ICAN 2026 Business Environment | Mixed

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Question 1 View Details
The overall activities of a company in its pursuit to create, market and sell a service or product are known as
A. Analysis of business
B. Introduction to business
C. Nature of business
Correct D. Organisation of business

Correct Answer: D

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Question 2 View Details
Which of the following documents explicitly states the relationship between a company and the outside world?
Correct A. Memorandum of association
B. Articles of association
C. Business agreement
D. Partnership agreement

Correct Answer: A

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Question 3 View Details
A system that defines how job titles, roles and responsibilities are assigned within an organisation is known as
Correct A. Organisational structure
B. System of organisation
C. Hierarchy of organisation
D. Organisational balancing

Correct Answer: A

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Question 4 View Details
A sub-committee of the board of directors responsible for overseeing an organisation’s financial reporting, risk management and other internal controls is called
A. Accounting committee
Correct B. Audit committee
C. Finance committee
D. Internal control committee

Correct Answer: B

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Question 5 View Details
A comprehensive business framework used to analyse the external macro-environment that influences an organisation’s operations is known as the
A. SWOT analysis
Correct B. PESTEL model
C. Task model
D. Potter's 5 model

Correct Answer: B

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Question 6 View Details
An often-overlooked benefit of SWOT analysis, which confirms that all parts of the organisation work together towards shared goals, is known as
A. Strategic collaboration
Correct B. Strategic alignment
C. Strategic alliance
D. Strategic management

Correct Answer: B

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Question 7 View Details
The following are roles of financial reporting, EXCEPT:
A. Monitoring income and expenses
B. Communicating essential data
C. Supporting financial analysis and decision-making
Correct D. Ensuring debt control

Correct Answer: D

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Question 8 View Details
Which of the following terms refers to the policies, procedures and mechanisms a finance team implements to regulate and oversee access to financial data and systems within an organisation?
A. Access compliance
B. Access monitors
Correct C. Access controls
D. Access restrictions

Correct Answer: C

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Question 9 View Details
Management is a distinct process comprising planning, organising, actuating and controlling; employing both science and art in each and pursued to achieve pre-determined objectives. This is according to
A. Frederick Winslow Taylor
B. Harold Koontz
C. Joseph Massie
Correct D. George R Terry

Correct Answer: D

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Question 10 View Details
The coordinated actions and decision-making processes that facilitate the achievement of shared goals collectively, whether noble pursuits like scientific discovery or malicious endeavours such as terrorism, are known as
A. Cooperation
B. Coordination
C. Group behaviour
Correct D. Collaboration

Correct Answer: D

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Question 11 View Details
The following are characteristics of conflicts within an organisation EXCEPT:
A. Conflict usually hurts the effectiveness of an organisation
B. There may be unfriendly rivalries between workgroups, departments or individuals
C. The individuals or groups in conflict are unlikely to communicate openly with eachother
Correct D. Conflicts enable individuals in an organisation to know where they belong

Correct Answer: D

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Question 12 View Details
The theory of motivation that asserts our behaviour stems from conscious decisions between options is known as
Correct A. Vroom’s Expectancy Theory
B. Herzberg’s Two-factor Theory
C. Abraham Maslow’s Hierarchy of Needs
D. McClelland’s Motivational Needs Theory

Correct Answer: A

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Question 13 View Details
An endeavour that involves completing tasks with limited resources and within a finite timeline to achieve a specific objective is called
Correct A. Management
B. Technology
C. Modelling
D. Controlling

Correct Answer: A

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Question 14 View Details
A list of all desires that must be fulfilled, and ranked by importance or priority, is called
A. Choices
Correct B. Scale of preference
C. Opportunity cost
D. Scarcity list

Correct Answer: B

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Question 15 View Details
Which of the following describes the amount of a good or service that an individual is willing and able to buy at different prices over a specified period?
Correct A. Demand schedule
B. Demand curve
C. Demand equation
D. Market demand

Correct Answer: A

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Question 16 View Details
The estimated monetary worth of the owner's resources utilised during the production process is known as
A. Short-run cost
B. Explicit cost
Correct C. Implicit cost
D. Total fixed cost

Correct Answer: C

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Question 17 View Details
The difference between total costs (both implicit and explicit) and total revenues is known as
A. Normal profit
B. Normal loss
Correct C. Economic profit
D. Abnormal loss

Correct Answer: C

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Question 18 View Details
Which of the following is NOT a source of monopoly power?
A. Control of the entire supply of a basic input
B. Franchises and patents
Correct C. Divesture
D. Merger and acquisition

Correct Answer: C

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Question 19 View Details
A structured collection of data that enables efficient storage, access and management of information is called a
A. Data management
Correct B. Database system
C. Data formation
D. Data analysis

Correct Answer: B

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Question 20 View Details
A digital tool used to organise, manipulate and analyse data in a tabular format of rows and columns is known as
Correct A. Spreadsheet application
B. An excel sheet
C. A multimedia appliance
D. A portable document format

Correct Answer: A

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Question 1 View Details
Various internal and external factors can affect a company's business decisions. Different combinations of these factors, such as price, social shifts and regulatory changes, can influence the overall environment in which a business operates.
Requirements
(a)
Define business environment.
(b)
List and explain FIVE characteristics of a business environment.
(c)
Identify and describe TWO types of stakeholders within an organisation.
(d)
Identify and describe THREE important aspects of stakeholders that are vital to an organisation.
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Question 2 View Details
An organisational structure is how a company, organisation or team is arranged. It can be hierarchical, with various levels of management. It can also be divisional, with separate product lines and divisions.
Requirements
(a)
List and explain FOUR factors that influence a centralised organisational structure.
(b)
State and explain FOUR characteristics of a decentralised system of organisational structure.
(c)
Highlight FOUR advantages of each of the centralised and decentralised organisational structures.
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Question 3 View Details
An internal audit is an independent review of an organisation's operations, governance, internal controls and risk management processes, aimed at improving the organisation's effectiveness and efficiency.
Requirements
(a)
Provide a list of, and explain FIVE types of internal audit.
(b)
Highlight FIVE formal objectives of internal audit.
(c)
State and explain the FIVE key roles of internal audit.
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Question 4 View Details
Henry Mintzberg classified managerial roles based on their objectives. He identified ten roles and grouped them into three categories, arranging the roles by their similar features.
Requirements
(a)
Explain managerial roles.
(b)
List the THREE categories of managerial roles.
(c)
List the TEN managerial roles within the THREE categories listed above.
(d)
State the FIVE different levels of Abraham Maslow’s Hierarchy of Needs.
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Question 5 View Details
Demand in economics extends beyond simply expressing a wish, want or desire; it encompasses a willingness that is supported by the availability of financial means.
Requirements
(a)
State the law of demand.
(b)
List and explain FIVE determinants of demand.
(c)
Explain the difference between movement along the demand curve and a shift of the demand curve, using diagrams where relevant to illustrate your points.
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