GST204 Exam Practice Questions and Answers 2026
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Cantillon (circa 1730) conceptualized the entrepreneur as: the “agent who buys means of production at certain prices in order to combine them” into a new
a.Promotion
b.Product
c.Productivity
d.Production
Which of the following is most required in business idea generation?
a.Labour
b.Capital
c.Design
d.Brainstorming
Individual with an external locus of control believes that life\’s events are the result of external factors, such as chance, luck or fate. This is referred to as
a.Internal locus of control
b.Major locus of control
c.Specific locus of control
d.External locus of control
Those usually driven by the need to achieve and excel are.
a.Business men
b.Entrepreneurial
c.Entrepreneurs
d.Entrepreneurship
The orientation is a belief about whether the outcomes of our actions are contingent on what we do (internal control orientation) or on events outside our personal control (external control orientation) This is referred to as
a.Locus of power
b.Locus of control
c.Locus of command
d.Locus of direction
What is the meaning of ILO as used at the introductory part of GST204?
a.Intended Learning Outcome
b.Instant Lego Over
c.Issue Labouring Overturn
d.International Labour Organisation
Entrepreneur and Entrepreneurship have been a point of interest to economics as early as
a.1757
b.1758
c.1755
d.1756
Who introduced the Locus of Control?
a.McClelland
b.McCarthy
c.Julian Rotter
d.Juliana Rotter
Where does the success of an entrepreneur come from?
a.Government policies on business
b.Support from government
c.Support from the family
d.Creativity and innovation
Cantillon (circa 1730) conceptualized the entrepreneur as: the “agent who buys means of production at certain prices in order to combine them” into a new
a.Promotion
b.Product
c.Productivity
d.Production
Which of the following is most required in business idea generation?
Question 9Answer
a.Labour
b.Capital
c.Design
d.Brainstorming
Individual with an external locus of control believes that life\’s events are the result of external factors, such as chance, luck or fate. This is referred to as
a.Internal locus of control
b.Major locus of control
c.Specific locus of control
d.External locus of control
Those usually driven by the need to achieve and excel are.
a.Business men
b.Entrepreneurial
c.Entrepreneurs
d.Entrepreneurship
The orientation is a belief about whether the outcomes of our actions are contingent on what we do (internal control orientation) or on events outside our personal control (external control orientation) This is referred to as
a.Locus of power
b.Locus of control
c.Locus of command
d.Locus of direction
What is the meaning of ILO as used at the introductory part of GST204?
a.Intended Learning Outcome
b.Instant Lego Over
c.Issue Labouring Overturn
d.International Labour Organisation
Entrepreneur and Entrepreneurship have been a point of interest to economics as early as
Question 4Answer
a.1757
b.1758
c.1755
d.1756
Who introduced the Locus of Control?
a.McClelland
b.McCarthy
c.Julian Rotter
d.Juliana Rotter
Where does the success of an entrepreneur come from?
a.Government policies on business
b.Support from government
c.Support from the family
d.Creativity and innovation
In what year was Locus of control introduced?
a.1980s
b.1960s
c.1950s
d.1970s
People who are more likely to accept risk and taking chances are more likely of being self-employed than those who do not take
a.Risk
b.Contract
c.Faith
d.Belief
People who are ________ in business are moderate risk takers.
a.Creative
b.Potential
c.Success
d.Achieved
The model propounded by Kets de Vries is
a.Psychological
b.Psycho-dynamic
c.Locus of control
d.Neoclassical
The system of government legislation, customers, employees and competition are some of the environmental factors that have an effect on the survival of new venture or the success of the entrepreneur refers to
a.Sociological
b.political
c.Economical
d.Capital
Which of the following is not a peculiar problem faced by Nigerian entrepreneurs?
a.Infrastructural Problems
b.Inadequate Raw materials
c.Low standard of Business Ethics and Political Instability
d.Financial Problems
Sociological enterprise focuses on the context of
a.Classical
b.Community
c.Social
d.Society
An enduring character of an organization is described as —-
a.Core value
b.Core purpose
c.Core ideology
d.Core identity
It is not only a financial loss, but also image loss or loss of relationship with other people in the society can be regarded as
a.Contract
b.Risk
c.gamble
d.Profitable
The factors that play a vital role in the survival of businesses are
a.Family
b.Environmental
c.Community
d.Society
The experiences of people influences their thought and action which motivates them to do something meaningful with their
a.Friends
b.lives
c.Individuals
d.Family
The economic incentives are the main drive for the entrepreneurial activities according to
a.Papanek Harris
b.Papanek
c.G.F. Papanek
d.G.F. Papanek J.B. Harris
Which of the following is not a peculiar problem faced by Nigerian entrepreneurs?
a.Low standard of Business Ethics and Political Instability
b.Infrastructural Problems
c.Financial Problems
d.Inadequate Raw materials
Brainstorming helps in generating large number of product
a.Creativity
b.ideas
c.Research
d.Familiarity
In what year did Britain industrial revolution take place?
a.Mid-1700
b.2000
c.1830
d.1700
Organization must take into account all of these EXCEPT
a.Environment where it operates
b.Resources available
c.Current performance of the organization
d.Social and political environment
Someone that is open to criticism and ready to adjust is known as.
a.Entrepreneur
b.Business plan
c.A viable political group
d.Friends
Those who argued that entrepreneurship is most likely to emerge under a specific social culture are
a.Anthropologist
b.Sociologists
c.Sociology
d.Economist
Intrapreneur implies
a.Entrepreneur in making
b.Entrepreneurs within another organization
c.Entrepreneurs within an organization
One of these is NOT among the stages of economic development as identified by Porter, Sachs and MacAthur (2002).
a.factor-driveneconomies
b.Labour- driven economies
c.efficiency-driveneconomies
d.innovationdriveneconomies
How best will you classify barriers that cause prejudice and discrimination in a business?
a.Attitude barriers
b.Physical barriers
c.Assistance barriers
d.Policy barriers
Individual with an external locus of control believes that life\’s events are the result of external factors, such as chance, luck or fate. This is referred to as
a.Major locus of control
b.Internal locus of control
c.External locus of control
d.Specific locus of control
When people tend to work harder in getting success they have internal locus of control known as direction of
a.Event
b.Accident
c.Achievement
d.Causality
Who introduced the Locus of Control?
a.Juliana Rotter
b.McCarthy
c.Julian Rotter
d.McClelland
The need for achievement theory was propounded in 1961 by
Question 6Answer
a.McClelland
b.Abdallah
c.McCarthy
d.Shokefun
In what year was Locus of control introduced?
a.1980s
b.1950s
c.1960s
d.1970s
The theory that explained that human beings have a need to succeed, accomplish, excel or achieve is called
a.Achievement
b.Personality
c.Psychological trait
d.Personal trait
Those usually driven by the need to achieve and excel are.
a.Business men
b.Entrepreneurial
c.Entrepreneurs
d.Entrepreneurship
The orientation is a belief about whether the outcomes of our actions are contingent on what we do (internal control orientation) or on events outside our personal control (external control orientation) This is referred to as
a.Locus of command
b.Locus of direction
c.Locus of power
d.Locus of control
What is the meaning of ILO as used at the introductory part of GST204?
a.Intended Learning Outcome
b.Issue Labouring Overturn
c.Instant Lego Over
d.International Labour Organisation
GST204 Exam Practice Questions and Answers 2026
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In conclusion
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