Subject: BUSSINESS, MANAGEMENT & FINANCE

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  • 1 Marks

BL – May 2024 – L1 – SA – Q3 – Company Law

Eligibility for appointment as an administrator of a company.

Who among the following is eligible to be appointed as an administrator of a company?
A. A chartered accountant
B. A legal practitioner
C. Administrator-General
D. An insolvency practitioner
E. A public administrator

Answer:
D. An insolvency practitioner

Explanation:
An insolvency practitioner is a professional licensed to act in the capacities of overseeing the affairs of companies in financial distress, including acting as an administrator in restructuring processes. Their expertise and licensing ensure that they can manage the legal, financial, and operational aspects of corporate insolvency.

  • 1 Marks

BL – May 2024 – L1 – SA – Q2 – Company Law

Identifying which type of company is exempted from holding an Annual General Meeting (AGM).

Which of the following is NOT required to hold an Annual General Meeting?
A. A one-member company
B. A micro company
C. A private company
D. A municipal company
E. An unlimited liability company

Answer:
A. A one-member company

Explanation:
A one-member company is exempt from the legal requirement of holding an Annual General Meeting (AGM) since there is only one member involved. The purpose of AGMs is to provide a forum for multiple shareholders to discuss and decide on company matters, which is redundant for a single-member entity.

  • 1 Marks

BL – May 2024 – L1 – SA – Q1 – The Nigerian Legal System

Understanding the legislative authority of a state's House of Assembly.

Under the 1999 Constitution, the list that contains matters which a House of Assembly could legislate upon to the exclusion of the National Assembly is the:
A. Exclusive Legislative List
B. Concurrent Legislature List
C. Discretional Legislative List
D. Residual Legislative List
E. Remainder Legislative List

Answer:
D. Residual Legislative List

Explanation:
The Residual Legislative List contains matters that are within the exclusive authority of state governments, meaning that only the House of Assembly of a state can legislate on these matters. The National Assembly has no power to legislate on issues under the Residual List, giving state governments autonomy in these areas

  • 20 Marks

BMF – May 2024 – L1 – SB – Q6 – Communications in Business

Discussion on formal communication, attributes of an effective communication system, and characteristics of effective and bad reports.

Managers that do not design effective communication models risk the long-run survival of their organisations.

a. Define the term “Formal communication.” (2½ Marks)

b. State FIVE attributes of an effective communication system. (7½ Marks)

c. List SIX features of effective reports. (6 Marks)

d. State FOUR features of bad reports. (4 Marks)

a. Formal communication refers to official communication that follows pre-defined channels in an organization. It typically flows through hierarchical structures and can take the form of reports, memos, official meetings, and emails.

b. Attributes of an effective communication system:

  1. Clarity: The message must be clear and easily understood.
  2. Consistency: Communication should be consistent in tone, style, and content.
  3. Feedback Mechanism: The system should allow for feedback from the recipients to ensure understanding.
  4. Appropriate Channels: The use of proper channels for different types of communication, whether formal or informal.
  5. Timeliness: Communication should be timely to ensure that information is relevant and actionable.

c. Features of effective reports:

  1. Clear purpose: The report must have a clear and specific objective.
  2. Conciseness: The report should be brief and to the point.
  3. Accurate and relevant information: All the information must be correct and relevant to the subject matter.
  4. Logical structure: The report should be well-organized with a logical flow of ideas.
  5. Actionable recommendations: The report should offer practical and implementable solutions.
  6. Proper formatting: The report must follow a professional format that enhances readability.

d. Features of bad reports:

  1. Unclear purpose: The report lacks a defined goal, making it difficult to follow.
  2. Lengthy and disorganized: The report is overly long and lacks structure, causing confusion.
  3. Inaccurate or incomplete information: Important data is missing or incorrect, leading to poor decision-making.
  4. Unprofessional presentation: The report is poorly formatted, which makes it difficult to read and understand.
  • 4 Marks

BMF – May 2024 – L1 – SB – Q5c – Basics of Business Finance and Financial Markets

Explanation of the disadvantages of Management by Objective (MBO).

c. State TWO disadvantages of Management by Objective (MBO). (4 Marks)

  • Time-Consuming: Setting specific objectives for each employee and regularly reviewing progress can be time-consuming and resource-intensive.
  • Short-Term Focus: MBO often encourages a focus on achieving short-term objectives, potentially neglecting long-term strategic goals and overall organizational growth.
  • 6 Marks

BMF – May 2024 – L1 – SB – Q5b – Management, Individual, and Organizational Behavior

Explanation of the implications of expectancy theory for management.

b. Explain briefly THREE implications of expectancy theory for management. (6 Marks)

  • Motivational Effort: Expectancy theory suggests that employees will put in more effort when they believe their effort will lead to desirable outcomes. Management should ensure that employees understand how their performance is linked to rewards.
  • Clear Goals and Feedback: Managers should set clear, achievable goals and provide regular feedback on progress. Employees need to feel confident that their efforts will lead to successful performance and that management will recognize their contributions.
  • Fair and Valuable Rewards: To maintain motivation, management must ensure that rewards are perceived as fair, valuable, and aligned with the employee’s personal goals and efforts.
  • 10 Marks

BMF – May 2024 – L1 – SB – Q5a – Management, Individual, and Organizational Behavior

Causes and characteristics of conflict in an organization and implications of expectancy theory for management.

a. Conflict usually has a negative impact on the effectiveness of an organization.
i. Explain SIX causes of conflict in an organization. (6 Marks)
ii. Explain FOUR characteristics of conflict. (4 Marks)

a. Causes of Conflict:

  1. Resource Scarcity: Limited resources such as budget, equipment, or manpower can lead to conflicts when multiple departments or individuals compete for the same resources.
  2. Personality Differences: Conflicts can arise when employees have different personal styles or approaches to tasks, leading to disagreements.
  3. Goal Incompatibility: Conflicting goals between departments or individuals, such as when the goals of one department hinder the objectives of another.
  4. Unclear Job Roles: Lack of clarity in roles and responsibilities can result in employees stepping into each other’s tasks, causing friction.
  5. Communication Problems: Poor communication or misunderstandings between team members or departments can lead to conflicts.
  6. Power Struggles: Competition for authority or leadership positions within the organization can generate conflict.

Characteristics of Conflict:

  1. Tension: Conflict often creates tension between individuals or groups within the organization.
  2. Disruption: Conflicts can lead to a breakdown in communication or collaboration, disrupting normal workflow.
  3. Resistance: Individuals or groups may resist decisions or instructions from others, leading to a standoff.
  4. Emotional Responses: Conflicts often invoke emotional responses such as anger, frustration, or anxiety.
  • 4 Marks

BMF – May 2024 – L1 – SB – Q4c – Business and Organizational Structures and Choices

Distinction between profession and employment based on qualification, nature of work, establishment, and motive.

c. On the basis of qualification, nature of work, establishment, and motive, distinguish between profession and employment. (4 Marks)

The distinction between profession and employment can be made based on the following criteria:

  1. Qualification:
    • Profession: Requires specialized knowledge and skills obtained through formal education and training, often certified by a professional body.
    • Employment: Requires qualifications as determined by the employer, which may vary based on the job requirements but may not necessarily require certification by a professional body.
  2. Nature of Work:
    • Profession: Involves rendering highly skilled services based on the individual’s professional expertise.
    • Employment: Involves performing duties and tasks as defined by the employer, which may not necessarily require a high level of specialization.
  3. Establishment:
    • Profession: Involves membership in a professional body, and practicing the profession often requires adhering to the standards set by that body.
    • Employment: Based on a contract of employment with an employer, where the employee agrees to perform specific tasks in exchange for compensation.
  4. Motive:
    • Profession: The primary motive is to provide services, often with the goal of advancing the professional field.
    • Employment: The primary motive is earning a livelihood by fulfilling the terms of the employment contract.
  • 8 Marks

BMF – May 2024 – L1 – SB – Q4b – Business and Organizational Structures and Choices

Explanation of the advantages and disadvantages of joint ventures.

b. State FOUR advantages and FOUR disadvantages of Joint ventures. (8 Marks)

Advantages of Joint Ventures:

  1. Shared Resources: Partners can pool their resources, including capital, technology, and expertise, to achieve a common goal.
  2. Risk Sharing: The risks of the venture are shared between the partners, reducing individual exposure.
  3. Market Access: Joint ventures allow companies to enter new markets more easily by leveraging the local expertise and connections of the partner.
  4. Temporary Arrangement: A joint venture can be a temporary collaboration, which allows partners to achieve specific objectives without long-term commitments.

Disadvantages of Joint Ventures:

  1. Lack of Flexibility: Decision-making can become complicated when partners have different objectives or management styles.
  2. Unequal Contributions: Partners may contribute unequally in terms of effort, resources, or time, leading to tensions.
  3. Cultural Differences: Differences in corporate culture or management style can lead to conflicts and misunderstandings.
  4. Profit Sharing: Profits must be shared between the partners, which could be less attractive than operating independently.
  • 8 Marks

BMF – May 2024 – L1 – SB – Q4a – Business and Organizational Structures and Choices

Definition of stakeholders and explanation of internal stakeholders of a company.

a. Define the term “Stakeholder.” (2 Marks)
Explain briefly THREE internal stakeholders of a company. (6 Marks)

a. Stakeholder: A stakeholder is any individual, group, or organization that has an interest in or can affect or be affected by the activities, objectives, and policies of a business. Stakeholders can include both internal and external parties.

Internal Stakeholders:

  1. Employees: Employees are crucial stakeholders as they are directly involved in the day-to-day operations of the company and are affected by its success or failure.
  2. Managers: Managers play a key role in decision-making and steering the company towards its objectives. They are responsible for the efficiency and productivity of the company.
  3. Owners/Shareholders: Owners or shareholders have a financial stake in the company’s success and influence major decisions through voting rights and governance structures.

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