Business Management – Page 2

BMF – May 2016 – L1 – SA – Q4 – The Business Environment

This question tests knowledge of what constitutes a Non-Governmental Organization (NGO).

Question

Which of the following is NOT a Non-Governmental Organization?
A. Women in Management and Business
B. University of Lagos
C. Access to Education for Children
D. Action Aid International Nigeria
E. Lagos Digital Village

Answer

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Tags: Business Management, Non-Governmental Organizations
Level: Level 1

Topic: The Business Environment
Series: MAY 2016

BMF – May 2016 – L1 – SA – Q2 – Business and Organizational Structures and Choices

This question evaluates understanding of common business organizational structures.

Question

“Organisation structure” is the framework wherein the activities of people within the organisation are coordinated and managed. The following are common forms of business organisation structures EXCEPT:
A. Entrepreneurial structure
B. Functional structure
C. Divisional structure
D. Matrix structure
E. Boundary structure

Answer

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Tags: Business Management, Organization Types, Organizational Structures
Level: Level 1

Topic: Business and Organizational Structures and Choices
Series: MAY 2016

FA – Nov 2013 – L1 – SB – Q2b – Accounting Concepts

Explanation of payroll fields and formulae with examples.

Question

Payroll accounting packages process employees’ data and produce the net pay. In view of this, payroll fields and payroll formulae are very important in arriving at the net pay.

Explain the terms “payroll field” and “payroll formulae” and give any THREE examples in each case.

Answer

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Tags: Accounting Packages, Business Management, Payroll Fields, Payroll Formulae, Payroll Processing
Level: Level 1

Topic: Accounting Concepts
Series: NOV 2013

FA – Nov 2013 – L1 – SB – Q2a – Accounting Concepts

Explanation of the menu system and listing initial menu options in accounting packages.

Question

Micro-computer accounting packages are used by personnel who are not computer programmers or system analysts. For this reason, the packages operate on a “menu system.”

(i) Explain the term “menu system.”
(2 Marks)

(ii) In order of preference, list the typical initial menu options in an accounting package to open and process fresh data in a new file.
(6 Marks)

Answer

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Tags: Accounting Packages, Business Management, Menu System, Micro-Computer, Payroll Accounting, Software
Level: Level 1

Topic: Accounting Concepts
Series: NOV 2013

FA – Nov 2013 – L1 – SA – Q33 – Roles of Accountants in Business and the Economy

Understanding the branch of accounting that provides information to management.

Question

The branch of accounting that offers financial and operating information to the firm’s management to help in planning, controlling, and taking decisions is called ____________.

Answer

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Tags: Business Management, Financial Information, Management Accounting
Level: Level 1

Topic: Roles of Accountants in Business and the Economy
Series: NOV 2013

BMF – May 2022 – L1 – SA – Q20 – Management, Individual, and Organizational Behaviour

Identifying a non-factor of motivation in Process Theory.

Question

According to the Process theory, individuals are motivated differently and the strength of their motivation depends on a variety of factors. Which of the following is NOT a factor of motivation?
A. Wants
B. Rewards
C. Personality
D. Perceptions
E. Expectations

Answer

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Tags: Business Management, Motivation, Process Theory
Level: Level 1

Topic: Management, Individual, and Organizational Behavior
Series: MAY 2022

BMF – May 2022 – L1 – SA – Q15 – Business and Organizational Structures and Choices

Identifying the characteristics of a formal organization.

Question

Which of the following characteristics describes a formal organization?
A. Network of social relationships
B. Focus on people and not the work
C. Develop common rules of behaviour and norms
D. Have organisation charts with job descriptions
E. Network of personal relationships

Answer

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Tags: Business Management, Formal Organizations, Organizational Structures
Level: Level 1

Topic: Business and Organizational Structures and Choices
Series: MAY 2022

BMF – Nov 2023 – L1 – SA – Q11 – Business and Organizational Structures and Choices

Identify the best description of a divisional organisation structure.

Question

Which of the following best describes a divisional organisation structure?

A. A structural organisation
B. A centralised organisation
C. A decentralised organisation
D. A transitional organisation
E. A regional organisation

Answer

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Tags: Business Management, Divisional Structure, Organisational Structure
Level: Level 1

Topic: Business and Organizational Structures and Choices
Series: NOV 2023

FA – Nov 2023 – L1 – SA – Q6 – Partnership Accounts

Identify events leading to changes in partnership agreements

Question

Which of the following events can lead to a change in a partnership agreement?

A. Introduction of additional capital by a partner
B. Establishment of a new marketing strategy
C. Admission of a new partner to the firm
D. Hiring of additional manager by the Partnership
E. Implementation of a new financial management system

Answer

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Tags: Business Management, Changes, Partnership Agreement
Level: Level 1

Topic: Partnership Accounts (Including Profit Sharing, Capital and Current Accounts)
Series: NOV 2023

FA – Nov 2023 – L1 – SA – Q2 – Recording Financial Transactions

Explain the purpose of a chart of accounts in a business.

Question

What is the purpose of a chart of accounts in a business?

A. To organise financial transactions into identified categories of assets, liabilities, income and expenses
B. To generate instructions and policies for recording information in the financial statements
C. To design a unique code and headings for each personal ledger account
D. To follow the rules of accounting set by the government
E. To ensure consistent posting of transactions

Answer

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Tags: Business Management, Chart of Accounts, Financial Transactions
Level: Level 1

Topic: Recording Financial Transactions
Series: NOV 2023

BMF – May 2024 – L1 – SA – Q6 – The Role of Professional Accountants in Business and Society

Identifying a feature that is not part of a profession's characteristics.

Question

Which of the following is NOT a feature of a profession?
A. Admit new members to the profession
B. Award qualifications to individuals who achieve a required standard of skill or competence
C. Expel members from the profession for professional conduct
D. High entry requirements
E. An extensive period of rigorous academic training in a particular area

Answer

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Tags: Business Management, Career, Employment, Profession
Level: Level 1

Topic: The Role of Professional Accountants in Business and Society
Series: MAY 2024

BMF- May 2024 – L1 – SA – Q1 – Nature of Business, Types, and Objectives

Identifying the objective of a not-for-profit organization in terms of business management.

Question

Which of the following best describes the objective of a not-for-profit organization?
A. Maximizing benefits
B. Maximizing shareholders’ wealth
C. Earn a return for the owners
D. Increase in market value
E. Capital growth

Answer

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Tags: Business Management, Business Objectives, Not-for-Profit Organization
Level: Level 1

Topic: Nature of Business, Types, and Objectives
Series: MAY 2024

Question Tag: Business Management

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BMF – May 2016 – L1 – SA – Q4 – The Business Environment

This question tests knowledge of what constitutes a Non-Governmental Organization (NGO).

BMF – May 2016 – L1 – SA – Q2 – Business and Organizational Structures and Choices

This question evaluates understanding of common business organizational structures.

FA – Nov 2013 – L1 – SB – Q2b – Accounting Concepts

Explanation of payroll fields and formulae with examples.

FA – Nov 2013 – L1 – SB – Q2a – Accounting Concepts

Explanation of the menu system and listing initial menu options in accounting packages.

FA – Nov 2013 – L1 – SA – Q33 – Roles of Accountants in Business and the Economy

Understanding the branch of accounting that provides information to management.

BMF – May 2022 – L1 – SA – Q20 – Management, Individual, and Organizational Behaviour

Identifying a non-factor of motivation in Process Theory.

BMF – May 2022 – L1 – SA – Q15 – Business and Organizational Structures and Choices

Identifying the characteristics of a formal organization.

BMF – Nov 2023 – L1 – SA – Q11 – Business and Organizational Structures and Choices

Identify the best description of a divisional organisation structure.

FA – Nov 2023 – L1 – SA – Q6 – Partnership Accounts

Identify events leading to changes in partnership agreements

FA – Nov 2023 – L1 – SA – Q2 – Recording Financial Transactions

Explain the purpose of a chart of accounts in a business.

BMF – May 2024 – L1 – SA – Q6 – The Role of Professional Accountants in Business and Society

Identifying a feature that is not part of a profession's characteristics.

BMF- May 2024 – L1 – SA – Q1 – Nature of Business, Types, and Objectives

Identifying the objective of a not-for-profit organization in terms of business management.

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BMF – May 2016 – L1 – SA – Q4 – The Business Environment

This question tests knowledge of what constitutes a Non-Governmental Organization (NGO).

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BMF – May 2016 – L1 – SA – Q2 – Business and Organizational Structures and Choices

This question evaluates understanding of common business organizational structures.

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FA – Nov 2013 – L1 – SB – Q2b – Accounting Concepts

Explanation of payroll fields and formulae with examples.

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FA – Nov 2013 – L1 – SB – Q2a – Accounting Concepts

Explanation of the menu system and listing initial menu options in accounting packages.

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FA – Nov 2013 – L1 – SA – Q33 – Roles of Accountants in Business and the Economy

Understanding the branch of accounting that provides information to management.

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BMF – May 2022 – L1 – SA – Q20 – Management, Individual, and Organizational Behaviour

Identifying a non-factor of motivation in Process Theory.

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BMF – May 2022 – L1 – SA – Q15 – Business and Organizational Structures and Choices

Identifying the characteristics of a formal organization.

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BMF – Nov 2023 – L1 – SA – Q11 – Business and Organizational Structures and Choices

Identify the best description of a divisional organisation structure.

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FA – Nov 2023 – L1 – SA – Q6 – Partnership Accounts

Identify events leading to changes in partnership agreements

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FA – Nov 2023 – L1 – SA – Q2 – Recording Financial Transactions

Explain the purpose of a chart of accounts in a business.

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BMF – May 2024 – L1 – SA – Q6 – The Role of Professional Accountants in Business and Society

Identifying a feature that is not part of a profession's characteristics.

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BMF- May 2024 – L1 – SA – Q1 – Nature of Business, Types, and Objectives

Identifying the objective of a not-for-profit organization in terms of business management.

You're reporting an error for "BMF- May 2024 – L1 – SA – Q1 – Nature of Business, Types, and Objectives"

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