a. Skill b. Idea c. Hobbies d. Past time e. Exercise

59. A good business opportunity must fulfill the following criteria except ________
a. Real demand b. Return on investment c. Meet objectives

d. Availability of resources and skill e. None of the above

60. One of the following Is not a role to be performed by the entrepreneur in the process of job
creation

a. Partner b. Inventor c. Director d. Tax Collector e. Shareholder

Give SHORT ANSWERS to the following questions in the spaces provided

1. A ______situation occurs when a choice is required between two or more alternatives whose
potential outcome are not known and must be subjectively evaluated

2. A private company is composed of a minimum of _____ and a maximum of _____ members?

3. Innovation in business brings about higher or better _______ goods and services

4. Entrepreneurs usually set high ________ for themselves

5. Inability to start business could be due to Lack of Capital, Limited business idea or _________

6. (56-59) S.W.O.T stands for ____________

7. ____________

8. _______________

9. ________________

10. CAMA which stands for_____________ is the principal statute governing the registration of
enterprises in Nigeria.