MGM101 Exam UPDATED Exam
Questions and CORRECT Answers
Manager - CORRECT ANSWER - Makes decisions about scarce resource allocation
towards achieving strategic objectives
(4) Functions of Management - CORRECT ANSWER - (1) Planning & Strategizing
(2) Organizing
(3) Leading & Developing
(4) Controlling
(4) Types of Managers - CORRECT ANSWER - Frontline; Middle; General; Functional
Frontline Manager - CORRECT ANSWER - Manage other employees; Promoted
employees; Directly managing
Middle Manager - CORRECT ANSWER - Divisional; Needs management skills
General Manager - CORRECT ANSWER - All departments, entire organization; ie. CEO
Management - CORRECT ANSWER - Getting things done through people
Planning - CORRECT ANSWER - Choose goals > Identify actions > Allocate > Measure
success > Revise
Strategizing - CORRECT ANSWER - What to do to achieve goals; Involves being aware
of competition, changes in technology/government, alternate strategies, choosing action
Organizing - CORRECT ANSWER - Deciding who, where, how
,Controlling - CORRECT ANSWER - Monitoring performance against goals; Intervening
Leading - CORRECT ANSWER - Motivating, influencing, directing others to pursue
goals
Human Capital - CORRECT ANSWER - Knowledge & skills of individuals
Functional Managers - CORRECT ANSWER - Particular function
(4) Levels of Management - CORRECT ANSWER - (1) Corporate
(2) Business
(3) Functional
(4) Frontline
Corporate Level General Managers - CORRECT ANSWER - CEO, CFO, COO, CTO
report to Board of Directors
Board of Directors - CORRECT ANSWER - Measure process & protect shareholders
Business Level General Managers - CORRECT ANSWER - In organizations with only
one business; Same as Corporate
(3) Managerial Roles - CORRECT ANSWER - (1) Interpersonal Roles
(2) Informational Roles
(3) Decisional Roles
Interpersonal Roles - CORRECT ANSWER - Liaison; Leader; Figurehead
,Informational Roles - CORRECT ANSWER - Disseminator/Informer; Monitor;
Spokesperson
Decisional Roles - CORRECT ANSWER - Negotiator; Resource Allocation; Disturbance
Handler; Entrepreneur
(3) Competencies - CORRECT ANSWER - (1) Conceptual Skills
(2) Technical Skills
(3) Human Skills
Conceptual Skills - CORRECT ANSWER - Ability to see the big picture; Creative
Technical Skills - CORRECT ANSWER - Mastery of equipment/technical procedure
Human Skills - CORRECT ANSWER - Ability to communicate, persuade, manage
conflict, motivate, coach, negotiate, lead
(2) Values - CORRECT ANSWER - Beliefs that guide preferences for outcomes of
decisions
(1) Enacted Values
(2) Espoused Values
Enacted Values - CORRECT ANSWER - Values that actually guide behaviours
Espoused Values - CORRECT ANSWER - What people SAY are important to them
Shared Values - CORRECT ANSWER - Values held in common
, Ethical Values - CORRECT ANSWER - Society expectations
(4) Managerial Motivation - CORRECT ANSWER - (1) Desire to compete
(2) Desire to exercise power
(3) Desire to be different
(4) Desire to take action
Personalized Power Orientation - CORRECT ANSWER - Personal gain; Thrill of bossing
others
Socialized Power Orientation - CORRECT ANSWER - Power to achieve
social/organizational objectives
Stakeholder - CORRECT ANSWER - Has a stake in operations and how it's run
Outer Circle Stakeholders - CORRECT ANSWER - General Public
Government
Local Communities
Inner Circle Stakeholders - CORRECT ANSWER - Direct interaction:
Employees
Customers
Creditors
Shareholders
Suppliers
Distributors
Questions and CORRECT Answers
Manager - CORRECT ANSWER - Makes decisions about scarce resource allocation
towards achieving strategic objectives
(4) Functions of Management - CORRECT ANSWER - (1) Planning & Strategizing
(2) Organizing
(3) Leading & Developing
(4) Controlling
(4) Types of Managers - CORRECT ANSWER - Frontline; Middle; General; Functional
Frontline Manager - CORRECT ANSWER - Manage other employees; Promoted
employees; Directly managing
Middle Manager - CORRECT ANSWER - Divisional; Needs management skills
General Manager - CORRECT ANSWER - All departments, entire organization; ie. CEO
Management - CORRECT ANSWER - Getting things done through people
Planning - CORRECT ANSWER - Choose goals > Identify actions > Allocate > Measure
success > Revise
Strategizing - CORRECT ANSWER - What to do to achieve goals; Involves being aware
of competition, changes in technology/government, alternate strategies, choosing action
Organizing - CORRECT ANSWER - Deciding who, where, how
,Controlling - CORRECT ANSWER - Monitoring performance against goals; Intervening
Leading - CORRECT ANSWER - Motivating, influencing, directing others to pursue
goals
Human Capital - CORRECT ANSWER - Knowledge & skills of individuals
Functional Managers - CORRECT ANSWER - Particular function
(4) Levels of Management - CORRECT ANSWER - (1) Corporate
(2) Business
(3) Functional
(4) Frontline
Corporate Level General Managers - CORRECT ANSWER - CEO, CFO, COO, CTO
report to Board of Directors
Board of Directors - CORRECT ANSWER - Measure process & protect shareholders
Business Level General Managers - CORRECT ANSWER - In organizations with only
one business; Same as Corporate
(3) Managerial Roles - CORRECT ANSWER - (1) Interpersonal Roles
(2) Informational Roles
(3) Decisional Roles
Interpersonal Roles - CORRECT ANSWER - Liaison; Leader; Figurehead
,Informational Roles - CORRECT ANSWER - Disseminator/Informer; Monitor;
Spokesperson
Decisional Roles - CORRECT ANSWER - Negotiator; Resource Allocation; Disturbance
Handler; Entrepreneur
(3) Competencies - CORRECT ANSWER - (1) Conceptual Skills
(2) Technical Skills
(3) Human Skills
Conceptual Skills - CORRECT ANSWER - Ability to see the big picture; Creative
Technical Skills - CORRECT ANSWER - Mastery of equipment/technical procedure
Human Skills - CORRECT ANSWER - Ability to communicate, persuade, manage
conflict, motivate, coach, negotiate, lead
(2) Values - CORRECT ANSWER - Beliefs that guide preferences for outcomes of
decisions
(1) Enacted Values
(2) Espoused Values
Enacted Values - CORRECT ANSWER - Values that actually guide behaviours
Espoused Values - CORRECT ANSWER - What people SAY are important to them
Shared Values - CORRECT ANSWER - Values held in common
, Ethical Values - CORRECT ANSWER - Society expectations
(4) Managerial Motivation - CORRECT ANSWER - (1) Desire to compete
(2) Desire to exercise power
(3) Desire to be different
(4) Desire to take action
Personalized Power Orientation - CORRECT ANSWER - Personal gain; Thrill of bossing
others
Socialized Power Orientation - CORRECT ANSWER - Power to achieve
social/organizational objectives
Stakeholder - CORRECT ANSWER - Has a stake in operations and how it's run
Outer Circle Stakeholders - CORRECT ANSWER - General Public
Government
Local Communities
Inner Circle Stakeholders - CORRECT ANSWER - Direct interaction:
Employees
Customers
Creditors
Shareholders
Suppliers
Distributors
