Principles of Management Practice Exam
Course Introduction
Principles of Management introduces students to the fundamental concepts and practices involved in managing organizations. The course explores core management functions such as planning, organizing, leading, and controlling, with an emphasis on strategic decision-making, effective communication, motivation, leadership styles, team dynamics, and ethical considerations. Through case studies and real-world examples, students gain insight into how managers solve problems, allocate resources, and drive organizational success in a dynamic business environment. This foundation equips students with the skills necessary to understand and address the challenges facing modern managers.
Recommended Textbook
Business A Changing World 8th Edition by
O. C. Ferrell
Source URL: https://quizplus.com/study-set/2944
Page 2
Chapter 1: The Dynamics of Business and Economics
Available Study Resources on Quizplus for this Chatper
94 Verified Questions
94 Flashcards
Source URL: https://quizplus.com/quiz/58602
Sample Questions
Q1) Which of the following is not a product?
A)A Dell personal computer
B)A veterinarian's treatment of a pet's injuries
C)A lawyer's advice in a divorce case
D)Business profit
E)A checkup by a doctor
Answer: D
Q2) After demand began to accelerate beyond supply,Mrs.Acres Homemade Pies was faced with a series of options.Which of the following is NOT one of those options?
A)Maintain current production levels and raise prices
B)Expand the facility and staff while maintain price
C)Contract the production of pies to a national restaurant chain
D)Maintain current levels of product and reduce the price
E)Increase production and maintain the price
Answer: D
Q3) After World War II,the United States became an agricultural economy.
A)True
B)False
Answer: False
To view all questions and flashcards with answers, click on the resource link above.
Page 3
Chapter 2: Business Ethics and Social Responsibility
Available Study Resources on Quizplus for this Chatper
94 Verified Questions
94 Flashcards
Source URL: https://quizplus.com/quiz/58610
Sample Questions
Q1) What did Jon Barnard do to help Checkers develop a competitive advantage over the competition?
A)Handed out coupons
B)Developed a database that improve efficiency
C)Nothing
D)He had no competition
E)Lowered prices
Answer: B
Q2) Conflicts of interest are payments,gifts,or special favors intended to influence the outcome of a decision.
A)True
B)False
Answer: False
Q3) All a business has to do to maintain ethical conduct is to follow the law.
A)True
B)False
Answer: False
To view all questions and flashcards with answers, click on the resource link above. Page 4
Chapter 3: Business in a Borderless World
Available Study Resources on Quizplus for this Chatper
95 Verified Questions
95 Flashcards
Source URL: https://quizplus.com/quiz/58609
Sample Questions
Q1) When Lever Brothers changes the formula of its bar soap to match different countries' water conditions and washing habits,this is an example of a
A)globalization strategy.
B)marketing strategy.
C)strategic alliance.
D)multinational strategy.
E)joint venture.
Answer: D
Q2) Explain the phrase "Think globally,act locally."
Answer: This refers to the philosophy followed by many successful companies in today's international marketplace.It stresses the importance of understanding the "big picture" of the worldwide acceptance of and demand for the firm's product.At the same time,it emphasizes the importance for businesses to adjust strategies to conform to local needs and tastes in order to be financially successful.
Q3) Many businesspeople today try to "think locally,act globally."
A)True
B)False
Answer: False
To view all questions and flashcards with answers, click on the resource link above.
5
Chapter 4: Options for Organizing Business
Available Study Resources on Quizplus for this Chatper
95 Verified Questions
95 Flashcards
Source URL: https://quizplus.com/quiz/58608
Sample Questions
Q1) Which of the following requires owners to perform many functions and possess diverse skills to make decisions?
A)Corporation
B)Partnership
C)Sole proprietorship
D)Cooperative
E)Holding company
Q2) The right of common stockholders to have the opportunity to purchase new shares of stock is called a
A)first offer right.
B)preemptive right.
C)stock split right.
D)profit sharing right.
E)secondary right.
Q3) Preferred stockholders receive dividends before common stockholders and have principle voting rights as well.
A)True
B)False
Q4) What are the advantages and disadvantages of their forming a partnership?
Q5) Define the partnership form of business organization.What are its advantages?
Page 6
To view all questions and flashcards with answers, click on the resource link above.
Chapter 5: Small Business, Entrepreneurship, and Franchising
Available Study Resources on Quizplus for this Chatper
95 Verified Questions
95 Flashcards
Source URL: https://quizplus.com/quiz/58607
Sample Questions
Q1) Downsizing helps firms to become
A)more flexible.
B)larger.
C)less innovative.
D)less resourceful.
E)independent.
Q2) Persons or organizations that agree to provide some funds for a new business in exchange for ownership interest or stock are called
A)entrepreneurs.
B)corporate raiders.
C)venture capitalists.
D)stockholders.
E)shareholders.
Q3) Which industries will likely continue to grow as baby boomers age?
A)Clothing and entertainment
B)Travel,financial planning,and health care
C)Cosmetics and food
D)Clothing,travel,and cosmetics
E)Recreation and sports equipment
Q4) What advice would you give Jack and Bruce as they start up their business?
To view all questions and flashcards with answers, click on the resource link above. Page 7
Chapter 6: The Nature of Management
Available Study Resources on Quizplus for this Chatper
95 Verified Questions
95 Flashcards
Source URL: https://quizplus.com/quiz/58606
Sample Questions
Q1) When providing benefits,a manager is most closely involved with which of the following resources?
A)Natural
B)Physical
C)Human
D)Financial
E)Structural
Q2) Having conceptual skills often means being able to
A)perceive the causes of problems.
B)identify relevant issues and recognize their importance.
C)use a computer.
D)motivate employees.
E)think creatively and in abstract terms.
Q3) Determining an organization's objectives and deciding how to accomplish them are part of the management function known as
A)planning.
B)organizing.
C)staffing.
D)controlling.
E)directing.
To view all questions and flashcards with answers, click on the resource link above. Page 8
Chapter 7: Organization, Teamwork, and Communication
Available Study Resources on Quizplus for this Chatper
95 Verified Questions
95 Flashcards
Source URL: https://quizplus.com/quiz/58605
Sample Questions
Q1) Organizational structure is defined as
A)the arrangement or relationship of positions within an organization.
B)a group of people working together to achieve an objective.
C)the division of labor into small specific tasks.
D)the grouping of jobs into working units.
E)the grouping of working units into departments or divisions.
Q2) Diagonal communication
A)is the traditional flow of communication from higher to lower levels of the organization.
B)occurs when individuals from different units and departments within an organization communicate.
C)flows from lower organizational levels to higher ones.
D)communication between peers and colleagues.
E)not a term used in your textbook.
Q3) A department store's organizational structure defines the relationships between
A)salespersons and merchandise buyers.
B)credit managers and maintenance people.
C)department managers and customers.
D)maintenance people and salespersons.
E)all the individuals working together to achieve its objectives.
To view all questions and flashcards with answers, click on the resource link above.
Page 9
Chapter 8: Managing Service and Manufacturing Operations
Available Study Resources on Quizplus for this Chatper
95 Verified Questions
95 Flashcards
Source URL: https://quizplus.com/quiz/58604
Sample Questions
Q1) Taxes are an important consideration when deciding where to locate a production facility.
A)True
B)False
Q2) Which of the following is not a point of difference between service providers and manufacturers?
A)Services are more labor-intensive
B)Manufacturing has more uniform outputs
C)Services do not undergo a transformation process
D)It is straightforward to measure manufacturing productivity
E)Services have less control over the variability of their inputs
Q3) Materials that have been purchased to be used in making other products are included in
A)finished inventory.
B)partial inventory.
C)raw materials inventory.
D)supplier inventory.
E)components parts inventory.
Q4) What mistake did McKing make in approaching the introduction of pizza?
Q5) How do operations for manufacturers and service providers differ?
To view all questions and flashcards with answers, click on the resource link above. Page 10
Chapter 9: Motivating the Workforce
Available Study Resources on Quizplus for this Chatper
94 Verified Questions
94 Flashcards
Source URL: https://quizplus.com/quiz/58603
Sample Questions
Q1) TNT Incorporated recently implemented a participative management program in which it gave teams of workers more control and authority over their jobs.It is using which of the following job designs?
A)Job rotation
B)Job enlargement
C)Job enrichment
D)Flexible scheduling strategies
E)Job specialization
Q2) Early management theorists thought money was employees' primary motivation.
A)True
B)False
Q3) The Hawthorne Studies earned their name because they were conducted by Mr.Hawthorne.
A)True
B)False
Q4) Job sharing occurs when a company shortens the workweek of all employees by a few hours to avoid layoffs.
A)True
B)False
Q5) What were the Hawthorne Studies?
To view all questions and flashcards with answers, click on the resource link above. Page 11
Chapter 10: Managing Human Resources
Available Study Resources on Quizplus for this Chatper
95 Verified Questions
95 Flashcards
Source URL: https://quizplus.com/quiz/58617
Sample Questions
Q1) Benefits are an addition to regular compensation for exceptional performance.
A)True
B)False
Q2) All of the following would be examples of objective assessments of an employee's performance appraisal except
A)a factory worker's level of output.
B)number of units sold for a salesperson.
C)a ranking system for an office worker.
D)batting average for a baseball player.
E)shooting percentage for a basketball player.
Q3) What is hindering Medallion's ability to restructure,address concerns and build morale?
A)Poor communication
B)Bad advice from outside experts
C)No attempts to address concerns have been made
D)A diverse workforce has led to misunderstandings
E)The tasks forces and teams assigned to the task failed to coalesce
Q4) What can Medallion do to make the team approach work more smoothly? What role do you think diversity training should play?
Q5) Discuss tactics labor and management may use to gain their objectives.
Page 12
To view all questions and flashcards with answers, click on the resource link above.
Chapter 11: Customer Driven Marketing
Available Study Resources on Quizplus for this Chatper
95 Verified Questions
95 Flashcards
Source URL: https://quizplus.com/quiz/58616
Sample Questions
Q1) A marketing strategy consists of
A)developing a marketing mix.
B)selecting a target market.
C)selecting a target market and developing a marketing mix to satisfy it.
D)choosing a product to distribute.
E)none of the above.
Q2) Marketing creates value by
A)increasing the price of goods.
B)helping people obtain what they need and want.
C)spending large amounts on advertising.
D)informing people of new products.
E)manipulating people into buying products they don't want.
Q3) Marketing occurs only in large business organizations.
A)True
B)False
Q4) Why is marketing inherently risky? What kinds of risks are involved in engaging in marketing?
Q5) What are some of the marketing strategies auto manufacturers use to stimulate sales of certain makes of automobiles?
Q6) What is the marketing environment?
Page 13
To view all questions and flashcards with answers, click on the resource link above.
Chapter 12: Dimensions of Marketing Strategy
Available Study Resources on Quizplus for this Chatper
94 Verified Questions
94 Flashcards
Source URL: https://quizplus.com/quiz/58615
Sample Questions
Q1) If XYZ Company buys televisions from a manufacturer and then sells them to department stores,it is probably a A)retailer.
B)producer.
C)consumer.
D)wholesaler.
E)manufacturer.
Q2) Successful companies offer at least one dimension of value that surpasses all competitors in meeting customer expectations.
A)True
B)False
Q3) Industrial products such as lumber,cotton,and iron are classified as
A.major equipment.
B.supplies.
C.accessory equipment.
D.raw materials.
E.component parts.
Q4) New product ideas can come from customers. A)True
B)False
To view all questions and flashcards with answers, click on the resource link above. Page 14
Chapter 13: Digital Marketing and Social Networking
Available Study Resources on Quizplus for this Chatper
95 Verified Questions
95 Flashcards
Source URL: https://quizplus.com/quiz/58614
Sample Questions
Q1) Social networks have existed in one form or another for over _______ years.
A)10
B)15
C)25
D)40
E)50 The precursors of today's social networks began in the 1970s as online bulletin boards that allowed users with common interests to interact with one another.The first modern social network was Six Degrees.com,launched in 1997.
Q2) Marketers who learn where online users are likely to express their thoughts and opinions can use these forums to do all of the following except A)interact with them.
B)address problems.
C)promote their companies.
D)get feedback.
E)find out consumers addresses. Marketers who know where online users are likely to express their thoughts and opinions can use these forums to interact with them,address problems,and promote their companies.
Q3) What is Freeware?
To view all questions and flashcards with answers, click on the resource link above.
15
Chapter 14: Money and the Financial System
Available Study Resources on Quizplus for this Chatper
94 Verified Questions
94 Flashcards
Source URL: https://quizplus.com/quiz/58613
Sample Questions
Q1) Budgets are valuable tools because they break down cash inflows and outflows to help individuals and organizations clearly see where financial problems may lie.
A)True
B)False
Q2) Double-entry bookkeeping is a system of recording and classifying business transactions
A)in separate accounts in order to maintain the accounting equation.
B)by the amount of the transaction.
C)in all accounts including those that do not maintain the accounting equation.
D)in general ledgers.
E)none of the above.
Q3) What is the accounting equation? Please describe each part.
Q4) Bookkeeping is only one aspect of accounting and involves the recording of routine,day-to-day business transactions.
A)True
B)False
Q5) Define double-entry bookkeeping and explain how to use it,keeping the accounting equation in balance.
Q6) What are income statements temporary in nature?
Page 16
To view all questions and flashcards with answers, click on the resource link above.
Chapter 15: Accounting and Financial Statements
Available Study Resources on Quizplus for this Chatper
95 Verified Questions
95 Flashcards
Source URL: https://quizplus.com/quiz/58612
Sample Questions
Q1) The U.S.government created the Troubled Asset Relief Program (TARP)in an effort to prevent economic collapse during the most recent financial recession.
A)True
B)False
Q2) The three important functions of money are that it serves as a medium of exchange,a measure of value,and a store of value.
A)True
B)False
Q3) What is one of the things that the Troubled Asset Relief Program (TARP)allowed the government to do to help financial institutions?
A)Offer guidance on how to make better financial decisions
B)Buy up hundreds of millions of dollars of preferred shares of banking securities
C)Totally forgive the debt at troubled banks
D)Send depositors checks to cover their lost investments
E)Establish a central government bank to replace all failed banks
Q4) What is a mutual fund?
Q5) What are the three functions of money?
To view all questions and flashcards with answers, click on the resource link above.
Chapter 16: Financial Management and Securities Markets
Available Study Resources on Quizplus for this Chatper
95 Verified Questions
95 Flashcards
Source URL: https://quizplus.com/quiz/58611
Sample Questions
Q1) If Linda Wilson borrows $20,000 to buy a car and ends up paying the lender a total of $24,000,the $4,000 difference represents the A)principal.
B)collateral.
C)security.
D)discount.
E)interest.
Q2) All of the following are ways to invest idle cash for the short term except A)Certificates of deposit.
B)Eurodollars.
C)Treasury bills.
D)Commercial paper.
E)Unsecured loans.
Q3) Unsecured loans are backed by collateral that the lender can claim if the borrower does not repay the loan.
A)True
B)False
Q4) List the important components of a firm's working capital.Include both current assets and current liabilities.
To view all questions and flashcards with answers, click on the resource link above. Page 18