Esut ”ENS311” Past Questions and Answers For 300L Students

ENS311 ENTREPRENEURSHIP PRACTICUM PAST QUESTIONS AND ANSWERS
1) When you buy a commodity, you are bound to give money either now or in future. What you have done
is,,,,,,,,,,,,?

A) increasing your goods and decreasing your cash✔✔
B) decreasing your goods and decreasing your cash
C) increasing your goods and increasing your cash
D) increasing the activities of your business
2) ,,,,,,,,,,,,,,,,,,,entails processes involved in the seeking identification and exploitation of business opportunity
for profit
.
A) business plan
B) entrepreneurship✔✔
C)business money
D) venture ideas


3) Purchases go with return outwards while sales go with,,,,,,,,,,,,,,,?
A) return outwards
B) return inward ✔✔
C) return on time
D) return made easy


4) The dynamism and unpredictability, in most circumstances of business environment are responsible for
high rate of,,,,,,,,,,,?

A) skill acquisition
B) skill development
C) entrepreneurship development
D) business failure✔✔


5) A debit note is called,,,,,,?
A) supplementary invoice
B) documentary invoice✔✔
C)discount invoice
D) return invoice


6) A business plan precedes the business and continues with the business,,,,?
A)yes✔✔
B)no
C) not always
D) only in ventures
7) When a customer is overcharged by mistake, a note is sent to him, the name of that note is called,,,,,,,,?
A) debit note
B) supplement note
C) credit note✔✔
D) documentary note
8) A business plan must be carried out irrespective of the form and size of the business
A) not always
B) no
C) yes✔✔
D) only large size
9) An account kept by many organizations for small items of expenditure to ease the burden of work and entries in cash book is known as,,,,,,,,,,,,,?
A) ledger
B) sales day book
C) petty cash book✔✔
D) purchases day book
10) The contents of a business plan vary in line with,,,,,,,,,,,,,,, and ,,,,,,,,,,,of the business.
A) form and size✔✔
B) skill and plan
C) type and age
D) none of the above
11) Income statement is a more important source of information because it helps to determine the following
except,,,,,,,,,?

A) total revenue from sales
B) the abnormal trading profits✔✔
C) costs of goods sold
D) the normal trading results
12) In the,,,,,,,,,,,,,,,,, , the planner should specify the name of the company and indicate if current plan is for
expansion, rehabilitation, integration, diversification, others or if it is a new business

A) executive summary
B) content page✔✔
C) economic analysis
D) financial analysis
13) The cash book is balanced at the end of every month to ascertain,,,,,,,,,,,,,,,,?
A) cash and bank balances
B) cash balance✔✔
C) monthly balance
D) book balance
14) Business plan is undertaken for one of the following ,,,,,,,,,,,,?
A) loan purposes✔✔
B) inventory
C) quality control
D) process control
15) In modern time, the petty cash book is kept under the,,,,,, ,,,,,?
A)analysis approach
B) impresets system✔✔
C) petty expense
D) minor system
16) The following information are readily available from the book keeping practice except,,,,,,,,,,,,,,,,?
A) the value of purchases
B) the value of sales
C) the marketing strategies of the business
D) total expenses.
E) The value of the property belonging to the business✔✔
17) Evidence of value addition must be shown in the ,,,,,,,,,,,,,,,,analysis in a business plan?
A) financial

B) venture
C) economic✔✔
D) summary
18) The following are the records needed for effective record keeping of any small business with the
exception of,,,,,,,,,,,,,,,,,?

A) cash receipt book
B) payment vouchers✔✔
C) sales day book
D) total expenses for a period
E) returns book
19) Evidence of foreign exchange effect is demanded by all governments in the world,,,,,,,,,,,,,,,,,,,?
A) yes✔✔
B) no
C)no idea
D) none of above
20) Ledger account is divided into ,,,,,,,,,,,,,,,,,,,,,,,and,,,,,,,,,,,,,,,,,,,,,?
A) impersonal and real accounts
B) real and nominal accounts
C) personal and impersonal accounts✔✔
D) nominal and ledger accounts
E) debtors and creditor accounts
21) Certificate of incorporation is shown in the business plan as,,,,,,,,,,,,,,,,,,,,?
A) appendix✔✔
B) approval
C) chart
D) risk paper
E) all of the above
22) The cash book is divided into,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,and ,,,,,,,,,,,,,,,,,,,,,?
A) high column cash book
B) low column cash book
C) simple cash book
D) double or two column cash ✔✔
E) three column cash book
23) In ,,,,,,,,,,,,,,,,,,,,analysis, we try to identify the critical success factors
A) contingency
B) risk
C) exit
D) report✔✔
E) all of the above
24) A ledger is the principal or main book of account or recording book which contains all the financial
transactions of a business item by item,,,,,,,,,,,,,,,,,,,,,,?
A) true✔✔
B) false
25) The principle of give and take is known as,,,,,,,,,,,,,,,?
A) golden rule✔✔

B) double entry
C) give and take rule
D) economic rule
26) In business, when every other thing fails, exit becomes a ,,,,,,,,,,,,,,,,,,,,,option
A) risk
B) failure
C) viable✔✔
D) exit
27) A method of recording transactions involving money or its worth according to laid down guidelines so as
to present or represent a true and fair view of the activities of a business is known as,,,,,,,,,,,,,,,,,,,?
A) book keeping✔✔
B) transaction
C) financial worth
D) monetary method
28) In,,,,,,,,,,,,,,,,,,,,,,analysis positions in the organization and authority relationships are Stated*
A) economic
B) management✔✔
C) human
D) key
29) Two important records required for book keeping are,,,,,,,,,,,,,,,,,,,,,and,,,,,,,,,,,,,,,?
A) cash book and ledger book
B) expenditure and income book✔✔
C)voucher and receipt
D) record and book
E) cash account and cost account
30) The capacity of the plant factory is determined by availability of raw materials and,,,,,,,,,,,,,,,,,,,,?
A) demand
B) desire
C) want
D) capital✔✔
31) A form purposely designed to show evidence of monies paid out of a business is known as,,,,,,,,,,,,,,,,,?
A) expenditure book
B) booklet voucher
C) payment voucher✔✔
D) payment paper
32) Accounting is a statement of dealings expressed in words and in figures according to,,,,,,, ,,,,form.
A) bookkeeping
B) journal
C) transaction.✔✔
D) document
E) sales
33) ,,,,,,,,,,,,,analysis involves the evaluation of a business on Socio economic and cultural sandiness.
A) demand
B) financial
C) capacity

D) economic✔✔
E) none of the above
34) An example of a source document is a,,,,,,,,,,,,,?
A)receipt✔✔
B) cash book
C) ledger
D) trial balances
E) journal proper
35) Which of the following should not be regarded as book of original entry?
A)purchases journal
B)return inwards
C) sales journals
D) return outwards✔✔
E) sales account
36) ,,,,,,,,,,,,,,,,,,,,,,,,analysis aspect of business plan shows clearly areas like sales plan, cost plan, raw materials
need, administration cost
A)cultural
B)financial
C)technical
D)economic
E)none of the above✔✔
37) Which of the following items is not a property, plant and equipment?
A) motor vehicle
B) land and buildings
C) furniture and fittings
D) capital✔✔
E) machinery
38) Accounts relating to tangible things such as cash, plant are called,,,,,,,,,,?
A) personal accounts
B) nominal accounts
C) real accounts
D) assets account
E) purchases account✔✔
39) Critical man power training needs and the possibility of looking beyond the shores for man power is
a,,,,,,,,,,,,,,, issue?
A) management
B) financial
C) technical✔✔
D) risk
E) school
40) People and firms who buy goods or services provided by a business are called,,,,,,,,,,,,,?
A) creditors
B) customers✔✔
C) buyers
D) purchases

41) The concept that distinguishes income and costs of a business from that of the proprietor is the
,,,,,,,,,,,,,,,,,,,,,, ?
A) entity concept✔✔
B) income concept
C) cost concept
D) business concept
42) The following are qualities of a good accounting information except,,,,,,,,,,,,,?
A) reliability
B) relevance
C) comparability
D) equality✔✔
43) The problems and opportunities are really different sides of the same coin*,,,,,,,,,,
A) no idea
B) not really
C) true✔✔
D) false
44) The cash book is used to record the following except,,,,,,,,,,,,,?
A) all cash transactions
B) all cash receipts
C) all cash payments
D) all financial transactions✔✔
45) The following items are items of cash transactions except,,,,,,,,,,,,,,,?
A) when items are bought and cash is paid out immediately
B) when sales are made and cash is received immediately
C) when an item is bought and Payment is postdated to a later day.✔✔
D) when rent is incurred and cash is paid
46) What is break even analysis?,,,,,,,,,,,,
A) is a method for evaluating relationship between sales revenue✔✔
B) how changing your price will affect profitability
C) it is the point at which you make money choice the correct one or more
D) all of the above
47) The result of,,,,,,,,,,,,,,,,,,,, analysis indicates demand or not for a particular product
A) technical
B) market✔✔
C) sales
D) cost
48) The items , which can be classified as purchases are the following for a pharmaceutical company
except,,,,,,,,,,,,,,,,,,,,?
A) purchase of motor ✔✔
B) purchase of drugs for headache
C) purchase of drugs for stomach ache
D) purchase of cotton wools
49) ,,,,,,,,,,,,,,,,,,, is a synopsis of the presentation of a business report
A) executive summary✔✔

B) content page

C) legal Aspect
D) capacity Analysis
50) Business writing is a,,,,,,,,,,,,,,skill
A) marketing
B) food and catering
C) management✔✔
D) printing
51) Entrepreneur managers are good,,,,,,,,,,,,,,,,,,?
A) cheaters
B) teachers
C) manipulators✔✔
D) officers
52) Conflict resolution in an enterprise is role of a good,,,,,,,,,,,,,,,?
A) clerk manager
B) account officer
C) entrepreneur manager✔✔
D) sales representative
53) One of the following promotes business growth,,,,,,,,,,,?
A) always joking with your staff
B) irregular attendance to the office by the manager
C) issuing queries
D) punctuality by the boss✔✔
54) Doing everything by the manager is a key function of the entrepreneur manager,,,,,,,,,,,,,,?
A) no
B) yes✔✔
C) no idea
D) I hear you
55) The effective use of human and material resources to achieve organizational goals is a good
management function,,,,,,,,,,,,,,,,?

A) not really
B) seldomly
C) always✔✔
D) occasionally
56) Effective use of accounting information,,,,,,,,,,,,,, management decision
A) deletes
B) denotes
C) postpone
D) promotes✔✔
57) The entrepreneurship process,,,,,,,,,,,,,, value in the economic growth of the society
A) deletes
B) subtract
C) adds✔✔
D) minuses
58) Self confidence is important in the entrepreneurship process,,,,,,,,,,,,,,,?
A) no
B) yes✔✔
C) no idea
D) what do you mean
59) An entrepreneur is a,,,,,,,,,,,,,,,risk taker
A) presumptive✔✔

B) anyhow
C) calculated
D) miscalculated
60) Which of these is not part of the definition of entrepreneurship,,,,,,,,,,,,,,,,?
A) identification of opportunities.
B) organization of factors of production
C) visiting factories where goods are produced✔✔
D) assuming risks for the sake of profits
E) all of the above

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