Business Management
Midterm Exam
Course Introduction
Business Management introduces students to the foundational principles and practices necessary for effective organizational leadership and administration. The course covers topics such as organizational structure, strategic planning, decision-making processes, human resource management, marketing, and financial control. Through real-world case studies and interactive projects, students develop skills in problem-solving, teamwork, and communication, while gaining a comprehensive understanding of how businesses operate in a global environment. This course is designed to equip future managers and entrepreneurs with the tools and knowledge required to drive organizational success and respond to dynamic business challenges.
Recommended Textbook Management An Integrated Approach 2nd Edition by Ranjay Gulati
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Page 2
Chapter 1: Introduction to Management
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Sample Questions
Q1) "How does the competitive landscape shape the potential for success or failure?" Which of the following pillars of managing organizations addresses this question?
A) Strategic positioning
B) Organizational design and structure
C) Individual leadership
D) Shareholder value
Answer: A
Q2) Which of the following individuals is the best example of a senior executive?
A) A person who helps refine the organization's strategy using conceptual skills
B) A person who develops and motivates his team using interpersonal skills
C) A person who focuses on technical issues to ensure that operations are running smoothly
D) A person who sets the vision and objectives of an organization
Answer: D
Q3) A stakeholder is any group or individual who can affect or is affected by the achievement of an organization's purpose.
A)True
B)False
Answer: True
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Page 3
Chapter 2: The Global Business Environment
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Sample Questions
Q1) In contrast to the dimensions of the task environment, the general environment has the ability to exert a greater and more immediate influence over a firm.
A)True
B)False
Answer: False
Q2) Briefly describe the different dimensions of the general environment.
Answer: The general environment includes the technological, economic, political/legal, and sociocultural dimensions that affect a firm's external environment. The technological dimension of the general environment refers to the processes, technologies, or systems that a firm can use to produce outputs. The economic dimension of a firm's environment often includes inflation, unemployment, consumer sentiment, and interest rates of all the countries where it sells its products and services. The political dimension of the external environment refers to the political events and activities in a market that affect a firm. The legal dimension refers to the regulations and laws that a firm encounters in its markets. The sociocultural dimension of the external environment refers to demographic characteristics as well as to the values and customs of a society.
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Page 4
Chapter 3: Ethics and Corporate Social Responsibility
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Sample Questions
Q1) Which of the following is a direct benefit derived from CSR?
A) CSR can improve a company's brand value.
B) CSR is responsible for bringing foreign direct investment.
C) CSR brings better productivity from the workforce.
D) CSR has a direct impact on debenture interest rate.
Answer: A
Q2) Whistle-blowers usually report problems with the firm because
A) they believe the firm will lose profits.
B) they believe it is their ethical duty to report the problem.
C) the firm needs to be more socially responsible.
D) they will receive extra compensation from the government.
Answer: B
Q3) Someone who has been entrusted to make decisions on behalf of another party is called a
A) mentor.
B) principal.
C) fiduciary.
D) subordinate.
Answer: C
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Page 5
Chapter 4: Introduction to Strategy
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Sample Questions
Q1) In B&T Company, all product development occurs within the United States, but the company has manufacturing and distribution facilities in several countries. B&T has a(n)
A) multinational strategy.
B) global strategy.
C) international strategy.
D) transnational strategy.
Q2) Foodies, a food manufacturing company, made plans to either open a new outlet in Berylia, a country where the majority are low-income families, or Erbia, a country where the majority of the people belong to high-income families. It finally decides to open a new outlet in Berylia by offering products with reduced cost as the demand for its product is greater in Berylia. This scenario is an example of _____ in defining a strategy.
A) making trade-offs
B) creating fit among activities
C) choosing a set of activities
D) developing objectives
Q3) Describe the business-level strategy.
Q4) Define vision, mission, and objectives. What are the benefits provided by effective mission statements?
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Page 6
Chapter 5: Business-Level Strategy
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Sample Questions
Q1) Primary activities of a firm's value chain refers to
A) the activities completed to improve a firm's product and the processes used to manufacture it.
B) the activities involved with recruiting, hiring, training, developing, and compensating all personnel.
C) the activities such as general management, planning, finance, accounting, legal support, and governmental relations.
D) the activities involved in the physical creation of a product and its sale and transfer to the buyer.
Q2) Supply-side economies of scale arise
A) when a buyer's willingness to pay for a product increases.
B) when the demand for a firm's product keeps fluctuating.
C) when the number of buyers for a firm's product decreases.
D) when a firm manufactures products or services in high volumes.
Q3) The 5-Forces Model is one of the most important tools for evaluating the attractiveness of industries.
A)True
B)False
Q4) Describe the three strategies of competitive advantage.
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Chapter 6: Corporate-Level Strategy
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Sample Questions
Q1) A film production company purchases a television network to guarantee its shows will be aired. This is an example of
A) unrelated diversification.
B) backward vertical integration.
C) forward vertical integration.
D) backward horizontal integration.
Q2) The distinguishing factor between unrelated and related diversification strategies is that a firm using unrelated diversification strategy
A) has numerous businesses that are linked in some manner.
B) manages several businesses with no reasonable connection.
C) focuses on one specific product, typically in one market.
D) develops core competencies using its resources and capabilities.
Q3) Define vertical integration and its types.
Q4) Which of the following questions is addressed by the organizational design of a firm's corporate-level strategy?
A) In what markets and businesses will the firm compete?
B) How will the business units of the firm be aligned?
C) What are the businesses to be acquired?
D) How will the resources of the firm be coordinated?
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Chapter 7: Organizational Design
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Sample Questions
Q1) Of the five activities that make a firm customer-centric, connection involves A) helping employees at the firm develop the right skills needed to better serve customers.
B) creating structural mechanisms at the firm that allow workers to organize their activities to focus more exclusively on creating value for customers.
C) developing relationships with external partners to deliver greater value to customers. D) using informal methods such as culture and incentives to encourage people in the organization to come together in the spirit of serving customers.
Q2) One of the most important benefits of the functional structure is the efficiency it creates.
A)True
B)False
Q3) As firms expand and grow in complexity, they are likely to reorganize into a functional structure.
A)True
B)False
Q4) Define organizational structure and briefly describe its types.
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9
Chapter 8: Organizational Culture
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Sample Questions
Q1) Ben & Jerry's 5-to-1 policy, whereby executives could not earn more than five times the amount of the lowest-paid employee, is an example of a company's
A) cultural artifacts.
B) cultural beliefs and values.
C) cultural assumptions.
D) mission.
Q2) Identify the different levels of a firm's culture and their specific attributes.
Q3) Which of the following best describes an organization's artifacts?
A) Day-to-day behaviors that can be observed
B) The underlying essence of why members of an organization act as they do
C) Relational factors between an organization's culture and its performance
D) Aspects deemed important by members of an organization
Q4) Which of the following evolves over three stages-from compliance to identification to internalization?
A) Internal integration
B) Organizational commitment
C) Cultural socialization
D) External adaptation
Q5) Describe three elements that can be helpful in assessing a firm's culture.
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Chapter 9: Managing Human Capital
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Sample Questions
Q1) The factor that distinguishes job-based pay from skill-based pay is that job-based pay policies
A) are often used in organizations with lower hierarchical structures.
B) are often used in organizations where tasks are narrowly defined.
C) require individuals to use their personal judgment to make decisions.
D) tend to be best suited for organizations with more decentralized authority.
Q2) A crucial part of employee development is providing feedback.
A)True
B)False
Q3) The final stage in the selection process often tends to be
A) reference checks.
B) situational interviews.
C) personality tests.
D) cognitive ability tests.
Q4) Which of the following questions should individuals address when making decisions about their career?
A) What are my strengths and values?
B) Who is my role model?
C) With whom will I work effectively?
D) From whom should I learn?
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Chapter 10: Performance Management
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Sample Questions
Q1) Cardinal Company is using cost of goods sold as a measurement of performance, which will be placed under which perspective of the balanced scorecard?
A) Financial perspective
B) Customer perspective
C) Business process perspective
D) Learning and growth perspective
Q2) Downing Company is studying the costs required to attract new customers compared to the lifetime profitability of certain types of customers before it decides which new customers to target. Downing is focused on which of the various customer metrics?
A) Customer retention
B) New customer acquisition
C) Customer profitability
D) Market share
Q3) Describe the two primary areas in which leaders take corrective action.
Q4) Describe benchmarking.
Q5) Discuss TQM, Six Sigma, and ISO 9000.
Q6) Explain the four key activities of the control cycle.
Q7) What is a balanced scorecard? Briefly describe its perspectives.
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Chapter 11: Organizational Change
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Sample Questions
Q1) In communicating the model for change, leaders need to appeal to both logic and emotions.
A)True
B)False
Q2) Which of the following creates the spark needed to begin the change process?
A) Innovation
B) Differentiation
C) Dissatisfaction
D) Inertia
Q3) Which of the following helps change leaders build dissatisfaction?
A) Creating proper alignment between an organization and its strategy
B) Improving experimentation while simultaneously reinforcing efficiency and cost effectiveness
C) Reducing the involvement of pivotal individuals in the process and concealing the vision for change
D) Engaging in benchmarking or internal and external performance/opportunity gap analyses
Q4) Outline the key aspects of organizational change.
Q5) Define organizational change and briefly explain how change can be driven by external factors.
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Chapter 12: Leadership in Organizations
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Sample Questions
Q1) Explain the traits-based leadership theory.
Q2) Steve, the marketing lead in an organization, treats each of his team members differently and maintains unique relationships with them. Jerry and Henry are members of his team. He assigns more interesting tasks to Jerry and offers him more rewards. On the other hand, Henry is simply required to comply to formal rules and receives the standard benefits of the job. From this scenario it can be inferred that
A) Steve belongs to Jerry's out-group.
B) Henry belongs to Steve's in-group.
C) Henry belongs to Jerry's out-group.
D) Jerry belongs to Steve's in-group.
Q3) Technical skills of leadership refer to a leader's
A) ability to make decisions with sound reasoning.
B) knowledge about an organization and job-related activities.
C) ability to understand the internal and external environments.
D) ability to interact with others.
Q4) All charismatic leaders tend to be positive role models.
A)True
B)False
Q5) Discuss the darker side of charismatic leadership.
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Chapter 13: Becoming a Leader: Knowing Yourself
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Q1) Which of the following statements is true with regard to Howard Gardner's multiple intelligences?
A) He held that IQ measurements are generally predictive of success in any professional endeavors.
B) He states that most people have a combination of intelligences that influence their approach to various situations.
C) He proposed that there are twelve types of intelligence that can be indicators of career success.
D) He argued that standardized test scores and grades are the key predictors of who succeeds and who does not.
Q2) Intelligence involves a person's ability to adapt to changes in the environment.
A)True
B)False
Q3) Which of the following refers to people's belief that there is nothing they can do to rectify a bad situation?
A) Conscientiousness
B) Emotional instability
C) Learned helplessness
D) Resilience
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Page 15
Chapter 14: Power and Influence
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Sample Questions
Q1) Thomas listened to his department head's plan for change and expressed agreement. Afterward, he did not follow through with the action plan outlined for him. Thomas demonstrated which type of reaction to power?
A) Passive resistance
B) Active resistance
C) Compliance
D) Commitment
Q2) In the context of positional power, relevance is specific to those individuals who are engaged in activities that are closely aligned with an organization's priorities.
A)True
B)False
Q3) Building sources of personal power is the final step involved in exercising power through influence.
A)True
B)False
Q4) Positional power is often more influential and effective than personal power.
A)True
B)False
Q5) Define the terms leadership, power, and influence.
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Chapter 15: Decision Making
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Sample Questions
Q1) Which of the following models should managers use when making tough calls?
A) Garbage can model
B) SCRIPTS model
C) Administrative model
D) Political model
Q2) The representativeness heuristic contends that individuals make choices based on a certain starting point.
A)True
B)False
Q3) Rules of thumb or short-cuts that individuals use to save time when making complex decisions are known as
A) biases.
B) rationales.
C) intuitions.
D) heuristics.
Q4) Intuitive decision making often emerges from subconscious activity.
A)True
B)False
Q5) Outline heuristics and its types.
Q6) Describe confirmation bias.
Page 17
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Chapter 16: Conflict and Negotiation
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Sample Questions
Q1) Carlita thinks the idea is ridiculous, but at the same time, does not feel the issue really makes a difference in the long run and does not want to create tension. Carlita's appropriate response to the disagreement is one of A) accommodating.
B) avoidance.
C) compromising.
D) forcing.
Q2) Which of the following situations is the best example of an intergroup conflict?
A) Sam tends to argue a lot with his colleague Tom over minor issues, and in an extreme situation both started attacking each other physically and were suspended for a weak.
B) The employees in an organization had a conflict with their employer for not improving their work environment, which is highly hazardous and unhygienic.
C) Jane and Jack, executives of a firm's finance department, had a conflict with their teammate, John, who failed to submit an important report on time.
D) An organization's marketing team had a conflict with the production team due to the delay in the arrival of finished products.
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Chapter 17: Leading Teams
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Sample Questions
Q1) Which of the following is a characteristic of teams?
A) They deal with simple tasks.
B) Members work independently on tasks.
C) They have clear task objectives.
D) There is no specific timeline for task completion.
Q2) What defines a team, and under what conditions is the use of teams appropriate?
Q3) Identify the three main components of team process. Define participation and blocking behaviors.
Q4) _____ teams are composed of a manager and his or her subordinates in the formal chain of command, usually in one functional department.
A) Collocated
B) Vertical
C) Cross-functional
D) Self-directed
Q5) A task is considered complex when
A) it involves a lot of uncertainty about possible outcomes.
B) additional information is not needed to understand the task.
C) standardized procedures are present to conduct the task.
D) there are no subtasks that require a range of skills and knowledge.
Q6) Outline the five-stage process of team development.
Page 19
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Chapter 18: Motivation
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Questions
Q1) The managers in an organization wanted to reduce employee turnover by increasing employee job satisfaction. Therefore, they provided employees with a safe work environment and a sense of job security. However, the turnover rate did not decrease even after implementing these changes. During exit interviews, the employees complained that they do not have any opportunities for achievement and personal recognition. From this scenario, according to Herzberg's theory, it can be understood that
A) hygiene factors are lacking in the organization.
B) the organization falls short of motivators.
C) all employees are self-actualized individuals.
D) the employees' higher-order needs are met.
Q2) According to Herzberg's two-factor theory, hygiene factors
A) correspond to Maslow's hierarchical needs for esteem and self-actualization.
B) are the higher-order needs that motivate people to perform better in their work.
C) are potential dissatisfiers that, when fulfilled, do not cause people to become satisfied.
D) are the direct consequences of doing the job and are the primary cause of satisfaction.
Q3) Differentiate extrinsic and intrinsic rewards of motivation. Give examples.
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Page 20
Chapter 19: Communication
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Sample Questions
Q1) Of the three elements of communication, ethos refers to the A) demonstrator's passion to argue.
B) rationale for action.
C) facts that need to be conveyed.
D) credibility of the speaker.
Q2) Which of the following is an example of reflecting in supportive communication?
A) Julio relates similar experiences.
B) Joe reiterates the main points.
C) Doris offers advice and suggestions.
D) Charles asks follow-up questions for clarification.
Q3) Which of the following individuals is the best example of an empathetic listener?
A) Sheila often reacts to the speaker by showing concern and attempts to share feelings and offer counseling.
B) Maria usually avoids making any verbal or nonverbal responses when someone else is talking.
C) Erick tends to respond to speakers vocally when they say things with which he agrees.
D) During presentations, James consciously tries to focus on what the speaker is saying.
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21
Chapter 20: Networking
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Sample Questions
Q1) Which of the following networks are considered to be the best?
A) Large closed networks with weak relationships
B) Small diverse networks with strong relationships
C) Small closed networks with strong and weak relationships
D) Large diverse networks with strong and weak relationships
Q2) Dolly has arranged for a get-together at her house to which she has invited all of her friends. Most of her friends will be meeting the others in the group for the first time. Moreover, they are from diverse backgrounds with differing interests and experiences. Though all are not known to each other, all are known to Dolly. From this description of Dolly, it can be inferred that Dolly is
A) good at forging better connections.
B) focusing only on closed networks.
C) lacking weak ties in relationships.
D) more exposed to redundant contacts.
Q3) Briefly describe the strength of ties.
Q4) Define networking. How can one build diverse networks?
Q5) Discuss the three types of interpersonal networks.
Q6) Define centrality and its conceptions.
Q7) What are networking clubs? What are their purpose and how do they differ?
Page 22
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