ICAN 2023 Business Management and Finance | Mixed

Prepare for your exams with ICAN questions? Reviewing past/model questions is one of the most effective ways to guarantee a high score. This practice hub features authentic 2023 Business Management and Finance (Mixed) questions designed to simulate the real exam environment.

Practice these randomly selected questions to test your readiness.

Question 1 View Details
The following features describe an ordinary partnership business, EXCEPT
Correct A. There is an understanding that the partners‟ liabilities are limited to capital contributions
B. There is the risk of disagreement between partners
C. Partners bear the risk that decisions taken may turn out bad
D. A sleeping partner must be made personally liable for any unpaid debts of the business
E. Each partner‟s share of the profits is treated as an income for the purpose of calculating personal income tax

Correct Answer: A

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Detailed Essay Solution & Marking Scheme Available

Get the step-by-step mathematical proofs, key points required by examiners, and a comprehensive breakdown from our AI Tutor.

Reveal Answer
Question 2 View Details
Which of the following may be considered as a disadvantage of a virtual organisation?
Correct A. May lack culture
B. Has no physical hub
C. Has no centre of operations
D. May use part-time workers
E. May use self-employed individuals

Correct Answer: A

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Detailed Essay Solution & Marking Scheme Available

Get the step-by-step mathematical proofs, key points required by examiners, and a comprehensive breakdown from our AI Tutor.

Reveal Answer
Question 3 View Details
In accordance with the provisions of CAMA 2020, which of the following is TRUE of a company limited by guarantee?
A. Must be owned by one person
B. N200,000 in nominal value of its share capital must have been issued
C. 55% of the issued share capital of a company must have been paid up
Correct D. The consent of the Attorney General of the Federation (“AGF”) must be obtained before incorporation
E. It is restricted from appointing a director to hold the office of the Chairman and Chief Executive Officer of the Company

Correct Answer: D

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Detailed Essay Solution & Marking Scheme Available

Get the step-by-step mathematical proofs, key points required by examiners, and a comprehensive breakdown from our AI Tutor.

Reveal Answer
Question 4 View Details
In respect of Public Limited Liability (PLC) companies, the position of CAMA 2020 is that upon incorporation
A. N200,000 in nominal value of its share capital must have been issued
B. N400,000 in nominal value of its share capital must have been issued
Correct C. N2,000,000 in nominal value of its share capital must have been issued
D. N4,000,000 in nominal value of its share capital must have been issued
E. N20,000,000 in nominal value of its share capital must have been issued

Correct Answer: C

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Detailed Essay Solution & Marking Scheme Available

Get the step-by-step mathematical proofs, key points required by examiners, and a comprehensive breakdown from our AI Tutor.

Reveal Answer
Question 5 View Details
A legally-binding promise, given in writing is termed
A. Security
Correct B. Covenant
C. Debt Relief
D. Warranties
E. Guarantee

Correct Answer: B

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Detailed Essay Solution & Marking Scheme Available

Get the step-by-step mathematical proofs, key points required by examiners, and a comprehensive breakdown from our AI Tutor.

Reveal Answer
Question 6 View Details
The following are characteristics of a limited liability partnership firm, EXCEPT
A. Capital for the business is provided by owners
B. Owned by several individuals working together
Correct C. It does not require regulation of its financial reporting
D. Commercial decisions are made by senior partners
E. Liability for the unpaid debts and other obligations of the business is limited

Correct Answer: C

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Detailed Essay Solution & Marking Scheme Available

Get the step-by-step mathematical proofs, key points required by examiners, and a comprehensive breakdown from our AI Tutor.

Reveal Answer
Question 7 View Details
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
Correct 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

Correct Answer: C

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Detailed Essay Solution & Marking Scheme Available

Get the step-by-step mathematical proofs, key points required by examiners, and a comprehensive breakdown from our AI Tutor.

Reveal Answer
Question 8 View Details
A profession is an economic activity involving the provision of a personal service of a specialised nature. All the following features describe a profession, EXCEPT
Correct A. Main motive is to make a profit
B. Regulated by a professional body
C. Charges a fee for services rendered
D. Mandatory acquisition of a special knowledge and skill
E. Subject to discipline for breach of the code of conduct of the regulatory body

Correct Answer: A

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Detailed Essay Solution & Marking Scheme Available

Get the step-by-step mathematical proofs, key points required by examiners, and a comprehensive breakdown from our AI Tutor.

Reveal Answer
Question 9 View Details
A firm plans to invest N20 million in a project with a life span of 3 years. Projected cash inflows are as follows: \( \begin{array}{lr} \text{Years} & \text{Cash flows (₦ Million}) \\ 1 & 8 \\ 2 & 10 \\ 3 & 8 \end{array} \) If the cost of capital is 10%, calculate the NPV of the project
A. N1.34 m
B. N1.44 m
Correct C. N1.54 m
D. N1.64 m
E. N1.74 m

Correct Answer: C

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Detailed Essay Solution & Marking Scheme Available

Get the step-by-step mathematical proofs, key points required by examiners, and a comprehensive breakdown from our AI Tutor.

Reveal Answer
Question 10 View Details
Companies prepare annual reports and accounts for the purpose of evidencing
A. Efficiency
B. Reliability
C. Funding
Correct D. Performance
E. Operation

Correct Answer: D

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Detailed Essay Solution & Marking Scheme Available

Get the step-by-step mathematical proofs, key points required by examiners, and a comprehensive breakdown from our AI Tutor.

Reveal Answer
Question 11 View Details
Process theory of motivation concentrate on the process by which individuals are motivated and the strength of that motivation. Which of the following is an example of Process theory?
Correct A. Vroom‟s expectancy model
B. Maslow‟s hierarchy of needs
C. Weber‟s management theory
D. Stewart‟s management theory
E. Herzberg‟s hygiene and motivator factors

Correct Answer: A

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Detailed Essay Solution & Marking Scheme Available

Get the step-by-step mathematical proofs, key points required by examiners, and a comprehensive breakdown from our AI Tutor.

Reveal Answer
Question 12 View Details
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
Correct E. Competitive activities

Correct Answer: E

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Detailed Essay Solution & Marking Scheme Available

Get the step-by-step mathematical proofs, key points required by examiners, and a comprehensive breakdown from our AI Tutor.

Reveal Answer
Question 13 View Details
The following activities define the functions of management, EXCEPT
A. Monitoring actual performance
B. Setting targets for achievement
C. Putting organisational plans into action
D. Coordinating the activities of team colleagues
Correct E. Converting sales income in a foreign currency into domestic currency

Correct Answer: E

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Detailed Essay Solution & Marking Scheme Available

Get the step-by-step mathematical proofs, key points required by examiners, and a comprehensive breakdown from our AI Tutor.

Reveal Answer
Question 14 View Details
Which of the following is NOT within the scope of the functions of a supervisor?
A. Empower staff
B. Front line management
C. Administrative management
D. Staff development and training
Correct E. Conceptualise corporate strategy

Correct Answer: E

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Detailed Essay Solution & Marking Scheme Available

Get the step-by-step mathematical proofs, key points required by examiners, and a comprehensive breakdown from our AI Tutor.

Reveal Answer
Question 15 View Details
Slamming of a door, shaking of a head and remaining silent best describe
A. Verbal communication
B. Formal communication
C. Friendly communication
Correct D. Non-verbal communication
E. Facial communication

Correct Answer: D

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Detailed Essay Solution & Marking Scheme Available

Get the step-by-step mathematical proofs, key points required by examiners, and a comprehensive breakdown from our AI Tutor.

Reveal Answer
Question 16 View Details
Which of the following financial decisions can impede the achievement of organisational objectives?
A. Investing short term cash surpluses
B. Rewarding equity holders appropriately
C. Protecting the organisation against financial risks
Correct D. Financing long term expenditure with short term sources of funds
E. Maintaining a balance between long term and short term finance

Correct Answer: D

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Detailed Essay Solution & Marking Scheme Available

Get the step-by-step mathematical proofs, key points required by examiners, and a comprehensive breakdown from our AI Tutor.

Reveal Answer
Question 17 View Details
Which of the following is NOT one of the five dimensions to differences in organisation culture as propounded by Hofstede?
A. Uncertainty avoidance dimension
Correct B. Medium–termism orientation
C. Power-distance dimension
D. Individualism versus collectivism dimension
E. Masculinity versus femininity

Correct Answer: B

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Detailed Essay Solution & Marking Scheme Available

Get the step-by-step mathematical proofs, key points required by examiners, and a comprehensive breakdown from our AI Tutor.

Reveal Answer
Question 18 View Details
Separating the risk and return characteristics of market investments from the individual investment decisions is known as (the)
A. Risk transformation
Correct B. Separation Theorem
C. Financial intermediation
D. Maturity transformation
E. Amortisation

Correct Answer: B

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Detailed Essay Solution & Marking Scheme Available

Get the step-by-step mathematical proofs, key points required by examiners, and a comprehensive breakdown from our AI Tutor.

Reveal Answer
Question 19 View Details
Which of the following is NOT an example of money market transactions and instruments?
A. The interbank market
B. Treasury bills
C. Certificates of Deposit
D. The repo market
Correct E. Bank deposits

Correct Answer: E

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Detailed Essay Solution & Marking Scheme Available

Get the step-by-step mathematical proofs, key points required by examiners, and a comprehensive breakdown from our AI Tutor.

Reveal Answer
Question 20 View Details
Reinforcing already communicated information signifies
Correct A. Seriousness
B. Fidgeting
C. Disapproval
D. Recognition
E. Timidity

Correct Answer: A

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Detailed Essay Solution & Marking Scheme Available

Get the step-by-step mathematical proofs, key points required by examiners, and a comprehensive breakdown from our AI Tutor.

Reveal Answer
Question 1 View Details
Requirements
(a)
Explain the term „Stakeholders. (2 Marks)
(b)
Using occupation as a basis, identify the economic activities of individuals. (3 Marks)
(c)
State FIVE main features of each category identified in 1(b). (15 Marks)
Detailed Essay Solution & Marking Scheme Available

Get the step-by-step mathematical proofs, key points required by examiners, and a comprehensive breakdown from our AI Tutor.

Reveal Answer
Question 2 View Details
Johnson and Jacob Limited is considering whether to invest in one of these two projects. The expected cash flows are as stated below: \( \begin{array}{lrr} \text{Year} & \text{Project Blue} & \text{Project Pink} \\ & \text{₦}'\text{000} & \text{₦}'\text{000} \\ 0 & (33,000) & (30,000) \\ 1 & 18,000 & 3,000 \\ 2 & 6,000 & 3,000 \\ 3 & 3,000 & 6,000 \\ 4 & 15,000 & 30,000 \end{array} \) The company anticipates a cost of capital of 12%. Using Internal Rate of Return (IRR) method of investment appraisal, which of the projects should be selected? (Total 20 Marks)
Detailed Essay Solution & Marking Scheme Available

Get the step-by-step mathematical proofs, key points required by examiners, and a comprehensive breakdown from our AI Tutor.

Reveal Answer
Question 3 View Details
Requirements
(a)
Conflict arises between different workgroups or departments and between people in different workgroups. State FIVE- characteristics of conflicts. (10 Marks)
(b)
State and explain the FOUR leadership styles identified by Rensis Likert. (10 Marks)
Detailed Essay Solution & Marking Scheme Available

Get the step-by-step mathematical proofs, key points required by examiners, and a comprehensive breakdown from our AI Tutor.

Reveal Answer
Question 4 View Details
Requirements
(a)
Briefly explain TWO powers of a professional accounting organization. (5 Marks)
(b)
Identify THREE purposes of ICAN codes of ethics. (6 Marks)
(c)
State SIX safeguards created by profession, legislation or regulation against ethical threats and dilemmas. (9 Marks)
Detailed Essay Solution & Marking Scheme Available

Get the step-by-step mathematical proofs, key points required by examiners, and a comprehensive breakdown from our AI Tutor.

Reveal Answer
Question 5 View Details
Requirements
(a)
Explain the following digital communication concepts: i. Social media ii. Digital marketing iii. Websites iv. Electronic mail v. Social media management (10 Marks)
(b)
State TEN uses of social media pages. (10 Marks)
Detailed Essay Solution & Marking Scheme Available

Get the step-by-step mathematical proofs, key points required by examiners, and a comprehensive breakdown from our AI Tutor.

Reveal Answer

Master the Exam!

You've seen a preview, but there are thousands more questions plus AI tutor to break down complex solutions.

Unlock Full Access Available for Android & Windows
Help others prepare! Share this practice hub:
Chat with Support