PRINCIPLES OF MANAGEMENT EXAM 1 EXAM
REVIEW QUESTIONS AND CORRECT
ANSWERS
◉ What is common to all organizations?
Answer: Goals.
◉ The most important aspect of management is ________.
Answer: Managing goals.
◉ The process of reaching organizational goals by working with and
through people and other resources is termed ________.
Answer: Management.
◉ The process of choosing tasks that must be performed to attain
organizational goals, outlining how the tasks must be performed,
and indicating when they should be performed is ________.
Answer: Planning.
◉ The management function concerned with guiding the activities of
organization members in appropriate directions is ________.
Answer: Influencing.
,◉ The management function concerned with the assigning of tasks
to various individuals or groups within the organization is ________.
Answer: Organizing.
◉ Which of the following refers to management's use of
organizational resources in meeting organizational goals?
Answer: Effectiveness.
◉ Nick is 29 years old and has just been promoted from salesperson
to sales manager for his company. Nick is most likely in which stage
of his career?
Answer: Establishment.
◉ The degree to which organizational resources contribute to
productivity is ________.
Answer: Efficiency.
◉ Someone who identifies, evaluates, and exploits opportunities is
called a(n) ________.
Answer: Entrepreneur.
◉ Beginning distribution of an existing product in a new country is
an example of which of the following entrepreneurial opportunities?
,Answer: New geographical market.
◉ Which of the following is the first step of the entrepreneurial
process?
Answer: Opportunity identification.
◉ Analyzing the likelihood and magnitude of an opportunity's
downside loss is part of assessing ________.
Answer: Entrepreneurial risk.
◉ Engaging in activities and investments committed to gain returns
from an opportunity is called ________.
Answer: Exploitation.
◉ Which of the following groups raise money from investors to
make investments in new firms?
Answer: Venture capitalists.
◉ Which of the following occurs when an individual or group of
individuals in an existing corporation create a new organization
within that corporation?
Answer: Corporate entrepreneurship.
, ◉ Which of the following describe recognizing, evaluating, and
exploiting opportunities that create social value?
Answer: Social entrepreneurship.
◉ Which of the following refers to an individual's ability to notice
objects, incidents, and patterns of behavior?
Answer: Entrepreneurial alertness.
◉ Which of the following describes information asymmetry?
Answer: An individual's ability to notice and be sensitive to new
information.
◉ Which piece of federal legislation requires business to adhere to
certain socially responsible environmental standards?
Answer: The Environmental Protection Act.
◉ The federal agency that regulates safety and health conditions in
non-governmental workplaces is ________.
Answer: Occupational Safety and Health Administration.
◉ The federal agency that investigates and reconciles employment
discrimination complaints based on race, sex, or creed is ________.
Answer: The Equal Employment Opportunity Commission.
REVIEW QUESTIONS AND CORRECT
ANSWERS
◉ What is common to all organizations?
Answer: Goals.
◉ The most important aspect of management is ________.
Answer: Managing goals.
◉ The process of reaching organizational goals by working with and
through people and other resources is termed ________.
Answer: Management.
◉ The process of choosing tasks that must be performed to attain
organizational goals, outlining how the tasks must be performed,
and indicating when they should be performed is ________.
Answer: Planning.
◉ The management function concerned with guiding the activities of
organization members in appropriate directions is ________.
Answer: Influencing.
,◉ The management function concerned with the assigning of tasks
to various individuals or groups within the organization is ________.
Answer: Organizing.
◉ Which of the following refers to management's use of
organizational resources in meeting organizational goals?
Answer: Effectiveness.
◉ Nick is 29 years old and has just been promoted from salesperson
to sales manager for his company. Nick is most likely in which stage
of his career?
Answer: Establishment.
◉ The degree to which organizational resources contribute to
productivity is ________.
Answer: Efficiency.
◉ Someone who identifies, evaluates, and exploits opportunities is
called a(n) ________.
Answer: Entrepreneur.
◉ Beginning distribution of an existing product in a new country is
an example of which of the following entrepreneurial opportunities?
,Answer: New geographical market.
◉ Which of the following is the first step of the entrepreneurial
process?
Answer: Opportunity identification.
◉ Analyzing the likelihood and magnitude of an opportunity's
downside loss is part of assessing ________.
Answer: Entrepreneurial risk.
◉ Engaging in activities and investments committed to gain returns
from an opportunity is called ________.
Answer: Exploitation.
◉ Which of the following groups raise money from investors to
make investments in new firms?
Answer: Venture capitalists.
◉ Which of the following occurs when an individual or group of
individuals in an existing corporation create a new organization
within that corporation?
Answer: Corporate entrepreneurship.
, ◉ Which of the following describe recognizing, evaluating, and
exploiting opportunities that create social value?
Answer: Social entrepreneurship.
◉ Which of the following refers to an individual's ability to notice
objects, incidents, and patterns of behavior?
Answer: Entrepreneurial alertness.
◉ Which of the following describes information asymmetry?
Answer: An individual's ability to notice and be sensitive to new
information.
◉ Which piece of federal legislation requires business to adhere to
certain socially responsible environmental standards?
Answer: The Environmental Protection Act.
◉ The federal agency that regulates safety and health conditions in
non-governmental workplaces is ________.
Answer: Occupational Safety and Health Administration.
◉ The federal agency that investigates and reconciles employment
discrimination complaints based on race, sex, or creed is ________.
Answer: The Equal Employment Opportunity Commission.
