Topic: The Business Environment

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BMF – Nov 2020 – L1 – SB – Q1b – The Business Environment

State five functions each for the Administration and Finance departments of an organization.

Question

Innoson Transport Company plans to create two new departments, administration and finance. In view of this, two managers will be hired to oversee these functional units.
State FIVE functions of each of the two departments.

Answer

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Tags: Cultural Differences, Hofstede's Dimensions, International business, National Culture
Level: Level 1

Topic: The Business Environment
Series: NOV 2020

BMF – Nov 2020 – L1 – SB – Q1a – The Business Environment

Identify and explain Hofstede's five dimensions of national culture.

Question

Geert Hofstede gave an international perspective on suggesting that culture differs among nations.

Identify and explain the FIVE dimensions of national culture as suggested by Hofstede.

Answer

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Tags: Cultural Analysis, Cultural Dimensions, Hofstede, International business, National Culture
Level: Level 1

Topic: The Business Environment
Series: NOV 2020

BMF- Nov 2020 – L1 – SA – Q20 – The Business Environment

Identify the correct statement regarding the laws of demand and supply.

Question

Which of the following statements in relation to the laws of demand and supply is correct?
A. An increase in price leads to an increase in demand
B. A decrease in price leads to a decrease in demand
C. If demand is highly elastic, a reduction in the sales price will result in an increase in total sales revenue
D. The quantity of a good that suppliers are willing to sell falls when the price of the good rises
E. The quantity of a good that suppliers are willing to sell rises when the price of the good falls

Answer

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Tags: Demand, Economic Laws, Supply
Level: Level 1

Topic: The Business Environment
Series: NOV 2020

BMF – Nov 2020 – L1 – SA – Q19 – The Business Environment

Identify a feature of monopolistic competition.

Question

Which of the following is a feature of monopolistic competition?
A. Small number of suppliers
B. Monitors the actions of the other firms
C. Faces a kinked demand curve
D. Knowledge is widespread, but not perfect
E. Decisions of one firm influence the decisions of other firms

Answer

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Tags: Economic theory, Market Features, Monopolistic Competition
Level: Level 1

Topic: The Business Environment
Series: NOV 2020

BMF – Nov 2020 – L1 – SA – Q3 – The Business Environment

Identify the item that is NOT addressed by the employment law in Nigeria.

Question

Each country has employment laws. Which of the following is NOT addressed by the employment law in Nigeria?
A. Discrimination on the grounds of physical disability, gender, and religion
B. Legislative protection for non-regulated data
C. Minimum acceptable working conditions
D. Minimum monthly rate of pay that may be due to any employee
E. Certain rights against unfair dismissal by an employer

Answer

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Tags: Employment Law, Labor Rights, Legal protection, Nigeria
Level: Level 1

Topic: The Business Environment
Series: NOV 2020

BMF – MAY 2016 – L1 – SA – Q19 – The Business Environment

Multiple choice question on the most likely result of competition in a market.

Question

Which of the following is most likely to be a result of competition?

A. Development of new products
B. Reduction in product quality
C. High prices
D. More monopolies
E. Market regulation

Answer

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Tags: Competition, Market dynamics, Product Development
Level: Level 1

Topic: The Business Environment
Series: MAY 2016

BMF – MAY 2016 – L1 – SA – Q14 – The Business Environment

Multiple choice question on areas of public concern regarding actions of major companies.

Question

The general public might consider that it has a stake or interest in major companies, because the actions of these companies can affect society as a whole. Areas of public concern may include any of the following EXCEPT

A. Public health, especially in the case of food manufacturers and manufacturers of drugs and medicines
B. Protection of the environment, reducing pollution, and creating ‘sustainable businesses’
C. Corruption in business practices
D. The exploitation of the consumer through misleading descriptions of goods
E. Excess profit made by these companies

Answer

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Tags: Business Ethics, Corporate Responsibility, Public Concern
Level: Level 1

Topic: The Business Environment
Series: MAY 2016

BMF – May 2016 – L1 – SA – Q6 – The Business Environment

This question assesses the understanding of the type of unemployment caused by economic downturns.

Question

Unemployment that results from a ‘slump’ in the economy can be described as:
A. Frictional unemployment
B. Seasonal unemployment
C. Residual unemployment
D. Cyclical unemployment
E. Recessional unemployment

Answer

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Tags: Economic Cycles, Labor Market, Unemployment
Level: Level 1

Topic: The Business Environment
Series: MAY 2016

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 – Nov 2014 – L1 – SA – Q17 – The Business Environment

Identify the term used to describe the business environment outside a company's country of incorporation.

Question

The environment of a business operating outside its own country of incorporation is called:

A. International
B. Multilateral
C. Cultural
D. Multinational
E. National

Answer

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Tags: Business Environment, Country of Incorporation, International business
Level: Level 1

Topic: The Business Environment
Series: NOV 2014

BMF – May 2022 – L1 – SA – Q14 – The Business Environment

Describing a stakeholder group with minimal power but strong interest in business decisions.

Question

Consequent upon the global pandemic, a company is about to take a decision to shut down a food processing plant. The management will therefore best describe one of the stakeholder groups that has small power to influence its decision but has a strong interest on the issue as a group.
A. Of key players
B. With minimal effort
C. To keep satisfied
D. To follow intently
E. To keep informed

Answer

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Tags: Business Environment, Pandemic, Stakeholder Management
Level: Level 1

Topic: The Business Environment
Series: MAY 2022

BMF – May 2022 – L1 – SA – Q3 – The Business Environment

Identify the policy intent that was not part of Nigeria's petroleum subsidy program.

Question

Recently, the Nigerian government adopted a policy of subsidising imported petroleum products. The following were the intent of the policy, EXCEPT:

A. Maintain low fuel prices
B. Reduce production costs in industry
C. Provide incentive to make Nigerian refineries more efficient
D. Promote the accessibility of transport to the wider population
E. Promote the accessibility of infrastructure to the wider population

Answer

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Tags: Fuel Prices, Industry Costs, Infrastructure, Nigerian Government Policy, Petroleum Subsidy
Level: Level 1

Topic: The Business Environment
Series: MAY 2022

BMF – Nov 2022 – L1 – SB – Q1 – The Business Environment

This question asks candidates to analyze the external stakeholders in modern business environments and explain key management concepts.

Question

The dynamic nature of the business environment calls for managers of the twenty-first century to critically analyse their business environment for them to formulate and execute a highly competitive strategy that will aid the survival, growth, and profitability of their organisations.

Required:
a. List and explain briefly FIVE external stakeholders. (10 Marks)
b. Explain briefly the following concepts:
i. Strategic alliance
ii. Matrix organisation
iii. Span of control
iv. Supranational bodies
v. Share awards (10 Marks)

Answer

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Tags: External stakeholders, Organisational Structures, Strategic Alliance
Level: Level 1

Topic: The Business Environment
Series: NOV 2022

BMF – Nov 2022 – L1 – SA – Q5 – The Business Environment

This question examines understanding of economies of scale.

Question

Which of the following is NOT an example of economies of scale?
A. Generate better efficiency through larger quantities of output
B. Able to employ specialist managers to increase efficiencies
C. Able to buy and sell in retail at more optimal prices
D. Able to demand better interest rates with more assets as collateral
E. Firms clustering together to develop specialized labor force

Answer

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Tags: Economies of scale, Efficiency, Management
Level: Level 1

Topic: The Business Environment
Series: NOV 2022

BMF – May 2021 – L1 – SB – Q1c – The Business Environment

State ten possible economic impacts of the removal of fuel subsidy in Nigeria.

Question

Governments of nations sometimes use economic policies to achieve political, social, or economic objectives. As an integral part of the Nigerian government’s medium-term fiscal framework, there is a proposal to remove fuel subsidy in 2021. According to economic theory, state TEN possible economic impacts of the removal of fuel subsidy in Nigeria.

Answer

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Tags: Economic Impact, Fuel Subsidy, Government Policy, Inflation
Level: Level 1

Topic: The Business Environment
Series: MAY 2021

BMF – May 2021 – L1 – SB – Q1b – The Business Environment

Discuss the implications of rectifying international payment disequilibrium through currency depreciation.

Question

Theoretically, disequilibrium in international payments could be rectified by a fall in the exchange value of the currency of countries that have a deficit in their balance of payments in goods and services. What are the implications of taking this measure?

Answer

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Tags: Currency Exchange, Economic Policy, International trade
Level: Level 1

Topic: The Business Environment
Series: MAY 2021

BMF – May 2021 – L1 – SB – Q1a – The Business Environment

Discuss two measures countries adopt to protect industries against foreign competition.

Question

Protectionism takes the form of government measures to discourage or prohibit imports of foreign goods. State TWO measures countries adopt to protect industries against foreign competition.

Answer

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Tags: Currency Exchange, Economic Policy, International Payments, Protectionism
Level: Level 1

Topic: The Business Environment
Series: MAY 2021

BMF – May 2021 – L1 – SA – Q6 – The Business Environment

Identifies the practice of moving jobs outside the country to take advantage of incentives.

Question

The practice of moving jobs outside the country where an organization is based in order to take advantage of incentives in the destination country is termed
A. Outsourcing
B. Outshoring
C. Offshore outsourcing
D. Offsourcing
E. Offshoring

Answer

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Tags: Business Relocation, Incentives, Offshore Outsourcing
Level: Level 1

Topic: The Business Environment
Series: MAY 2021

BMF – Nov 2023 – L1 – SB – Q4 – The Business Environment

Discuss strategic position analysis, entrepreneurial organisation features, and components of communication styles.

Question

Management and organisations have acknowledged that business analyses and
communication models are strategic tools for reducing risks.

a. Explain briefly the concept of “Strategic position analysis” and state FOUR main features of an entrepreneurial organisation. (10 Marks)

b. Define the term “communication style” and explain briefly THREE components of communication style. (10 Marks)

Answer

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Tags: Communication Styles, Entrepreneurship, Strategic Analysis
Level: Level 1

Topic: The Business Environment
Series: NOV 2023

BMF – Nov 2023 – L1 – SB – Q2 – The Business Environment

Explains the role of bureaucracy in organisations and introduces theories such as game theory and self-regulation theory.

Question

Managers must be well informed that environmental factors are determinants for organisations’ survival and success, as these factors have a bearing on the strategy and other decisions of the organisation.

a. Explain briefly the FOUR features of bureaucracy and state FOUR reasons for the growth of bureaucracy as summarised by Rosemary Stewart.
(10 Marks)

b. Explain briefly the following concepts:
i. Game theory
ii. Self-regulation theory
iii. Motivation
iv. Self-efficacy
v. Scalar chain
(10 Marks)

Answer

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Tags: Bureaucracy, Environmental Factors, Game Theory, Motivation, Scalar Chain, Self-regulation Theory
Level: Level 1