Business Management Fundamentals
Exam Questions
Course Introduction
Business Management Fundamentals introduces students to the core principles and functions of managing organizations in todays dynamic business environment. The course covers essential topics such as planning, organizing, leading, and controlling, while emphasizing decision-making, strategy, communication, and ethical leadership. Through case studies and practical examples, students will explore how managers coordinate resources, motivate teams, and adapt to change to achieve organizational goals and drive success. This foundational course equips learners with the critical thinking and problem-solving skills necessary for effective management in a variety of settings.
Recommended Textbook
Management An Integrated Approach 2nd Edition by Ranjay
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Page 2
Gulati
Chapter 1: Introduction to Management
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Sample Questions
Q1) Which of the following individuals is the best example of a frontline supervisor?
A) A person who, along with other senior executives, develops the organization's strategy using conceptual skills
B) A person who develops and motivates his team using interpersonal skills
C) A person who focuses on technical issues to ensure that operations are running smoothly
D) A person who sets the vision and objectives of an organization
Answer: C
Q2) According to the _____ view of the firm, the job of top managers was to produce the highest possible stock market valuation of the firm's assets.
A) managerial
B) stakeholder
C) contingent
D) shareholder
Answer: D
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Chapter 2: The Global Business Environment
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Sample Questions
Q1) Which of the following entities belongs to the internal environment of an organization?
A) Technology
B) Suppliers
C) Employees
D) Customers
Answer: C
Q2) Fuel and mining products are increasingly important components of MERCOSUR's export base.
A)True
B)False
Answer: True
Q3) Which of the following has the least direct influence on a firm?
A) Political/legal forces
B) Competitors
C) Employees
D) Suppliers
Answer: A
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Chapter 3: Ethics and Corporate Social Responsibility
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Sample Questions
Q1) CSR is considered strategic when it supports core business activities that contribute to a firm's mission, vision, and strategy.
A)True
B)False
Answer: True
Q2) Explain economic responsibilities of a firm.
Answer: Economic responsibilities refer to a business's duty to make a profit and increase shareholder value. Business institutions are the basic economic units in society; therefore, they have a duty to produce goods and services that people want and to sell them at a profit. Everything else in business is built on this fundamental assumption. Companies engage in a variety of activities to increase profits, both directly and indirectly. Direct activities can include decreasing production costs and improving efficiency. Indirect actions refer to the intangible things that, over time, improve economic performance.
Q3) In business, members of a partnership are fiduciaries to one another.
A)True
B)False
Answer: True
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5
Chapter 4: Introduction to Strategy
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Sample Questions
Q1) Green Health Supplements, Inc. (GHS) produces all of its products in the United States. It is trying to expand globally by shipping its products to foreign distributors. GHS has which of the following market entry strategies?
A) Exporting
B) Licensing and franchising
C) Joint venture
D) Wholly owned subsidiaries
Q2) Z-coffiz charges much higher prices for a cup of coffee than its competitors. Z-coffiz is able to do this because it positions itself to be selling an experience, rather than merely a cup of coffee. Which aspect of a firm's strategy does this describe?
A) External fit
B) Internal fit
C) Differentiation
D) Implementable
Q3) Objectives provide a series of quantifiable milestones or benchmarks by which a firm can assess its progress.
A)True
B)False
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Chapter 5: Business-Level Strategy
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Sample Questions
Q1) John signed a two-year contract with Z-Gadget to get a subsidized price on his new iPhone. He had Z-Gadget's service for only six months when he became dissatisfied and wanted to cancel the contract. However, he did not do so because of high cancellation fees as well as new activation fees with another service. Which of the following characteristics of a powerful supplier group does Z-Gadget have with respect to its contract with John?
A) The supplier industry is more concentrated than the industry to which it sells.
B) Industry participants face switching costs in changing suppliers.
C) Suppliers offer differentiated products.
D) No substitutes exist for what the supplier group provides.
Q2) Supply-side economies of scale arise
A) when a buyer's willingness to pay for a product increases.
B) when the demand for a firm's product keeps fluctuating.
C) when the number of buyers for a firm's product decreases.
D) when a firm manufactures products or services in high volumes.
Q3) The 5-Forces Model is one of the most important tools for evaluating the attractiveness of industries.
A)True
B)False
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Page 7
Chapter 6: Corporate-Level Strategy
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Sample Questions
Q1) Corporate advantage occurs when a firm maximizes its resources to build a competitive advantage across its various business units.
A)True
B)False
Q2) Spot contracts involve a firm's commitment to buy a commodity product at a specific price.
A)True
B)False
Q3) The ultimate goal of an unrelated diversification strategy is usually to create some form of financial economies.
A)True
B)False
Q4) The ultimate goal of developing a corporate-level strategy is to build A) employee commitment.
B) a corporate advantage.
C) customer relationships.
D) a wholly owned subsidiary.
Q5) Discuss the results of diversification.
Q6) Define diversification and describe its types.
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Chapter 7: Organizational Design
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Sample Questions
Q1) In a _____ structure, "knowledge workers" are organized to work as individual contributors or to be a part of a work cluster that provides a certain expertise for the organization.
A) functional
B) divisional
C) matrix
D) network
Q2) Describe the clan approach.
Q3) Star Hydraulics is organized into self-supervising teams that are responsible for a set of tasks. In the teams, each member is cross-trained to be able to perform multiple tasks, and individual goals and values completely overlap with the organization's values. Workers collaborate on projects and must negotiate proper team behavior, using the organization's mission and values as a guide. Star Hydraulics has adopted a _____ approach to organizational control.
A) clan
B) bureaucratic
C) mutually adaptive
D) totalitarian
Q4) Define organizational structure and briefly describe its types.
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Chapter 8: Organizational Culture
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Sample Questions
Q1) Identify the different levels of a firm's culture and their specific attributes.
Q2) Which of the following helps organizations to socialize employees?
A) The intermediaries used to reach customers
B) Role modeling, leader examples, and coaching
C) Technologies used in manufacturing a firm's product
D) Employee characteristics such as age and experience
Q3) Which of the following is a source from which a firm's culture develops?
A) The employees' skill set
B) The suppliers and customers
C) The organization's competitors
D) The founder of the organization
Q4) The employees of Konakoala Company are in high agreement about company values but have little passion for them. Konakoala's culture is
A) strong.
B) weak.
C) passive.
D) aggressive.
Q5) Describe three elements that can be helpful in assessing a firm's culture.
Q6) Discuss the role of founders in influencing a firm's culture.
Q7) Analyze the ways in which a strong culture can affect a firm's performance.
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Chapter 9: Managing Human Capital
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Sample Questions
Q1) The final stage in the selection process often tends to be
A) reference checks.
B) situational interviews.
C) personality tests.
D) cognitive ability tests.
Q2) Majestic Company is expanding benefits, adding training and development programs, and recruiting specialists. Majestic is most likely in the A) initiation stage of growth.
B) functional growth stage.
C) controlled growth stage.
D) functional integration stage of growth.
Q3) What is management by objectives? Identify its components.
Q4) Which of the following statements is true about the different types of training?
A) Informal training programs, in particular, are easy to measure.
B) Formal training is seldom valuable to an employee's learning.
C) Informal training of employees includes coaching or mentorship.
D) Formal training often tend to be much more effective than informal training.
Q5) The only way to increase pay in skill-based pay systems is to switch jobs.
A)True
B)False
Page 11
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Chapter 10: Performance Management
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Sample Questions
Q1) For the balanced scorecard to be valuable, measurements from the customer perspective must link directly to financial results or strategic goals.
A)True
B)False
Q2) Rowling Company is monitoring the amount customers spend on its products relative to all other products. Rowling is focused on which of the various customer metrics?
A) Market share
B) Customer retention
C) Customer profitability
D) Account share
Q3) Downing Company is studying the costs required to attract new customers compared to the lifetime profitability of certain types of customers before it decides which new customers to target. Downing is focused on which of the various customer metrics?
A) Customer retention
B) New customer acquisition
C) Customer profitability
D) Market share
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Page 12
Chapter 11: Organizational Change
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Sample Questions
Q1) Based on the results of SWOT analysis, the corporate strategy department of an organization made some changes to the organizational structure in an attempt to improve the efficiency and effectiveness of the organizational activities. This scenario is an example of _____ change.
A) organic
B) reactive
C) planned
D) transformative
Q2) Define organizational change and briefly explain how change can be driven by external factors.
Q3) Walmart introduced electronic scanning of uniform product codes at the point of sale years ahead of most of its competitors. This is an example of both _____ change.
A) reactive and transformative
B) proactive and transformative
C) proactive and incremental
D) reactive and incremental
Q4) List the characteristics of successful change leaders.
Q5) Outline the key aspects of organizational change.
Q6) Briefly describe the change process.
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Chapter 12: Leadership in Organizations
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Sample Questions
Q1) Define Fiedler's contingency model and situational leadership.
Q2) Leadership substitutes are aspects that hinder a leader's ability to act a particular way.
A)True
B)False
Q3) Which of the following aspects characterizes transformational leaders?
A) Extreme task orientation
B) Time and resource management
C) Passive management-by-exception
D) Individualized consideration
Q4) Which of the following statements is true about Fiedler's contingency model?
A) A low least-preferred-coworker score indicates a leader who is more relationship-oriented.
B) Depending on the favorability of the leadership situation, a different style of leadership is required.
C) Fiedler suggests that leaders should adapt themselves to match the situation.
D) Relationship-oriented leaders are more successful at the extremes of leadership situations.
Q5) Briefly describe task-oriented and relations-oriented leadership styles.
Q6) Discuss the darker side of charismatic leadership.
Page 14
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Chapter 13: Becoming a Leader: Knowing Yourself
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Sample Questions
Q1) Emotionally intelligent leaders talk more than they listen.
A)True
B)False
Q2) During adversity, personal helplessness occurs when people blame themselves, believing that there might be an appropriate personal response but that it is beyond their reach or repertoire of skills and abilities.
A)True
B)False
Q3) Ricardo is a highly resilient individual, and as such, is likely to
A) have the ability to face and accept the reality of a situation.
B) possess an unwillingness to try new things.
C) believe that he cannot control events and outcomes.
D) be unable to bounce back from difficulty.
Q4) One of the three indices of creativity, fluency is defined as the ability to A) change approaches to a problem.
B) acknowledge and take responsibility for one's role in cultivating relationships.
C) generate novel or unique propositions, ideas, or solutions.
D) generate many solutions that fit some requirement.
Q5) Briefly explain Howard Gardner's multiple intelligences.
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Chapter 14: Power and Influence
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Sample Questions
Q1) Which of the following statements about the components of positional power is true?
A) Relevance refers to how pivotal an individual's role is in an organization.
B) Visibility gives individuals access to information.
C) Centrality allows individuals to interact with influential people.
D) Flexibility refers to the freedom to exercise judgment.
Q2) Legitimate power is the perception that someone can provide positive consequences or remove negative ones for certain behavior.
A)True
B)False
Q3) Which of the following is a component of personal power according to Whetten and Cameron?
A) Flexibility
B) Relevance
C) Expertise
D) Visibility
Q4) Define the terms leadership, power, and influence.
Q5) Briefly describe the reactions to power.
Q6) Outline the different forms of interpersonal power.
Q7) List four of the factors that are required for sustaining power.
Page 16
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Chapter 15: Decision Making
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Sample Questions
Q1) Outline heuristics and its types.
Q2) Heuristics are the short-cuts that individuals use to save time when making complex decisions.
A)True
B)False
Q3) Rules of thumb or short-cuts that individuals use to save time when making complex decisions are known as
A) biases.
B) rationales.
C) intuitions.
D) heuristics.
Q4) The representativeness heuristic contends that individuals make choices based on a certain starting point.
A)True
B)False
Q5) List the actions that can help managers "de-bias" their judgments.
Q6) Intuitive decision making often emerges from subconscious activity.
A)True
B)False
Q7) Differentiate between programmed and nonprogrammed decisions.
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Chapter 16: Conflict and Negotiation
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Sample Questions
Q1) Which of the following is the first step involved in an effective negotiation process?
A) Evaluating the zone of possible agreement
B) Assessing the other party's best alternative to a negotiated agreement
C) Assessing one's best alternative to a negotiated agreement
D) Calculating the other party's reservation value
Q2) The process by which a negotiator attempts to gain benefits or concessions for his or her position is called
A) create value.
B) integrated negotiation.
C) claim value.
D) de-escalation.
Q3) An emotional or cognitive response that occurs when interests, perspectives, and behaviors of one individual or group explicitly differ from those of another individual or group is called
A) framing.
B) conflict.
C) satisficing.
D) negotiation.
Q4) Describe affective and cognitive conflict.
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Chapter 17: Leading Teams
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Q1) A(n) _____ is defined as a group of two or more people with complementary skills who are committed to working together to achieve a specific objective.
A) unit
B) system
C) team
D) silo
Q2) _____ refers to the extent to which individuals engage in the process of generating solutions and articulating their opinions and perspectives.
A) Participation
B) Conformity
C) Influence
D) Social loafing
Q3) _____ teams are composed of a manager and his or her subordinates in the formal chain of command, usually in one functional department.
A) Collocated
B) Vertical
C) Cross-functional
D) Self-directed
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Chapter 18: Motivation
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Sample Questions
Q1) Which of the following statements about extrinsic and intrinsic rewards is true?
A) Intrinsic rewards are specific, tangible, and easy to compare.
B) Extrinsic rewards include interesting and challenging work.
C) Intrinsic rewards generally provide personal satisfaction.
D) Extrinsic rewards are based on individuals' conception of their worth.
Q2) The acronym ERG in Alderfer's theory of motivation refers to
A) existence, relatedness, and growth.
B) empowerment, reliance, and greatness.
C) engagement, responsibility, and governance.
D) employment, recognition, and gain.
Q3) Which of the following statements about the reinforcement theory is true?
A) Negative reinforcements tend to decrease certain behaviors.
B) Successful organizations generally build employee engagement by focusing on punishment.
C) Ceasing to reward the behavior that was previously rewarded causes extinction.
D) Positive reinforcement involves removing an aversive condition in response to a desired behavior.
Q4) Outline the content theories of motivation.
Q5) Differentiate extrinsic and intrinsic rewards of motivation. Give examples.
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Chapter 19: Communication
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Sample Questions
Q1) Briefly describe communication networks.
Q2) Which of the following individuals is the best example of a passive listener?
A) During presentations, James consciously tries to focus on what the speaker is saying.
B) Erick tends to respond to speakers vocally when they say things with which he agrees.
C) Maria usually avoids making any verbal or nonverbal responses when someone else is talking.
D) Sheila often reacts to the speaker by showing concern and attempts to share feelings and offer counseling.
Q3) Of the three elements of communication, ethos refers to the
A) demonstrator's passion to argue.
B) rationale for action.
C) facts that need to be conveyed.
D) credibility of the speaker.
Q4) Which of the following is an example of reflecting in supportive communication?
A) Julio relates similar experiences.
B) Joe reiterates the main points.
C) Doris offers advice and suggestions.
D) Charles asks follow-up questions for clarification.
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Page 21
Chapter 20: Networking
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Sample Questions
Q1) Dolly has arranged for a get-together at her house to which she has invited all of her friends. Most of her friends will be meeting the others in the group for the first time. Moreover, they are from diverse backgrounds with differing interests and experiences. Though all are not known to each other, all are known to Dolly. From this description of Dolly, it can be inferred that Dolly is
A) good at forging better connections.
B) focusing only on closed networks.
C) lacking weak ties in relationships.
D) more exposed to redundant contacts.
Q2) Weak ties are usually formed among similar individuals who are exposed to the same kinds of information.
A)True
B)False
Q3) Briefly describe the strength of ties.
Q4) Define networking. How can one build diverse networks?
Q5) What are networking clubs? What are their purpose and how do they differ?
Q6) Discuss the three types of interpersonal networks.
Q7) Define centrality and its conceptions.
Page 22
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