Principles of Management Exam Review
Course Introduction
Principles of Management provides an introduction to the fundamental concepts and practices involved in managing organizations effectively. This course explores the core functions of management, including planning, organizing, leading, and controlling, while emphasizing the roles and responsibilities of managers in todays dynamic business environment. Students will examine topics such as organizational structure, decision-making processes, motivation, leadership styles, and effective communication. Through case studies and real-world examples, learners develop critical thinking and problem-solving skills essential for managing teams and resources efficiently in a variety of settings.
Recommended Textbook
Business Eighth Canadian Edition by
Ricky W. Griffin
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19 Chapters
4123 Verified Questions
4123 Flashcards
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Page 2
Chapter 1: Understanding the Canadian Business System
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213 Verified Questions
213 Flashcards
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Sample Questions
Q1) The natural resources component of the factors of production includes the physical and mental capabilities of people in the workforce.
A)True
B)False
Answer: False
Q2) Stan lives in a country where all the factors of production are owned by the government.The economic system in his country is
A) communism.
B) capitalism.
C) mixed market.
D) socialism.
E) not possible to tell with the information provided.
Answer: A
Q3) Describe the four degrees of competition that can exist in a private enterprise system.
Answer: Perfect competition,monopolistic competition,oligopoly,and monopoly.
Q4) List the four elements required in a private enterprise system.
Answer: Private property,freedom of choice,profits,and competition.
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Chapter 2: Understanding the Environments of Business
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225 Verified Questions
225 Flashcards
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Sample Questions
Q1) The consumer price index (CPI)is a measure of the prices of typical products purchased by consumers.
A)True
B)False
Answer: True
Q2) Why is it important for businesses to be aware of trends in the political-legal environment?
Answer: For several reasons,it is important for businesses to be aware of trends in the political-legal environment.First,the legal system defines in part what an organization can and can't do.Various government agencies regulate important areas such as advertising practices,safety and health considerations,and acceptable standards of business conduct.Periods of pro-business sentiment may result in less regulation,while periods of anti-business sentiment may result in greater restriction in competitive activities.Finally,political stability is also an important consideration,especially for international firms.
Q3) What is the national debt?
Answer: The national debt is the amount of money a country owes its creditors.
Q4) What is R&D intensity?
Answer: R&D spending as a percentage of the company's sales revenue.
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Chapter 3: Conducting Business Ethically and Responsibly
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237 Verified Questions
237 Flashcards
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Sample Questions
Q1) A company that provides its employees with equal opportunities without regard to race,sex,or other irrelevant factors is meeting its social responsibilities to employees.
A)True
B)False
Answer: True
Q2) Social responsibility refers to a business's obligation to make decisions that benefit employees.
A)True
B)False
Answer: False
Q3) To show the company's desire for ethical behaviour by its employees,many business firms have established
A) an ethical review board.
B) an office of ethical affairs.
C) a whistleblower reward system.
D) random ethical audits.
E) codes of ethics.
Answer: E
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Chapter 4: Understanding Entrepreneurship, small
Business, and New Venture Creation
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221 Verified Questions
221 Flashcards
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Sample Questions
Q1) A public corporation is
A) one that must do business with the general public.
B) chartered by the federal government.
C) one whose stock is available for sale to the general public.
D) one that cannot keep secrets from its competitors.
E) one whose shares are for sale at public auctions.
Q2) At Hewlett-Packard there is a division called the New Business Group,which listens to "sales pitches" about possible new products.This is an example of ________.
A) microenterprise
B) entrepreneurship
C) intrapreneurship
D) profit centres
E) new venture analysis
Q3) Which of the following is not a success factor for a small business?
A) Hard work and drive
B) Owner has a business degree
C) Luck
D) Market demand for the product
E) Managerial competence
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Chapter 5: The Global Context of Business
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213 Verified Questions
213 Flashcards
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Sample Questions
Q1) Which of the following is true about dumping?
A) Canadian firms sell their goods in the U.S.for less than cost.
B) It means selling a product abroad for less than the comparable price at home.
C) Results in benefits for industries in countries where products are dumped.
D) It is legal in Canada.
E) The Canada Revenue Agency determined that cars produced by Toyota and Honda in Japan were being "dumped" in Canada.
Q2) If Canada exported $8 billion and imported $12 billion then its balance of trade would be a surplus of $4 billion dollars.
A)True
B)False
Q3) The World Bank,an agency of the United Nations,uses per capita income as a measure to divide countries into one of four groups.Distinguish among the four groups and identify the countries in each group.
Q4) An embargo is really a quota of zero.
A)True
B)False
Q5) Describe the forces that have combined to spark and sustain globalization.
Q6) What is a trade deficit?
Page 7
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Chapter 6: Managing the Business Enterprise
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252 Verified Questions
252 Flashcards
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Sample Questions
Q1) Just as every individual has a unique personality,every company has a unique corporate culture.
A)True
B)False
Q2) The executive team at Marlon Corp.is involved in a systematic planning process.The first thing they did was to establish goals for the organization.What should they do next?
A) Convey the new goals to employees.
B) Assess the feasibility of achieving the new goals.
C) Determine whether a gap exists between the company's desired and actual positions.
D) Develop plans to achieve the new goals.
E) Implement new plans.
Q3) Short-term goals usually cover a range of one to five years.
A)True
B)False
Q4) What are the steps in the rational decision-making process?
Q5) Identify and describe the three competitive strategies identified by Michael Porter.
Q6) At which level of management are technical skills most important?
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Page 8
Chapter 8: Managing Human Resources
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228 Verified Questions
228 Flashcards
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Sample Questions
Q1) Categories of contingent workers include all of the following except A) knowledge workers.
B) freelancers.
C) on-call workers.
D) part-time workers.
E) contract employees.
Q2) When an older,more experienced manager sponsors and teaches a younger,less experienced manager,this is known as
A) mentoring.
B) off-the-job training.
C) on-the-job training.
D) group therapy.
E) networking.
Q3) List three forms of performance-based compensation.
Q4) Comparable worth requires that employers use the same pay scale for employees regardless of their race,colour,religion,national origin,or sex.
A)True
B)False
Q5) What type of information is included in a skills inventory?
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Chapter 9: Understanding Labourmanagement Relations
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163 Verified Questions
163 Flashcards
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Sample Questions
Q1) When does an impasse occur? What are some of the actions that unions can take when their demands are not met?
Q2) What is the purpose in union picketing?
A) To disrupt commerce in general
B) To prevent customers from entering a store
C) To seek public sympathy by explaining why they are picketing
D) To urge other consumers to shun their firm's product
E) To prevent products from leaving the store or manufacturing plant
Q3) How has union membership (as a percentage of the total workforce)changed over the past 40 years?
Q4) When contract negotiations fail,union options include all of the following except A) boycotting.
B) slowdown.
C) picketing.
D) lockout.
E) striking.
Q5) The public sector is far more heavily unionized than the private sector. A)True
B)False
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Chapter 10: Motivating and Leading Employees
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261 Verified Questions
261 Flashcards
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Sample Questions
Q1) What is virtual leadership?
Q2) Virtual leadership is most successful in situations where communication between the leader and the subordinates is infrequent.
A)True
B)False
Q3) Terrence was chosen by his teammates to head the fund drive because he lives closest to the ballpark.Terrell has emerged as _____.
A) a formal leader
B) a virtual leader
C) an informal leader
D) a charismatic leader
E) a scapegoat
Q4) Which of the following is true about Canadian and American managers?
A) Canadians usually use a democratic style while Americans prefer an autocratic style.
B) Americans are more committed to their companies.
C) Americans seem to be more willing to follow the latest management fad.
D) Americans are more open to different cultures.
E) Americans are more subtle than Canadians.
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Chapter 11: Producing Goods and Services
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201 Verified Questions
201 Flashcards
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Sample Questions
Q1) Bell Industries is a clothing manufacturer that has established a designated area that is dedicated to making various pockets for shirts,coats,blouses,trousers,and slacks.This strategy illustrates the process layout.
A)True
B)False
Q2) Which of the following are unique aspects that separate services from goods?
A) Intangibility and warranties
B) High-contact and low-contact
C) Time and place utility
D) Intangibility and unstorability
E) Form and time utility
Q3) What is a forecast?
Q4) Ed's job responsibilities include the receiving,storing,handling,and counting of all raw materials.He is probably in the ________ function.
A) inventory control
B) transportation
C) quality control
D) warehousing
E) purchasing
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Chapter 12: Increasing Productivity and Quality
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175 Verified Questions
175 Flashcards
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Sample Questions
Q1) The principle that employees should be entrusted with decisions regarding their work is
A) employee training.
B) employee empowerment.
C) work teams.
D) delegation.
E) employee-directed.
Q2) "Fishbone diagrams" are designed to
A) show the steps in the production process.
B) measure the amount of process variation.
C) identify management steps for ensuring quality.
D) help teams of employees investigate and track down causes of quality problems in their work areas.
E) identify the inefficiency problems in the production process.
Q3) Your boss wants to determine whether or not to apply for ISO 9000; what are the benefits?
Q4) Productivity differences from nation to nation are largely the result of one key factor: differences in human skills.
A)True
B)False
Page 13
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Chapter 13: Managing Information Systems and Communication Technology
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197 Verified Questions
197 Flashcards
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Sample Questions
Q1) With artificial intelligence,a system can avoid repeating mistakes by "remembering" the causes of past mistakes and,when those causes reappear,adjusting or stopping until corrections are made.
A)True
B)False
Q2) Complete protection against identity theft is not possible.
A)True
B)False
Q3) Raj is working on developing a computer system to imitate human thought and behaviour.He is working in the area of
A) artificial intelligence.
B) systems for knowledge workers.
C) management information system.
D) decision support system.
E) executive support system.
Q4) What is groupware?
Q5) Anti-spyware software must be continually updated to cope with new spyware techniques.
A)True
B)False
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Chapter 14: Understanding Accounting Issues
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212 Verified Questions
212 Flashcards
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Sample Questions
Q1) Financial statements fall into three broad categories,which are
A) debits,credits,and loans.
B) income statements,balance sheets,and statements of cash flows.
C) assets,liabilities,and owners' equity.
D) cash,marketable securities,and goodwill.
E) budgets,income statements,and profit-and-loss statements.
Q2) An audit involves an examination of a firm's accounting system to determine whether the financial reports fairly present its financial operations.
A)True
B)False
Q3) The current ratio is usually satisfactory at 2:1 or higher; that is,if current assets are at least double current liabilities.
A)True
B)False
Q4) The financial statement that shows the status of assets,liabilities,and owners' equity at a particular point in time is the balance sheet.
A)True
B)False
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Chapter 15: Understanding Marketing Processes and Consumer Behaviour
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227 Verified Questions
227 Flashcards
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Sample Questions
Q1) Needing some new clothes,you ask one of your co-workers where he shops.That evening you check the newspapers for sales.You are in the ________ stage of the consumer buying process.
A) information seeking
B) post-purchase evaluation
C) problem recognition
D) purchase decision
E) evaluation of alternatives
Q2) New developments in technology have a big impact on the production area of a business,but much less impact on the marketing area.
A)True
B)False
Q3) Identify four bases for market segmentation.
Q4) Sherrie wants to save money and time on her research project.You recommend she use
A) observation.
B) focus groups.
C) primary data she collects herself.
D) secondary data.
E) experiments.
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Chapter 16: Developing and Promoting Goods and Services
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241 Verified Questions
241 Flashcards
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Sample Questions
Q1) The first step in developing an advertising campaign is to define the objective of the advertising message.
A)True
B)False
Q2) Automobiles and colour TVs are in the ________ stage of their product life cycle.
A) introduction
B) growth
C) decline
D) maturity
E) development
Q3) The most important factor to consider in designing the best promotional mix is
A) promotion and the buyer decision process.
B) the product.
C) promotional mix budget.
D) the target audience.
E) costs of the product.
Q4) Brand insistence implies high consumer trust in a brand.
A)True
B)False
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Chapter 17: Pricing and Distributing Goods and Services
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232 Verified Questions
232 Flashcards
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Sample Questions
Q1) Sara Jane is selling posters at the sale price of $12.00,and the markup percent is 35%.What is the dollar amount of the markup?
A) $7.80
B) $4.20
C) $7.75
D) $3.50
E) none of these
Q2) Online retail sales accounted for about 25 percent of total retail sales in 2011.
A)True
B)False
Q3) LivePerson.com,a provider of real-time sales and customer service for over 3000 websites,is an example of interactive marketing.
A)True
B)False
Q4) The principal difference in costs among trucks,railroads,planes,ships,and pipelines is directly related to the speed of delivery.
A)True
B)False
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Chapter 18: Understanding Money and Banking
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207 Verified Questions
207 Flashcards
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Sample Questions
Q1) Compare and contrast the services offered by chartered banks and credit unions.
Q2) Which of the following statements is true regarding the international payments process?
A) Most foreign nations will never accept dollars.
B) Banks just do not get involved in such transactions.
C) Money does not actually have to flow between the two countries.
D) Diplomatic pouches move currency payments from one nation to another.
E) All of these statements are true.
Q3) What is ecash?
Q4) What are open-market operations?
Q5) Certificates of deposits (CDs)and saving certificates are classified as time deposits,which means that advance notice is required to make a withdrawal.
A)True
B)False
Q6) The bank rate (also called the rediscount rate)is the rate at which chartered banks can borrow from the Bank of Canada.
A)True
B)False
Q7) What is the World Bank?
Page 19
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Chapter 19: Understanding Securities and Investments
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190 Flashcards
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Sample Questions
Q1) Exchange-traded funds
A) can only be traded by individuals who are members of a stock exchange.
B) can be traded only in the morning hours.
C) allow individual investors to exchange shares of mutual funds that they hold.
D) are priced only at the end of the day.
E) have lower operating expenses than mutual funds.
Q2) Which of the following business firms serve as financial specialists in issuing new securities?
A) Speculators
B) Venture capitalists
C) Financial managers
D) Institutional investors
E) Investment bankers
Q3) Identify the three major types of bonds and identify the biggest advantage of each.
Q4) Identify some of the major stock exchanges in Canada and in the United States.
Q5) How do the commodity markets work? What are the risks involved when investing in the commodities market? What are the rewards or potential rewards?
Q6) Explain the differences between the primary and secondary security markets.
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Chapter 20: Financial Decisions and Risk Management
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228 Flashcards
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Sample Questions
Q1) A manufacturing company is planning to go international.If the following facts were known,which one would strengthen the case that the company should acquire the needed capital through debt financing?
A) It will likely have slim profit margins in its international sales.
B) It will have to hire many new salespeople to make the international move work.
C) It will have a new,steady stream of revenue from its international sales.
D) It will launch several new product lines very soon.
E) It will have to conduct training sessions for its international employees.
Q2) Mountain Steel brings in graphite,carbon,iron ore,nickel,and sulphur to produce steel.These supplies are
A) production inventory.
B) merchandise inventory.
C) raw materials inventory.
D) work-in-process inventory.
E) finished goods inventory.
Q3) To get a line of credit,the borrower must pay a commitment fee.
A)True
B)False
Q4) What is a financial manager?
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