Principles of Management Study Guide Questions
Course Introduction
Principles of Management introduces students to the fundamental concepts, theories, and practices that form the backbone of effective management in organizations. The course explores the essential functions of planning, organizing, leading, and controlling, while examining topics such as decision-making, organizational structure, motivation, leadership styles, team dynamics, and strategic management. Students gain an understanding of how managers coordinate resources, influence employee behavior, and adapt to changing environments to achieve organizational goals. Through real-world examples and case studies, the course emphasizes the development of critical thinking and problem-solving skills necessary for success in diverse business settings.
Recommended Textbook
Future of Business 3rd Canadian Edition by Norm Althouse
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Page 2
Chapter 1: understanding Evolving Economic Systems and Competition
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Sample Questions
Q1) When a single firm accounts for 100 percent of industry sales,it is an example of which type of market structure?
A) a pure monopoly
B) an oligopoly
C) monopolistic competition
D) imperfect competition
Answer: A
Q2) The price of a decorated three-tiered wedding cake from a local supermarket deli recently increased from $105 to $119.The supermarket manager said it was due entirely to increases in sugar and labour costs.The $14 increase is an example of which of the following?
A) deflation
B) poor resource utility
C) price gouging
D) inflation
Answer: D
Q3) Which market structure is an ideal and does not really exist?
Answer: perfect or pure competition
Q4) List the two types of inflation.
Answer: demand-pull and cost-push
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Chapter 2: the Global Marketplace and Governments Roles
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Sample Questions
Q1) A domestic firm may decide to sign an agreement for the production of its goods by an established foreign manufacturer.Such private-label manufacturing by a foreign company is known as which of the following?
A) duplicate labelling
B) franchising
C) international labelling
D) contract manufacturing
Answer: D
Q2) A policy of permitting the people of a country to buy and sell where they please,without restrictions,is called which of the following?
A) protectionism
B) free trade
C) premium exchange
D) comparative advantage
Answer: B
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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4
Chapter 3: Social Trends, social Responsibility, and Making
Ethical Decisions in Business
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Sample Questions
Q1) Demographics can be used to try to predict or forecast buying patterns among a population.
A)True
B)False
Answer: True
Q2) The president of a company that manufactures plastic pipes for transporting crude oil considers how the firm's decisions will affect the welfare of society.He is expressing which of the following?
A) macroeconomics
B) social responsibility
C) consumerism
D) business ethics
Answer: B
Q3) Which of the following represents the buying pattern of those with a simple lifestyle?
A) They will buy when the mood strikes them.
B) It is not an important factor in their buying behaviour.
C) They will buy less.
D) They will buy more.
Answer: C
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Chapter 4: Using Technology to Manage Information and for Business Success
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Sample Questions
Q1) Australia's Health Insurance Commission processes 300 million health claims and makes annual payments of $8 billion of payments to clients.The company would store all of its more than three gigabytes of information in which of the following systems to support management decision making?
A) a data station
B) an information centre
C) a data warehouse
D) a data mine
Q2) Which of the following would have subsystems for order entry,accounts receivable,accounts payable,and general ledger?
A) a transaction processing system
B) a decision support system
C) a management analytic system
D) an information reporting system
Q3) "Grid computing" is another term used for telecommuting.
A)True
B)False
Q4) Which management support system uses artificial intelligence?
Q5) What is knowledge management?
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Chapter 5: Forms of Business Ownership
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Sample Questions
Q1) The merger of McKesson,a leading drug wholesaler,and HBOC,a producer of health-care inventory software,is an example of which of the following type of merger?
A) a vertical merger
B) a horizontal merger
C) a functional merger
D) a acquired merger
Q2) The franchise agreement is BEST described by which of the following?
A) It guarantees that the franchisor will make a profit.
B) It must be approved by the Toronto Stock Exchange.
C) It guarantees that the franchisee will make a profit.
D) It is the contract that details the terms of the franchise.
Q3) Which of the following statements about cooperatives is the most accurate?
A) Cooperatives have the same liabilities as partnerships.
B) Cooperatives have a limited life span.
C) Cooperatives cannot legally compete with taxable entities.
D) Cooperatives increase their members' buying power.
Q4) Adam Ratchasky purchased a franchise from Midas Muffler.Adam is the ____________________ in this franchise agreement.
Q5) Distinguish between a merger and an acquisition.
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Chapter 6: Entrepreneurship and Small Business
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Sample Questions
Q1) Direct Business Development Bank of Canada (BDC)loans are made from funds set aside each year by Parliament.
A)True
B)False
Q2) A positive aspect of opening a small business is that it takes very little management skill because it is small.
A)True
B)False
Q3) Edie Lopez is opening a catering because,as an entrepreneur,she will enjoy which of the following?
A) guaranteed profits
B) being her own boss
C) shorter work hours
D) interest-free loans
Q4) What is one advantage of owning a small business?
A) interest-free loans
B) guaranteed profit
C) flexibility
D) no taxes
Q5) List the three categories of entrepreneurs.
Page 8
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Chapter 7: Management and Leadership in Todays Organizations
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Sample Questions
Q1) Which of the following involves the creation of long-range,comprehensive objectives and the development of long-term courses of action?
A) tactical plans
B) supervisory plans
C) operational plans
D) strategic plans
Q2) The ability to see how the parts of an organization fit together and to relate it to other organizations is called a ____________________ skill.
Q3) Which of the following skills refer to the manager's ability to operate in diverse cultural environments?
A) global management
B) world centred
C) international
D) human relations
Q4) Planning is the setting of goals and designing of strategies,policies,and methods for achieving those goals.
A)True
B)False
Page 9
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Chapter 8: Designing Organizational Structures
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Sample Questions
Q1) What is another name for the managerial hierarchy?
A) a management matrix
B) a control continuum
C) a management pyramid
D) a managerial continuum
Q2) The matrix structure is a combination of a line and a staff organization.
A)True
B)False
Q3) When a person at a lower level skips a level in the organization chart and consults his or her boss's boss,that person is said to be violating which of the following principles?
A) chain of order
B) chain of command
C) chain of accountability
D) functional chain
Q4) What is the best type of organizational structure?
Q5) ____________________ is the degree to which group members want to stay in the group and resist outside influences.
Q6) What are the five basic types of departmentalization?
Q7) What is another name for the matrix structure?
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Chapter 9: Motivating Employees
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Sample Questions
Q1) Which of the following is the vertical expansion of an employee's job?
A) job enlargement
B) job enrichment
C) task generalization
D) job upsizing
Q2) Safeway Stores has installed dashboard computers in its trucks to monitor delivery truck drivers as they work their routes.This mistrust of employees derives from belief in which of the following theories?
A) the Theory Y style of management
B) the Theory X style of management
C) the Theory Z style of management
D) scientific management
Q3) Which motivational theory relies on feedback to identify the gap between the real and the ideal desired performance?
Q4) The ____________________ is the phenomenon that employees perform better when they feel that management is concerned about their welfare or when they feel singled out for attention.
Q5) In Maslow's hierarchy of needs,____________________ are the highest level of needs.
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Chapter 10: Managing Human Resources and Labour Relations
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Sample Questions
Q1) The ____________________ has been set up to expand job opportunities for women and visible minorities.
Q2) The strike is the most powerful union tool,but it is typically used as a last resort.
A)True
B)False
Q3) What is the first step in the performance appraisal and planning process?
Q4) ____________________ is the process of hiring,developing,motivating,and evaluating employees to achieve organizational goals.
Q5) Hanson Aquatics manufactures navigational equipment.As a new Hanson employee,Peter Nkata was told that even if he decides not to join the union that represents the company's employees,he must pay the dues.Hanson has which of the following type of shop?
A) an open shop
B) a closed shop
C) a membership-optional shop
D) an agency shop
Q6) ____________________ is the assignment of various functions,such as human resources,accounting,or legal work,to outside organizations.
Page 12
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Chapter 11: Achieving World-class Operations Management
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Sample Questions
Q1) Just-in-time is an inventory system that was developed in California and is starting to catch on in Japan.
A)True
B)False
Q2) Operations management refers to the role that computers play in the production process.
A)True
B)False
Q3) When are Gantt charts most helpful?
A) when production routes are long and complex.
B) when bottlenecks do not exist.
C) when task times are less than one hour.
D) when only a few tasks are involved.
Q4) What does total quality management focus on?
A) creating buyer/supplier dependence
B) computer-aided design
C) creating transactional relationships
D) continuous improvement
Q5) List two commonly used techniques for streamlining a business's production.
Q6) What is another name for the product layout?
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Chapter 12: Understanding the Customer
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Sample Questions
Q1) The strategy that is based on the demand for the product and the cost of producing it is called the pricing strategy.
A)True
B)False
Q2) Which of the following is the ratio of benefits to the sacrifice necessary to obtain those benefits?
A) relationship marketing
B) customer value
C) customer satisfaction
D) cognitive dissonance
Q3) A(n)____________________ is a large computerized file of the profiles and purchase patterns of customers and potential customers.
Q4) ____________________ is the ratio of benefits to the sacrifice necessary to obtain those benefits.
Q5) The four Ps are product,promotion,price,and possession.
A)True
B)False
Q6) Marketing to promote recycling is an example of ____________________ marketing.
Q7) What are the first two steps in the consumer decision-making process?
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Chapter 13: Creating Marketing Strategies
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Sample Questions
Q1) Staff Resources makes industrial uniforms for people in the medical and dental professions.Staff Resources has total fixed costs of $200,000.The fixed-cost contribution for each uniform is $10.How many uniforms does Staff Resources need to sell before it breaks even?
Q2) Which of the following explains how marketers are making the new-product development process faster?
A) by using a price-skimming strategy
B) by introducing products into the growth stage of the product life cycle
C) by using new-product research gathered on the Internet
D) be eliminating the screening stage
Q3) Price skimming is often used as an inducement to get consumers to switch brands or companies.
A)True
B)False
Q4) Profit maximization means is BEST described by which of the following?
A) obtaining the largest profit possible
B) having your supplier carry your inventory
C) building the lowest cost product possible
D) selling your product at the highest price possible
Q5) What are the two classifications of business products?
Page 15
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Chapter 14: Using Financial Information and Accounting
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Sample Questions
Q1) ____________________ are amounts owed to the firm by customers who bought goods and services on credit.
Q2) What kind of a financial statement shows revenues,gross sales,and net sales?
Q3) After all expenses have been subtracted from revenues on an income statement,if the final figure is positive,it is known as which of the following?
A) owners' equity
B) net revenue
C) net profit
D) gross profit
Q4) Allatoona Ceramics recently purchased a new kiln for $49,000.Allatoona Ceramics is allowed to charge a portion of the company's cost during its useful life against the profits it generates.What is this practice called?
A) assetization
B) acceleration
C) deceleration
D) depreciation
Q5) ____________________ accounting focuses on preparing the financial reports used by managers and outsiders to track the firm's performance and compare it with other firms.
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Chapter 15: Understanding Money, financial Institutions, and
the Securities Markets
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Sample Questions
Q1) What is the commonly assigned principal for all corporate bonds?
Q2) The class of equity securities that provides the most potential for growth and appreciation is known as which of the following?
A) preferred shares
B) common shares
C) convertible preferred shares
D) convertible bonds
Q3) What are the two primary types of securities exchange?
Q4) Which of the following represent profits from the operation of the corporation that are distributed to the shareholders?
A) dividends
B) contribution margins
C) net profits
D) shared earnings
Q5) What are junk bonds?
Q6) The Canadian Deposit Insurance Corporation insures only deposits at commercial banks.
A)True
B)False
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Chapter 16: Managing the Firms Finances
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Sample Questions
Q1) What is the willingness to bear risk without insurance?
A) risk avoidance
B) risk assumption
C) risk reduction
D) risk transfer
Q2) One way to transfer risk is through insurance.
A)True
B)False
Q3) Payments in the form of more shares to existing shareholders are known as which of the following?
A) rights offerings
B) warrants
C) share offerings
D) share dividends
Q4) Venture capitalists provide a source of debt financing and usually charge high interest for loans because of the high risk of the enterprises they finance.
A)True
B)False
Q5) What is risk management?
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