FEDERAL UNIVERSITY OF TECHNOLGY , MINNA
CONTINIOUS ASSESSMENT TEST FOR 2016/2017 ACADEMIC SEESION
GST 311:INTRODUCTION TO ENTREPRENEURSHIP
TIME ALLOWED:30MINS
1. One of these is not a core attribute of an entrepreneur
.A Product
B Skills
C Energy
D Resourcefulness
2. When entrepreneurs participate by contributing positive ideas to advance the
enterprise’s objectives, they are referred to as:
.A Promoters
B Partners
C Directors
D Shareholders
3. Which is not a source of funding for small scale business:
A Personal Savings
B Partnership
.C Charity
D Loan
4. Entrepreneurship philosophy focuses on:
A Ability to manage People
B Responsibility for one another
C Responsibility for ones business
.D Success results from persistent effort
5. ______________ is the primary determinant of what is to be produced in a free market
economy?
A Entrepreneur
B Producer
C Government
.D Consumer
6. The following are problems faced by entrepreneur in Nigeria except
.A Adequate infrastructure
B Corruption
C Inflation
D Insecurity
7. Entrepreneur are promoter because
A they can identify opportunities
B they cannot scan the environment
C they cannot marshal the resources and implement the business idea
.D None of the above
8. The following are the advantages of being an entrepreneur except
A Leader rather than follower
.B Uncertain future
C Can be creative
D Independence
9. An employment where one earns an income by working for others is called…………
.A Wage Employment
B Self-employment
C Government Employment
D Business Employment
10. Entrepreneurs use human and economic resources to implement their……………..
A Goods and Services
B Company
.C Idea
D Budget
11. Which of the following is the appropriate option to be exploited by an entrepreneur in
sourcing for start-up capital?
A Personal savings
B Friends and family
.C All financing options
D Banks option
12. The following financing options are relatively easy for entrepreneur to raise venture
capital except?
A Personal savings
B Friends and family
C Credit Cards
.D Banks
13. Which of the following is considered the best source of capital for a new business?
.A Personal savings
B Friends and family
C Credit Cards
D Banks
14. All the followings are benefit of personal savings except?
A Easy to use
B Quick to access
.C Less payback terms
D No transfer of equity
15. Which of the following financing options demonstrate to potential investors that the
entrepreneur is willing to take risk and persevere during hard times?
.A Personal savings
B Friends and family
C Credit Cards
D Banks
16. One of the following is considered the second easiest source of fund to assess.
A Personal savings
.B Friends and family
C Credit Cards
D Banks
17. Which of the following lending options do not necessarily require paperwork?
.A friends and family
B Credit Cards
C Banks
D Cooperative societies
18. What is the major possible disadvantage of a credit card?
A Loss of cards
B Card expiration
C Network failure
.D High interest rate
19. Which of the following is seen as a very conservative lender?
A Friends and family
B Credit Cards
.C Banks
D Cooperative societies
20. What is the main reason for bank refusal to grant loan to start-up businesses?
A Lack of statement of account
.B Inadequate asset for security
C Non prior business record
D High possibility of business failure
21. The creation and delivering of desired goods and services to customers in a manner that
customers’ loyalty is created and sustained is called-------------------
A Business
.B Marketing
C Entrepreneurship
D Production
22. It is generally believed that customers don’t buy products but value. As a customer, how
do you think a particular product can offer you the required value?
A When the product is of the same quality and price with similar products in the market
B When the product is of higher quality and price than other products in the market
.C When the product is of higher quality with same price as other products in the market
D When the product is of low quality and price that customers can afford to buy
23. Which of these is not an objective of guerrilla marketing plan
A Specific target market specification
B Determination of customers’ needs
.C Analysis of customers’ competitive advantage
D Creation of good marketing mix
24. A special purpose vehicle meant for gathering information about a target market needs
with a view to satisfying them is called---------------
A Market orientation
B Market and customers’ plan
.C Market research
D Opportunity evaluation
25. The order in which market research is carried out by organizations is properly defined in
one of the following options
A Defining the objective ---- analyze the objective ---- data collection -----conclusion
B Analysis of customers need---- data collection ----- data interpretation ----conclusion
C Objective identification--- data collection ----data interpretation and summary--conclusion
.D Defining the objective ---- data collection --- data analysis and interpretation --conclusion
26. In a well saturated market, an Entrepreneur can still satisfy a small segment of the
market by finding a ------ in the market
A Nitch
.B Niche
C Nich
D Nitche
27. A typical guerrilla marketing strategy that gives an organization a competitive edge must
consider all except one of the following factor
.A Profit maximization
B Creation of business identity
C Continuous improvement on quality
D Attention to convenience
28. Innovation is primarily key to any successful entrepreneurial activity because of all except
one of the following reasons
A It allows the entrepreneur to capture larger market share
B It gives room for product uniqueness
.C It allows for profit maximization
D It allows for product continuous improvement
29 Which of these is not a reason for marketing on the web
A It creates same platform for both small and larger firms to showcase their products
.B It allows small firms to pay less to showcase their products online
C It allows young and educated customers to transact with the firm
D It helps to package the product to look attractive and interactive
30. At what stage in product life cycle is now product required to be introduced?
A Introductory stage
B Growth stage
.C Saturation stage
D Decline stage
31 Why would a customer choses to buy goods or services from a new firm in the market?
.A Uniqueness
B Need
C Newness and taste
D Packaging
32 Successful entrepreneurs often differentiate their produce and services through all the
following ways except?
A Niche specification
B Innovation
C Branding
.D Creativity
33----------- is an attempt to separate the new company’s product or services from others in the
market place?
.A Differentiation
B Branding
C Pricing
D Marketing
34. An attempt to provide a product or service that fulfills the needs of a specific subset of
the customers in a society is known as?
.A Niche specification
B Need specification
C Customers’ needs identification
D Value creation and addition.
35-------- is when a firm successfully provides a product or services that is smaller in size,
lighter, user friendly, ease of installation, better customer service among others than its
competitors?
.A Differentiation
B Packaging
C Branding
D Innovation
36. These are effective strategies to help a new venture to attract customers and good return
on investment except?
A Innovation
B Differentiation
C Market specification
.D Marketing Strategies
37------ takes place whenever the imitator understand how an innovation can be applied, used or
sold in their particular market better than the original creator.
.A Creative imitation
B Innovative imitation
C Entrepreneurial imitation
D Marketing Imitation
38 Innovation is perhaps the defining characteristic of entrepreneurship, innovating is a
change that creates a new dimension of performance”. The above remark is credited to
.A Peter Drucker
B Joseph Schumpeters
C Aliko Dangote
D Barak Obama
39 The defining tool employed by successful entrepreneurs is
.A Innovation
B Creativity
C Capital and money
D Marketing strategy
40 Innovation occurs in all aspects of business except
A Production
B Processing
C Packaging
.D Creativity
41. One word that best describe the pure water and bottled water industry.
A Creativity
B Innovation
C Entrepreneur
.D Creative Imitation
42. In the period of recession, the best employee to drive a corporate organization is
A Copreneur
B Technopreneur
C Entrepreneur
.D Intrapreneur
43. A non-profit organization is handled by
.A Social Entrepreneur
B Copreneur
C Infopreneur
D Intrapreneur
44. The card reader used in 2015 election, which was powered by zinox can be classified as a
product.
A Infopreneur
B Social Entrepreneur
.C Disruptive Entrepreneur
D Technopreneur
45. The cloning of human parts in the medical field is a
.A Pioneering innovation
B Incremental Innovation
C Creative Imitation
D Unethical Innovation
46. In the auto industry, Toyota and Honda maintains their market share or customer through
A Advanced Innovation
B Pioneering Innovation
C Creative Imitation
.D Incremental Innovation
47. I Phone 6 that is produced by apple is a product of
A Entrepreneur
B Innovator
C Inventor
.D Technopreneur
48. Nigeria was operating a cash based economy but there is a paradigm shift to a cashless
economy, which is made possible by
A Entrepreneurs
.B Innovation
C Creativity
D Inventors
49. All are pointers of entrepreneurial opportunities except one
A Crisis and Bubbles
B Societal Changes
C Demographic Trends
.D Political Changes
50. The Entrepreneurs who always look at the future for opportunities and is flexible is called
.A Serial Entrepreneurs
B Opportunist Entrepreneurs
C Speculators Entrepreneurs
D Infopreneurs
51------- is a valuable asset for an entrepreneur
A Intellectual thinking
.B Intellectual property
C Innovation
D Creativity
52. The purpose of intellectual property ------------------ is to encourage innovation by giving
idea generators the time to gain from their ideas and their produce.
A Rights
B Assets
.C Laws
D Market
53. Intellectual property rights can only be
A Bought and sold
B Bought and licensed
C Bought, sold and can be given away freely
.D Bought, dashed , sold and licensed
54 ---------------- are protected by closed agreements and contracts only
A Trademarks
B Patent
C Copyrights
.D Trade secrets
55. The following are forms of intellectual property rights except
A Entrepreneurial trade secrets
.B Entrepreneurial tenacity
C Entrepreneurial traders
D Entrepreneurial trademark
56. The most famous business formula that is been kept secret for ages is that of--------------
A General motors
B Toyota
C Pepsi
.D Coca-cola
57. Information can be adequately protected when they have not been already ------------
A Checked
B Viewed
.C Revealed
D Analyzed
58. Which of the following forms of intellectual property rights expires
A Patent and trade secrets
.B Copyrights and patents right
C Trademark and trade secrets
D Patents right and trademark
59. The following forms of intellectual property rights expire except
A Patents
B Copy right
.C Trademark
D None of the above
60. Trade secrets may be the following except
A Customers lists
B Lower prices
C Faster delivery method
.D Trade name
