ICAN 2022 Business Management and Finance | Mixed

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Question 1 View Details
Attempts have been made by management theorists to define management tasks. Which of the following management tasks is among the ones identified by Henri Fayol?
Correct A. Organiser
B. Negotiator
C. Figurehead
D. Entrepreneur
E. Disseminator

Correct Answer: A

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Question 2 View Details
Which of the following is a primary source of information when researching for business report?
A. Accounting data
B. Audit investigation
C. Bing
Correct D. Customer database
E. Market research agencies

Correct Answer: D

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Question 3 View Details
Recently, 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
Correct 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

Correct Answer: C

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Question 4 View Details
Which of the following is a feature of a multinational company?
A. The company produces core products
B. The company produces standardised products for all markets
C. It has the culture of the country where the head office is based
Correct D. Management develops worldwide strategies for all their markets
E. The company produces products with only minimal design changes for individual national markets

Correct Answer: D

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Question 5 View Details
Which of the following is an advantage of “sells style” of leadership?
A. Not dictatorial
B. Has greater interest and involvement for subordinates
Correct C. Has stronger motivation amongst subordinates
D. Allows subordinates to contribute their knowledge and experience to the decision-making process
E. Provides opportunity for subordinates to gain better insights and understanding

Correct Answer: C

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Question 6 View Details
Which of the following is a limitation of video conferencing?
Correct A. Eye contact
B. Telecommuting
C. Hiring and retention
D. Competitive advantage
E. Short-notice meetings

Correct Answer: A

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Question 7 View Details
Which of the following describes the general nature of the role of having concern for people’s feelings?
A. Plant
B. Monitor
C. Specialist
D. Evaluator
Correct E. Coordinator

Correct Answer: E

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Question 8 View Details
Bruce Tuckman provided an analysis of how small teams develop and change character over time. The following were presented as stages of team development, EXCEPT
Correct A. Restoring
B. Forming
C. Norming
D. Performing
E. Storming

Correct Answer: A

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Question 9 View Details
According to the works of Warren Bennis, which of the following characteristics describes a manager?
A. Develops
B. Innovates
Correct C. Administers
D. Inspires trust
E. Transforms

Correct Answer: C

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Question 10 View Details
ONE of the essential features of Theory Z as put forward by Wiiliam Ouchi is
Correct A. Life time employment
B. Collective responsibility
C. Non-specialised career path
D. Implicit (informal) control mechanisms
E. Wider concern for the employees and their families

Correct Answer: A

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Question 11 View Details
Use the following information to answer Questions 11 and 12 A machine is available for purchase at a cost of N160 million. The company expects the machine to have a life of five years and to have a scrap value of N20 million at the end of the five year period. It has been estimated that it will generate additional profits over its life as follows: \( \begin{array}{lr} \text{Year} & \text{Estimated cashflows} \\ & (\text{₦}'\text{m}) \\ 1 & 40 \\ 2 & 80 \\ 3 & 60 \\ 4 & 30 \\ 5 & 10 \end{array}\)
The return on (original) investment is
A. 10%
B. 15%
Correct C. 20%
D. 25%
E. 30%

Correct Answer: C

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Question 12 View Details
The return on average investment is
A. 15.78%
Correct B. 16.78%
C. 17.78%
D. 18.78%
E. 19.78%

Correct Answer: B

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Question 13 View Details
Which of the following is NOT a part of the espoused values of culture as propounded by Schein?
A. Philosophies
B. Ethics
C. Strategies
Correct D. Processes
E. Goals

Correct Answer: D

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Question 14 View Details
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
Correct E. To keep informed

Correct Answer: E

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Question 15 View Details
Which of the following characteristics describes a formal organisation?
A. Network of social relationships
B. Focus on people and not the work
C. Develop common rules of behaviour and norms
Correct D. Have organisation charts with job descriptions
E. Network of personal relationship

Correct Answer: D

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Question 16 View Details
The following are described as part of the disadvantages to offshore outsourcing, EXCEPT
A. Publicity for transferring jobs to other countries
Correct B. Core competences
C. Political risk
D. Language differences
E. Poor communication

Correct Answer: B

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Question 17 View Details
An arrangement between rival firms in an industry to operate the same policies on pricing is called
Correct A. Cartel
B. Alliance
C. Franchising
D. Collaboration
E. Joint venture

Correct Answer: A

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Question 18 View Details
The market for treasury bills is called
Correct A. Money market
B. Discount market
C. Financial system
D. Capital market
E. Intermediation market

Correct Answer: A

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Question 19 View Details
Most e-mail systems support the use of folders to help you manage and file your e-mails. The e-mail system will normally include some standard folders, EXCEPT
A. Inbox
B. Sent
Correct C. Maps
D. Deleted
E. Drafts

Correct Answer: C

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Question 20 View Details
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
Correct C. Personality
D. Perceptions
E. Expectations

Correct Answer: C

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Question 1 View Details
Requirements
(a)
Explain the following business concepts: i. Business environment ii. Environmental scanning
(b)
State FOUR importance of environmental scanning
(c)
State and explain the TWO methods of analysing environmental factors
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Question 2 View Details
The main stakeholders in a business organisation, internal or external, are those who exercise the greatest influence. \(Required: \)
Requirements
(a)
Briefly explain the concept “stakeholder mapping” and state FIVE main features of employment.
(b)
Define the term “communication style” and explain briefly THREE components of communication style.
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Question 3 View Details
Requirements
(a)
State TWO benefits and ONE drawback each of profession, employment and businesses with copious examples.
(b)
State FIVE types of digital marketing.
(c)
State THREE reasons why government develop economic policy.
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Question 4 View Details
QUESTION 4
Requirements
(a)
Business reports are written communication of factual information. Explain the following business report concepts: i. Request for proposal ii. Project progress report iii. Performance appraisal report iv. Feasibility report v. Chairman’s annual report
(b)
State and explain TWO main policy approaches that governments use to meet macroeconomic objectives.
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Question 5 View Details
Requirements
(a)
Explain the following terms: i. Business ethics ii. Whistle blowing iii. Ethical dilemma iv. Conflict of interests v. Corporate code of ethics vi. Principles-based code of ethics
(b)
State and explain TWO reasons why companies develop a code of ethics.
(c)
It is a common assertion that the general public has high expectations of the accountancy profession. State TWO roles each that are expected of professional accountants and accountancy bodies in promoting ethical behaviour.
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