Principles of Management Exam Bank
Course Introduction
Principles of Management introduces students to the foundational concepts, theories, and practices vital to successfully leading and managing organizations. The course explores core management functions such as planning, organizing, leading, and controlling, while examining the roles and responsibilities of managers in a dynamic business environment. Students learn about decision-making processes, organizational structure, motivation, communication, and team dynamics. Case studies and real-world examples are used to illustrate effective management strategies and the impact of ethical leadership on organizational success. This course provides a solid grounding for further study in business and prepares students for managerial roles in various types of organizations.
Recommended Textbook
Contemporary Business 2nd Canadian Edition by Louis E. Boone
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Page 2
Chapter 1: The Changing Face of Business
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Sample Questions
Q1) McDonalds have many young employees born between 1982 and 2005. This group of employees are categorized as which generation?
A) General X
B) General Y
C) Generation Z
D) Children of baby boomers
Answer: B
Q2) The current philosophy among managers today is best described as transaction management.
A)True
B)False
Answer: False
Q3) Adam Smith's "invisible hand" refers to the battle among businesses for consumer acceptance.
A)True
B)False
Answer: True
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Page 3
Chapter 2: Business Ethics and Social Responsibility
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Sample Questions
Q1) In today's business environment, who can make the difference in ethical expectations and behaviour?
A) everyone
B) no one
C) only top-level managers
D) only the CEO
Answer: A
Q2) Explain how a company's unethical behaviour can actually decrease the value of its business.
Answer: Although a fundamental goal of any business is to make a profit for its shareholders, the financial community demands that businesses behave ethically, as well as legally. When a firm fails in this responsibility (as evidenced by several recent corporate scandals), thousands of employees, investors, and consumers can suffer. Shareholders lose confidence in the company and sell shares, which deflate share value and, consequently, company value.
Q3) A company's CEO alone determines the ethical climate of the business.
A)True
B)False
Answer: False
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Page 4
Chapter 3: Economic Challenges Facing Contemporary Business
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Sample Questions
Q1) In a ______ system, the government owns all of the nation's major industries but still allows private ownership in less crucial areas.
A) communism
B) socialism
C) capitalism
D) mixed economy
Answer: B
Q2) If the equilibrium price is below the market price, a shortage of a good or service will likely result.
A)True
B)False
Answer: True
Q3) Assume the number of new home buyers suddenly increases. The demand curve for homes will likely shift upward and to the right.
A)True
B)False
Answer: True
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Page 5
Chapter 4: Competing in World Markets
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Sample Questions
Q1) Which country features the most multinational corporations?
A) United States
B) Japan
C) Britain
D) Canada
Q2) Exchange rates are set by the various national governments.
A)True
B)False
Q3) A SWOT analysis will help an organization to develop a framework from which to conduct international business.
A)True
B)False
Q4) Mention and explain at least two effects of international trade restrictions.
Q5) The fluctuations in the exchange rate depends partly on the supply and demand for each currency in the world market.
A)True
B)False
Q6) A global strategy and a multidomestic strategy are the same.
A)True
B)False
Page 6
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Chapter 5: Forms of Business Ownership and Organization
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Sample Questions
Q1) The Hewlett Packard purchase of Compaq is an example of a conglomerate merger.
A)True
B)False
Q2) A(n) ______ occurs when one firm purchases the property and assumes the obligations of another firm.
A)sole proprietorship
B)small business
C)corporation
D)merger
E)acquisition
F)horizontal merger
G)conglomerate merger
H)cooperative
I)vertical merger
J)business incubators
K)business plan
L)closed corporation
M)preferred stock
N)franchising
Q3) Explain how small businesses create new industries.
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Chapter 6: Starting Your Own Business: the Entrepreneurship Alternative
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Sample Questions
Q1) An entrepreneur who starts one business and is able to run multiple businesses thereafter can be classified as a classic entrepreneur.
A)True
B)False
Q2) Explain the difference between debt financing and equity financing.
Q3) Enterprise zones encourage investment by offering tax advantages and incentives to businesses locating within the zones.
A)True
B)False
Q4) Globalization has a negative impact on opportunities for entrepreneurs' success, due to global competition.
A)True
B)False
Q5) Which of the following resources are essential to the entrepreneur?
A) human, financial, equipment and facility
B) time, risk, human resource, machinery
C) education, risk, financial and suppliers
Q6) List the eight major characteristics of an entrepreneur.
Q7) Distinguish between venture capitalists and angel investors.
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Chapter 7: Management, Leadership, and the Internal Organization
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Sample Questions
Q1) Which of the following forms of organization is commonly used in medium- and large-sized firms?
A) committee organization
B) line organization
C) line-and-staff organization
D) matrix organization
Q2) Experts agree that the democratic leadership style is the best style to use.
A)True
B)False
Q3) Explain what is meant by span of management. Describe the trend in determining span of management.
Q4) Most top executives began their careers as which type of expert?
A) technical
B) financial
C) human relations
D) marketing
Q5) A formal decision-making process is NOT practical for most not-for-profit organizations.
A)True
B)False
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Chapter 8: Human Resource Management: From
Recruitment to Labour Relations
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Sample Questions
Q1) The Canadian Labour Congress (CLC) represents about ______ of the 4.6 million unionized Canadians.
A) 2 million
B) 3 million
C) 1 million
D) 4 million
Q2) Achieving a high level of job satisfaction and dedication among employees through attracting, developing, and retaining the best employees is the main goal of human resources management.
A)True
B)False
Q3) A union's ultimate tactic is a ______.
A) strike
B) boycott
C) picket line
D) slowdown
Q4) Distinguish between the terms outsourcing and downsizing and explain when each may be used in the organization.
Q5) Describe the mandate of a Labour Relations Board.
Q6) What is downsizing? How is it different from outsourcing? Page 10
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Chapter 9: Top Performance Through Empowerment,
Teamwork, and Communication
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Sample Questions
Q1) Team norms are formal written guidelines for team member conduct.
A)True
B)False
Q2) When Toyota was faced with serious quality problems and was forced to recall thousands of vehicles, the company quickly formed a temporary group of employees to brainstorm the problem. This is an example of a(n) ______ team.
A) problem-solving
B) virtual
C) self-managed
D) cross-functional
Q3) According to research on team effectiveness, the ideal team size is ______ members.
A) fewer than five
B) between five and ten
C) between ten and twenty
D) more than twenty
Q4) When team cohesiveness is low, morale suffers.
A)True
B)False
Q5) How would Employees Stock Ownership Plan (ESOPs) benefit employees?
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Chapter 10: Production and Operations Management
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Sample Questions
Q1) Engineers at Ford Motor Company use computers to build new car models in the virtual world before they are ever built in automobile plants. These engineers are using ______.
A) computer-aided manufacturing
B) flexible manufacturing systems
C) computer-aided design
D) computer-integrated manufacturing
Q2) How are production processes classified? Provide an example of each type.
Q3) PERT is a scheduling technique designed to minimize production delays.
A)True
B)False
Q4) When the editors of Contemporary Business use computers, paper, and human effort to create the new edition of a text, they are engaged in ______.
A) production
B) marketing
C) creating time utility
D) creating possession utility
Q5) The production process is applicable for not-for-profit organizations.
A)True
B)False
Page 13
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Chapter 11: Customer-Driven Marketing
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Sample Questions
Q1) Joe is developing the marketing mix for his company's new line of power tools. A brand name, price, and distribution system have been decided. Now Joe is concentrating his efforts on developing the best advertising plan for the product line. The advertising plan is part of Joe's ______ strategy.
A) production
B) pricing
C) promotional
D) product
Q2) Nike has implemented ______ so that its customers can design certain features of its athletic products to meet their specific needs and desires.
A) mass customization
B) standardization
C) organization marketing
D) relationship production
Q3) What is exchange process?
Q4) Marketing is basically a form of selling.
A)True
B)False
Q5) Explain benefit of end-use segmentation.
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Chapter 12: Product and Distribution Strategies
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Sample Questions
Q1) A product line is a group of ______ products marked by physical ______.
A) related; similarities
B) unrelated; similarities
C) related; differences
D) unrelated; differences
Q2) Which of the following is NOT a category of wholesaling intermediaries?
A) manufacturer owned
B) industrial
C) independent
D) retail owned
Q3) The two major components of an organization's distribution strategy are direct distribution and the use of marketing intermediaries.
A)True
B)False
Q4) A brand may be a name, term, sign, symbol, or design used to identify a product.
A)True
B)False
Q5) Define product. What decisions are included in the marketing conception of a product?
Page 15
Q6) Compare and contrast wholesaling and retailing.
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Chapter 13: Promotion and Pricing Strategies
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Sample Questions
Q1) Discuss how integrated marketing communications relates to a firm's overall promotional strategy.
Q2) Most marketing managers believe that the price-quality relationship holds for a wide variety of prices.
A)True
B)False
Q3) Companies that provide ______ for NASCAR teams are eager to spend millions in exchange for a direct association with the biggest spectator sport in the United States.
A) public relations
B) sponsorships
C) specialty advertising
D) product advertising
Q4) In the bid to maintain increased profitability, companies can increase the size of their package and reduce selling price.
A)True
B)False
Q5) Describe the four basic categories of pricing objectives.
Q6) Mention and explain two basic types of advertising.
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Chapter 14: Using Technology to Manage Information
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Sample Questions
Q1) Credit card applications are often evaluated using expert systems.
A)True
B)False
Q2) For companies to gain increased security for Internet communications, which of the following networks are recommended?
A) voice over internet protocol (VoIP)
B) wide area networks (WANs)
C) local area networks (LANs)
D) virtual private networks (VPNs)
Q3) The largest type of computer system with the most extensive storage capacity and the fastest processing speeds is a ______.
A) midrange system
B) mainframe computer
C) hand-held device
D) personal computer
Q4) On-site data backup involves storing software and data in a separate physical location or online on the Internet.
A)True
B)False
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Chapter 15: Understanding Accounting and Financial Statements
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Sample Questions
Q1) Professionals who are responsible for gathering, recording, reporting, and interpreting the financial information of an organization are ______.
A) managers
B) statisticians
C) accountants
D) CRA agents
Q2) Miles is an accountant and works for a firm that provides tax planning and preparation services to other businesses. Miles is a management accountant.
A)True
B)False
Q3) Cash budgets are usually prepared ______.
A) yearly
B) weekly
C) quarterly
D) monthly
Q4) On a balance sheet, total assets must always equal the sum of liabilities and owners' equity.
A)True
B)False
Page 18
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Chapter 16: The Financial System
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Sample Questions
Q1) All of the following are included in M1 EXCEPT ______.
A) money market mutual funds
B) total value of coins
C) chequing accounts
D) currency in circulation
Q2) Describe how the financial system operates.
Q3) Commercial paper is securities sold by corporations, such as General Electric, that mature from 1 to 270 months from the date of issue.
A)True
B)False
Q4) Alex buys a money market instrument. It will mature in ______.
A) ten years
B) two years
C) one year
D) six months
Q5) A commercial finance company supplies short-term funds to businesses that use their tangible assets as collateral.
A)True
B)False
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Chapter 17: Financial Management
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Sample Questions
Q1) Managing assets for an international company reduces challenges faced by a financial manager.
A)True
B)False
Q2) Through commercial papers, large amounts of money can be raised at ______. This makes commercial paper an attractive financing option.
A) interest rates that are usually lower than those charged by banks
B) interest rates that are usually higher than those charged by banks
C) interest rates that are usually the same as those charged by banks
D) zero interest rates
Q3) Most firms invest their excess cash in marketable securities which is defined as high-risk securities that either have short-term maturities or can be easily sold in the secondary market.
A)True
B)False
Q4) Define and explain capital structure.
Q5) Investments that promise the highest returns tend to involve the most risk.
A)True
B)False
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