OBJECTIVE QUESTIONS 1. Which of the following should NOT be the social objective of business organization?

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1 BUSINESS AND FINANCE WEEK 1 TOPICS AND REVIEW QUESTIONS. TOPICS: 1. THE NATURE AND SCOPE OF BUSINESS 2. TYPES OF BUSINESS 3. PURPOSE AND OBJECTIVES OF BUSINESS 4. BUSINESS ORGANIZATIONS AND THEIR TYPES, CHARACTERISTICS, ADVANTAGES AND DISADVANTAGES. OBJECTIVE QUESTIONS 1. Which of the following should NOT be the social objective of business organization? STARRY GOLD ACADEMY , , info@starrygoldacademy.com, Page 1

2 A. Pay tax as at when due B. Obey laws enacted by the National Assembly C. Keep clean environment D. Encourage tax avoidance E. Encourage tax evasion 2. Which of the following is NOT a factor to be considered when deciding the form of a business enterprise? A. The degree of personal liability B.The willingness to share decision making powers and risks C.The cost of establishing the business D. The location of the business E. The legal requirements concerning STARRY GOLD ACADEMY , , info@starrygoldacademy.com, Page 2

3 the provision of public information 3. The financial structure of a firm is made up of the following components EXCEPT A. Ordinary shares B. Preference shares C. Debentures D. Undistributed profit E. Dividends 4. The objective of not-for- profit organization should be the pursuit of A. Cost Effectiveness B. Profit Minimization C. Shareholders wealth maximization STARRY GOLD ACADEMY , , info@starrygoldacademy.com, Page 3

4 D. Value for money E. Market position 5. Which of the following provides a good example of agency relationship in a typical business organization? A. Employees and Employer B. Employees and Creditors C. Creditors and shareholders D. Creditors and Governments E. Debtors and Creditors 6. A business organization that is owned, managed, controlled and financed by one person is called An organization that is established for the purpose of rendering essential services to the people is called.. 8. A business enterprise that is purely established for the motive of making profit is termed STARRY GOLD ACADEMY , , info@starrygoldacademy.com, Page 4

5 9. Partnership business is distinct from public enterprises simply because of motive. 10. An enterprise that is established by the state or government for promoting the total welfare of the populace is called 11. A business organization that is formed by people with mutual or common interest to promote or protect the interest of its members is called. 12. One major distinguishing feature of cooperative society is one man one vote A) True b) False c) Undecided d) Ambiguous. 13. An advantage that an organization enjoys at the expense of other organizations within the same environment or location is called The main objective or purpose of setting up a business is to One of the major problems of small scale business in Nigeria is.. THEORY STARRY GOLD ACADEMY , , info@starrygoldacademy.com, Page 5

6 1. What do you understand by Business? How do we classify business? 2. Highlight the major types of Business known to you. 3. Discuss the main purpose and objectives of Business. 4. What is sole proprietorship? Itemize its basic features. 5. What is partnership as a business organization? Highlight its major distinguishing features. 6. Discuss the major advantages and disadvantages underlying partnership business. 7. What are public enterprises? Mention their salient characteristics. 8. Highlight the major Reasons for the Establishment of Public Corporations by Government. 9. What do you understand by cooperative society? Highlight the basic features that distinguish it from other forms of business organizations. 10. Describe the major merits and demerits of cooperative society. STARRY GOLD ACADEMY , , info@starrygoldacademy.com, Page 6

7 STARRY GOLD ACADEMY , , Page 7

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