ICAN 2025 Business Management and Finance | Mixed

Are you preparing for ICAN exams? Reviewing past questions is one of the most effective ways to guarantee a high score. This practice hub features authentic 2025 Business Management and Finance (Mixed) questions designed to simulate the real exam environment.

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Question 1
An individual who sets up a business on his or her own, without creating a company, is a
A. Quasi partner
B. Loan provider
Correct C. Sole proprietor
D. Sleeping partner
E. Prospective shareholder

Correct Answer: C

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Question 2
Which of the following is NOT a reason for entering into a joint venture arrangement?
Correct A. Intellectual property concerns
B. Access to competence and skills
C. Opportunity to share business risk
D. Access to a new or an emerging market
E. Improved efficiencies occasioned by combining assets and operations

Correct Answer: A

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Question 3
Demography concerns a specific aspect of society, such as its size, spread and distribution. Which of the following examples truly reflects social and demographic change in Nigeria in recent years?
A. Population growth is at par with the rate of growth in public infrastructure
B. Unemployment has been on a rapid downward slope
C. A negligible number of children are out of school
D. Nigeria's culture favours small families

Correct Answer:

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Question 4
Which of the following reports present a summarised description of the historical financial performance of the organisation, its achievements and problems experienced during the period under review?
A. Chairman‟s performance report
B. Chairman‟s appraisal report
C. Chairman‟s progress report
Correct D. Chairman‟s annual report
E. Chairman‟s project report

Correct Answer: D

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Question 5
Which of the following should NOT be done when communicating on the internet?
A. Educate yourself about a site before joining
Correct B. Carelessness about what is shared
C. Change passwords frequently
D. Logging off after visiting a page
E. Deletion of browsing history

Correct Answer: B

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Question 6
Which of the following features of the Accounting Rate of Return (ARR) method of investment appraisal is INCORRECT?
A. It uses concepts that are familiar to business managers
B. It does not give us an absolute return
C. It is fairly easy to understand
D. It is easy to calculate
Correct E. It is based on cash flows

Correct Answer: E

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Question 7
A set of assumptions that a group of people working together have invented, discovered and developed by learning how to deal with problems that the organisation faces internally and in its external environment is termed organisational
A. climate
B. politics
Correct C. culture
D. learning
E. ecology

Correct Answer: C

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Question 8
Marketing function in an organisation includes the following, EXCEPT:
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Question 9
One of the following is NOT an outcome of research and development function in an organisation.
A. Production of new and improved product
B. Lower cost of a new product or services
C. Introduction of new processes into operational use
D. Development of new, healthier content of the product
Correct E. Negotiation of terms of agreement of new product

Correct Answer: E

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Question 10
The hierarchy of needs theory is a simple and logical idea about human motivation, but it has significant weaknesses and limitations. Which of the following is NOT a limitation of the hierarchy of needs?
Correct A. Individuals have different needs
B. The needs of individuals are not necessarily in the suggested hierarchical order
C. Many individuals seek to satisfy different needs at different times.
D. The same need may cause different reactions and responses from different individuals.
E. Maslow‟s theory is vague about the nature of self-actualisation needs.

Correct Answer: A

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Question 11
Which of the following attributes does NOT describe top-rated bonds?
A. „Triple-A- Rated‟
B. Enjoys lower credit risk
Correct C. There is a high risk of default
D. The yield paid to bondholders are lower
E. Issued by companies with a higher credit rating

Correct Answer: C

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Question 12
Which of the following is an advantage of a joint venture?
A. Flexibility can be restricted
B. It has indistinguishable and unrealistic objectives
Correct C. It has lower risk because of limited lifespan and short-term commitment
D. The degree of partners‟ involvement may not be equal
E. Clash of cultures and management styles may impair the success of the venture

Correct Answer: C

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Question 13
Which of the following is a feature of a company limited by guarantee?
A. It must have one director only
B. It must have one guarantor only
C. It must have one director and one guarantor
Correct D. the director and guarantor can be the same person
E. the director and guarantor cannot be the same person

Correct Answer: D

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Question 14
An arrangement by which several separate companies share their resources and activities to pursue a joint strategy is called
A. Cartel
B. Joint venture
Correct C. Strategic alliance
D. Franchise agreement
E. Partnership agreement

Correct Answer: C

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Question 15
Which of the following is economically correct?
A. A decrease in price leads to a decrease in demand
B. An increase in price leads to an increase in demand
C. The quantity of a good that suppliers are willing to sell rises when the price of the good falls
Correct D. The quantity of a good that suppliers are willing to sell rises when the price of the good rises
E. The quantity of a good that suppliers are willing to sell falls when the price of the good rises

Correct Answer: D

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Question 16
Which of the following is NOT a feature of monopolistic competition?
A. Firms engage in some form of marketing
Correct B. Knowledge is widespread but not perfect
C. There are many producers and many consumers
D. Brand loyalty exists, making demand less sensitive to price
E. There are no barriers to firms entering or leaving the market

Correct Answer: B

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Question 17
Performance can be measured and evaluated with the key performance objectives. Which of the following is NOT a way to measure quality of performance?
Correct A. Average time between receiving an order and completing the work
B. Average number of defects per unit produced
C. Percentage of items rejected or scrapped
D. Number or cost of warranty claims
E. Number of customer complaints

Correct Answer: A

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Question 18
Frederick Herzberg carried out some research into factors that motivate individuals in their work. Which of the following is a factor that causes satisfaction?
A. Company policy
B. Relationship with the boss
Correct C. Responsibility
D. Supervision
E. Working conditions

Correct Answer: C

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Question 19
Which of the following is a top priority component of a business report?
Correct A. Objective
B. Reader
C. Structure
D. Subject
E. Writer

Correct Answer: A

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Question 20
Total removal of petroleum subsidy is considered beneficial to Nigeria on the long run. Which of the following would NOT be considered an immediate benefit to the country if and when petroleum subsidy is removed?
A. Reduced borrowings
B. Less pressure on foreign reserves
Correct C. Reduced production costs in the industry
D. Government gains access to funds to develop infrastructure
E. Encourages local investment and foreign direct investment in the oil sector.

Correct Answer: C

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Question 1
QUESTION 1
Requirements
(a)
a. When companies expand their business outside their home country, they will usually begin as an international company, but may eventually develop into a global company. i. Describe an international and a global company. (2 Marks) ii. Explain in a tabular form FOUR distinguishing factors of an international and a global company. (8 Marks)
(b)
b. Many large companies are actively committed to reducing the environmental impact of their activities as a result of growing awareness of the subject matter. List SIX possible methods by which businesses might limit their negative environmental impact on the society. (6 Marks)
(c)
c. A sustainable business is any organisation that participates in environmentally friendly or green activities to ensure that all processes, products and manufacturing activities adequately address current environmental concerns while maintaining a profit. State FOUR distinguishing features of a green business. (4 Marks)
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Question 2
QUESTION 2
Requirements
(a)
a. Meetings range from the more formal board meetings to much more informal team meetings. List and briefly describe the contents of a typical meeting agenda. (5 Marks)
(b)
b. Describe FIVE phenomena that can be explained using emotional intelligence. (5 Marks)
(c)
c. Electronic communication is the essence of modern technologies and it plays an important role in modern business and society. Describe FIVE benefits and FIVE drawbacks of electronic communication. (10 Marks)
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Question 3
QUESTION 3
Requirements
(a)
a. What is conflict of interest? (2 Marks)
(b)
b. An effective manager needs to know what motivates employees. Briefly explain the FIVE causes of conflict among employees in an organisation. (10 Marks)
(c)
c. Define the term “stakeholder”. (2 Marks)
(d)
d. List and explain any THREE internal stakeholders of a company. (6 Marks)
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Question 4
QUESTION 4
Requirements
(a)
a. Bruce Tuckman (1965) provided an analysis of how small teams develop and change character over time. Based on his idea, you are required to describe the FIVE stages of team development. (10 Marks)
(b)
b. Management theorists differ on what management can do to improve the motivation of their employees. Briefly explain the views of FOUR management theorists on how individuals can be motivated. (10 Marks)
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Question 5
QUESTION 5
Requirements
(a)
a. i. Why are matters associated with public interest so important for accountants? (3 Marks) ii. Using FIVE examples, explain matters that can be associated with public interest. (5 Marks)
(b)
b. i. Describe whistleblowing. (2 Marks) ii. Explain FIVE safeguards created by the profession, legislation or regulation to eliminate threats or reduce them to an acceptable level. (10 Marks)
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