MODIBBO ADAMA UNIVERSITY OF TECHNOLOGY, YOLA

SCHOOL OF TECHNOLOGY AND SCIENCE EDUCATION

DEPARTMENT OF VOCATIONAL EDUCATION
2017/2018 SECOND SEMESTER EXAMINATION

COURSE TITLE: ENTREPRENEURSHIP & VENTURE MANAGEMENT (BSD 226)

COURSE UNIT: 2 UNITS TIME ALLOWED: 2 hours
INSTRUCTION: ANSWER ALL QUESTION TYPE: B

QUESTION:
1. _______ is a great worry that causes difficult situation for entrepreneurs.
(a) competition (b) market analysis (c) risk (d) stress
2. When an idea is first conceived by the entrepreneur either through observation or
brainstorming, it is referred to as a ________ source of business idea.
(a) external (b) primary (c) secondary (d) internal
3. External sources of business idea generation include the following except ________
(a) customers (b) competitors (c) Distributors (d) Consultants
4. One of the following is an internal source of generating business idea.
(a) Trade associations (b) Research (c) Magazines (d) Social Interaction
5. Intellectual property includes the following except _______
(a) copyrights (b) trademarks (c) patents (d) Idea management
6. Business niches that are currently under served in our areas can be a source of business idea.
(a) False (b) Am not sure (c) True (d) No idea
7. The first step to setting up a small business is to ________
(a) earn a few pennies(b) begin with an idea (c) keep the faith (d) think like a visionary
8. To start small and finish big, one must be to do the following except _______
(a) positive (b) wait for opportunity (c) improve the business (d) be persistent
9. The following are types of entrepreneur except ________ entrepreneur
(a) social (b) serial (c) skilled (d) lifestyle
10. The entrepreneur that is driven by an emotional desire to address some of the big social and
economic conditions in the world.
(a) social (b) serial (c) skilled (d) lifestyle
11. Small businesses are characterized by their __________ in its field of operation.
(a) dormant (b) dormain (c) dormane (d) dominance
12. The key areas of identifying a small business are ownership, operations and scope of ______
(a) influence (b) area (c) expansion (d) capital
13. Transforming local industry into modern enterprise is a ________ of an entrepreneur.
(a) type (b) function (c) characteristic (d) behaviour
14. The history of entrepreneurship in Nigeria could be classified into ________
(a) three (b) four (c) two (d) five
15. Early entrepreneurship in Nigeria started with _______
(a) money (b) trade by barter (c) producers (d) the white men
16. One hit wonder, as a business idea is very good for a new entrepreneur.
(a) False (b) Am not sure (c) No idea (d) True
17. Business ideas to avoid include the following except ideas on _______
(a) unfavourable markets (b) unfavourable industries (c) Blasphemy goods (d) Fashion
18. Studying a country’s population data can serve as a means of identifying business opportunities.
(a) No idea (b) True (c) False (d) Maybe
19. Knowledge derived from a Nation’s population data include the following except _______
(a) Death rate (b) Sex distribution (c) Job opportunities (d) Birth rate
20. Goods that are considered necessary to every member of a society are referred to as ______
(a) vitamins (b) essential goods (c) essence goods (d) special goods
21. FedEx means _________
 (a) Federick Express (b) Federal Express (c) Felix Express (d) Federation Express
22. _______ allows you to communicate your vision to the outside world to help you attract talent
and money. (a) good management (b) Believe (c) Business Idea (d) Business Plan
23. A business plan comprises of the following except ________
(a) business team (b) business summary (c) business strategy (d) business progress
24. In a business plan, ________ allows you to answer how you will expand the business.
(a) business summary (b) market analysis (c) financial analysis (d) business strategy
25. One of the following is not discuss under business team in a business plan.
(a) Background of management team (c) Management and leadership principle
(b) Team’s salaries & allowances (d) Team’s previous successes
26. In the olden days, entrepreneurs in Nigeria used to engage the services of ________ to assist
with their production. (a) employees (b) friends (c) colleagues (d) slaves
27. Modern entrepreneurship in Nigeria can be trace to the _______
(a) colonial master (b) trade by barter (c) Arab merchants (d) Government intervention
28. Private businesses started as a result of government ________
(a) inability to employ school leavers (c) change of policies
(b) Granting licenses to private businesses (d) provision of loans for private investors
29. According to _______, entrepreneurs are innovating individuals.
(a) Drucker (b) Ogundele (c) Glueck (d) Kuratko and Hodgets
30. One major factor that has affected the development of entrepreneurship in Nigeria is _____
(a) government (b) culture (c) formal education (d) society
31. Entrepreneurial _______ refers to how an enterprise is been started by an entrepreneur.
(a) behaviour (b) process (c) character (d) innovation
32. _______ is when an entrepreneur develops a new product and builds a business around it.
(a) New Industry (b) New Idea (c) New Concept (d) New Enterprise
33. Entrepreneurs can also start a business enterprise with an ________
(a) old concept (b) old idea (c) old enterprise (d) old industry
34. When an entrepreneur buys an existing business with little need for creativity or innovation is
known as ________
(a) existing enterprise (b) existing concept (c) existing idea (d) existing industry
35. A transporter with two buses worth 5 million naira cannot be said to be dominant in
transportation business.
(a) I agree (b) I disagree (c) Am not sure (d) No idea
36. N 10, 000 can start up the following businesses except ________
(a) paper production (b) pay phone center (c) pure water distribution (d) street hawking
37. In the past, the dividing line between a small business and big business is _____ employees.
(a) 10 (b) 30 (c) 50 (d) 100
38. The entrepreneur that is more likely to experience repeated entrepreneurial success is called a
_______ entrepreneur. (a) social (b) serial (c) skilled (d) lifestyle
39. The entrepreneur that places passion before profit is known as the ________ entrepreneur.
(a) social (b) serial (c) skilled (d) lifestyle
40. The factors to be considered in starting up a business include the following except ______
(a) the individual (b) cultural factors (c) societal issues (d) religious issues
41. Which of the following aspect of a business plan explains how a business intends to survive in
the marketing world?
(a) Business Team (b) Market analysis (c) Strategy Information (d) Financial Information
42. Business summary in a business plan is also called _________ summary.
(a) executive (b) owner’s (c) conclusion and (d) idea
43. Customer’s demographics can be found in what aspect of a business plan?
(a) business summary (b) market analysis (c) strategy information (d) financial information
44. Financial information in a business plan provides the following information on the following
except ________
(a) budget (b) projected expenses (c) how funds will be raise (d) what material to buy
45. In the sample business plan given to you, the name of the proposed business was _______
(a) BIBI Entertainment (b) BB Entertainment (c) BBB Entertainment (d) B2 Entertainment
46. Personal traits that drives an entrepreneur towards starting up a business include the following
except _______ (a) confidence (b) self-determination (c) self-moral (d) persistence
47. Major advantages of an entrepreneurship include the following except _______
(a) feeling of achievement (b) autonomy (c) financial control (d) jack of all trades
48. One of the side effects of being an entrepreneur is _______
(a) personal sacrifices (b) financial capability (c) autonomy (d) healthy competition
49. Wealth creation is a role played by entrepreneurship in a/an ________
(a) market (b) school (c) economy (d) job
50. Medical services is a good example of _________
(a) Durable goods (b) Non-durable goods (c) Essential goods (d) Medical goods
51. Goods that are purchased frequently are referred to as ________
(a) Non-durable goods (b) Needed goods (c) Essential goods (d) Compulsory goods
52. One of the following is not an example of perishable goods?
(a) Tomatoes (b) Bathing soap (c) Chairs (d) Recharge cards
53. The following can be classified as durable goods except _______
(a) Building (b) Meat (c) Cars (d) Mobile phones
54. In the story of Frederick W. Smith, founder of FedEx, his professor graded him a ______ in his
term paper. (a) D (b) C (c) B (d) A
55. A small business is one that is ________ owned.
(a) dependently (b) jointly (c) independently (d) single handedly
56. Business ownership majorly include the following except ________
(a) proprietorship (b) principalship (c) partnership (d) incorporated company
57. Which is the odd one out?
(a) barber shop (b) dance theatre (c) photographer shop (d) soap making enterprises
58. Small manufacturing enterprises include the following except _________ enterprise.
(a) soap making (b) sachet water (c) shoe repair (d) exercise book
59. One of the following is not an advantage of small business
(a) ease of entry (b) ease of exit (c) low capital (d) Adequate technology
60. Lack of managerial skills is a disadvantage of small businesses.
(a) false (b) Am not sure (c) No idea (d) True
61. A business idea can be spotted from a _______
(a) casual situation (b) casual location (c) casual position (d) casual thought
62. Tenacity despite failure as a personal traits of an entrepreneur means ________
(a) passion (b) persistence (c) initiative (d) being forward
63. Entrepreneurs should avoid being confident in their abilities or business idea.
(a) I agree (b) I disagree (c) Am not sure (d) No idea
64. ________ is essential to not only entrepreneurial business but to all facet of life.
(a) self-accomplishment (b) self-determination (c) self-courage (d) self-inspired
65. When changes occur in the society, an entrepreneur should see it as a business opportunity.
(a) False (b) True (c) Am not sure (d) No idea
66. An entrepreneur’s belief in his own abilities to perform a task is called ________
(a) creativity (b) self-efficacy (c) persistence (d) self-determination
67. One of the following is not a characteristic of a venture idea.
(a) market driven (b) market oriented (c) feasible (d) intellectual property
68. The uniqueness of a business idea include the following except _______
(a) faster (b) cheaper (c) better (d) longer
69. In examining the surroundings as a source of business idea, one can consider the following
except _____ (a) market (b) education (c) personal life (d) work experience
70. Changes in legal and political factors can serve as a source of business idea.
(a) false (b) Am not sure (c) No idea (d) True