Principles of Management Midterm
Exam
Course Introduction
Principles of Management introduces students to the fundamental concepts and practices of management within organizations. The course covers key management functions such as planning, organizing, leading, and controlling, while exploring topics like decision-making, strategic management, organizational culture, motivation, leadership, communication, and team dynamics. Emphasis is placed on understanding how managers utilize resources effectively to achieve organizational goals in a dynamic business environment. Through case studies and real-world examples, students gain practical insights into the challenges and responsibilities faced by modern managers.
Recommended Textbook
Future of Business 5th Canadian Edition by Norm Althouse
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18 Chapters
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Page 2
Chapter 1: Political Environment
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Q1) Which province is the only one where there is no sales tax?
A) Ontario
B) British Columbia
C) Quebec
D) Alberta
Answer: D
Q2) What type of projects are best used for public-private partnerships (P3s)?
A) infrastructure
B) factories
C) schools
D) buildings
Answer: A
Q3) Which of the following protects the Nike Swoosh and the Golden Arches of McDonald's?
A) a trademark
B) a patent
C) a copyright
D) a commercially protected symbol
Answer: A
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Page 3
Chapter 2: Economic Environment
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Sample Questions
Q1) If the tourism industry in a Canadian province had 43 percent unemployment due to an economic downturn that gripped the country, the workers in the tourism industry would be experiencing which of the following type of unemployment?
A) seasonal
B) cyclical
C) structural
D) frictional
Answer: B
Q2) As soon as Kazakhstan, a former member of the Soviet Union, had experienced two consecutive quarterly declines in its gross national product, Kazakhstan was in which economic situation?
A) regression
B) recession
C) adjustment period
D) depression
Answer: B
Q3) List the four types of market structures.
Answer: pure monopoly, perfect (pure) competition, monopolistic competition, and oligopoly
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Page 4
Chapter 3: Social Environment
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Sample Questions
Q1) In addition to individual ethics what else can be used as guideposts for choosing between right and wrong?
A) advice of elders
B) parents' behaviour
C) laws of our society
D) company policies
Answer: C
Q2) Which of the following were born between 1995 and the present?
A) the baby boomers
B) Generation Z
C) Generation Y
D) Generation X
Answer: B
Q3) Demographics is the study of people's vital statistics, such as their age, race and ethnicity, and location.
A)True
B)False
Answer: True
Q4) Why are "component lifestyles" important for marketers to understand?
Answer: They increase the complexity of consumer's buying habits.
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Chapter 4: Technological Environment
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Sample Questions
Q1) Technology planning involves evaluating which of the following about a company and then choosing the right technology to reach them?
A) budget numbers
B) strategic targets
C) industry benchmarks
D) goals and objectives
Q2) One of the most important roles of an automated accounting process is it allows a company to monitor how much tax it will owe the government.
A)True
B)False
Q3) Which of the following contributes to and benefits from information used in performing various tasks including acquiring, searching, analyzing, organizing, storing, programming, producing, distributing, marketing, or selling functions?
A) information technicians
B) knowledge workers
C) knowledge shareholders
D) information monitors
Q4) What is one of the most important roles of an automated accounting process?
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Chapter 5: International Environment
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Sample Questions
Q1) The difference between a country's total payments to other countries and its total receipts from other countries is represented by which of the following?
A) financial surplus
B) financial deficit
C) balance of payments
D) balance of trade
Q2) Which of the following is the best motivator for a company to enter the global market?
A) change of domestic law
B) saturated domestic market
C) competition doing it
D) potential new partners abroad
Q3) One of the reasons that the United Nations has ranked Canada as one of the best countries to live in is our ability to do which of the following?
A) do business with the outside world
B) have a good education system
C) provide one year of parental leave
D) provide free health care for all our citizens
Q4) How does an infrastructure influence a country's economic development?
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Chapter 6: Entrepreneurship and Small Business
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Sample Questions
Q1) What is the most popular type of small business?
Q2) When buying an existing business, the prospective buyer should ask questions about the operation of the business. Which of the following would be an inappropriate question to ask?
A) Why are you selling?
B) Are there any problems with the business?
C) Is the business operating at a profit?
D) What are you going to do with the down payment?
Q3) What is the first step in starting a new business?
Q4) What are the two types of financing available to entrepreneurs?
Q5) List reasons that small businesses thrive in Canada.
Q6) Businesspeople who apply their creativity, vision, and passion within a business rather than starting their own are called intrapreneurs. A)True B)False
Q7) List the three categories of entrepreneurs.
Q8) An entrepreneur is the same as a small-business owner. A)True B)False
Q9) List the four characteristics common to all small businesses. Page 8
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Page 9
Chapter 7: Understanding the Business
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Sample Questions
Q1) What does the statement of cash flows show about a company?
A) money coming in and money going out
B) a schedule of payments for the debts that come due in the next year
C) a net profit or loss
D) the current assets and current liabilities that are likely to result in cash flows over the next accounting period
Q2) Gina Raiter, the president and CEO of AutoMotion Auto Service Centres, has asked several managers and employees to help establish a statement to outline the fundamental purposes of their company. What will they create?
A) payoff matrix
B) mission statement
C) tactical plan
D) organization chart
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
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Page 10
Chapter 8: Forms of Business Ownership
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Sample Questions
Q1) What is a corporation whose number of shareholders is limited and whose shares are not traded on a stock exchange?
A) public corporation
B) private corporation
C) limited corporation
D) general corporation
Q2) Oscar Patel and Jon O'Keefe own and operate a janitorial cleaning service. Patel bought a new computer, which he plans for the company to use to track its customers and suppliers, and for making business forecasts. Patel plans on using an installment plan to pay for the computer. O'Keefe was not asked if he thought the company needed a computer and was unhappy when he learned that he and Patel are both liable for the payments for the computer. Patel and O'Keefe have which of the following type of business?
A) general partnership
B) private corporation
C) joint partnership
D) limited partnership
Q3) List the three major types of mergers.
Q4) Which form of business ownership is an ideal way to test new business ideas?
Q5) List the three major categories of business ownership.
Page 11
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Chapter 9: Management and Leadership in Todays Organizations
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Sample Questions
Q1) "The Booth Western Art Museum will educate, entertain, and inspire a diverse audience by creating a place where people feel welcome, find meaning and value, and delight in exploring the uniqueness of Western art and culture." This quotation is which of the following?
A) mission statement
B) company proclamation
C) corporate manifesto
D) contingency goal statement
Q2) Which two leadership styles use empowerment?
A) autocratic and free rein
B) autocratic and laissez-faire
C) autocratic and participative
D) laissez faire and participative
Q3) Control is the mechanism for making sure the other three managerial functions-planning, organizing, and leadership-are operating smoothly.
A)True
B)False
Q4) What two types of leadership style use empowerment?
Q5) List the three basic categories of managerial roles.
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Chapter 10: Designing Organizational Structures
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Sample Questions
Q1) One of the primary goals of Burberry, a British retailer, is to expand its market. When the company allocated resources so that it could open two stores in Japan, it was engaged in which management function?
A) resource planning
B) benchmarking
C) organizing
D) implementing
Q2) The virtual corporation expands the traditional boundaries of an organization.
A)True
B)False
Q3) Korber is the world's largest producer of cigarette manufacturing equipment. As growth in world tobacco consumption declines, it is obvious that Korber will face a bleak future unless it is able to divest itself of its connection to the cigarette industry and start anew. In other words, Korber needs to engage in which of the following activities?
A) operations research
B) reengineering
C) operational control
D) quality improvement
Q4) Briefly define accountability.
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Chapter 11: Motivating Employees
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Sample Questions
Q1) What famous studies occurred during the human relations era of management?
Q2) According to equity theory, if employees perceive that an inequity exists, which of the following might they do?
A) initiate a class action lawsuit
B) use selective behaviour
C) ask to be terminated
D) change their work habits
Q3) Some organizations are using snooping technology to monitor their workers to identify workers who are not performing optimally. The idea underlying this development is that workers dislike their work and intentionally avoid it. That idea is an assumption based on which of the following theories or concepts?
A) the Hawthorne effect
B) Theory Y
C) Theory X
D) Theory Z
Q4) What are managers doing when they horizontally expand a job to increase the number and variety of jobs an employee performs?
Q5) What is another name for employee empowerment?
Q6) What are managers doing when they vertically expand an employee's job?
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Chapter 12: Managing Human Resources and Labour Relations
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Sample Questions
Q1) What is the final stage in a typical employee grievance procedure?
A) the dissolution of grievance committees
B) the meeting of the employer, the union steward, and the employee who lodged the grievance
C) the rewriting of the formal contract to prevent this grievance from ever occurring again
D) arbitration
Q2) Since the development of employment equity programs, companies no longer require physical examinations as part of the selection process.
A)True
B)False
Q3) What is the first step in the typical grievance procedure?
Q4) DeShaun Hardin works for a lumber company. His employer requires that all employees wear steel-toed shoes and hard hats when on the work site. Hardin's employer is complying with which federal law?
A) Occupational Hazard Act
B) Occupational Health and Safety Act
C) Fair Labour Standards Act
D) Equal Employment Opportunity Act
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Chapter 13: Marketing
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Sample Questions
Q1) Which type of segmentation is different than the other types because it groups potential customers based on their needs and wants?
A) usage-rate
B) psychological
C) demographic
D) benefit
Q2) Which of the following is NOT one of the five steps in the marketing research process?
A) Choose a research method.
B) Interpret the results.
C) Collect the data.
D) Analyze the research data.
Q3) Customer satisfaction may indicate how consumers feel about a product, but it does not indicate their willingness to actually purchase a product.
A)True
B)False
Q4) The marketing concept emphasizes a consumer orientation.
A)True
B)False
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Chapter 14: Creating Marketing Strategies
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Sample Questions
Q1) Prestige pricing is the pricing strategy of selling a new product at a low price in hopes of achieving a large sales volume and prestige for the product.
A)True
B)False
Q2) What is a relatively inexpensive item that requires very little shopping effort?
A) shopping product
B) sought product
C) convenience product
D) specialty product
Q3) Which of the following is the pricing strategy of marking products below normal markup or even below cost to attract customers to a store where they would not otherwise shop?
A) rebate
B) leader
C) skimming
D) economy
Q4) The three intensities of distribution are intensive, exclusive, and inclusive.
A)True
B)False
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Chapter 15: Achieving World-class Operations Management
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Sample Questions
Q1) Which of the following is a system that would note how a possible strike in an Edmonton, Alberta, plant will threaten supplies of a needed component part as well as how customer preference for time-saving devices is increasing and then use this information in production planning?
A) manufacturing resource planning
B) manufacturing resource planning II
C) enterprise resource planning
D) the PERT chart
Q2) List the three most commonly used scheduling tools for complex production situations.
Q3) List two commonly used techniques for streamlining a business's production.
Q4) Which of the following systems uses a computer to design and test new products and modify existing ones?
A) computer-aided manufacturing
B) computer-aided design
C) just-in-time design
D) flexible manufacturing system
Q5) How does materials requirement planning differ from enterprise resource planning?
Q6) What is another name for the product layout?
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Chapter 16: Accounting for Financial Success
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Sample Questions
Q1) Selling expenses are those related to marketing and distributing the company's products.
A)True
B)False
Q2) A company that specializes in planning parties for children had $7,000 of inventory on January 1, 2007, and it had $5,000 of inventory on December 31, 2007. If its cost of goods sold for that period was $10,000, and its net profit was $9,000, which of the following represents its inventory turnover ratio?
A) 3 times
B) 1.67 times
C) 1.5 times
D) 1 times
Q3) How would the monthly charges that customers make at a hardware store be classified on the store's balance statement?
Q4) The ratio of current assets to current liabilities is called the ownership ratio.
A)True
B)False
Q5) What is another name for the ratio of net profit to net sales?
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Chapter 17: Understanding Money and the Canadian Financial System
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Sample Questions
Q1) If you are optimistic about the outlook for the stock market and the near-term economy, you have a bullish outlook.
A)True
B)False
Q2) Which of the following is NOT one of the four pillars of the Canadian financial system?
A) insurance companies
B) trust companies
C) banks
D) Bank of Canada
Q3) Another term for a chequing account is a time deposit.
A)True
B)False
Q4) Which bonds are backed by specific assets of the company, which are pledged as collateral?
A) debenture bonds
B) holding bonds
C) conventional bonds
D) secured bonds
Q5) What are the two primary types of securities exchange?
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Chapter 18: Finance
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Sample Questions
Q1) Which of the following is NOT one of the three important forms of long-term debt?
A) trade credit
B) bonds
C) mortgage loans
D) term loans
Q2) The financial planning process begins with which of the following?
A) budgeting
B) expert systems
C) financial forecasts
D) brainstorming
Q3) What is the term for 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?
A) revolving credit
B) supplier's credit
C) trade credit
D) line of credit
Q4) Briefly define the risk-return trade-off.
Q5) What is financial management?
Q6) What are the main government-sponsored insurance programs?
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