NMFB AGSMEIS SME Loan Online Assessment Test Questions & Answers

NMFB AGSMEIS SME Loan Online Assessment Test Questions & Answers

Welcome to Flippstack, in this article, we will be walking you through some NMFB AGSMEIS Online Assessment Test Questions & Answers which will help you prepare for the AGSMEIS Online Assessment, so make sure you read until the end.

The Agri-Business/Small and Medium Enterprise Investment Scheme (AGMEIS) Online Assessment Test is a compulsory online assessment test administered to applicants of the CBN-NIRSAL AGSMEIS Interest loan which usually consists of 20 multiple choice questions to be completed within the allotted time of 30 Minutes.

You may also want to read How To Easily Access CBN AGSMEIS SME Loan

CBN-Nirsal AGMEIS SME Loan is an initiative to support the Federal Government’s efforts and policy measures for the promotion of agricultural businesses and small/medium enterprises (SMEs) as vehicles for sustainable economic development and employment generation.

Beneficiaries can access up to N3 Million at 9% per annum from the Central Bank of Nigeria (CBN)/Nirsal Microfinance Bank (NMFB) Agric-Business, Small and Medium Enterprise Investment Scheme (AGSMEIS).

To get the full benefit of this AGSMEIS Online Assessment Test Questions & Answers, we recommend you first of all attempt the questions on your own before checking the answers.

NOTE: The answers are found at the end of the last question.

The AGSMEIS Online Assessment Test usually consists of 20 multiple choice questions to be completed within the allotted time of 30 Minutes.

NMFB AGSMEIS SME Loan Online Assessment Test Questions & Answers

1. Jana noticed a problem while reviewing her company’s monthly income statement. She verified that the total revenue was N4,590 and that the total expenses were N1,452. However, the income statement showed a net income total of N1,383.

Which of the following reflects the correct net income?

A. N5,973

B. N3,381

C. N1,833

D. N3,138

2. Nigerian Businesses fail mainly due to the following reasons:

A.Poor management of human, material, and financial resources

B.Lack of adequate knowledge to run and grow the business

C.Inconsistent government policies

D.All of the above

3. A Business Plan is an unwritten document that describes your business.

A. True

B. False

4. Price Reduction could increase Sales And Customer Loyalty.

A. True

B. False

5. Why is it often necessary to provide employees with additional training?

A. To analyze diversity

B. To improve performance

C. To increase socialization

D. To identify sensitivity

6. Why do you need to control the cost in the business including all except?

A. Innovation

B. Price Reduction

C. Royalties

D. Profitability

7. The essential elements of a Business Plan are the different sections of a Business Plan

A. True

B. False

8. The following are roles of ICT in business management

A. Account and Record-Keeping

B. Customer Services Management

C. Marketing Management

D. All of the above

9. Which of the following is the most critical component of a Business Plan?

A. Market Analysis

B. Executive Summary

C. Company Description

D. Financial Plan

10. During the month of July, sales at Handy’s Shoe Mart totaled N2,500. The cost of the shoes was N1,025. The owner paid N866 for supplies, insurance, rent, and utilities during the month. The N609 left over-represents the owner’s __________

A. gross profit

B. sales income

C. net profit

D. operating expenses

11. What is the full meaning of AGSMEIS?

A. Agric, Small and Medium Enterprise International System

B. Agric, Small and Medium Enterprise International Scheme

C. Agricultural, Small and Medium Enterprise Investment Scheme

D. Agric-Business, Small and Medium Enterprise Investment Scheme

12. These are modern and common methods of advertising  a business, especially in the year 2021, except via:

A. Twitter

B. Facebook

C. Instagram

D. Newspaper Insert

13. Mrs.Hadiza owns a rice farm that employs 10 people. If the salary for each of Hadiza’s employees is NGN 30,000. How much would Mrs. Hadiza have paid her employees for 7 months?

A. NGN 3,000 000

B. NGN 210 000

C. NGN 300 000

D. NGN 2 100 000

14. The following are Qualities of an Entrepreneur except

A. Sees opportunities in problems

B. Doesn’t give up easily

C. Takes responsibility for any failure

D.Does do not invest in Personal development

15. Mr. Musa wants to register his business with Corporate Affairs Commission for his groundnut oil business. Which of the following isn’t eligible for Mr. Musa to register his business under?

A. Limited Liability Company

B. Non-Governmental Organization

C. Unlimited Partnership

D. Business Name

16. Cost Control System works in several ways.

A. True

B. False

17. How much is the cost of the AGSMEIS training?

A. N10 000

B. N8 000

C. N6 000

D. N4 000

18. The Entrepreneur is the Business?

A. True

B. False

19. When you are feeling stuck as an Entrepreneur, is there a need for a change in mindset?

A. Yes

B. No

20. The practice of identifying and reducing business expenses to increase profits is ____?

A. Profitability

B. Cost Control

C. Budgeting

D. Accounting

You may also want to read How To Easily Repay Your Nirsal Microfinance Bank (NMFB) AGSMEIS Loan

AGSMEIS Online Assessment Test Answers

NOTE: Please note that the questions might differ a little bit for each test taker; they are usually reshuffled from the NMFB AGSMESIS Online Assessment question bank, the above questions give you a better idea of what the questions will look like.