MGM101 Midterm UPDATED ACTUAL
Exam Questions and CORRECT Answers
Management - CORRECT ANSWER - the art of getting things done through people
Management Functions - CORRECT ANSWER - Planning: a management function that
involves defining goals, establishing a strategy for achieving those goals, and developing plans
to integrate and coordinate activities
Organizing: a management function that involves determining what tasks are to be done, who i s
to do them, how the tasks are to be grouped, who reports to whom, and where decisions are to be
made
Leading: a management function that involves motivating subordinates, directing the work of
individuals or teams, selecting the most effective communication channels, and resolving
employee behaviour issues
ex: people are hired, trained, and motivated
Controlling: a management function that involves monitoring actual performance, comparing
actual performance to a standard, and taking corrective action when necessary
manager - CORRECT ANSWER - someone who coordinates and oversees the work of
other people so that organizational goals can be accomplished
Manager Roles - CORRECT ANSWER - Interpersonal Roles: managerial roles that
involve working with people or performing duties that are ceremonial and symbolic in nature
Figurehead
Leader
Liaison
Informational Roles: managerial roles that involve receiving, collecting, and disseminating
information
Monitor
Disseminator
Spokesperson
,Decisional Roles: managerial roles that involve making significant choices that affect the
organization
Entrepreneur
Disturbance handler
Resource allocator
Negotiator
This evidence generally supports the idea that managers- regardless of the type of organization or
level in the organization- perform similar roles
Types of Managers - CORRECT ANSWER - Top Managers: managers at or near the top
level of the organization who are responsible for making organization-wide decisions and
establishing the plans and goals that affect the entire organization
Middle Managers: managers between the first-line level and the top level of the organization
who manage the work of first-line managers
First-Line Managers: managers at the lowest level of the organization who manage the work of
non managerial employees who are directly or indirectly involved with the production or
creation of the organization's products
Management Skills - CORRECT ANSWER - Technical Skills: knowledge of and expertise
in a specialized field
Human Skills: the ability to work well with other people, both individually and in a group
Conceptual Skills: the mental ability to analyze and generate ideas about abstract and complex
situations
Value of studying management - CORRECT ANSWER - The universality of management
- managers are needed in all types and sizes of organizations
The reality of work - you will manage or be managed
Significant rewards and challenges
Managerial Values - CORRECT ANSWER - Values: stable, evaluative beliefs that guide
our preferences for outcomes or courses of action in
Enacted Values: values that actually guide behaviour
, Espoused Values: what people say is important to them
Shared Values: values held in common by several people
Ethical Values: values that society expects people to follow because they distinguish right from
wrong in that society
Personalized Power Orientation: seeking power for personal gain
Socialized Power Orientation: seeking power for social and organizational objective
Stakeholders: Shareholders - CORRECT ANSWER - Inner circle (transact with firm on
regular basis and important on how it operates)Employee, Distributers, suppliers, shareholders,
creditors, customers
Outer circle (have stake in how it operates, don't transact on regular basis) goverment, general
public, local communites.
business - CORRECT ANSWER - is a mission-focused activity aimed at:
Identifying the needs of a market.
Providing a solution while making a profit.
Each of these firms (Shoppers, Walmart, Netflix) is a business - an organization that produces or
sells goods or services to make a profit
Businesses produce most of the goods and services that we consume, and they employ most of
the workforce in Canada
Taxes paid by businesses help support the government at all levels
Also, businesses help support charitable causes and provide community leadership
Major approaches to management - CORRECT ANSWER - 1. Historical Background
a. Early Example of Mgmt (Great Wall, Pyramids)
b. Adam Smith (Weath of Nations - Division of Labor)
c. Industrial Revolution
2. Classical Approaches
a. Scientific Mgmt
Exam Questions and CORRECT Answers
Management - CORRECT ANSWER - the art of getting things done through people
Management Functions - CORRECT ANSWER - Planning: a management function that
involves defining goals, establishing a strategy for achieving those goals, and developing plans
to integrate and coordinate activities
Organizing: a management function that involves determining what tasks are to be done, who i s
to do them, how the tasks are to be grouped, who reports to whom, and where decisions are to be
made
Leading: a management function that involves motivating subordinates, directing the work of
individuals or teams, selecting the most effective communication channels, and resolving
employee behaviour issues
ex: people are hired, trained, and motivated
Controlling: a management function that involves monitoring actual performance, comparing
actual performance to a standard, and taking corrective action when necessary
manager - CORRECT ANSWER - someone who coordinates and oversees the work of
other people so that organizational goals can be accomplished
Manager Roles - CORRECT ANSWER - Interpersonal Roles: managerial roles that
involve working with people or performing duties that are ceremonial and symbolic in nature
Figurehead
Leader
Liaison
Informational Roles: managerial roles that involve receiving, collecting, and disseminating
information
Monitor
Disseminator
Spokesperson
,Decisional Roles: managerial roles that involve making significant choices that affect the
organization
Entrepreneur
Disturbance handler
Resource allocator
Negotiator
This evidence generally supports the idea that managers- regardless of the type of organization or
level in the organization- perform similar roles
Types of Managers - CORRECT ANSWER - Top Managers: managers at or near the top
level of the organization who are responsible for making organization-wide decisions and
establishing the plans and goals that affect the entire organization
Middle Managers: managers between the first-line level and the top level of the organization
who manage the work of first-line managers
First-Line Managers: managers at the lowest level of the organization who manage the work of
non managerial employees who are directly or indirectly involved with the production or
creation of the organization's products
Management Skills - CORRECT ANSWER - Technical Skills: knowledge of and expertise
in a specialized field
Human Skills: the ability to work well with other people, both individually and in a group
Conceptual Skills: the mental ability to analyze and generate ideas about abstract and complex
situations
Value of studying management - CORRECT ANSWER - The universality of management
- managers are needed in all types and sizes of organizations
The reality of work - you will manage or be managed
Significant rewards and challenges
Managerial Values - CORRECT ANSWER - Values: stable, evaluative beliefs that guide
our preferences for outcomes or courses of action in
Enacted Values: values that actually guide behaviour
, Espoused Values: what people say is important to them
Shared Values: values held in common by several people
Ethical Values: values that society expects people to follow because they distinguish right from
wrong in that society
Personalized Power Orientation: seeking power for personal gain
Socialized Power Orientation: seeking power for social and organizational objective
Stakeholders: Shareholders - CORRECT ANSWER - Inner circle (transact with firm on
regular basis and important on how it operates)Employee, Distributers, suppliers, shareholders,
creditors, customers
Outer circle (have stake in how it operates, don't transact on regular basis) goverment, general
public, local communites.
business - CORRECT ANSWER - is a mission-focused activity aimed at:
Identifying the needs of a market.
Providing a solution while making a profit.
Each of these firms (Shoppers, Walmart, Netflix) is a business - an organization that produces or
sells goods or services to make a profit
Businesses produce most of the goods and services that we consume, and they employ most of
the workforce in Canada
Taxes paid by businesses help support the government at all levels
Also, businesses help support charitable causes and provide community leadership
Major approaches to management - CORRECT ANSWER - 1. Historical Background
a. Early Example of Mgmt (Great Wall, Pyramids)
b. Adam Smith (Weath of Nations - Division of Labor)
c. Industrial Revolution
2. Classical Approaches
a. Scientific Mgmt
