Business Management Exam Review
Course Introduction
Business Management is an essential field of study that explores the principles and practices involved in overseeing and coordinating the operations of a business or organization. The course covers a broad range of topics including organizational structures, leadership strategies, decision-making processes, human resource management, marketing, finance, and operations. Students will learn how to plan, direct, and control resources efficiently and ethically to achieve organizational objectives. Through case studies, group projects, and real-world applications, this course prepares students to navigate the dynamic business environment, develop critical thinking skills, and become effective managers and leaders in various sectors.
Recommended Textbook Management 3rd Edition by Michael A. Hitt
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15 Chapters
1496 Verified Questions
1496 Flashcards
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Chapter 1: The Nature of Management
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Sample Questions
Q1) A marketing manager is acting as a figurehead when he or she interacts with key customers to learn about their reactions to new product ideas.
A)True
B)False
Answer: False
Q2) Of the four major functions of a manager,________ involves systematically integrating resources to accomplish tasks.
A) organizing
B) directing
C) planning
D) auditing
Answer: A
Q3) Technical skills involve specialized knowledge about procedures,processes,and equipment and the related abilities of knowing when and how to use that knowledge.
A)True
B)False
Answer: True
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Chapter 2: Social Responsibility and Managerial Ethics
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95 Verified Questions
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Sample Questions
Q1) In the "inside-out" approach of the strategic corporate social responsibility perspective,managers can look inside the company at issues that are more rather than less important as a function of the company's strategy and business activities.
A)True
B)False
Answer: True
Q2) The ________ perspective of social responsibility states that a manager's responsibility is to maximize profits for the owners of the business.
A) effector
B) effectiveness
C) efficiency
D) efficacy
Answer: C
Q3) Having to make a choice between two competing but arguably valid options is known as an ethical dilemma.
A)True
B)False
Answer: True
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Chapter 3: International Management and Globalization
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Sample Questions
Q1) A ________ is often called a "Greenfield venture."
A) strategic alliance
B) licensing arrangement
C) wholly-owned subsidiary
D) cross-border acquisition
Answer: C
Q2) ________ involves manufacturing products in a firm's home country and shipping them to a foreign market.
A) Importing
B) Exporting
C) Outsourcing
D) Strategic marketing
Answer: B
Q3) Which of the following is a challenge associated with cross-border acquisitions?
A) little control over the product
B) increased costs of transportation
C) integration of two previously independent companies
D) complexity in launching
Answer: C
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Page 5
Chapter 4: Strategic Management
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Sample Questions
Q1) Activities that transform inputs into the products and services of the firm,as well as maintenance of machines,are part of the ________.
A) operations component of the value chain
B) procurement component of the value chain
C) inbound logistics component of the value chain
D) outbound logistics component of the value chain
Q2) According to Michael Porter,primary value chain activities involve ________.
A) planning, finance, accounting, legal activities, and government relations
B) acquiring, training, evaluating, compensating, and developing human resources
C) expertise and the tools or equipment related to the exercise of that expertise
D) creating a product or service and distributing it to customers
Q3) Unless an organization translates its strategic intent and mission into specific goals,they will remain statements of good intentions and unrealized achievements.
A)True
B)False
Q4) What happens during a SWOT analysis?
Q5) Explain the cost leadership strategy.
Q6) What are the sociocultural forces in the general environment?
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Chapter 5: Planning
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Sample Questions
Q1) Developing tactical plans is typically the responsibility of ________.
A) functional-level managers
B) business-level managers
C) operational-level managers
D) corporate-level managers
Q2) What are the primary organizational levels of a corporation?
A) production, marketing, and sales
B) corporate, business, and functional
C) finance, human resources, and operations
D) production, marketing, and administration
Q3) Managers should assess the firm's internal resources immediately following the analysis of the external environment.
A)True
B)False
Q4) ________ is a decision-making process that focuses on the future of an organization and how it will achieve its goals.
A) Planning
B) Programming
C) Implementation
D) Budgeting
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Chapter 6: Organizational Structure and Design
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102 Verified Questions
102 Flashcards
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Sample Questions
Q1) What is a product structure? What are its advantages and disadvantages?
Q2) A major disadvantage of a matrix structure is that ________.
A) it limits the flow of information throughout the organization
B) it reduces the quality of decision making
C) it does not make optimum use of a firm's human resources
D) it often makes performance evaluations more complex
Q3) A mining company supplies materials such as sand,gravel,and lime to the local building trade.It has few export sales.What is the most likely structure that this firm will use to manage international sales?
A) a matrix structure
B) global product divisions
C) a geographic structure
D) an international division
Q4) If a domestic organization opens an international division,then the products sold by this division typically have broad appeal and there are relatively few customer differences across countries.
A)True
B)False
Q5) What role does outsourcing play in a networked organization?
Q6) What factors,or core categories,impact environmental complexity?
Page 8
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Chapter 7: Managing Diverse Human Resources
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103 Verified Questions
103 Flashcards
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Sample Questions
Q1) Explain 360-degree feedback.
Q2) A job specification describes the skills,experience,and education that a candidate should have to perform the job.
A)True
B)False
Q3) A(n)________ is an on-the-job training technique.
A) correspondence course
B) cross training program
C) online learning
D) critical incident
Q4) At JEG,a certain percentage of each employee's salary remains fixed,while the rest varies according to employee performance.This is an example of ________.
A) a cafeteria-style plan
B) a benefit plan
C) an incentive plan
D) a broadband plan
Q5) Given the circumstances in this scenario,on what type of skills might a training program focus?
Q6) What are graphic rating scales? What are their advantages and disadvantages?
Page 9
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Chapter 8: Leadership
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101 Verified Questions
101 Flashcards
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Sample Questions
Q1) How does leadership differ across cultures?
Q2) Chris manages a team of legal content developers at Spartal,a legal process outsourcing company.In order to meet an important deadline,Chris wants the employees to work for a few extra hours every day.Chris offers special incentives to the employees for finishing the job on time and for putting in extra work hours.Which of the following influence tactics is used here?
A) collaboration
B) ingratiation
C) coalition
D) exchange
Q3) Interim Money,Inc.,an independent organization,sells ATMs,as well as owns,operates,and manages ATMs for independent financial institutions in the United States.The organization follows a vertical organizational structure,and managers at different levels are given different levels of authority to control employees.The managers at Interim money obtain ________ power due to the vertical structure and operations.
A) expert
B) referent
C) legitimate
D) information
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Page 10
Chapter 9: Motivation
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Sample Questions
Q1) ________ is a desirable consequence that,by occurring or being supplied following a behavior,increases the likelihood of that behavior being repeated in the future.
A) Positive reinforcement
B) Omission training
C) Negative reinforcement
D) Extinction
Q2) The motivational forces that come from a person are called "pull" or external forces.
A)True
B)False
Q3) Hackman and Oldham proposed that ________ is the degree to which a job requires the completion of a "whole" and identifiable piece of work.
A) autonomy
B) skill variety
C) task identity
D) task significance
Q4) What influence does the situational context have on behavior?
Q5) What is the difference between positive reinforcement and negative reinforcement?
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11
Chapter 10: Groups and Teams
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Sample Questions
Q1) During the forming stage of group development,group members build consensus on basic issues.
A)True
B)False
Q2) Role conflict is a situation in which two members of a group are performing the same role.
A)True
B)False
Q3) ________ conflict arises when group members possess divergent ideas or approaches to attaining goals.
A) Task
B) Substantive
C) Relationship
D) Process
Q4) Which of the following is true regarding a committee?
A) The members of a committee have different permanent jobs.
B) Membership is voluntary and informal.
C) Committees are relatively permanent.
D) Committees are not originated by the organization.
Q5) Refer to the scenario above.What type of formal group is this?
Page 12
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Chapter 11: Communication and Negotiation
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Sample Questions
Q1) Which of the following statements is true of informal communication channels?
A) They are authorized, planned, and regulated by the organization.
B) They define who has responsibility for information dissemination and indicate the proper recipients of work-related information.
C) They facilitate vertical rather lateral communication among organizational members more often than formal communication channels.
D) They are developed through interpersonal activities of organization members and facilitate faster information flow.
Q2) ________ is the belief in the superiority and importance of one's own group.
A) Ethnocentrism
B) Jingoism
C) Narcissism
D) Machiavellism
Q3) Which of the following is an example of a rich medium?
A) e-mail
B) memos
C) fax
D) face-to-face meeting
Q4) Critique the communication media utilized in this scenario.
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Chapter 12: Individual and Group Decision Making
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Sample Questions
Q1) ________ is a process of generating many creative solutions but not immediately evaluating their merit.
A) Brainstorming
B) Delphi technique
C) Dialectical inquiry
D) Multiple advocacy
Q2) Which of the following occurs when decision makers adhere to a course of action after they know it is a mistake?
A) escalating commitment
B) rational ignorance
C) superrationality
D) satisficing
Q3) ________ is a belief that future courses of action are rational and correct.
A) Cognitive complexity
B) Rosy retrospection
C) Prospective rationality
D) Cognitive dissonance
Q4) List the general factors that influence a decision's quality.How do they influence a decision's quality?
Q5) What is perceptual distortion? Explain it with an example.
Page 14
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Chapter 13: Operations Management
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Sample Questions
Q1) TQM emphasizes "quality at the source," that is,quality inspection at all stages of production or service output.
A)True
B)False
Q2) Discuss the term quality and explain how improving quality can lower costs and boost revenues.
Q3) What is a just-in-time (JIT)inventory system?
Q4) A popular definition of quality is "fitness for use," which is a measure of how well a product or service performs its intended purpose.
A)True
B)False
Q5) Could the philosophy of Total Quality Management (TQM)be applied in this scenario?
Q6) Cars,computers,and cameras are all examples of products that are typically made via ________.
A) job shop processes
B) small batch processes
C) assembly-line processes
D) continuous flow processes
Page 15
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Chapter 14: Control
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Sample Questions
Q1) The ________ of an organization is probably the most widespread tactical control system that the typical employee encounters.
A) operating budget
B) supervisory structure
C) human resource system
D) quantitative forecasting system
Q2) When there is more uncertainty in the environment,centralized control becomes ________.
A) crucial
B) more efficient
C) redundant
D) less efficient
Q3) The ________ analysis allows managers to gauge the amount of a product that must be sold to cover a firm's fixed and variable costs.This analysis is difficult because
A) return on equity; it is difficult to determine the total cost of inventory
B) break-even point; it is difficult to project variable costs accurately
C) efficiency; it is difficult to project variable costs accurately
D) activity; it is difficult to determine the total cost of inventory
Q4) What are the basic elements in the control process?
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Chapter 15: Organizational Change and Development
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Sample Questions
Q1) IBF Industries,Inc.is a leading manufacturer and marketer of skin care and solar filters in the United States.The company is a market leader in the U.S.,and the demand for its products has been static over the last five quarters.In order to achieve better growth,the management is now planning to develop its business by entering the Canadian market.Which of the following information,if true,would most support the management's decision to develop the market?
A) The Canadian online census conducted in the year 2011 showed that the number of people in Canada over age 60 would increase by over 30 percent in five years.
B) The unemployment rate and unemployment benefit claims in Canada are reported to be higher than last year.
C) The per capita income and the average purchasing power of the people in Canada have increased by two percent in last six months.
D) The assent prices in Canada, such as homes and financial assets, have been decreasing for the last ten months.
Q2) Why might people resist seeing the initial need for change?
Q3) What problems can occur if a change does not produce immediate result? Support your answer with an example.
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