BUS 401 - Quiz/Exam Questions
(Latest 2025-2026 Edition) 100% Verified Q&A + Answer Key
180+
Solutions
VERIFIED ANSWERS
Question 1
True
Correct Answer
From ancient to modern times, some high achieving people in many different professions and walks of life have practiced
journaling, that is, keeping a journal of written reflections on the things they learn through their experiences, so that they can
learn from what they have been experiencing and doing life, and make further progress toward their goals.
Question 2
d) Strategy formation, strategy implementation, strategy evaluation
Correct Answer
The strategic management process is often described as having three stages that operate in continuous fashion. These stages are
typically called:
a) strategy study, strategy planning, strategy assessment
b) strategy acquisition, strategy evaluation, strategy application
c) strategy planning, strategy execution, strategy application
d) strategy formulation, strategy implementation, strategy evaluation
Question 3
a) Plan, Do, Study, Act
Correct Answer
Philosophical studies on epistemology and learning, as well as social science research on how individuals and organizations learn,
have typically described three iterative stages of learning, that is, 1) acquiring, 2) interpreting, and 3) applying information.
Educated Americans have been taught well how to acquire information, and they have usually been taught a little about how to
interpret information, but they have seldom been taught how to apply information. Deming taught first the Japanese and then
the world a powerful method for applying information, the four steps are:
a) Plan, Do, Study, Act
b) Plan, Act, Check, Synergize
c) Formulate, Implement, Evaluate, Repeat
d) Prepare, Execute, Measure, Revise
,Question 4
True
Correct Answer
Some theories and practices of leading and managing are timeless and universal, that is, they are transhistorical
and supracultural. At the same time and theories of leading and managing are evolving as we learn. We can enrich
and refine our theories with new insights. Even more so, our practices of leading and managing are effective to
the degree that they are appropriate and apt to the people and circumstances involved. These necessarily change
through time, cultures, and the nature of the dominant economic order in which we are operating. Today, we are
going through a historic shift from the Industrial Age to the Knowledge Age, and this change must influence how
we lead and manage successfully.
Question 5
True
Correct Answer
Increasingly, the most profoundly insightful thought leaders in leadership and management theory stress the need
for leaders and managers to focus upon their own development. While profound, the idea simply is that one must
become skilled and effective at leading and managing themselves before they can be optimally effective in
leading and managing others in complex organizations. Ghandi expressed the theory, and exemplified its practice,
in his famous saying, "Be the change you want to see in the world."
Question 6
False
Correct Answer
If we grow in the right type of "knowing", this empowers our ability to engage in effective "doing," and then
knowing and dong drives our progress in "becoming" the people we choose to be and the leaders we aspire to
be.
Question 7
True
Correct Answer
Deming's PDSA cycle is a practical life and work method that enables us to use a form of the scientific method to
driver our learning and improvement, both personally and professionally. It incorporates the deductive-inductive
interplay necessary for learning, as required in the scientific method. As you iteratively cycle through PDSA on an
area of personal or professional focus, you learn; that is, you gain knowledge and you improve in a specific
manner under certain conditions. But further, as you build your knowledge, a thoughtful and careful use of PDSA
will enable you to be able to predict whether a given "change" will result in real "improvement" under different
conditions that you may face in the future.
Question 8
True
Correct Answer
Each of the Five P's of strategy --- plan, ploy, pattern, position, and perspective -- that is, each of these five ways
of thinking about strategy is necessary for understanding what strategy is, but none of them alone is sufficient to
master the concept.
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,Question 9
a) "knowing" as an iterative intellectual construct (or dialectic) of theory and practice, like the knowing of a highly
trained surgeon
Correct Answer
The kind of "knowing" that business schools, business students, and business leaders should be focusing upon
continuously increasing is____.
a) "knowing" as an iterative intellectual construct (or dialectic) of theory and practice, like the knowing of a highly
trained surgeon
b) "knowing" as an abstract of theory that is pure and immutable, like the knowing that mathematicians possess
c) "knowing" as an increasing repository of data, facts, an information held in memory or computer databases
d) "knowing" as settled, certain, reliable understanding not subject to paradigm shifts or obsolescence
Question 10
False
Correct Answer
Organizations experience a "knowing-doing gap" that individuals do not, largely because organizations are
comprised of so many different individuals and are so complex. Individual naturally engage in learning-by-doing
in the exigencies of their normal lives, but this is almost impossible to replicate in organizations. This is one reason
Max Weber's bureaucratic theory of organization, which corporations reflect in their organization charts, endures
even today. Given human nature, the command-and-control structure is essential to overcoming the knowing-
doing gap in organizations.
Question 11
d) People are the agents of their own destinies.
Correct Answer
Two famous American pragmatists were William James and John Dewey. Their expression of this theory of learning
and knowing could be summarized in one statement:
a) knowing is more important than doing.
b) What people know is purely a function of their social experiences and cultural conditioning.
c) American public education must focus more on teaching students to think, using sound deductive logic, than
upon simply assimilating data and information.
d) People are the agents of their own destinies.
Question 12
True
Correct Answer
If we grow in the right type of "knowing," this empowers our ability to engage in effective "doing," and then
knowing and doing drives our progress in "becoming" the people we choose to be and the leaders we aspire to
be.
Trusted by thousands of students and professionals worldwide Page 3 of 42
, Question 13
False
Correct Answer
The word "strategy" comes form an ancient Greek word that meant "army leader," and the verb form of this word
referred to "defeating an enemy by effectively using resources." Successful people in military, government, and
religious services have been learning and using principles and practices of strategy for centuries. Business leaders,
however, only began to use strategy in modern times, and the strategic management practices of modern
scientific businesses utilize few, if any, insights from these ancient sources.
Question 14
False
Correct Answer
David Garvin of Harvard Business School argues that real learning does not truly occur, whether we are speaking
of individuals or organizations, unless they acquire reliable information, separate the "signals" from the "noise,"
and then interpret the relevance and usefulness of the information in practice. If we exercise the necessary
methodologies and disciplines to do this, we learn. Otherwise, we delude ourselves into thinking that our
knowledge has increase.
Question 15
False
Correct Answer
Research at Stanford Business School revealed that the "knowing-doing gap," or effective execution of corporate
strategies, is one of the biggest problems facing business today. Simply acquiring more information doe snot
address this problem, but learning-by-doing does. Deming's PDSA cycle helps us to apply information, so that we
can engage in learning-by-doing, which can drive effective strategy formulation, implementation, and evaluation.
Individuals can use this learning method to empower their efforts toward knowing, doing, and becoming. They
can also add the practice of journaling to the process, so that learning-by-doing + reflective journaling creates a
powerful discipline of growth. Unfortunately, groups of individuals (teams, organizational units, etc.) cannot
engage in these same practices, but they can benefit from an increasing number of individuals who do.
Question 16
False
Correct Answer
The term "tangible assets" includes physical things like land, minerals & other natural resources, roads, railroads,
vehicles, buildings, factories, warehouses, equipment, machinery, supplies, inventory, etc., but not intangible things
like financial capital such as cash, accounts receivable, securities, etc.
Question 17
True
Correct Answer
Organisms, organizations, economic markets, and societies are all living systems that have co-evolved through
history, driven by some common forces and dynamics. Understanding how these work at one systemic level can
give us not only insight into the workings of reality at that level, but it can help us to understand how things work
at another systemic level.
Trusted by thousands of students and professionals worldwide Page 4 of 42
(Latest 2025-2026 Edition) 100% Verified Q&A + Answer Key
180+
Solutions
VERIFIED ANSWERS
Question 1
True
Correct Answer
From ancient to modern times, some high achieving people in many different professions and walks of life have practiced
journaling, that is, keeping a journal of written reflections on the things they learn through their experiences, so that they can
learn from what they have been experiencing and doing life, and make further progress toward their goals.
Question 2
d) Strategy formation, strategy implementation, strategy evaluation
Correct Answer
The strategic management process is often described as having three stages that operate in continuous fashion. These stages are
typically called:
a) strategy study, strategy planning, strategy assessment
b) strategy acquisition, strategy evaluation, strategy application
c) strategy planning, strategy execution, strategy application
d) strategy formulation, strategy implementation, strategy evaluation
Question 3
a) Plan, Do, Study, Act
Correct Answer
Philosophical studies on epistemology and learning, as well as social science research on how individuals and organizations learn,
have typically described three iterative stages of learning, that is, 1) acquiring, 2) interpreting, and 3) applying information.
Educated Americans have been taught well how to acquire information, and they have usually been taught a little about how to
interpret information, but they have seldom been taught how to apply information. Deming taught first the Japanese and then
the world a powerful method for applying information, the four steps are:
a) Plan, Do, Study, Act
b) Plan, Act, Check, Synergize
c) Formulate, Implement, Evaluate, Repeat
d) Prepare, Execute, Measure, Revise
,Question 4
True
Correct Answer
Some theories and practices of leading and managing are timeless and universal, that is, they are transhistorical
and supracultural. At the same time and theories of leading and managing are evolving as we learn. We can enrich
and refine our theories with new insights. Even more so, our practices of leading and managing are effective to
the degree that they are appropriate and apt to the people and circumstances involved. These necessarily change
through time, cultures, and the nature of the dominant economic order in which we are operating. Today, we are
going through a historic shift from the Industrial Age to the Knowledge Age, and this change must influence how
we lead and manage successfully.
Question 5
True
Correct Answer
Increasingly, the most profoundly insightful thought leaders in leadership and management theory stress the need
for leaders and managers to focus upon their own development. While profound, the idea simply is that one must
become skilled and effective at leading and managing themselves before they can be optimally effective in
leading and managing others in complex organizations. Ghandi expressed the theory, and exemplified its practice,
in his famous saying, "Be the change you want to see in the world."
Question 6
False
Correct Answer
If we grow in the right type of "knowing", this empowers our ability to engage in effective "doing," and then
knowing and dong drives our progress in "becoming" the people we choose to be and the leaders we aspire to
be.
Question 7
True
Correct Answer
Deming's PDSA cycle is a practical life and work method that enables us to use a form of the scientific method to
driver our learning and improvement, both personally and professionally. It incorporates the deductive-inductive
interplay necessary for learning, as required in the scientific method. As you iteratively cycle through PDSA on an
area of personal or professional focus, you learn; that is, you gain knowledge and you improve in a specific
manner under certain conditions. But further, as you build your knowledge, a thoughtful and careful use of PDSA
will enable you to be able to predict whether a given "change" will result in real "improvement" under different
conditions that you may face in the future.
Question 8
True
Correct Answer
Each of the Five P's of strategy --- plan, ploy, pattern, position, and perspective -- that is, each of these five ways
of thinking about strategy is necessary for understanding what strategy is, but none of them alone is sufficient to
master the concept.
Trusted by thousands of students and professionals worldwide Page 2 of 42
,Question 9
a) "knowing" as an iterative intellectual construct (or dialectic) of theory and practice, like the knowing of a highly
trained surgeon
Correct Answer
The kind of "knowing" that business schools, business students, and business leaders should be focusing upon
continuously increasing is____.
a) "knowing" as an iterative intellectual construct (or dialectic) of theory and practice, like the knowing of a highly
trained surgeon
b) "knowing" as an abstract of theory that is pure and immutable, like the knowing that mathematicians possess
c) "knowing" as an increasing repository of data, facts, an information held in memory or computer databases
d) "knowing" as settled, certain, reliable understanding not subject to paradigm shifts or obsolescence
Question 10
False
Correct Answer
Organizations experience a "knowing-doing gap" that individuals do not, largely because organizations are
comprised of so many different individuals and are so complex. Individual naturally engage in learning-by-doing
in the exigencies of their normal lives, but this is almost impossible to replicate in organizations. This is one reason
Max Weber's bureaucratic theory of organization, which corporations reflect in their organization charts, endures
even today. Given human nature, the command-and-control structure is essential to overcoming the knowing-
doing gap in organizations.
Question 11
d) People are the agents of their own destinies.
Correct Answer
Two famous American pragmatists were William James and John Dewey. Their expression of this theory of learning
and knowing could be summarized in one statement:
a) knowing is more important than doing.
b) What people know is purely a function of their social experiences and cultural conditioning.
c) American public education must focus more on teaching students to think, using sound deductive logic, than
upon simply assimilating data and information.
d) People are the agents of their own destinies.
Question 12
True
Correct Answer
If we grow in the right type of "knowing," this empowers our ability to engage in effective "doing," and then
knowing and doing drives our progress in "becoming" the people we choose to be and the leaders we aspire to
be.
Trusted by thousands of students and professionals worldwide Page 3 of 42
, Question 13
False
Correct Answer
The word "strategy" comes form an ancient Greek word that meant "army leader," and the verb form of this word
referred to "defeating an enemy by effectively using resources." Successful people in military, government, and
religious services have been learning and using principles and practices of strategy for centuries. Business leaders,
however, only began to use strategy in modern times, and the strategic management practices of modern
scientific businesses utilize few, if any, insights from these ancient sources.
Question 14
False
Correct Answer
David Garvin of Harvard Business School argues that real learning does not truly occur, whether we are speaking
of individuals or organizations, unless they acquire reliable information, separate the "signals" from the "noise,"
and then interpret the relevance and usefulness of the information in practice. If we exercise the necessary
methodologies and disciplines to do this, we learn. Otherwise, we delude ourselves into thinking that our
knowledge has increase.
Question 15
False
Correct Answer
Research at Stanford Business School revealed that the "knowing-doing gap," or effective execution of corporate
strategies, is one of the biggest problems facing business today. Simply acquiring more information doe snot
address this problem, but learning-by-doing does. Deming's PDSA cycle helps us to apply information, so that we
can engage in learning-by-doing, which can drive effective strategy formulation, implementation, and evaluation.
Individuals can use this learning method to empower their efforts toward knowing, doing, and becoming. They
can also add the practice of journaling to the process, so that learning-by-doing + reflective journaling creates a
powerful discipline of growth. Unfortunately, groups of individuals (teams, organizational units, etc.) cannot
engage in these same practices, but they can benefit from an increasing number of individuals who do.
Question 16
False
Correct Answer
The term "tangible assets" includes physical things like land, minerals & other natural resources, roads, railroads,
vehicles, buildings, factories, warehouses, equipment, machinery, supplies, inventory, etc., but not intangible things
like financial capital such as cash, accounts receivable, securities, etc.
Question 17
True
Correct Answer
Organisms, organizations, economic markets, and societies are all living systems that have co-evolved through
history, driven by some common forces and dynamics. Understanding how these work at one systemic level can
give us not only insight into the workings of reality at that level, but it can help us to understand how things work
at another systemic level.
Trusted by thousands of students and professionals worldwide Page 4 of 42
