QUESTIONS AND CORRECT ANSWERS FOR 2023 TONY ELUMELU FOUNDATION ENTREPRENUERSHIP PROGRAMME APPLICATION

QUESTIONS AND CORRECT ANSWERS FOR TONY ELUMELU FOUNDATION ENTREPRENUERSHIP PROGRAMME 2023 APPLICATION

In this post contains this year Tony Elumelu Foundation Entrepreneurship Programme Application questions and correct Answers. Therefore go through this guide carefully. Before you apply, make sure you have your valid Identity Card and its number ready.

You will be required to fill in your personal and business details. After filling this details you are required to carried out a compulsory TEF assessment, which qualifies you to the next phase of the program.

Once you pass through this assessment, you will receive an email from TEF that will indicate whether you are eligible for the next step or not.

These assessments is divided into two: Personality Test and Cognitive Test

In the post we will give you the questions and correct answers of this year application. So ensure you read through this post to understand what the test will be like and the answers.

Personality Test

Welcome to the 2023 Tony Elumelu Foundation Entrepreneurship Programme Application. Please complete all sections with accurate information. Thank you.

Personality Rank-Order Task

In each of the following questions is a statement. You are to select the best option that describes your opinion of the statement. Please answer all questions honestly.

1. Most people focus first on personal gain.

• Strongly disagree
• Agree
• Neither agree nor disagree
• Disagree
• Strongly disagree

2. I prefer routine over variety.

• Strongly agree
• Agree
• Neither agree nor disagree
• Disagree
• Strongly disagree

3. I tend to be cautious about happy outcomes

• Strongly agree
• Agree
• Neither agree nor disagree
• Disagree
• Strongly disagree

4. I quickly start working on new ideas

• Strongly disagree
• Disagree
• Neither agree nor disagree
• Agree
• Strongly agree

5. I prefer to maintain formal relationships with people at work

• Strongly agree
• Agree
• Neither agree nor disagree
• Disagree
• Strongly disagree

6. I do not spend much time thinking about how others will react to situations.

• Strongly agree
• Agree
• Neither agree nor disagree
• Disagree
• Strongly disagree

7. It is okay to relax once in a while.

• Strongly agree
• Agree
• Neither agree nor disagree
• Disagree
• Strongly disagree

8. It is okay not to achieve everything one aims for.

• Strongly agree
• Agree
• Neither agree nor disagree
• Disagree
• Strongly disagree

9. I do well at jobs that involve regular interactions with others

• Strongly agree
• Agree
• Neither agree nor disagree
• Disagree
• Strongly disagree

10. When wronged by others, I tend to forgive easily.

• Strongly disagree
• Disagree
• Neither agree nor disagree
• Agree
• Strongly agree

11. I find change refreshing.

• Strongly agree
• Agree
• Neither agree nor disagree
• Disagree
• Strongly disagree

12. I am usually indifferent to change.

• Strongly agree
• Agree
• Neither agree nor disagree
• Disagree
• Strongly disagree

13. People are generally honest.

• Strongly agree
• Agree
• Neither agree nor disagree
• Disagree
• Strongly disagree

14. During meetings, I prefer to lead the discussion

• Strongly disagree
• Disagree
• Neither agree nor disagree
• Agree
• Strongly Agree

15. I collect my thoughts before expressing myself.

• Strongly agree
• Agree
• Neither agree nor disagree
• Disagree
• Strongly disagree

16. I can easily guess what others are thinking.

• Strongly agree
• Agree
• Neither agree nor disagree
• Disagree
• Strongly disagree

17. I do not spend much time thinking about how others will react to situations.

• Strongly agree
• Agree
• Neither agree nor disagree
• Disagree
• Strongly disagree

18. It is better to avoid conflict.

• Disagree
• Strongly disagree
• Strongly agree
• Agree
• Neither agree nor disagree

19. I prefer planning ahead

• Strongly agree
• Agree
• Neither agree nor disagree
• Disagree

20. I would rather delay working on boring tasks.

• Strongly agree
• Agree
• Neither agree nor disagree
• Disagree
• Strongly disagree

21. I prefer to work in a non- competitive environment.

• Strongly agree
• Agree
• Neither agree nor disagree
• Disagree
• Strongly disagree

22. I prefer working on realistic ideas.

• Strongly disagree
• Disagree
• Neither agree nor disagree
• Agree
• Strongly agree

23. When someone disappoints me, I easily forget about it.

• Strongly agree
• Agree
• Neither agree nor disagree
• Disagree
• Strongly disagree

24. I prefer being with people who hold similar values.

• Strongly agree
• Agree
• Neither agree nor disagree
• Disagree
• Strongly disagree

25. I would finish off existing tasks even if a new, interesting task came up.

• Strongly agree
• Agree
• Neither agree nor disagree
• Disagree
• Strongly disagree

26. I go with the group’s decision even when I am sure that I am right.

• Strongly agree
• Agree
• Neither agree nor disagree
• Disagree
• Strongly disagree

27. A risky task is usually not worth doing.

• Strongly agree
• Agree
• Neither agree nor disagree
• Disagree
• Strongly disagree

28. I feel comfortable being myself in the presence of others.

• Strongly agree
• Agree
• Neither agree nor disagree
• Disagree
• Strongly disagree

29. I can easily say no to others.

• Strongly agree
• Agree
• Neither agree nor disagree
• Disagree
• Strongly disagree

30. I can break the rule if necessary

• Strongly agree
• Agree
• Neither agree nor disagree
• Disagree
• Strongly disagree

Cognitive Test

Welcome to the 2023 Tony Elumelu Foundation Entrepreneurship Programme Application. Please complete all sections with accurate information. Thank you.

MultiChoice Questions

This section contains some business and financial questions. You are to choose the most correct answer.

1. Richie Popcorn has been in business for more than 20 years, producing popcorn that is sold at fairs and local supermarkets. To remain competitive without spending an excessive amount of money, Richie Popcorn can

• produce more popcorn.
• update the product.
• design new products
• change production methods

2. Many agriculturally intensive areas of the world are beginning to encounter water scarcity problems. As a result, many farmers in these areas are likely to lower their output as the water supply reduces. However, one group of farmers in such a region plans to increase their production by implementing solutions for water conservation. Which of the following supports the prediction that the group’s plan will succeed?

• None of the options
• More than half the water used for agriculture in the farmers’ region is lost to evaporation or leakage from irrigation channels.
• Most farmers produce agricultural products that are water-intensive
• A decrease in the demand for agricultural products in the group’s region

3. Although people are buying sugar to add to their food, the percentage of sugar eaten in manufactured foods is increasing sharply. Although there is a concern at the growing urge among people to eat over-sugared food, there is no proven link between sugar and heart disease, and sugar does not by itself make people fat. This implies that, over consumption of sugar sometimes results in heart disease

• Cannot Say
• False
• True

4. What is the first course of action when an expense made for your business was greater or less than originally planned.

• Reduce/increase cost of production
• Increase/decrease the price of product/service
• Panic
• Track expenses diligently

5. Fatoumata is a small business owner. Every year, she identifies potential problems that could harm his company and takes steps to prepare for them. In other words, Fatoumata conducts

• Spiritual checks
• a risk assessment
• a financial calculation
• Entrepreneurship

6. Which of the following is not part of the price involved with making a vision into a reality

• Time
• Money
• Effort
• Aspiration

7. Angelina is a fashion designer based in Kampala, Uganda. She has booked a stall at Africa Fashion Week for free. At the event, she sold 20 pieces of her Adire piece at 4 Ugandan shillings per piece. It cost her 2 Ugandan shillings per piece to produce. What is her profit?

• 35 Ugandan shillings
• 80 Ugandan shillings
• 40 Ugandan shillings

8. A customer of your business complains to you of poor customer service from one your employees and vows not to return to your business. How will you handle the situation?

• After finding out what happened from your employee, call the customer, apologize and persuade them to continue shopping from you.
• Find out from your employee and note it down.
• Let the customer go, customers who complain too much are not worth the stress.

9. While watching TV, you see a public service announcement that claims the following: “Last year, 250,000 individuals died in car accidents when they were not wearing their seatbelts. This shows how dangerous it is to drive without your seatbelt fastened. Be Safe.  Buckle Up.” Assuming the statistic is true, is the conclusion valid? Does wearing your seatbelt increase the likelihood that you will survive a car accident?

• This information is not sufficient
• No
• Yes

10. The Organization of Petroleum Exporting Countries monthly oil market report for August, 2022 showed that Nigeria’s production stood at 980,000 barrels a day, a decline 100,000 barrels per day compared to July. What is the percentage decline?

• 2%
• 3%
• 15%

11. “We strive to be the global leader in the sporting goods industry with brands built on a passion for sports and a sporting lifestyle” can best be categorized as

• Vision
• A Theme
• Mission statement
• Business Brand

12. John, a concrete manufacturer in Bamako has been shortlisted to receive seed funding from the Tony Elumelu Foundation. Although John has a legitimate business, he also gambles part-time and has made some profit from sports betting on a small scale. He believes he can invest the seed capital in gambling and get higher returns. What should John do?

• Stake the $ 5000 on sports betting and double his fortune.
• Invest the $ 5000 in his business as agreed upon with the foundation.
• Stake $ 1000, out of the $5000 on sports betting.

13. Profit making is the _______________ goal of any business enterprise?

• Non Fixed
• Fixed
• Secondary
• Primary

14. You should treasure tough competitors because they help you stay on your toes all the time:

• None of the options
• Neither true nor false
• False
• True

15. The price of an LG flat-screen tv decreased by 1/8. if the original price was $9,600, what is the price today?

• $10,800
• $8,400
• $1,200
• $76,800

16. Customer service is a very important factor in sales due to one of the following?

• None of the options
• Promotions
• Supply of goods
• Customer demand

17. You run a company in Lagos, Nigeria, and your company has been making losses for 3 years straight because your operating expenses are far higher than your revenue. What should you do?

• Do nothing, your revenue will eventually outgrow your expenses.
• Hire a business coach to help you find the problem.
• Find out why your expenses are high, reduce them and reposition your business for success.

18. When determining the particular services to provide to customers, businesses consider their __________and __________ resources.

• unimportant, environmental
• human, unimportant
• environmental, financial
• financial, human

19. Every business requires the service of all but one of the following:

• Legal service
• Banking service
• Insurance
• Culinary

20. Many people like a BMW cars but only a few people buy them. To the manufacturers of BMW car, the few people who buy represents _____

• Status
• Demand
• Supply
• Need

21. Which of the following is the reason for business failure?

• All of the above
• Poor management
• Poor Financial Control
• Inadequate market research

22. What are the possible actions of business owner if his/her competitor is using a brand mark and a brand name that are similar to his business brand?

• Take the competitor’s actions as a compliment
• Market his brand as usual
• Assume that brand recognition will continue
• Take legal action to protect his brand

23. What should be the priority for a business offering services to its customers?

• Decrease customer’s patronage and enquires
• Increase the number of products possibly returned by customers
• Increasing profit
• Enhance customer satisfaction levels

24.  Entreprenuers are motivated by _________

• Pull influences
• Money
• All the options
• Personal values

25. The influence that selling should have on customer purchase decisions is to _____________ those decisions.

• Personalize
• Determine
• Compel
• Influence

26.  Which of these is not a challenge for an entrepreneur?

• Formulating rules and regulations relating to conducting entrepreneurship in their country.
• Recruiting new employees
• Choosing the products and service to sell in the market
• Managing the cashflow of their business.

27. The United Republic of Tanzania has a tax rate of 20% of  revenue for businesses in its capital city, Dodoma. If Thomas Bakery,  a business based in Dodoma, made 1000 Tanzanian shillings in revenue. How much Tax should they pay?

• 200 Tanzanian shillings
• 100 Tanzanian shillings
• 120 Tanzanian shillings

28. A primary reason for providing customer service is to increase

• The number of sales people
• Sales volume
• Employee responsibility
• Competition

29. Select the correct  accounting  equation

• Capital = Assets + Liabilities
• Liabilities = Assets + Capital
• Assets = Liabilities + Capital
• Liabilities + Capital + Assets

30. What is more powerful and fufiling than making profit in business?

• None of the options
• Making more profits
• Building a brand
• Increasing the numbers of customer

Conclusion

Above are the questions and correct answer, endeavor to go read this post before applying for the Tony Elumelu Foundation 2023 grant. Also share the link of this blog to your group and friend. If you have any difficulty during the registration process, do drop a comment on the comment box below.

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