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1. Business wants to know your needs, wants, goals, values etc. Before they can _____ their goods to you

a) Purchase

b) Exchange

c) Sell

d) Produce  

 

2. The people you elect into leadership position affects business activities of a _____.

a) Citizen

b) Country

c) Kingdom

d) State

 

3. Brown et al. In _____ says that business is all the activities of an individual or group of individuals in producing and distributing goods and services to customers.

a) 1997

b) 2005

c) 1919

d) 2025

 

4._____ of Association It tells you to about the regulations that are laid down for the internal rules and regulations of the government organization, and management of the company.

ANS.  Article

 

 

5. A producer is a person who is involved in producing those goods and _____ for distribution.

a) service

b) purchase

c) want

d) production

 

 

6. Opportunity cost: this is what you give up on acquiring _____.

a) Wealth

b) Property

c) Wisdom

d) Something

 

 

7. _____ describes the process of product managers giving instructions to line workers, or top management giving instructions to product managers.

Ans. Line authority

 

 

8. Limited Liability Company by Guarantee business is for promotion of science, religion, arts, education, and not for profit making.

TRUE / FALSE

 

9. Denedo (2004) says a partnership is an association of two to _____ persons carrying on a business in common with the view of making profit.

a) Fifty

b) Thirty

c) Ten

d) Twenty

 

 

10. The statutory of management science can be traced back to after the _____ World War

a) Third

b) Fourth

c) Second

d) Last

 

 

11. The type of organization which you have direct authority over your respective subordinates through chain of command is known as _____

a) Line organization

b) Business organization

c) Organizational line

d) All the above

 

 

12. Wilkson et al ______ sees a functional manager as responsible only for a single area of activity, such as production, finance or personnel.

a) 1994

b) 2025

c) 2021

d) 3032

 

13. _____ therefore turns raw or processed goods into finished goods.

a) Businessmen

b) Market women

c) Producers

d) Manufacturer

 

 

14. According to _____ in 1997, Manufactures are business set up to carry out the activities involved in making finished goods out of processed goods  

a) Brown

b) Wilkson

c) Hartzel

d) None of the above

 

 

15. Functional authority is the type of authority or power held by _____, wherein they assign an employee for a particular period to accomplish a given task.

a) Managers

b) Senior employees

c) Staffs

d) Company

 

 

16. Market share is the percentage of an industry’s sales that a particular company owns.

TRUE / FALSE

 

 

17. A _____ is that business that buys goods from a wholesale and resell them directly to the final consumer

a) Wholesaler

b) Final consumer

c) Retailer

d) Producer

 

 

18. _____ goods are those products that are produced and ready for the market.

Ans. Finished

 

 

19. _____ creates opportunities for a company to increase consumer satisfaction and thereby gain competitive advantage over others.

a) Organization

b) Producer

c) Technology

d) Information

 

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20. In Line organization _____ flows from top to bottom

a) Authority

b) Power

c) Sanction

d) Cohesion

 

 

21. All but one is not a characteristic of business

a) Exchange

b) Profit motive.

c) Dealing in goods and services.

d) All the above

 

22. _____ is defined as “everything the customer receives that is of value in terms of a perceived want, need or problem,”

Ans. Product

 

23. The way products are packaged strongly influences managers as a lot of thought goes into the packaging.

TRUE / FALSE

 

 

24. _____ is verbal communication in which your speech organs are

used to produce sounds.

a) Sound

b) Communication

c) Speech

d) All the above

 

 

25. Brown 1997 says a small business is an independently owned and managed business that serves a limited _____ area and it is not dominant in its industry.

a) Community

b) Town

c) Country

d) Geographic

 

26. A _____  averse person has a strong dislike for risk and as such will do

everything possible to avoid the risk.

Ans. Risk

 

 

27. A peril may be defined as a contingency, which may cause a _____.

a) Profit

b) Loss

c) Gain

d) Nothing

 

 

28. _____ is what is paid in exchange for the product (goods) received or

service enjoyed.

a) Money

b) Cash

c) Price

d) tangible

 

 

29. Consumers are always referred to as a _____.

Ans. King

 

 

30. _____ mean anything you can use to value or obtain, what you need and want

a) Goods

b) Resources

c) Business

d) Service

 

  

31. If you decide not to buy any product, you have made _____ decision.

a) Wise

b) Brilliant

c) Good

d) Business

 

 

32. Frank Gilbreth 1879 – 1972 and Lillian Gilbreth 1879 – 1972 study is popularly known as _____ and motion studies

a) Speed

b) Time

c) Second

d) Space

 

 

33. If a company is liquidated, they loose only the _____ they have in the company.

a) Products

b) Shares

c) Staff

d) Items

 

 

34. In a company someone will be in charge of organizing people and machines as to provide products is referred to as _____

Ans. Organizing

 

 

35. A functional authority is a limited form of _____ authority

a) Personal

b) Individual

c) Line

d) All the above

 

 

36. The theory attributed to Henry Taylor in 1841-1925, who sees his success as a mining engineer with a French coal and iron company because he applies management principle, rather than personal qualities, is the _____

Ans. Organizational theory

 

 

37. ______ is a person who enters business working for him/herself.

a) Entrepreneur

b) Business owner

c) CEO

d) Sole trader

 

 

38. We have _____ kinds of partners

a) Four

b) Two

c) Five

d) Three

 

39. Any items, materials and consumable substances which are sold to the consumers, companies and government agencies is known as _____

a) Finished goods

b) Goods  

c) Products

d) Commodity

 

 

40. Every business concern must be able to carry out its market _____ to control, aid sale its product to.

a) Profit

b) Loss

c) Survey

d) Share

 

 

41. _______It is defined as an organization in which line authority, staff authority and

functional authority exists together.

ANS. FUNCTIONAL ORGANIZATIONS

 

42. You can classify administrative organization into _____:

a) Three

b) Four

c) Two

d) Five

 

 

43. Business tries to find out what is good for the consumer, so that _____ will reach out to each other

a) Goods

b) Stock

c) Products

d) Businesses

 

 

44. If there is no one to _____ finance, human resources and production, the company can‟t go on smoothly.

a) Monitor

b) Control

c) Manage

d) Supervise

 

 

45. Fredrick Taylor He rose to a management position in a rolling mill at age _____.

a) 31

b) 45

c) 25

d) 51

 

 

46. Management science is more useful in planning and business

TRUE / FALSE 

 

 

47. In Nigeria, it is one of the commonest types of business you see around seen in villages and cities.

a) Sole trading

b) Business

c) Wholesaler

d) Producer

 

 

48. You can’t know what business is except you know some basic _____

a) Idea

b) Strategy

c) Concepts

d) amount

 

49. Administration is basically a policy and decision-making function

while the management is an executive function.

TRUE / FALSE

 

50. We have principally _____ types of partnership

a) Three

b) Four

c) Two

d) Five