Principles of Management Exam Preparation Guide
Course Introduction
Principles of Management introduces students to the fundamental concepts and practices that form the backbone of effective organizational leadership and administration. The course covers key topics such as planning, organizing, leading, and controlling within various types of organizations. Students will explore management theories, ethical decision-making, motivational strategies, communication processes, and problem-solving techniques. Through case studies and real-world examples, this course equips learners with the critical thinking and analytical skills needed to address contemporary management challenges and succeed in dynamic business environments.
Recommended Textbook
Business Now 1st Edition by Amit Shah
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13 Chapters
1151 Verified Questions
1151 Flashcards
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Page 2
Chapter 1: Introduction
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101 Verified Questions
101 Flashcards
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Sample Questions
Q1) Which of the following is a service?
A) Air travel
B) Groceries
C) A book
D) A computer
Answer: A
Q2) A business is any person,partnership,or corporation that seeks to provide goods/and or services to others at a profit.
A)True
B)False
Answer: True
Q3) Diversity has come to mean more than recruiting and keeping minorities and women.Diversity groups also include:
A) The disabled, homosexuals, atheists, introverts, extroverts and the devout
B) Only the disabled along with minorities and women
C) Only the disabled, homosexuals, minorities and women
D) Only homosexuals along with minorities and women
Answer: A
Q4) __________ are tangible products such as cameras,food,computers and clothing.
Answer: Goods
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Chapter 2: Making Ethical Decisions and Managing a
Socially Responsible
Business
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79 Verified Questions
79 Flashcards
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Sample Questions
Q1) The loss of the best and brightest people to other countries is called "brain drain".
A)True
B)False
Answer: True
Q2) Perfect competition exists when there are many sellers in a market and no seller is large enough to dictate the price of a product.
A)True
B)False Answer: True
Q3) Microeconomics looks at the operation of a nation's economy as a whole.
A)True
B)False
Answer: False
Q4) A monopoly occurs when there is only one seller that controls the total supply of a product and its price.
A)True
B)False
Answer: True
Page 4
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Chapter 3: Competing in the Global Marketplace
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78 Verified Questions
78 Flashcards
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Sample Questions
Q1) Which of the following is a way to start your own business?
A) Become a franchiser
B) Buy an existing business
C) Start a cooperative
D) All of the responses are correct
Answer: D
Q2) One characteristic of successful entrepreneurs is that they are self-directed.
A)True
B)False
Answer: True
Q3) A company store is a retail outlet where employees can shop for everything they need.
A)True
B)False
Answer: False
Q4) In franchising,there may be a problem of _________ of existing businesses,because too many stores open us in a small area.
Answer: cannibalization
Q5) Stores a chain owns are called ___________ stores.
Answer: company
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Chapter 4: Forms of Business Ownership
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77 Flashcards
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Sample Questions
Q1) List the five major ways in which retailers compete for the consumer's dollar.
Q2) __________ is a formal method for uniting all the promotional efforts of an organization to make them more consistent with each other and more responsive to the organization's customers and stakeholders.
A) CRM
B) IMC
C) Stakeholder management
D) Publicity
Q3) The __________ is a theoretical model of what happens to sales and profits for a product class over time.
A) Diffusion of innovation
B) Product life cycle
C) Growth of products
D) Time value of innovation
Q4) __________ marketing is a marketing strategy with a goal to keep individual customers over time by offering them new products that exactly meet their requirements.
Q5) A(n)__________ is a product that a store advertises at or below cost to attract people to the store.
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Chapter 5: Entrepreneurship: Starting and Managing Your
Own
Business
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82 Flashcards
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Sample Questions
Q1) Discuss the difference between affirmative action and reasonable accommodation.
Q2) Job sharing is an arrangement whereby two part-time employees share one full-time job.
A)True
B)False
Q3) The first step in the human resource planning process is to:
A) Prepare a job analysis
B) Prepare a human resource inventory of the organization's employees
C) Assess future human resource demand
D) Establish a human resource strategic plan
Q4) X-ray technicians are certified using vestibule training.
A)True
B)False
Q5) Which of the following laws prohibits discrimination on the basis of disability?
A) EEOA
B) FMLA
C) Title VII
D) ADA
Page 7
Q6) Job __________ are a written summary of the minimum qualifications required of workers to do a particular job.
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Page 8
Chapter 6: Management and Leadership in Todays
Organizations
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74 Flashcards
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Sample Questions
Q1) Operations management converts resources into goods and services.
A)True
B)False
Q2) Enterprise resource planning (ERP)goes beyond the capabilities of MRP because it:
A) Gives much more precise cost estimates.
B) Finds the critical path and computes its length.
C) Monitors the computerized functions of all divisions and subsidiaries of the firm in single software.
D) Handles research data about more than one product at the same time.
Q3) Operations management is a specialized area in management that converts resources into:
A) services, rather than goods
B) goods, rather than services
C) both goods and services
D) financial data
Q4) ___________ is a series of voluntary international standards covering environmental management tools and systems.
Q5) What is the Malcolm Baldridge Award?
Page 9
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Chapter 7: Designing Organizational Structures
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87 Flashcards
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Sample Questions
Q1) In the 1980s business technology was known as:
A) Data processing
B) Information systems
C) Data analysis
D) Information technology
Q2) The advantage to IM in business is that:
A) It is immediate
B) There is no incremental cost
C) Business professionals can participate in multiple conversations at once
D) All of the responses are correct
Q3) Technology eliminates layers of management.
A)True
B)False
Q4) A data warehouse stores data on a specific subject over a period of time.
A)True
B)False
Q5) A(n)__________ stores data on a specific subject over a period of time.
Q6) It is important to find the right software before finding the right hardware.
A)True
B)False
Page 10
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Chapter 8: Managing Human Resources and Labor Relations
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101 Flashcards
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Sample Questions
Q1) The return on sales is a type of profitability ratio. A)True
B)False
Q2) The Financial Accounting Standards Board defines the set of generally accepted accounting principles that accountants must follow.
A)True
B)False
Q3) The accounting cycle begins with analyzing ________.
Q4) Financial ratios provide key insights into how a firm compares to other firms in its industry in the important areas of liquidity,debt,profitability and businesses activity. A)True
B)False
Q5) Assets are things of value owned by a firm.
A)True
B)False
Q6) _____________ is the amount of the business that belongs to the owners,minus any liabilities owed by the business.
Q7) ___________ are what the business owes to others (debts).
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Chapter 9: Motivating Employees
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Sample Questions
Q1) The further up the managerial ladder a person moves,the less he may use his original job skills.
A)True
B)False
Q2) Managers are responsible for which of the following?
A) Guaranteeing that the company is profitable
B) Creating an environment that encourages working long and productive hours
C) Enforcing local regulations
D) Setting a tone of ethics
Q3) Socio-cultural factors such as the U.S.life expectancy and the number of births affect business.
A)True
B)False
Q4) Organizing means creating a vision for the organization and communicating,guiding,training,coaching and motivating others to work effectively to achieve the organization's goals and objectives.
A)True
B)False
Q5) Explain what management is and why it is important.
Q6) List the unique challenges that managers face today.
Page 12
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Chapter 10: Achieving World-Class Operations Management
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88 Flashcards
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Sample Questions
Q1) Which of the following statements about equity theory is most true?
A) Equity theory deals with questions like, "If I do a good job, will it be worth it?"
B) Equity theory is based on motivating employees with positive and negative actions
C) Equity theory suggests that employees must be watched at all times so that everyone is treated fairly
D) All of the responses are correct
Q2) __________ is the process of offering guidance or direction.
Q3) Melissa,as a manager,wants all of her reports to be on time.Judy is rarely late with any reports.If Melissa praises Judy publicly,Melissa is using __________ reinforcement.
Q4) One of the findings of the Mayo studies was that the workers in the test room thought they were in isolation.
A)True
B)False
Q5) __________ means trusting employees to make the right decisions.
Q6) A __________ leader is more likely to promise rewards for good performance.
Q7) How are intrinsic and extrinsic rewards similar to motivators and hygiene factors?
Page 13
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Chapter 11: Creating Products and Pricing Strategies to Meet Customers Needs
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142 Flashcards
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Sample Questions
Q1) Culture refers to the set of values,beliefs,rules and institutions held to by a specific group of people.
A)True
B)False
Q2) OPEC is an organization consisting of 12 oil-producing countries,working collectively for oil interests.
A)True
B)False
Q3) Why should countries trade globally?
Q4) A trade __________ occurs when the value of the country's exports exceeds that of its imports.
Q5) A country has a(n)__________ advantage if it has a monopoly on producing a specific product or is able to produce it more efficiently than all other countries.
Q6) To be successful,the firms entering a strategic alliance need to be roughly the same size.
A)True
B)False
Q8) A(n)__________ is a tax on imports. Page 14
Q7) Define global business and list the advantages of engaging in global business.
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Page 15
Chapter 12: Distributing and Promoting Products and Services
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90 Flashcards
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Sample Questions
Q1) Explain the difference between compliance-based ethics codes and integrity-based ethics codes.
Q2) One form of social responsibility in terms of investors includes:
A) Insider trading
B) Management increasing its personal wealth
C) Honest bookkeeping
D) Reducing the workforce
Q3) Compliance-based ethics codes emphasize preventing unlawful behavior by increasing control and by penalizing wrongdoers.
A)True
B)False
Q4) Compliance-based ethics codes define the organization's guiding values.
A)True
B)False
Q5) List the eight main principles we should be concerned with in determining our own personal ethics.
Q6) Corporate philanthropy includes the actions the company takes that could affect others.
A)True
B)False Page 16
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Page 17
Chapter 13: Using Technology to Manage Information
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62 Verified Questions
62 Flashcards
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Sample Questions
Q1) Full coverage auto insurance means that the insurance would pay for both your car and the other person's car if you hit someone else with your car.
A)True
B)False
Q2) An ARM mortgage has an interest rate that changes,thus the payment throughout the life of the loan will change.
A)True
B)False
Q3) Dave has quite a bit of money in the stock market.He finds that it is best to buy stock when everyone else is selling.Dave practices a __________ approach to investing.
Q4) List and explain the six steps to controlling your assets.
Q5) A Keogh retirement plan is designed for those who work for the government. A)True
B)False
Q6) Home ownership is a wise investment.
A)True
B)False
Q7) Explain the difference between term,whole life and universal life insurance.
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