Principles of Management
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Course Introduction
Principles of Management introduces students to the fundamental concepts and practices essential for effective management within organizations. The course explores the core functions of planning, organizing, leading, and controlling, emphasizing the roles and responsibilities of managers in achieving organizational goals. Students learn about strategic decision-making, motivation, leadership, communication, and the dynamic environments in which businesses operate. Case studies and real-world scenarios help develop analytical and problem-solving skills while fostering an understanding of ethical considerations and modern challenges faced by managers in diverse industries.
Recommended Textbook
Essentials of Contemporary Business 1st Edition by Louis E. Boone
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17 Chapters
2453 Verified Questions
2453 Flashcards
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Chapter 1: The Changing Face of Business
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154 Verified Questions
154 Flashcards
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Sample Questions
Q1) Donovan Corporation's sources of capital can include all of the following EXCEPT
A)cash dividends declared by Donovan's board of directors and paid to the stockholders
B)investments from stockholders
C)reinvested profits
D)loans extended by others
Answer: A
Q2) Private property is considered the most important right in the private enterprise system.
A)True
B)False
Answer: True
Q3) The work-comes-first lifestyle is exemplified by:
A)Baby Boomers
B)Generation X
C)Generation Y
D)The EU
Answer: A
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Chapter 2: Business Ethics and Social Responsibility
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172 Verified Questions
172 Flashcards
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Sample Questions
Q1) Which of the following would be LEAST likely to be a factor in evaluating a firm's social performance?
A)providing a safe,healthy workplace
B)respecting the cultural diversity of employees
C)holding company-sponsored social events
D)producing safe,high-quality products
Answer: C
Q2) Some people engage in activities that are contrary to their personal and moral values because they feel pressured on their jobs.
A)True
B)False
Answer: True
Q3) Development of a corporate culture to support business ethics occurs on each of the following levels EXCEPT ethical ________.
A)success
B)awareness
C)education
D)leadership
Answer: A
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Page 4
Chapter 3: Economic Challenges Facing Contemporary Business
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184 Verified Questions
184 Flashcards
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Sample Questions
Q1) Cyclical unemployment occurs when the economy slows down and mid-managers,for example,are laid off.
A)True
B)False
Answer: True
Q2) Williams & Co.management is trying to decide the appropriate prices for various products sold by the firm.This is a focus of ________.
A)microeconomics
B)macroeconomics
C)fiscal policy
D)monetary policy
Answer: A
Q3) When the supply curve shifts to the left and the demand curve remains unchanged,the price for the product or service will fall.
A)True
B)False
Answer: False
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Page 5
Chapter 4: Competing in World Markets
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147 Verified Questions
147 Flashcards
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Sample Questions
Q1) Explain how population size or a country's status of developed versus developing do not always indicate economic prosperity.
Q2) Identify three important decisions a business must make before deciding to go global.
Q3) The United States is home to more multinational corporations than any other country.
A)True
B)False
Q4) A trade deficit exists when a nation's exports exceed its imports.
A)True
B)False
Q5) People in developing nations have higher per-capita incomes than people in developed nations.
A)True
B)False
Q6) If the price of an imported product sells for more in the United States than it does in the producing country,the producing country could be accused of dumping.
A)True
B)False
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Chapter 5: Small Business and Forms of Business Ownership
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145 Verified Questions
145 Flashcards
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Sample Questions
Q1) A merger of firms in unrelated industries is called a(n)_____.
A)sole proprietorship
B)small business
C)C corporation
D)merger
E)acquisition
F)horizontal merger
G)conglomerate merger
H)microloan
I)vertical merger
J)joint venture
K)board of directors
L)stockholder
M)preferred stock
N)Small Business Administration (SBA)
Q2) Describe the types of loans the Small Business Administration (SBA)offers to small businesses.
Q3) Owners of preferred stock receive dividends after owners of common stock.
A)True
B)False
Page 7
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Chapter 6: Starting Your Own Business
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108 Verified Questions
108 Flashcards
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Sample Questions
Q1) As a rule,entrepreneurs believe in their ability to succeed.
A)True
B)False
Q2) Social entrepreneursrecognize a societal problem and use business principles to develop innovative solutions.
A)True
B)False
Q3) Discuss the four motives frequently cited as major reasons why people become entrepreneurs.
Q4) Entrepreneurs enjoy guaranteed job security because no one can fire them.
A)True
B)False
Q5) Entrepreneurs take credit for both their successes and failures.
A)True
B)False
Q6) Studies confirm that the personality traits common to entrepreneurs are very similar to those required for managerial success.
A)True
B)False
Page 8
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Chapter 7: Management, Leadership, and the Internal Organization
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191 Verified Questions
191 Flashcards
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Sample Questions
Q1) Mission statements are guideposts by which managers define the organization's desired performance.
A)True
B)False
Q2) Compare the four types of organizational structures.
Q3) SWOT is an acronym for strategies,weaknesses,opportunities,and teamwork.
A)True
B)False
Q4) Which managers typically implement a strategy?
A)middle managers
B)top managers
C)executive
D)senior
Q5) The basic purpose of directing is to evaluate the success of the planning function.
A)True
B)False
Q6) Great leaders do not share the same qualities.
A)True
B)False
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Chapter 8: Human Resource Management: From
Recruitment to Labor Relations
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138 Verified Questions
138 Flashcards
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Sample Questions
Q1) McGregor created two basic labels for managers: Theory A and Theory B.
A)True
B)False
Q2) According to Maslow,people's unsatisfied needs are based on what they don't already possess.
A)True
B)False
Q3) Eric is a supervisor and he works hard to involve his employees in all aspects of the operation believing that employee involvement is a key to improving productivity.Eric is a ________ manager.
A)Theory Y
B)Theory X
C)Theory C
D)Theory Z
Q4) Employers cannot legally reward workers with bonuses or prizes for employee referrals,even if they lead to new hires.
A)True
B)False
Page 10
Q5) What types of benefits are mandated by law?
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Chapter 9: Top Performance Through Empowerment,
Teamwork, and Communication
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134 Verified Questions
134 Flashcards
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Sample Questions
Q1) Norming is generally the longest stage of development.
A)True
B)False
Q2) An example of affective conflict is when teams reconcile differences to produce the best possible solution.
A)True
B)False
Q3) Flexibility is the primary advantage of virtual teams.
A)True
B)False
Q4) Jonas' team has reached agreement about the role each member is expected to play.Jonas' team has reached the ________ stage.
A)forming
B)norming
C)storming
D)performing
Q5) Customer orders are considered to be an internal communication.
A)True
B)False
Q6) Define team norm and provide an example. Page 11
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Chapter 10: Production and Operations Management
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149 Verified Questions
149 Flashcards
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Sample Questions
Q1) _____ is a computer-based production planning system that ensures a firm has all the parts and materials it needs to produce its output at the right time and place and in the right amounts.
A)production
B)computer-aided design (CAD)
C)quality control
D)production and operations management
E)inventory control
F)quality
G)computer-aided manufacturing (CAM)
H)benchmarking
I)utility
J)production control
K)materials requirement planning
L)make,buy,or lease decision
M)just-in-time (JIT)system
Q2) The sole purpose of a successful production planning process is to ensure customer satisfaction.
A)True
B)False
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Page 13
Chapter 11: Customer-Driven Marketing
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132 Verified Questions
132 Flashcards
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Sample Questions
Q1) Grocery stores use ________ to assess local preferences for products so that they can tailor the inventory of each store accordingly.
A)marketing
B)warehouses
C)data mining
D)research
Q2) All of the following are internal sources of data EXCEPT ________.
A)company product sales
B)company product inventory
C)competitor's sales
D)unpaid bills
Q3) The marketing period where companies emphasize customer satisfaction is referred to as the ________ era.
A)production
B)relationship
C)marketing
D)sales
Q4) Marketing is basically a form of selling.
A)True
B)False
Page 14
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Chapter 12: Product and Distribution Strategies
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167 Verified Questions
167 Flashcards
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Sample Questions
Q1) Focus groups are sessions in which customers meet with marketers to express their opinions about products.
A)True
B)False
Q2) Adding a marketing intermediary to the distribution process often lowers consumer prices.
A)True
B)False
Q3) Goods and services are classified as either consumer or business,depending on the
A)amount of service required on the item
B)buying motives of the purchasers
C)cost of the particular item
D)purchasers of the particular item
Q4) Lands' End and other catalog retailers are classified as non-store,direct sellers of goods.
A)True
B)False
Q5) Define product.What decisions are included in the marketing conception of a product?
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Chapter 13: Promotion and Pricing Strategies
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138 Flashcards
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Sample Questions
Q1) The fundamental purpose of promotion is to persuade and influence customers to purchase a product.
A)True
B)False
Q2) Companies that provide ________ for NASCAR teams are eager to spend millions in exchange for a direct association with the biggest spectator sport in the United States.
A)public relations
B)sponsorships
C)specialty advertising
D)product advertising
Q3) A paid,non-personal sales communication usually directed at a large number of potential buyers is ________.
A)the media mix
B)sales promotion
C)advertising
D)publicity
Q4) Volume objectives make pricing decisions based on maintaining a company's image.
A)True
B)False
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Chapter 14: Using Technology to Manage Information
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112 Verified Questions
112 Flashcards
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Sample Questions
Q1) The person who directs a firm's management information systems and related computer operations is often called the ________.
A)financial advisor
B)chief information officer
C)executive information manager
D)chief executive officer
Q2) A program that performs specific tasks that the user wants to carry out is called ________.
A)software
B)the operating system
C)a management information system
D)application software
Q3) Deciding how to prevent system failures along with the ability to continue operating if computer systems fail is called ________.
A)disaster recovery planning
B)information systems management
C)advanced computer security
D)virus protection
Q4) Describe at least two ways that common e-crimes occur:
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Chapter 15: Understanding Accounting and Financial Statements
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134 Flashcards
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Sample Questions
Q1) Public accountants are typically employees of the firm for which they are providing services.
A)True
B)False
Q2) An international firm's consolidated financial statements must reflect any gains or losses due to changes in exchange rates during specific periods of time.
A)True
B)False
Q3) Investing activities focus on selling goods and services,but they also consider cost control as an important element of sound financial management.
A)True
B)False
Q4) The procedure used by accountants to convert transactions into financial statements is called ________.
A)recording financial information
B)processing financial information
C)the accounting cycle
D)summarizing financial information
Page 18
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Chapter 16: The Financial System
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158 Verified Questions
158 Flashcards
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Sample Questions
Q1) When the Fed buys government securities,it adds to the supply of money and credit,which causes a reduction in interest rates.
A)True
B)False
Q2) This new monetary policy tool makes extra funds available to banks at low interest rates.
A)open market operations
B)discount rate
C)term auction facility
D)reserve requirement
Q3) Regulation of U.S.financial markets is primarily a function of the federal government;industry self-regulation is rare.
A)True
B)False
Q4) Alex buys a money market instrument.It will mature in ________.
A)10 years
B)2 years
C)1 year
D)6 months
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Chapter 17: Financial Management
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90 Verified Questions
90 Flashcards
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Sample Questions
Q1) Most private placements are ________.
A)U.S.government securities
B)corporate debt issues
C)corporate equity issues
D)municipal debt issues
Q2) A(n)________ is a transaction in which one company buys another.
A)acquisition
B)merger
C)takeover
D)synergy
Q3) Kaitlyn's company needs to obtain funds in order to keep the business going;however,she does not want stockholders influencing the direction of her company.What type of financing should Kaitlyn acquire?
A)angel investor
B)combination of debt and equity capital
C)debt capital
D)equity capital
Q4) List the major sources of short-term and long-term funds.
Q5) Explain why companies frequently choose to use debt.
Q6) Explain the concept of leverage.
Page 20
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