The Business Environment – Page 6

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 2023 – L1 – SB – Q6c – The Business Environment

State five reasons why the policy of subsidising imported petroleum products failed in Nigeria.

Question

State FIVE reasons why the policy of subsidising imported petroleum products failed in Nigeria

Answer

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Tags: Economic Issues, Government Policy, Nigeria, Subsidy
Level: Level 1

Topic: The Business Environment
Series: MAY 2023

BMF – May 2023 – L1 – SA – Q12 – The Business Environment

Identify a non-basis for market segmentation in strategic management.

Question

Market segmentation is important for strategic management. Which of the following is NOT a basis for market segmentation?

A. Customer
B. Products function
C. Geographical area
D. Demographic factors
E. Competitive activities

Answer

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Tags: Consumer Behavior, Market Segmentation, Strategic Management
Level: Level 1

Topic: The Business Environment
Series: MAY 2023

BMF – May 2023 – L1 – SA – Q10 – The Business Environment

Identify the main purpose of preparing annual reports and accounts for companies.

Question

Companies prepare annual reports and accounts for the purpose of evidencing:

A. Efficiency
B. Reliability
C. Funding
D. Performance
E. Operation

Answer

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Tags: Annual Reports, Business Communication, Company Performance, Financial Reporting
Level: Level 1

Topic: The Business Environment
Series: MAY 2023

BMF – May 2023 – L1 – SA – Q7 – The Business Environment

Identify an incorrect statement about economic activities in a nation

Question

Economic activities in a nation comprise of professional services, businesses, or employment. The following statements in respect of economic activities are correct, EXCEPT:

A. Most businesses need employees to carry out their operations
B. Most employees do not contribute entrepreneurship to the economy
C. A growing economy does not need entrepreneurs and innovation to sustain its growth
D. Professionals and individuals in other specialised vocations contribute specialised skills
E. Professionals contribute value to clients and individuals by providing service of a high standard

Answer

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Tags: Business Environment, Economic Activities, Employment, Entrepreneurship, Professional Services
Level: Level 1

Topic: The Business Environment
Series: MAY 2023

BMF – May 2017 – L1 – SB – Q3c – The Business Environment

Defines key business terms including fiscal policy, monetary policy, monopoly, downsizing, de-layering, and outsourcing.

Question

Define briefly the following business terms:

i. Fiscal policy;
ii. Monetary policy;
iii. Monopoly;
iv. Down sizing;
v. De-layering; and
vi. Outsourcing;

Answer

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Tags: De-layering, Downsizing, Fiscal Policy, Monetary Policy, Monopoly, Outsourcing
Level: Level 1

Topic: The Business Environment
Series: MAY 2017

BMF – May 2017 – L1 – SB – Q3b – The Business Environment

Explains the economic implications of a fall in the value of a nation’s currency.

Question

Explain briefly the implications of a fall in the value of a nation’s currency.

Answer

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Tags: Currency Depreciation, Economic Implications, Exchange Rates, Trade Balance
Level: Level 1

Topic: The Business Environment
Series: MAY 2017

BMF – May 2017 – L1 – SB – Q3a – The Business Environment

Explains five categories of unemployment in an economy.

Question

High levels of unemployment are unwelcome in any economy. Attempts have been made at one time or the other to classify unemployment to facilitate a lasting solution.

Required:

State and explain briefly five categories of unemployment.

Answer

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Tags: Economic Issues, Employment Types, Labor Market, Unemployment
Level: Level 1

Topic: The Business Environment
Series: MAY 2017

BMF – Nov 2019 – L1 – SA – Q4 – The Business Environment

Identifying a reason why government may not have an interest in business organizations

Question

Which of the following is NOT a reason government has interest in all business organizations?
A. To ensure compliance with legal regulations
B. To collect taxes from profits
C. To reduce monopolistic practices
D. To maximize its own profits
E. To protect consumer rights

Answer

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Tags: Business Organizations, Government Interest, Government Regulations
Level: Level 1

Topic: The Business Environment
Series: NOV 2019

BMF – Nov 2019 – L1 – SA – Q2 – The Business Environment

Question about pricing arrangements between rival firms in an industry

Question

An arrangement between the rival firms in an industry to operate the same policies on pricing is called a/an:
A. Monopoly
B. Cartel
C. Merger
D. Acquisition
E. Strategic Alliance

Answer

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Tags: Competition, Market Structures, Pricing Policies
Level: Level 1

Topic: The Business Environment
Series: NOV 2019

BMF – May 2017 – L1 – SA – Q7 – The Business Environment

Multiple-choice question on the organization responsible for registering businesses in Nigeria.

Question

Which of the following organisations handles registration of businesses and companies in Nigeria?

A. Nigeria Enterprise Promotion Board
B. Corporate Affairs Commission
C. Customs and Excise
D. NAFDAC
E. Ministry of Industry

Answer

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Tags: Business Registration, Corporate Affairs Commission, Regulatory Bodies
Level: Level 1

Topic: The Business Environment
Series: MAY 2017

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.

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

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

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

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

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

Identify a feature of monopolistic competition.

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

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

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

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

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

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

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

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

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

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

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BMF – May 2023 – L1 – SB – Q6c – The Business Environment

State five reasons why the policy of subsidising imported petroleum products failed in Nigeria.

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BMF – May 2023 – L1 – SA – Q12 – The Business Environment

Identify a non-basis for market segmentation in strategic management.

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BMF – May 2023 – L1 – SA – Q10 – The Business Environment

Identify the main purpose of preparing annual reports and accounts for companies.

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BMF – May 2023 – L1 – SA – Q7 – The Business Environment

Identify an incorrect statement about economic activities in a nation

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BMF – May 2017 – L1 – SB – Q3c – The Business Environment

Defines key business terms including fiscal policy, monetary policy, monopoly, downsizing, de-layering, and outsourcing.

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BMF – May 2017 – L1 – SB – Q3b – The Business Environment

Explains the economic implications of a fall in the value of a nation’s currency.

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BMF – May 2017 – L1 – SB – Q3a – The Business Environment

Explains five categories of unemployment in an economy.

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BMF – Nov 2019 – L1 – SA – Q4 – The Business Environment

Identifying a reason why government may not have an interest in business organizations

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BMF – Nov 2019 – L1 – SA – Q2 – The Business Environment

Question about pricing arrangements between rival firms in an industry

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BMF – May 2017 – L1 – SA – Q7 – The Business Environment

Multiple-choice question on the organization responsible for registering businesses in Nigeria.

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