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Question and answer on GNS 113 for 2021/2022 and 2017/2018

Question and answer

INDUSTRIAL MANAGEMENT
Section A: Attempts all questons

  1. The rendering of services to complement the production of goods and services rendered to consumers is classified as ————
    A. Primary production.
    B. Secondary production
    C. Social production
    D. Tertiary production
    Answer is D Tertiary production
  2. An organization that has the motive of improving the welfare of the people is classified as……….
    A. Public company
    B. Private corporative
    C. Public cooperation
    D. Public organization
    Answer is C. Public cooperation
  3. The most common business organization that is quick in taking decision and has limited goods is known as…………..
    A. Partnership
    B. Cooperative society
    C. Two manship
    D. One man business
    Answer is D. One man business
  4. In partnership business a major disadvantages is …………..
    A. Every partner has to be consulted during decision making
    B. Partners could be too friendly with their customers.
    C. Their offers could be kept private
    D. Partners could take long holiday
  5. Who among the following controls a limited liability company.
    A. General managers
    B. Managing director
    C. Tax payer
    D. Board of directors
    Answer is D
  6. A nominal partner, in a partnership business………………..
    A. Makes financial contribution to the partners.
    B. Makes financial contribution and participate in management.
    C. Bears the unlimited liability Incase of failure.
    D. Does not make financial contribution to the partnership but allow his name to be used in business.
    Answer is D
  7. Money has the following features except
    A. Durability
    B. Portability
    C. Justice
    D. Scarcity
    Answer is C
  8. The main categories of production
    A. Direct, secondary and extractive
    B. Primary, tertiary and direct
    C. Primary, secondary and tertiary
    D. Secondary, primary and direct
    The answer is C
  9. The main objective of selling up a business organization is to ………
    A. Protect the interest of the owner
    B. Promote export and inport
    C. Produce infrastructure
    D. Maximize profit
    The answer is maximize profit
  10. The company owned and controlled by the government is C …………
    A. Public limited company
    B. Private limited company
    C. Public cooperation
    D. Limited liability company
    The correct answer is C Public cooperation
  11. One main feature of a public limited company is………………..
    A. Public limited
    B. Private limited
    C. Limited liability
    D. Public holder
    Answer is D public holder
  12. All the following are internal factors that affect the business except.
    A. Competitors
    B. Staff
    C. Technology and methods
    D. Organization communication
    The answer is A competitors
  13. The act of making use of people in achieving the aim, objective and goals of an organization is ………………………..
    A. Organizing
    B. Managing
    C. Leading
    D. Recruitment
    The answer is B managing
  14. A partner that sees to the day-to-day running of a business and also contribute financially is called ………………
    A. Normal partner
    B. Sleeping partner
    C. Active partner
    D. Non-active partner
    The answer is C active partner
  15. An organization is affected by the following factors outside the business except …………………….
    A. Social-cultural pressure
    B. Political factor
    C. Economic factor
    D. Levels in the organization
    The answer is A social-cultural pressure
  16. Business organization survives except if there is………………
    A. Maximum profit
    B. Declining sales
    C. Good goals
    D. Technology
    The Answer is B Declining sales
  17. The advantages of a public cooperation are the following except…………………………
    A. Provision of employment
    B. Allocation of resources
    C. Provide essential commodity
    D. Corruption
    The answer is C corruption
  18. A public limited liability company can source for fund to expand the business by the following ways, except
    A. Buying on credit
    B. Selling more shares
    C. Family and friends
    D. Debentures
    The answer is C
  19. A sole proprietor can source for fund to expand or sustain the business by………………………………
    A. Selling more shares
    B. Borrowing from friends
    C. Franchising
    D. Government licensing
    The answer is B (Borrowing from friends)
  20. A partnership can source for fund to expand or sustain the business by………………
    A. Government financing
    B. Families
    C. Friends
    D. Contributing more money among partners
    The answer is D (Contributing more money among partners)
  21. A good money should serve as ………………………..
    A. Portability
    B. Homogeneity
    C. Acceptability
    D. Medium of exchange
    The answer is D (medium of exchange)
  22. A business can fail if
    A. It is organized
    B. It is coordinated
    C. It is not well planned
    D. It is well stabled
    The answer is C (it is not well planned)
  23. When a business organization has the required number of employees with the required raw materials to use, it means that it is well………………………………….
    A. Controlled
    B personnel
    C. Planning
    D. Organized
    The answer is D (organized)
  24. The hiring, placement and recruitment of employees in an organization is called __
    A. Placement
    B. Staffing
    C. Hiring
    D. Personnel
    The answer is B staffing
  25. The type of currency Nigerians are used to is called________________
    A. Cedis
    B. Naira
    C. Pounds
    D. Dollar
    The answer is B Naira
  26. To hold money for an unexpected situation is called _________
    A. Precautionary motive
    B. Transaction motive
    C. Speculative motive
    D. Resting motive
    The answer is a PRECAUTIONARY MOTIVE
  27. Money held for investment and future use is _________
    A. Precautionary motive
    B. Transaction motive
    C. Speculative motive
    D. Future motive
    The answer is a SPECULATIVE MOTIVE
  28. A business organization with members of the same opinion of making one another better offer is ______
    A. Sole proprietorship
    B. Private limited company
    C. Cooperative society
    D. Partnership
    The answer is C {COOPERATIVE SOCIETY}
  29. The setting standards and the cooperation of the standard set and the actual for correction is ________
    A. Organizing
    B. Planning
    C. Coordination
    D. Controlling
    The correct answer is COORDINATION
  30. A pure water business venture is a type of
    A. Partnership
    B. Cooperative society
    C. Sole proprietorship
    D. Public cooperation
  31. What the industry gain being in one place is referred to as EXTERNAL ECONOMIC

Industrial management (past question and answer)

  1. The type of production that involves the tapping and harnessing of natural resources is __
    A. Tertiary
    B. Secondary
    C. Primary
    D. Industrial
    Answer is C PRIMARY
  2. In a partnership, the conduct of members is guided by _______
    A. Article of association
    B. Deed of partnership
    C. Certificate of occupancy
    D. Agreement
    The answer is B (DEED OF PARTNERSHIP)
  3. An arrangement in which the debt of a company can only be paid out of it own assets implies__________________________
    A. Limited liability
    B. Unlimited liability
    C. Capital liability
    D. Personal liability
    The answer is A (LIMITED LIABILITY)
  4. The situation whereby a company cannot be separated from it owner implies ______
    A. Registration
    B. Legal entity
    C. Non registration
    D. Non-legal entity
    The answer is D NON-LEGAL ENTITY
  5. Which of the following is not a function of money?
    A. Measure of value
    B. Store of value
    C. Medium of communication
    D. Standard of deferred payment
    The answer is C (MEDIUM OF COMMUNICATION)
  6. Which of the following hinder trade by barter?
    A. Exchange rate determination
    B. Hoarding
    C. How to produce
    D. What to produce
    The answer is A ( EXCHANGE RATE DETERMINATION)
  7. Which of the following business organization does not issue debenture to source for fund?
    A. Sole proprietorship
    B. Partnership
    C. Private limited company
    D. Public limited company
    The answer is A (SOLE PROPRIETORSHIP)
  8. Which of these organization is owned by government?
    A. Private limited company
    B. Public limited company
    C. Partnership
    D. Public cooperation
    The answer is D (PUBLIC COOPERATION)
  9. Which of the following factors does not encourage the location of industries?
    A. Availability of infrastructural facility
    B. Political instability
    C. Government influences in siting industries
    D. Abundance of cheap labour
    The answer is B (POLITICAL INSTABILITY)
  10. All the following are sources of finance to a public limited liability company except
    A. Bank loan
    B. Equity shares
    C. Debentures
    D. Co-operative shift
    The answer is D (CO-OPERATIVE SHIFT)
  11. Public cooperation in Nigeria are set up to ________
    A. Make maximum profit
    B. Provide jobs for the people
    C. Provide welfare services for the people
    D. Show that the government can do business
    The answer is C ( PROVIDE WELFARE SERVICES FOR THE PEOPLE)
  12. The rural areas of west Africa countries lack industries because ________
    A. Rural people are uneducated
    B. Low population density
    C. Inadequate infrastructure
    D. They are not suitable for industries
    The answer is C ( INADEQUATE INFRASTRUCTURE)
  13. The reward of shareholder of a company is
    A. Wages
    B. Interest
    C. Dividends
    D. Profit
    The answer is C (DIVIDENDS)
  14. Short term loan can be source from ___________
    A. Central Bank
    B. Development Bank
    C. Commercial bank
    D. Mortgage bank
    The answer is MORTGAGE BANK
  15. One disadvantage of localization of industry is that firms ___
    A. Are unified under one management
    B. Are given tax holiday
    C. Pay high wages
    D. Can have a large pool of skilled labor.
    The answer is (D)
  16. An appropriate industrialization strategy in an underpopulated country is __
    A. Import substitution
    B. Capital intensive
    C. Labor intensive
    D. The use of foreigners in factory
    The answer is A (IMPORT SUBSTITUTION)
  17. The establishment of industries in rural areas will help to reduce__________________
    A. Urban-rural migration
    B. Urban-urban migration
    C. Rural-rural migration
    D. Rural-urban migration
    The answer is D (RURAL-URBAN MIGRATION)
  18. One quality of money which makes it possible to be carried easily is its _____
    A. Scarcity
    B. Acceptability
    C. Portability
    D. Durability
    The answer is C (PORTABILITY)
  19. The most common form of business enterprise in west Africa is __________
    A. Sole proprietorship
    B. Partnership
    C. Cooperative societies
    D. Limited liability companies
    The answer is A (SOLE PROPRIETORSHIP)
  20. Localization of industries refers to the__________________
    A. Concentration of the firms of an industry in a particular area
    B. Siting of industries in rural areas
    C. Even spread of industry
    D. Government policy of influencing the location of industries
    The answer is A ( CONCENTRATION OF THE FORMS OF AN INDUSTRY IN A PARTICULAR AREA)
  21. A limited liability company is owned by the ____
    A. Government
    B. Individual
    C. Shareholders
    D. Partners
    The answer is is C (SHAREHOLDERS)
  22. Mining is an example of _____________________
    A. Tertiary production
    B. Primary production
    C. Secondary production
    D. Advanced production
    The answer is B (PRIMARY PRODUCTION)
  23. Which of the following is an advantage of localization of industry?
    A. Development of subsidiary firms
    B. Creation of parallel markets
    C. Development of slums
    D. Attraction of foreign capital
    The answer is A ( DEVELOPMENT OF SUBSIDIARY FIRMS)
  24. All the following are sources of finance to a private limited liability company except____________________
    A. Bank loan
    B. Equity shares
    C. Debentures
    D. Hire purchase
    The answer is D (HIRE PURCHASE)
  25. The consumer co-operative society is owned by__________________
    A. Management committee
    B. Members of the society
    C. Debenture holders
    D. The government
    The answer is D (GOVERNMENT)
  26. An industry can best be defined as _______
    A. A place where goods are processed
    B. A place where different firms produced different goods.
    C. An aggregate of individual firms producing similar commodities
    D. The concentration of firms in the same locality
    The answer is C ( An aggregate of individual firms producing similar commodities)
  27. Money is demanded for which of the following reasons ____________
    A. To meet unforeseen contingencies
    B. To solve the problem of inflation
    C. It is easily divisible
    D. It is portable
    The answer is A ( To meet unforeseen contingencies)
  28. In public cooperation, the risk of the business are borne by the _____
    A. Tax payers
    B. Treasury
    C. Workers
    D. Board members
    The answer is A (TAX PAYERS)
  29. The most common type of business in Nigeria is __________
    A. Limited liability
    B. Sole proprietorship
    C. Partnership
    D. Public enterprise
    The answer is B ( SOLE PROPRIETORSHIP)
  30. Economic goal of public cooperation is to _____________
    A. Maximize profit
    B. Expand asset
    C. Minimize cost
    D. Provide essential services
    The answer is D ( PROVIDE ESSENTIAL SERVICES)
  31. The main difference between a private and public enterprise is the ___
    A. Amount of profit realized
    B. Mode of operation
    C. Objective of the business
    D. Ownership structure
    The answer is D (OWNERSHIP STRUCTURE)
  32. Industry can be defined as ________
    A. Several firms producing different commodities
    B. Groups of firms producing similar commodities
    C. Different firms producing equal number of commodities
    D. Many firms producing for export
    The answer is B (Groups of firms producing similar commodities)
  33. Which of the following is true about import substitution? It ______________
    A. enables a country to curtail importation
    B. enables a country to improve on importation
    C. help in increasing exportation
    D. Is meant to reduce exportation
    The answer is B ( enables a country to improve on importation)
  34. Cooperative societies formed to market the output of their members are called __
    A. Consumers co-orperative
    B. Wholesale co-orperative
    C. Producer co-orperative
    D. Credit or thrift co-operative
    The answer is C ( PRODUCER CO-ORPERATIVE)
  35. Money will serve as a standard of deferred payment if it is _____
    A. Homogeneous
    B. Durable
    C. Easily recognize
    D. Stable in value
    The answer is D ( STABLE IN VALUE)
  36. Which of the these unemployment is a disadvantage of localization of industries
    A. Seasonal unemployment
    B. Frictional unemployment
    C. Technological unemployment
    D. Structural unemployment
  37. The concentration of many firms of a particular industry in a particular area is known as__________________
    A. Location of industry
    B. Amalgamation of industries
    C. Localization of industries
    D. Nationalization of industries
    The answer is C ( LOCALIZATION OF INDUSTRIES)
  38. Public cooperation is mostly financed by the government through _________
    A. Taxes paid by the people
    B. Fines paid by the individual
    C. Profit earned
    D. Price of the commodities
    The answer is A ( TAXES PAID BY THE PEOPLE)
  39. Location of firms of an industry is not influenced by ________
    A. Availability of raw materials
    B. Existence of other firms
    C. Nearness to the source of money
    D. Government policy
    The answer is C ( NEARNESS TO THE SOURCE OF MONEY)
  40. Location of firms in rural areas may ___________
    A. Enable the firms to enjoy existing infrastructural facilities
    B. Make finance readily available
    C. Enhance even or balanced development
    D. Make such firms enjoy external economics of scale.

other related questions


41. The rendering of services to complement the production of goods and services rendered to consumer is classified as ….
Primary production (b) Secondary production (c) Social production (d) Tertiary production
Answer is D Tertiary production
42.  An organization that has the motive of improving the welfare of the people is classified as?
Public company (b)Private corporative (c) Public corporation (d) Public organization
Answer is C Public corporation
43. The most common business organization that is quick in taking decisions and has limited goods is known as?
Partnership (b) Corporative society (c) Two-Manship (d) One man business
Answer is D One man business
44.  In partnership business a major disadvantage is ….
[a]Every partner has to be consulted during decision making (b) Partners could be too friendly with their customers (c) Their affairs can be kept private (d) Partners could take long holiday.
Answer is A Every partner has to be consulted before decision making
45. Who among the following controls a Limited Liability Company?
General manager (b) Managing director (c) Tax payers (d) Board of directors
Answer is D Board of directors
A nominal partner, in a partnership business

Oluwamuyide Peter

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