Principles of Management
Final Exam Questions
Course Introduction
Principles of Management introduces students to the fundamental concepts, theories, and practices that underpin the effective management of organizations. This course covers the essential functions of management, including planning, organizing, leading, and controlling, while exploring their application in a dynamic business environment. Students will examine key topics such as decision-making, organizational structure, motivation, leadership styles, communication, and strategic planning. Through case studies and real-world examples, the course aims to develop students ability to analyze managerial challenges, understand the role of managers in driving organizational success, and apply practical management techniques in various business contexts.
Recommended Textbook
BUSN 2nd Canadian Edition by Marce Kelly
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3188 Verified Questions
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2
Chapter 1:
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Sample Questions
Q1) Which of the following is a type of not-for-profit organization?
A)book store
B)museum
C)movie theatre
D)hockey rink
Answer: B
Q2) What occurs when expenses are higher than revenues for a business?
A)risk
B)profit
C)surplus
D)loss
Answer: D
Q3) Investing in worker satisfaction will not affect profitability of a business.
A)True
B)False
Answer: False
Q4) Not-for-profit organizations focus mainly on health,human services,and religion.
A)True
B)False
Answer: False
Page 3
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Chapter 2: Business Communication: Creating and Delivering Messages That Matter
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Q1) If the audience is likely to respond negatively to a written message,a good strategy is to begin the message with a brief discussion of the rationale for the message before presenting the bottom line.
A)True
B)False
Answer: True
Q2) What occurs when the listener's full attention is on the speaker?
A)active voice
B)dynamic delivery
C)noise
D)active listening
Answer: D
Q3) What does the richness of a communication channel refer to?
A)how much it costs to provide the channel
B)the number of people it can reach at one time
C)how much the sender relies on that specific channel
D)the amount of verbal and nonverbal information it can convey to recipients
Answer: D
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Chapter 3: Business Ethics and Social Responsibility: Doing
Well by Doing Good
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Sample Questions
Q1) Which term describes how companies contribute to the well-being of society?
A)a code of conduct
B)ethical responsibility
C)social responsibility
D)a business ethic
Answer: C
Q2) Green marketing is the marketing of environmentally sound products and practices to gain a competitive edge.
A)True
B)False
Answer: True
Q3) Which of the following refers to the systematic evaluation of how well a firm is meeting the goals of ethics and social responsibility?
A)an SRPC (Social Responsibility Progress Checklist)
B)a balanced performance report
C)a social audit
D)a social-commercial correlation analysis
Answer: C
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Chapter 4: Economics: the Framework for Business
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Sample Questions
Q1) What would be different in a socialist system when compared to capitalism?
A)a smaller role for the government
B)a greater incentive for entrepreneurs to start new businesses
C)more taxpayer-subsidized social programs intended to promote a more equal distribution of wealth
D)more emphasis on economic growth and a higher standard of living for the typical household
Q2) Contraction is a period of economic downturn marked by rising unemployment,business cutbacks,and decreases in consumer spending.
A)True
B)False
Q3) The government of Puritania has begun a program to restructure of the economy,with a goal of moving toward a more market-oriented system.Which of the following is LEAST likely to occur as the result of this restructuring?
A)cuts in social programs such as free or low-cost healthcare
B)a rise in social unrest as citizens try to adjust to the economic reforms
C)slower rates of economic growth and lower standards of living for the majority of citizens
D)privatization of formerly government-owned enterprises
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Chapter 5: Business Formation: Choosing the Form That Fits
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Sample Questions
Q1) The sole proprietorship is the most common form of business ownership.
A)True
B)False
Q2) In a general partnership,each partner incurs unlimited liability only for claims resulting from his or her own negligence.
A)True
B)False
Q3) What is franchising? What is the relationship between a franchisor and franchisee? Describe at least one advantage and one disadvantage of franchising for the franchisor,and at least one advantage and disadvantage for the franchisee.
Q4) Describe how a corporation is formed.
Q5) A horizontal merger is a combination of two firms that are in the same industry. A)True
B)False
Q6) A limited partnership is a partnership that includes at least one general partner and one limited partner.
A)True
B)False
Q7) Identify and describe the disadvantages of general partnerships.
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Chapter 6: Small Business and Entrepreneurship: Economic Rocket
Fuel
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Sample Questions
Q1) A business plan should include which of the following topics?
A)an appendix that describes the research about the firm's market and industry
B)a description of the good or service and an explanation of the need it will fill
C)a detailed description of the firm's bankruptcy plans
D)a short financial plan, including how the firm intends to raise the money needed to get the business up and running
Q2) Which of the following is one of the primary reasons people become entrepreneurs?
A)to achieve an external locus of control
B)to pay less taxes
C)to have a more relaxed life
D)to create one's own schedule
Q3) Jorge Martinez wants to start his own small business,but he is concerned about competing against larger firms.Given his concerns,Jorge would probably be interested in starting a business that served a market niche.
A)True
B)False
Q4) Identify and describe the pros and cons of buying an established business.
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Chapter 7: Accounting: Decision Making by the Numbers
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Sample Questions
Q1) Which type of accounting addresses the needs of managers,providing detailed reports to management with information that makes informed decision-making possible?
A)managerial accounting
B)investigative accounting
C)forensic accounting
D)financial accounting
Q2) What are the major financial statements? Describe the key elements of those financial statements.
Q3) Which of the following would provide reports,information,and analysis to managers to assist them with making better informed decisions?
A)technological accountants
B)financial accountants
C)auditors
D)managerial accountants
Q4) Managerial accounting is the branch of accounting that provides reports and analysis to managers to help those managers make informed business decisions.
A)True
B)False
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Chapter 8: Finance: Acquiring and Using Funds to Maximize
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Sample Questions
Q1) Which of the following are short-term,very safe,and highly liquid assets firms include in the cash holdings they report on their balance sheet?
A)cash options
B)cash equivalents
C)marketable derivatives
D)intangible assets
Q2) Which of the following consists of the stocks of goods,materials,parts,and work-in-process that firms hold as part of doing business?
A)current assets
B)fixed assets
C)accounts receivables
D)inventory
Q3) Corporations sell commercial paper at a lower price than the amount the company will pay the holder when the paper comes due.The difference between the initial price and the price paid to the holder when the paper matures represents the interest earned on the note.
A)True
B)False
Q4) Define NPV,and describe how it is used to evaluate capital budgeting proposals.
10
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Chapter 9: Securities Markets : Trading Financial Resources
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Sample Questions
Q1) What are the two largest securities exchanges in the United States?
A)Pacific and Mountain Exchange (PAM) and New England Exchange (NEE)
B)American Exchange (AMEX) and NASDAQ
C)NASDAQ and OTC
D)New York Stock Exchange (NYSE) and NASDAQ
Q2) Carl would like to sell 500 shares of the stock he owns in the Megabux Corporation,but only if he can sell them for at least $30 per share.He could ensure that his stock is only sold at or above $30 by placing a market order with his broker.
A)True
B)False
Q3) A limit order is an order to a broker to buy a specific stock within a specific timeline.This allows the investor to confirm purchases are made by the end of the specified trading day.
A)True
B)False
Q4) The secondary market is where previously issued securities are traded.
A)True
B)False
Q5) What are the key differences between common and preferred stock?
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Chapter 10: Marketing: Building Profitable Customer
Connections
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Sample Questions
Q1) Define and describe how marketing has evolved in North America over the past 100 years.
Q2) Whether they realize it or not,consumers go through all of the steps involved in the purchase decision process for every purchase they make.
A)True
B)False
Q3) Samuel works in the purchasing department of Emerson Electric.Which of the following best describes what will happen with Samuel when he is making purchasing decisions for his company?
A)He is likely to apply rational criteria to the purchase decision, and has minimal opportunity to apply personal judgment.
B)He will typically confront sellers unwilling to negotiate on prices or terms of sale.
C)He will have a lot of flexibility in the criteria he uses to select the goods.
D)He is likely to have a problem with cognitive dissonance.
Q4) Through the use of technology,marketers can lower costs and deliver greater value to consumers.
A)True
B)False
Page 12
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Chapter 11: Part 1: Product and Promotion: Creating and Communicating Value
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Sample Questions
Q1) A management consulting firm offers pure services in a packaged management program.The program includes tools for effective time management,conflict resolution,and risk management skills.
A)True
B)False
Q2) Lisa is thinking about buying a Saturn automobile.She has already visited the Saturn Website and has been paying more attention to Saturn ads in magazines and on television.She is planning on visiting a Saturn dealership in the next few days to talk to a salesperson.If Saturn uses integrated marketing communication,its goal will be to coordinate the messages Lisa receives through each of these sources.
A)True
B)False
Q3) The first step in taking a big idea to a foreign market should be careful research. A)True
B)False
Q4) Product placement works to offset the consumer's desire to skip commercials. A)True
B)False
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Chapter 11: Part 2: Product and Promotion: Creating and Communicating Value
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Sample Questions
Q1) Which of the following consist of small-ticket items that businesses consume on an on-going basis but are not needed to develop a final product?
A)accessory equipment
B)convenience goods
C)maintenance, repair, and operating products
D)"Category B" inventory items
Q2) Stop and Shop Inc.is a discount grocery store that sells a variety of fruit and vegetable brands,including Libby's,Green Giant,and Dole.Recently,Stop and Shop has started selling its own versions of the same products.The Stop and Shop brand is referred to as which of the following?
A)exclusive brand
B)home-grown brand
C)national brand
D)private-label or store brand
Q3) Some big ideas translate well across cultures,and some don't.Give one example of a big idea that failed and explain why.Before taking an ad campaign overseas to a new market,what would marketers need to know to increase the chances of its success?
Q4) What is public relations,and how does it differ from publicity?
Page 14
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Chapter
12: Distribution and Pricing: Right Product, right
Person, right Place, right Price
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Sample Questions
Q1) The supply chain for a product includes not only its distribution channels but also the suppliers who deliver raw materials and other inputs to producers.
A)True
B)False
Q2) Which of the following involves selling products at a limited number of preferred retailers in a given area,and is a common approach for distributing medium- and higher-priced products?
A)exclusive distribution
B)exclusionary distribution
C)selective distribution
D)maximum distribution
Q3) Mary Kay Cosmetics,Tupperware,and The Pampered Chef all use multilevel marketing as a means to sell products directly to consumers.
A)True
B)False
Q4) Agents and brokers are the most common type of merchant wholesaler.
A)True
B)False
Q5) Describe the four pricing strategies used to boost volume.
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Chapter 13: Management, motivation, and Leadership: Bringing Business to Life
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Sample Questions
Q1) Roger has been working for Requiem Technologies for two years assembling custom-designed computers.He really enjoys his work and takes a great deal of pride in producing high-quality products.He often contributes good ideas about how to improve the computers he assembles.In the context of Douglas McGregor's ideas,Roger's behaviour supports the views of which type of managers?
A)first-line managers
B)autocratic managers
C)Theory X managers
D)Theory Y managers
Q2) Because they act as the bridge between departments,coordinating people and projects,middle-level managers must have a high degree of which of the following?
A)technical skills
B)management skills
C)conceptual skills
D)human skills
Q3) What are some of the qualities typically found in an effective business leader? Name and briefly describe three key leadership styles.
Q4) What does SWOT stand for? Explain the purpose of SWOT analysis.
Page 16
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Chapter 14: Human Resource Management: Building a Top-Quality Workforce
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Sample Questions
Q1) Which statement is most consistent with the human resource philosophy of the Keg?
A)The human resources department has the organization's most challenging job-to come up with ways to keep labour costs low while keeping employee morale high.
B)Putting workers first and treating them right can be an effective way to boost profits and build shareholder value.
C)An effective human resource strategy must be developed with the cooperation of labour unions.
D)Paying workers high wages is the only way to ensure outstanding performance.
Q2) Halman Routhe will soon begin interviewing potential candidates for a job in his department.He wants to refresh his memory about the specific types of training,education,and experience the interviewees should possess.He could do this by reviewing which of the following about the position?
A)the employee profile
B)a performance appraisal
C)the job description
D)the job specification
Q3) Define human resource management,and explain how it supports corporate goals.
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Chapter 15: Managing Information and Technology: Finding
New Ways to Learn and Link
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Sample Questions
Q1) List and describe three characteristics of high-quality information.
Q2) Discuss the role of information technology in e-commerce.
Q3) PracticeAdmin Practice Management Software is an on-demand,full-featured medical practice management/medical billing software designed by a physician.Which of the following describes this type of specialized application that is used in a particular industry?
A)system software
B)vertical market software
C)horizontal market software
D)operating system software
Q4) A database is a type of software that is primarily used to perform computations based on complex formulas,such as those used by accountants or engineers.
A)True
B)False
Q5) What is viral marketing? Briefly describe how Hotmail successfully used viral marketing to create consumer awareness of a new concept:free Web-based e-mail.
Q6) Discuss the four advantages businesses enjoy by using e-marketplaces.
Q7) Describe four differences between B2C and B2B e-commerce.
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Chapter 16: Operations Management: Putting It All Together
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Q1) Computer-aided design/computer-aided manufacturing (CAD/CAM)is a combination of software that is used to design output and send instructions to automated equipment to perform the steps needed to produce this output.
A)True
B)False
Q2) The purpose of just-in-time production is to do which of the following?
A)satisfy management's need to keep labour costs at a minimum
B)keep inventories at a minimum
C)improve the quality of the products and services being produced
D)sell more goods over time
Q3) Six Sigma shares some characteristics with TQM,such as an organization-wide focus on quality and a long-term commitment to continuous quality improvement.
A)True
B)False
Q4) Goods are considered tangible,while services are considered intangible.
A)True
B)False
Q5) Explain the movement toward lean production.
Q6) Discuss the role of operations management in business.
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Chapter 17: The World Marketplace: Business Without Borders
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Q1) Pandy's,a Canadian restaurant chain,promotes its business in Latin America with the hopes of offering prospective buyers the opportunity to open and operate Pandy's restaurants in their countries.Pandy's corporate management offers financial and marketing assistance to ensure success within established guidelines.What would the prospective buyer be classified as? What would Pandy's Corporation be classified as?
A)Pandy's is the licensor; the prospective buyer is the licensee.
B)The prospective buyer is the franchisor; Pandy's is the franchisee.
C)Pandy's is the licensee; the prospective buyer is the licensor.
D)The prospective buyer is the franchisee; Pandy's is the franchisor.
Q2) Uberholtz,a German company,has granted Sistec,a Canadian company,the right to manufacture Uberholtz's product and use the Uberholtz trademark in return for a fee.Which of the following best describes the roles of the two companies?
A)Sistec is the franchisor; Uberholtz is the franchisee.
B)Sistec is the licensee; Uberholtz is the licensor.
C)Sistec is the licensor; Uberholtz is the licensee.
D)Uberholtz is the franchisee; Sistec is the franchisor.
Q3) Describe the kinds of agreements that joint ventures create for global business.
Q4) Define countertrade and explain its impact on a nation's economy.
Page 20
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Chapter 18: Labour-Management Relations
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Sample Questions
Q1) Which of the following employment arrangements is most likely to result in a "free rider" problem for a union?
A)restricted shop
B)union shop
C)closed shop
D)open shop
Q2) Union workers tend to earn higher wages and receive better benefits than nonunion workers performing similar jobs.
A)True
B)False
Q3) Which of the following is a group of workers who have organized in order to pursue common work-related goals,such as better wages and benefits,safer working conditions,and greater job security?
A)labour federation
B)labour union
C)labour collective
D)cooperative
Q4) What is a labour union? What are the two basic ways that unions can be organized?
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Chapter 19: Business Law
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Sample Questions
Q1) Which of the following requires certain types of contracts to be in writing in order to be enforceable,such as contracts that take more than a year to complete or that involve the sale of goods worth $500 or more?
A)statute of frauds
B)statue of limitations
C)parole evidence rule
D)statute of authenticity
Q2) The time period in which a lawsuit must be initiated is specified by which of the following?
A)parole evidence rule
B)court calendar
C)probationary period
D)statute of limitations
Q3) An agent may be acting illegally if he or she disobeys lawful instructions issued by the principal.
A)True
B)False
Q4) Describe the characteristics of a contract and explain how the terms of contracts are enforced.
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Chapter 20: Personal Finance
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Sample Questions
Q1) One of the first things you can do in your effort to prepare a budget is to track and analyze a few weeks worth of your personal financial decisions,including what you take in and what you spend,and how you use your money.
A)True
B)False
Q2) Which of the following are professionally managed funds that pool the contributions of thousands of investors?
A)mutual funds
B)exchange traded notes (ETN)
C)T-bills
D)REITs
Q3) Most financial experts believe one key to financial security is the establishment of a "safety net." What amount should you keep in this "safety net" or savings account?
A)only the minimum, since this type of account is not FDIC insured
B)3 to 6 weeks of your salary
C)3 to 6 months of monthly expenses
D)just enough money to pay next month's bills.
Q4) Evaluate strategies to help build a sufficient savings and emergency fund.
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