Principles of Management Exam Bank
Course Introduction
Principles of Management introduces students to the fundamental concepts and practices essential for effective management in organizations. The course covers the core functions of management, including planning, organizing, leading, and controlling, and examines how managers use these functions to achieve organizational goals. Students will explore topics such as decision-making, motivation, leadership styles, communication, and strategic planning. Through case studies and real-world examples, the course emphasizes critical thinking and problem-solving, preparing students to address the challenges faced by modern managers in a dynamic global environment.
Recommended Textbook
Future of Business 3rd Canadian Edition by Norm Althouse
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16 Chapters
2162 Verified Questions
2162 Flashcards
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Page 2
Chapter 1: understanding Evolving Economic Systems and Competition
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145 Verified Questions
145 Flashcards
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Sample Questions
Q1) Southern Ontario farmers have found it difficult to go into olive farming because olives imported from Europe are priced so much cheaper.Canadian farmers have to meet various climate challenges to grow olives and thus have higher expenses.Consumers prefer to buy the lower-priced imported olives rather than locally grown olives.The problems that make it unprofitable for an Ontario farmer to profitably become an olive farmer would be considered which of the following?
A) a purchasing power equalizer
B) a market contractionary tool
C) an oligopolistic tool
D) a barrier to entry
Answer: D
Q2) An analyst at Merrill Lynch who is evaluating Home Depot as an investment for her clients is taking a microeconomics approach.
A)True
B)False
Answer: True
Q3) ____________________ are the resources used to produce goods and services.
Answer: Factors of production
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Chapter 2: the Global Marketplace and Governments Roles
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121 Verified Questions
121 Flashcards
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Sample Questions
Q1) The karakul is a breed of Central Asian sheep that produces curly,glossy wool for the manufacturing of warm hats and coats.Since the breed can be grown only in Central Asia,this region can be said to have which of the following?
A) absolute advantage
B) total advantage
C) advantageous distinction
D) comparative advantage
Answer: A
Q2) Having a global vision simply means having a willingness to sell outside one's national borders if,and when,the opportunity arises.
A)True
B)False
Answer: False
Q3) Which of the following represents the world's largest free-trade zone?
A) the North Atlantic Treaty Organization
B) the North American Free Trade Agreement
C) the European Union
D) the International Monetary Fund
Answer: B
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Page 4
Chapter 3: Social Trends, social Responsibility, and Making
Ethical Decisions in Business
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134 Verified Questions
134 Flashcards
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Sample Questions
Q1) A multinational company that implements ethical guidelines within the organization in the host country will foster which of the following behaviours?
A) resentment in the host country
B) resentment in the home office
C) respect for local laws
D) respect for both local and international laws
Answer: D
Q2) ____________________ encourages racial cross-cultural understanding and discourages hatred,discrimination,and violence.
Answer: Multiculturalism
Q3) A code of ethics can BEST be characterized by which of the following?
A) It can offer a lengthy and detailed set of guidelines to employees.
B) It is considered a public relations tool.
C) It provides employees with the knowledge of what their company expects with regard to their responsibilities and behaviour.
D) It summarizes the company's goals,policies,and priorities.
Answer: C
Q4) Name the group that is the largest mass market demographic in Canada.
Answer: baby boomers
Page 5
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Chapter 4: Using Technology to Manage Information and for Business Success
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116 Verified Questions
116 Flashcards
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Sample Questions
Q1) Which of the following best describes how an executive information system differs from a decision support system?
A) EIS is customized for an individual executive; a DSS is not.
B) An EIS answers "what-if" questions; a DSS does not.
C) An EIS is provided by application service providers; a DSS is typically purchased.
D) An DSS answers "what-if" questions; an EIS does not.
Q2) When compared to a wired LAN,the wireless LAN is BEST described by which of the following?
A) It is unable to transmit data at one single site.
B) It is significantly more expensive.
C) It is faster and more reliable.
D) It is unable to communicate with wired communication systems.
Q3) Which of the following BEST describes virtual private networks?
A) They require a significant investment in Internet infrastructure in order to operate efficiently.
B) They are least useful to people who regularly work outside the office.
C) They connect two or more private networks using a public network.
D) They dramatically increase a company's communications cost.
Q4) What is information technology (IT)?
Page 6
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Chapter 5: Forms of Business Ownership
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120 Verified Questions
120 Flashcards
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Sample Questions
Q1) Which type of business organization experiences the least governmental regulation?
A) a limited partnership
B) a public corporation
C) a private corporation
D) a sole proprietorship
Q2) What does the fact that a corporation has limited liability mean?
A) Owners' liabilities are limited to the amount invested.
B) It can earn a limited amount.
C) Some of the owners are limited in earnings.
D) The life of the corporation is limited.
Q3) When companies in the same industry merge to achieve economies of scale and to expand their product lines,it is called a horizontal merger.
A)True
B)False
Q4) When Addison Wilcox buys an H&R Block franchise,he becomes a franchisee.
A)True
B)False
Q5) Discuss the following statement: "Joint ventures have unlimited life."
Q6) Who are the owners of a corporation?
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Chapter 6: Entrepreneurship and Small Business
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112 Verified Questions
112 Flashcards
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Sample Questions
Q1) Direct Business Development Bank of Canada (BDC)loans are made from funds set aside each year by Parliament.
A)True
B)False
Q2) A small business owner who uses ____________________ to finance his or her venture is using borrowed funds that must be repaid with interest over a stated period of time.
Q3) Dakota Lynn Brown is opening a business in which she will sell educational materials to parents who are home schooling their children.As an entrepreneur,Brown will enjoy which of the following benefits?
A) guaranteed profits
B) shorter work hours
C) personal satisfaction
D) less stress
Q4) The ____________________ is the main government agency that assists small businesses with advice and financial assistance.
Q5) List the three categories of entrepreneurs.
Q6) What is the first step in starting a new business?
Q7) List reasons that small businesses thrive in Canada.
Page 8
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Chapter 7: Management and Leadership in Todays Organizations
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142 Verified Questions
142 Flashcards
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Sample Questions
Q1) Strategic planning is put into action by lower levels of management.
A)True
B)False
Q2) Arranging a firm's human and material resources to carry out plans is called controlling.
A)True
B)False
Q3) At IBM,the MDX group is at a crossroad about how to market a new software package.Judy Ramsby,the head of the group,has told the group of managers that "it is up to the group.As long as they don't violate company policy,the decisions are up to them." Which of the following leadership styles is Judy Ramsby is practising?
A) free rein
B) open door
C) open alternative
D) autocratic
Q4) What two types of leadership style use empowerment?
Q5) A good manager is never faced with unforeseen problems.
A)True
B)False
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Chapter 8: Designing Organizational Structures
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149 Verified Questions
149 Flashcards
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Sample Questions
Q1) Typical line positions are found in which of the following departments?
A) public relations and marketing
B) human resources and legal
C) legal and marketing
D) production and marketing
Q2) Hannah Keefer is a sales manager for a company that sells office equipment to retail stores in Ontario.She is responsible for five salespeople who report directly to her.Which of the following principles explains her relationship to these five people?
A) controllability
B) accountability
C) depth of authority
D) span of control
Q3) Which of the following refers to the levels of management within the organization?
A) functional group
B) managerial hierarchy
C) subordinated unit
D) authoritative span
Q4) At its simplest level,an organization engaged in reengineering is doing what?
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Page 10
Chapter 9: Motivating Employees
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114 Verified Questions
114 Flashcards
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Sample Questions
Q1) Human resources managers have yet to find any use for Maslow's hierarchy of needs.
A)True
B)False
Q2) ____________________ is a theory of motivation based on the premise that an individual's intention to work toward a goal is a primary source for his or her motivation.
Q3) ____________________ is a theory of motivation that holds that worker satisfaction is influenced by employees' perceptions about how fairly they are treated and compared with their coworkers.
Q4) Anila Sudavarian works as a receptionist for a medical clinic from 8a.m.until 12 noon five days a week.At noon,he is replaced by Louise Cho who works at the same job from noon until 4 p.m.Which of the following scheduling options is being used by Sudavarian and Cho?
A) job partnering
B) flextime
C) compressed work week
D) job sharing
Q5) What is another name for employee empowerment?
Q6) What was the primary flaw in Frederick Taylor's scientific management?
Page 11
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Chapter 10: Managing Human Resources and Labour Relations
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133 Verified Questions
133 Flashcards
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Sample Questions
Q1) Reisner Inc.is a small company that manufacturers egg cartons.It has a sales force of 15 who sell all over Canada.Last year the company exceeded its predicted sales by almost $25,000.Forty percent of these added sales were divided equally among Reisner's salespeople.Reisner used which of the following methods to reward its salespeople?
A) a bonus
B) a fringe benefit
C) an augmented commission
D) a profit-sharing plan
Q2) Allyson,a unionized worker,believes she has a grievance because her supervisor made her work an hour longer than usual for several days and has refused to pay her any overtime.Which of the following individuals should she contact with her complaint?
A) her national union president
B) her shop steward
C) her arbitrator
D) her company's president
Q3) What is the first step in the employee selection process?
Q4) In a(n)____________________ shop,only union members can be hired.
Q5) What are the basic types of compensation? Give an example of each.
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Chapter 11: Achieving World-class Operations Management
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136 Verified Questions
136 Flashcards
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Sample Questions
Q1) Supply chain management is BEST described by which of the following?
A) It is a complex computerized system for managing resources efficiently.
B) It focuses on the internal routing of products from raw materials to finished goods.
C) It focuses on developing tighter bonds with suppliers.
D) It focuses on removing scheduling bottlenecks within the company.
Q2) Computer-aided manufacturing uses computers to develop and control the production process.
A)True
B)False
Q3) Lumber mills are located near the forests in the Northwest to save shipping costs and to be near their raw material.
A)True
B)False
Q4) The critical path method is used to design,test,and modify new and existing products.
A)True
B)False
Q5) What is the relationship between mass production and customization?
Q6) What is a supply chain?
13
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Chapter 12: Understanding the Customer
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140 Verified Questions
140 Flashcards
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Sample Questions
Q1) Which of the following is the collection,recording,and analysis of data important in marketing and communicating that information to management?
A) marketing research
B) marketing customization
C) data collection
D) marketing information
Q2) One-to-one marketing is synonymous with database marketing.
A)True
B)False
Q3) Which of the following are examples of secondary data?
A) interviews with shoppers
B) internal company records
C) observations of behaviour
D) conducting surveys
Q4) ____________________ is the ratio of benefits to the sacrifice necessary to obtain those benefits.
Q5) When Clorox targets heavy users of bleach,it is using volume segmentation.
A)True
B)False
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Chapter 13: Creating Marketing Strategies
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174 Verified Questions
174 Flashcards
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Sample Questions
Q1) Types of promotional goals include creating awareness,increasing the use of products,and identifying potential customers.
A)True
B)False
Q2) Which of the following statements about the functions performed by channels is most accurate?
A) Channel functions can easily be eliminated.
B) Inventory handling is the least expensive of all functions performed by channel members and can profitably be performed by the manufacturer.
C) The average customer understands the importance of channels in maintaining low prices.
D) Although channel members can be eliminated,their functions cannot.
Q3) Which of the following is the production of a good or service for which the revenue from selling it exceeds the cost of producing it?
A) profit optimization
B) product specialization
C) profit maximization
D) breakeven production
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15
Chapter 14: Using Financial Information and Accounting
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133 Verified Questions
133 Flashcards
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Sample Questions
Q1) ____________________ are items on the balance sheet that can be converted into cash within the next 12 months.
Q2) By dividing cost of goods sold by the average inventory to measure the speed with which inventory moves through the firm and is turned into sales,which of the following ratios is calculated?
A) the price-earnings ratio
B) the inventory turnover ratio
C) the profitability ratio
D) the sales to inventory ratio
Q3) The final figure or bottom line on an income statement is called the net revenue. A)True
B)False
Q4) How would the monthly charges that customers make at a hardware store be classified on the store's balance statement?
Q5) What do inventory turnover ratios measure?
Q6) What kind of a financial statement shows revenues,gross sales,and net sales?
Q7) List three measures of a company's liquidity.
Q8) What is another name for the ratio of net profit to net sales?
Page 16
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Chapter 15: Understanding Money, financial Institutions,
and the Securities Markets
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149 Verified Questions
149 Flashcards
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Sample Questions
Q1) Securities that are not traded on the organized stock exchanges are traded in which of the following markets?
A) the futures market
B) the dealers' market
C) the over-the-counter market
D) the primary market
Q2) Holders of preferred shares enjoy which of the following advantages?
A) They vote but stand last in line for dividends.
B) They elect the board of directors.
C) They receive a fixed dividend.
D) They receive dividends before bondholders receive interest.
Q3) Fleur Ott owns 100 shares of Armstrong Tool Company cumulative preferred shares.The dividend is $6 per share.Armstrong's board of directors omitted the preferred dividends in 2000,2001,and 2002.In 2003,the dividend was resumed.Which of the following represents the amount that Armstrong Tool owes Ott?
A) $600
B) $1,800
C) $1,200
D) $2,400
Page 17
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Chapter 16: Managing the Firms Finances
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144 Verified Questions
144 Flashcards
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Sample Questions
Q1) The major disadvantage of debt financing is the inability to deduct interest expenses for income tax purposes.
A)True
B)False
Q2) Which of the following is a long-term loan using real estate or other assets as collateral?
A) an unsecured loan
B) a discount loan
C) a mortgage loan
D) a line of credit loan
Q3) As the Toronto-based Four Seasons hotel chain remodels an existing hotel in Mumbai to bring it to the five-star hotel's exacting standards,it is building a magnificent revolving restaurant overlooking the Arabian Sea.The restaurant structure is an example of which of the following?
A) a material cost
B) an account receivable
C) an operating cost
D) a capital expenditure
Q4) List three common reasons that companies make capital expenditures.
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