Principles of Management Exam Materials
Course Introduction
Principles of Management provides students with a comprehensive understanding of the fundamental concepts, theories, and practices involved in effectively managing organizations. The course explores key managerial functions such as planning, organizing, leading, and controlling, while emphasizing decision-making, communication, and motivation in diverse work environments. It also examines the role of ethics, social responsibility, and global perspectives in management. Through case studies and real-world examples, students learn how managers align people and resources to achieve organizational goals and adapt to dynamic business landscapes.
Recommended Textbook
Future of Business 5th Canadian Edition by Norm Althouse
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18 Chapters
2559 Verified Questions
2559 Flashcards
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Page 2
Chapter 1: Political Environment
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99 Verified Questions
99 Flashcards
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Sample Questions
Q1) A trademark gives exclusive legal protection to a name, symbol, or design that distinguishes the goods or services of one seller from those of competitors.
A)True
B)False
Answer: True
Q2) The judgment handed out in civil court typically entails which of the following?
A) imprisonment only
B) compensation for injury
C) public reprimands
D) a combination of fines and imprisonment
Answer: B
Q3) What does the code of conduct for procurement try to ensure for both public servants and vendors?
Answer: The goal of the code of conduct for procurement is more transparency in marketing, operations, and corporate social responsibility from Canadian businesses and government.
Q4) Why was the Competition Act established?
Answer: To protect consumers from things like conspiracies, monopolies, and mergers.
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Chapter 2: Economic Environment
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160 Verified Questions
160 Flashcards
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Sample Questions
Q1) Which concept represents the quantity of a good or service that people are willing to buy at various prices?
A) demand
B) market potential
C) supply
D) market share
Answer: A
Q2) A strategic alliance is sometimes called which of the following?
A) strategic partnership
B) transactional partnership
C) economic partnership
D) economic merger
Answer: A
Q3) The implementation of a contractionary policy by the Bank of Canada would result in which of the following?
A) lower unemployment
B) increased economic growth
C) lower interest rates
D) lower inflation
Answer: D
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Chapter 3: Social Environment
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142 Verified Questions
142 Flashcards
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Sample Questions
Q1) Why are "component lifestyles" important for marketers to understand?
Answer: They increase the complexity of consumer's buying habits.
Q2) In the PEST model of the business environment, the "S" represents which of the following concepts?
A) stability
B) standards
C) stakeholders
D) social
Answer: D
Q3) Which of the following is an example of an unethical business activity?
A) The employee reports his employer for making several illegal deductions from his pay.
B) The employee unknowingly gives out incorrect information.
C) The sales representative allows the customer to believe that his purchase would be delivered on time, as he believed this to be true himself.
D) The employee uses a company computer to check his results in an online betting transaction.
Answer: D
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Chapter 4: Technological Environment
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50 Flashcards
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Sample Questions
Q1) Different technology systems can cause a big problem in which area of business?
A) between supplier and buyer
B) branch offices in different countries
C) mergers and acquisitions
D) schools and businesses selling to them
Q2) By limiting the number of times a person can use a type of software before registering as the authorized owner of that software, what types of issues are software companies addressing?
A) software piracy
B) software shrinkage
C) technological turnover
D) unfair access
Q3) Social media allows small businesses with niche markets to expand and have which of the following?
A) a global presence
B) a younger customer
C) more market penetration
D) increased exposure
Q4) Describe three trends relevant to business today.
Q5) What does the term "network effects" describe?
Page 6
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Chapter 5: International Environment
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148 Flashcards
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Sample Questions
Q1) A complete ban on trading with another country is called an entreaty.
A)True
B)False
Q2) China imposes a 45 percent tax on the market value of all chickens that are imported from other countries into China. What would be another name for this type of tax?
A) a tariff
B) a quota system
C) a subsidy
D) an embargo
Q3) In 2009, Albania exported $340 million and imported products valued at $1.5 billion. Albania would exhibit which of the following?
A) a negative balance of trade
B) a negative trade deficit
C) an unfavourable balance of trade
D) a negative balance of payment
Q4) The European Union has 35 member countries.
A)True
B)False
Q5) What is the most fundamental reason for the growth in world trade?
Page 7
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Chapter 6: Entrepreneurship and Small Business
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137 Verified Questions
137 Flashcards
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Sample Questions
Q1) Somebody who specializes in financing small high-growth companies in return for an ownership interest and a voice in management is referred to as which of the following?
A) angel investor
B) equity entrepreneur
C) venture capitalist
D) financier
Q2) An advantage of a small manufacturer over a large manufacturer is the speed with which new products can be introduced to the marketplace.
A)True
B)False
Q3) Once you have decided to go into business for yourself, what are the three ways that you can acquire the business?
Q4) What is one advantage of owning a small business?
A) interest-free loans
B) guaranteed profit
C) flexibility
D) no taxes
Q5) What is the most popular type of small business?
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Chapter 7: Understanding the Business
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125 Flashcards
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Sample Questions
Q1) When a company makes use of SWOT analysis, what is one of its objectives?
A) identify the best employees to fill each position within the organization
B) set specific short-term performance standards for each department
C) evaluate the desirability of issuing stocks or bonds in the current financial climate
D) identify the things it does well as an organization and the things it needs to improve
Q2) What does the management of information provide to various levels of the organization?
A) access to instant information
B) executive dissemination
C) bottom-up flow of information
D) decision-making support
Q3) Which topics about an organization should a meaningful mission statement address?
A) form of ownership and methods of financing
B) self-concept and company philosophy
C) advertising strategy and distribution plan
D) tactical plans and contingency plans
Q4) Explain the purpose of a SWOT analysis.
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Chapter 8: Forms of Business Ownership
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130 Verified Questions
130 Flashcards
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Sample Questions
Q1) What is one of the biggest concerns for the original owners when a company goes public?
A) more shareholders
B) less profits
C) financial information becoming public
D) loss of control
Q2) Sam Beauvois has invested $10,000 in his son's pizza restaurant, but takes no part in its management. What is Beauvois?
A) limited partner
B) general partner
C) nonworking partner
D) entrepreneur
Q3) Isadore Alfonse is considering the purchase of a Bonus Building Care franchise. Alfonse is NOT likely to get assistance from the commercial cleaning franchisor in which of the following areas?
A) start-up costs
B) accounting procedures
C) permission to use company logo in advertising
D) site selection
Q4) Discuss the following statement: "Joint ventures have unlimited life."
Page 10
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Chapter 9: Management and Leadership in Todays Organizations
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156 Verified Questions
156 Flashcards
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Sample Questions
Q1) Management is the process of combining human and other resources to accomplish organizational objectives.
A)True
B)False
Q2) In which management role does the manager act as liaison and develop and maintain contacts outside his or her own departments?
A) functional
B) interpersonal
C) informational
D) decision making
Q3) Which of the following is NOT part of the analytical decision-making process?
A) Implement and evaluate the effectiveness.
B) Gather information and generate a list of alternatives.
C) Recognize or define the problem or opportunity.
D) Consult with employees and management.
Q4) What is sing the least possible amount of resources to get work done?
A) efficiency
B) rapid response
C) productivity
D) effectiveness
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Chapter 10: Designing Organizational Structures
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158 Flashcards
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Sample Questions
Q1) 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
Q2) Managerial hierarchy refers to the number of subordinates overseen by each supervisor.
A)True
B)False
Q3) A research employee at the European Metabolic Diseases Group has a boss at the company's European Research department and a boss at the company's European Metabolic Diseases product group. Which principle does this violate?
A) unity of command
B) functionalization
C) unity of supervision
D) unity of structure
Q4) What kind of power gives a supervisor the authority to make decisions?
Q5) What is the difference between span of control and span of management?
Q6) List the three basic types of work teams.
Page 12
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Chapter 11: Motivating Employees
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127 Flashcards
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Sample Questions
Q1) Which of the following means that a portion of an employee's pay is directly linked to an individual or organizational performance measure?
A) a fee for work
B) variable pay
C) performance-based pay
D) pay on commission
Q2) How can managers use the equity theory to improve worker satisfaction?
Q3) To align Maslow's hierarchy of needs theory to research, what did Clayton Alderfer develop?
A) HDP theory
B) ERG theory
C) BRS theory
D) CWP theory
Q4) What is another name for employee empowerment?
Q5) According to the Hawthorne effect, which of the following occurs?
A) Good leadership is the key to motivation.
B) Workers respond to being paid attention to.
C) Responsibility motivates workers.
D) Workers respond to money.
Q6) What do telecommuting, flextime, and job sharing have in common?
Page 13
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Chapter 12: Managing Human Resources and Labour Relations
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147 Flashcards
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Sample Questions
Q1) Simulation is a training system that utilizes the operation of mock equipment by the trainee.
A)True
B)False
Q2) In which of the following shops does the worker not have to join the union but must pay dues to cover union expenses?
A) closed shop
B) agency shop
C) managed shop
D) open shop
Q3) Identifying and determining the job duties and requirements and the importance of each in the organization is done by which of the following?
A) job forecasting
B) job specifications
C) job analysis
D) job descriptions
Q4) What is human resources management?
Q5) What is the tactic most frequently used by unions to pressure employers into agreeing to a union's demands?
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Chapter 13: Marketing
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159 Verified Questions
159 Flashcards
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Sample Questions
Q1) What is information that has already been collected for a project, other than the current one, that can help to understand a situation or solve a problem?
A) secondary data
B) primary data
C) existing data
D) established data
Q2) Which of the following is an example of an individual factor that influences the consumer decision-making process?
A) personality
B) neighbourhood
C) opinion leaders
D) family
Q3) Which of the following is the process of separating, identifying, and evaluating the layers of a market to design a marketing mix?
A) marketing strategy
B) marketing division
C) market segmentation
D) market layering
Q4) What are the first two steps in the consumer decision-making process?
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Chapter 14: Creating Marketing Strategies
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183 Verified Questions
183 Flashcards
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Sample
Questions
Q1) Jay DuClerc has decided to buy a new Porsche. Since there are no Porsche dealers in his community, he must travel almost 200 kilometres to find a Porsche dealer to purchase the car of his dreams. For DuClerc, a Porsche is which of the following?
A) sought product
B) generic product
C) specialty product
D) shopping product
Q2) Car dealers that sell Bentley automobiles are few and far between. Even in very large metropolitan areas, there is only a small probability that there will be more than one car dealer authorized to sell Bentleys. What type of distribution does the manufacturer of Bentley cars use?
A) selective
B) geographical
C) exclusive
D) demand-pull
Q3) List two reasons that a company might use penetration pricing.
Q4) List the four stages of the product life cycle.
Q5) What is a product?
Q6) What is the goal of supply chain management?
Page 16
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Chapter 15: Achieving World-class Operations Management
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153 Flashcards
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Sample Questions
Q1) What is the goal of inventory management?
A) to always buy the cheapest raw material
B) to buy as much as possible
C) to hold as much as possible in stock
D) to hold down costs and maintain accurate levels of inventory
Q2) Modular production is a technique that increases the ability of products to satisfy customers and is worth the extra expense it typically produces.
A)True
B)False
Q3) 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.
Q4) Total quality management says that quality is the responsibility solely of the production and shipping departments.
A)True
B)False
17
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Chapter 16: Accounting for Financial Success
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156 Flashcards
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Sample Questions
Q1) What is the ratio of net profit to the number of shares of common share outstanding?
A) equity earnings
B) share-to-earnings ratio
C) earnings for profit
D) earnings per share (EPS)
Q2) Gross sales for Alfredo Milling Company was $100,000 for the month of May. Sales discounts amounted to $3,000. There were no returns. The difference, $97,000, represents which of the following for Alfredo Milling Company?
A) cost of goods sold
B) gross revenues
C) gross profit
D) net sales
Q3) Which of the following terms equals the total profits of a company minus all dividends (distributions of profits) to shareholders?
A) net earnings
B) net worth
C) retained earnings
D) owners' equity
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18
Chapter 17: Understanding Money and the Canadian Financial System
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Sample Questions
Q1) What are the two types of equity shares?
Q2) What is the term for any object or objects that a group of people use to buy and sell goods and services?
A) capital
B) money
C) countertrades
D) revenue
Q3) Why would cherries, ears of corn, and cookies not make good mediums of exchange?
A) divisibility
B) durability
C) profitability
D) exchangeability
Q4) Suppose Scotiabank borrows funds from the Bank of Canada. What is the rate the Bank of Canada charges Scotiabank?
A) going rate
B) bank rate
C) prime rate
D) commercial bank rate
Q5) What is another name for a stockbroker?
Q6) How do investors use bond ratings? Page 19
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Page 20
Chapter 18: Finance
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Sample Questions
Q1) What is an agreement between a bank and a person or business that specifies the maximum amount of short-term borrowing the bank will make available to that person or business?
A) credit-line loan
B) line of credit
C) unsecured loan
D) commercial paper loan
Q2) When Magna Manufacturing sells hand screwdriver sets to Malloy Building Supply Company, Magna bills the tool manufacturer for the screwdriver purchase with terms of payment, which specify when the account is due. What is this type of unsecured?
A) trade credit
B) borrower's credit
C) product credit
D) revolving credit
Q3) In finance, the opportunity for a profit is called return.
A)True
B)False
Q4) Briefly define the risk-return trade-off.
Q5) What is most commonly used for collateral with secured loans?
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