Principles of Management Final Exam
Course Introduction
Principles of Management introduces students to the fundamental concepts and functions involved in the management of organizations. The course explores key areas such as planning, organizing, leading, and controlling, with a focus on both classical and contemporary management theories. Students will develop an understanding of decision-making processes, organizational structures, leadership styles, motivation, and effective communication within a business setting. Through case studies and practical examples, the course equips students with essential managerial skills and strategies for solving real-world challenges in diverse organizational environments.
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) Which direction represents the slope of the demand curve?
A) horizontal
B) upward and to the right
C) downward and to the left
D) downward and to the right
Answer: D
Q2) When demand and supply meet,the price of the product or service is established.What is this point called?
A) equilibrium
B) interaction
C) price intersection
D) monetary value
Answer: A
Q3) The ____________________ is the total monetary value of all goods and services produced within a nation annually.
Answer: gross domestic product
GDP
Q4) The ____________________ curve slopes downward and to the right.
Answer: demand
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Chapter 2: the Global Marketplace and Governments Roles
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121 Flashcards
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Sample Questions
Q1) An enterprise in which two or more firms or investors (including governments)share ownership of a business and its property rights is known as which of the following?
A) a cooperative
B) a joint venture
C) an international partnership
D) a cartel
Answer: B
Q2) The balance of payments is the summary of a country's financial transactions with another country.Which of the following would you expect to see in such a summary?
A) foreign aid
B) current inflation rate
C) political focus
D) government deficit figures
Answer: A
Q3) What three companies were the initial signers of the North American Free Trade Agreement?
Answer: Canada,United States,and Mexico
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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) The impact of working women has been overestimated as a factor in social change.
A)True
B)False
Answer: False
Q2) Social responsibility goes beyond obligations provided by law or union contract.Which of the following represents two important aspects of social responsibility?
A) state and federal
B) voluntary and broad
C) open and lawful
D) public and private
Answer: B
Q3) In the pyramid of corporate social responsibility,economic performance is the foundation for legal responsibility.
A)True
B)False
Answer: True
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) One of the important decisions managers have to make is whether to buy and commit to upgrading their computer equipment every couple of years.What is one way to avoiding having to buy costly upgrades that can quickly become obsolete?
A) a software infrastructure
B) application service providers
C) Web sharing
D) an Internet warehouse
Q2) A ____________________ system helps managers make decisions using computer models that describe the real world.
Q3) A retail manager who wants to know how his store's sales would be affected if he reduces the number of different national brands the store carries would use which of the following types of information systems?
A) a transaction processing system
B) an information reporting system
C) a decision support system
D) an expert system
Q4) Which management support system uses artificial intelligence?
Q5) What are the responsibilities of a CIO?
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Q6) How do salespeople benefit from the development of virtual private networks?
Chapter 5: Forms of Business Ownership
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Sample Questions
Q1) Articles of incorporation usually specify the life of a corporation as a certain number of predetermined years.
A)True
B)False
Q2) Which of the following is a disadvantage of sole proprietor ownership?
A) all profits to the owner
B) ease and low cost of formation
C) freedom from government regulation
D) unlimited liability
Q3) When Sara Lee,a company known for its baked goods,purchased Dim S.A.,a French hosiery manufacturer,it was an example of a conglomerate merger.
A)True
B)False
Q4) Double taxation is a distinct advantage that corporations have over other forms of ownership.
A)True
B)False
Q5) Who are the owners of a corporation?
Q6) What is double taxation?
Page 7
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Chapter 6: Entrepreneurship and Small Business
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Sample Questions
Q1) Entrepreneurs start a business with the hope that they will be compensated for their investment of time,expertise,and money with profits.
A)True
B)False
Q2) It is not advisable for small businesses to use the services of CPAs and lawyers because most businesses are too small to afford the expense.
A)True
B)False
Q3) A person who organizes,operates,and assumes the risk of a business venture in the hope of making a profit is called an entrepreneur.
A)True
B)False
Q4) What is the most common reason that an individual leaves a secure job to start his or her own company?
Q5) Due to better advancement opportunities in Fortune 500 corporations,the number of women entrepreneurs is diminishing.
A)True
B)False
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Chapter 7: Management and Leadership in Todays Organizations
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142 Verified Questions
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Sample Questions
Q1) Which of the following processes involves guiding and motivating others toward the achievement of organizational goals?
A) communications
B) influence
C) power
D) leadership
Q2) Among managers there are three distinctive leadership styles.What are they?
A) autocratic,participative,and free rein
B) autocratic,open-door,and democratic
C) committee,open door,and closed door
D) competitive,autocratic,and group centred
Q3) List the three types of participative leadership.
Q4) Of the managerial skills,which are the hardest to develop through training?
A) conceptual skill
B) tactical skill
C) technical skill
D) human relations skill
Q5) What two types of leadership style use empowerment?
Q6) What is a leadership style?
Q7) What is the first step in making a nonprogrammed decision? Page 9
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Page 10
Chapter 8: Designing Organizational Structures
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Sample Questions
Q1) Coca-Cola Enterprises (CCE)is the largest bottler and distributor of Coke products in the world.It is organized around its North America division and its European division.Which of the following types of departmentalization allows CCE to respond to the demands of different markets?
A) process
B) geography
C) customer
D) function
Q2) List the three structural building blocks used in designing an efficient and effective organizational structure.
Q3) A tall organization structure has few managerial levels and a long chain of command.
A)True
B)False
Q4) Process departmentalization is a grouping of jobs by activity,such as marketing,finance,and production.
A)True
B)False
Q5) A(n)____________________ organization has a flat organizational structure.
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Chapter 9: Motivating Employees
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Sample Questions
Q1) Companies that want to meet the diverse needs of their employees by offering work-scheduling options can use which of the following?
A) job enlargement
B) gain-sharing
C) job enrichment
D) flextime
Q2) Feedback is very important to the successful application of the goal-setting theory.
A)True
B)False
Q3) Which of the following statements about Maslow's hierarchy of needs is MOST accurate?
A) Maslow's hierarchy of needs has not influenced motivational theory.
B) Physiological,safety,and belonging needs are all physical needs.
C) Because the hierarchy of needs focuses on universal human needs,it has no critics.
D) Maslow claimed an upper level of need was not activated until a lower level of need was satisfied.
Q4) How can managers use the equity theory to improve worker satisfaction?
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Chapter 10: Managing Human Resources and Labour Relations
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Sample Questions
Q1) Lower-level workers,such as those who unload inventory from trucks,are usually paid in which of the following ways?
A) salaries
B) commissions
C) wages
D) piece rate
Q2) Mentoring is a form of off-the-job training.
A)True
B)False
Q3) Which of the following represents a contingency plan a manufacturer can use after its employees go out on strike?
A) Join in a mutual-aid pact with other companies in its industry.
B) Hire an employment ombudsman.
C) Hire permanent federal mediators.
D) Create an ad hoc team who are instructed to improve employee morale.
Q4) The strike is the most powerful union tool,but it is typically used as a last resort.
A)True
B)False
Q5) A ____________________ is a payment for reaching a specific goal.
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Chapter 11: Achieving World-class Operations Management
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Sample Questions
Q1) Taco Bell does not chop the lettuce and tomatoes and grate the cheese used to make its menu items,but hires a company outside the restaurant to perform these tasks.Taco Bell can keep its overhead low and concentrate its resources on taking customer orders and assembling food by doing which of the following?
A) outsourcing
B) demarketing
C) remarketing
D) unbundling
Q2) PERT charts differ from the critical path method in one important way.What is it?
A) PERT charts assign one time to finish each task; CPM does not.
B) PERT charts are based on the use of quality principles; CPM is not.
C) PERT charts assign three time estimates for each activity; CPM does not.
D) PERT charts can be used in service organizations; CPM cannot.
Q3) A CAD/CAM system is best described as which of the following?
A) an inventory system
B) a tax service
C) a depreciation schedule
D) a production design and control system
Q4) What are the two basic processes for converting inputs into outputs?
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Chapter 12: Understanding the Customer
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Sample Questions
Q1) ____________________ is the ratio of benefits to the sacrifice necessary to obtain those benefits.
Q2) A short story describing how reluctant British citizens are to play party games that might result in them looking foolish is an example of how which of the following factors shapes human behaviour?
A) geographic segmentation
B) consumer expectation
C) stimulus reaction
D) culture
Q3) Vlad Kjinn is doing observation research when he asks people to describe how they brush their teeth.
A)True
B)False
Q4) Which of the following is the process of separating,identifying,and evaluating the layers of a market to design a marketing mix?
A) a marketing strategy
B) a marketing division
C) market segmentation
D) market layering
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Chapter 13: Creating Marketing Strategies
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174 Flashcards
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Sample Questions
Q1) In which of the following stages of the product life cycle are you most likely to find the manufacturer using a line extension strategy?
A) introduction
B) maturity
C) development
D) growth
Q2) Yield management systems is a mathematical software that helps prices to maximize revenue.
A)True
B)False
Q3) ____________________ is the careful coordination of all promotional activities to produce a consistent,unified message that is customer focused.
Q4) What are products that are bought after comparing price,suitability,quality,and style known as?
A) sought products
B) generic products
C) specialty products
D) shopping products
Q5) List two reasons that a company might use penetration pricing.
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Chapter 14: Using Financial Information and Accounting
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Sample Questions
Q1) Which of the following deals with the internal operation of the firm?
A) managerial accounting
B) auditing accounting
C) bookkeeping
D) financial accounting
Q2) Wehrmann-Longo sells landscape rocks to retailers.It recently purchased a trainload of lava rocks from a mine in Hawaii.Until Wehrmann-Longo pays the bill,the purchase will be carried on the Hawaiian company's books as which of the following?
A) an account payable
B) an account receivable
C) an intangible asset
D) a current asset
Q3) Which of the following classification of ratios reflects the speed with which resources are converted to cash or sales?
A) leverage
B) equity
C) activity
D) profitability
Q4) What is another name for the ratio of net profit to net sales?
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Chapter 15: Understanding Money, financial Institutions, and
the Securities Markets
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Sample Questions
Q1) Brokerage firms are paid commissions only when the customer earns a profit.
A)True
B)False
Q2) Futures contracts are best described by which of the following?
A) They are a way to buy common shares on a margin.
B) They appeal to investors because they are sure providers of retirement income.
C) They do not pay dividends.
D) They are good investments for risk-aversive investors.
Q3) Futures contracts pay both interest and dividends.
A)True
B)False
Q4) The Canadian Deposit Insurance Corporation insures deposits in commercial banks.The CDIC was created as one of which of the following institutions?
A) an insurance company
B) a crown corporation
C) a finance company
D) a national bank
Q5) How do investors use bond ratings?
Q6) What are the two primary types of securities exchange?
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Chapter 16: Managing the Firms Finances
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Sample Questions
Q1) Which of the following groups would a secured Internet service provider be very likely to attract given that it is in a high-tech industry with lots of opportunity for rapid growth?
A) multipreneurs
B) intrapreneurs
C) leveraged capitalists
D) venture capitalists
Q2) Financial managers often shift temporary funds from chequing accounts to which of the following to earn higher interest returns?
A) administrative securities
B) commercial securities
C) marketable securities
D) strategic securities
Q3) ____________________ credit is the extension of credit by the seller to the buyer between the time the buyer receives the goods or services and when it pays for them.
Q4) What is the major drawback to debt financing?
Q5) What is most commonly used for collateral with secured loans?
Q6) What are the main government-sponsored insurance programs?
Q7) Long-term forecasts are also called ____________________ plans.
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