GMS 401 Final Exam Study Guide: Key Notes,
Practice Questions & Answers - Toronto
Metropolitan University (TMU)
Ethics
- CORRECT ANSWER-code of moral principles that set standards of conduct of what is good
and right
Organizations as open system
- CORRECT ANSWER-composed or interrelated parts that function together
Line Manager
- CORRECT ANSWER-Responsible for work activities that directly affect organization's outputs
Staff Manager
- CORRECT ANSWER-have technical expertise to advise/ support line workers
Functional Manager
- CORRECT ANSWER-responsible for a single area of activity
General Managers
- CORRECT ANSWER-responsible for activities covering many functional areas
,Adminstrators
- CORRECT ANSWER-managers who work in public/ non-profit organizations
General Environment
- CORRECT ANSWER-consists of all the background conditions in the external environment of
an organization
Economic Conditions
- CORRECT ANSWER-the economic conditions of the general environment details the health of
the economy in terms of inflation, income levels, GDP, unemployment, and job out-look.
Legal-Political Conditions
- CORRECT ANSWER-by staying abreast of the legal-political conditions of the general
environment, managers are aware of the prevailing philosophy and objectives of the political
party or parties running the government, as well as laws and government regulations.
Internet Censorship
- CORRECT ANSWER-is the deliberate blockage and denial of public access to information
posted on the Internet
Technological Conditions
- CORRECT ANSWER-with the development and availability of new technologies in the general
environment, managers need to constantly monitor how these advances affect the work being
done by employees.
, Socio-cultural Conditions
- CORRECT ANSWER-changes in the norms, customs, and social values on such matters as
human rights, ethics, gender roles, and life styles, along with environmental trends in education
and related social institutions, as well as demographic patterns all will affect how organizations
are managed.
Specific Environment
- CORRECT ANSWER-consists of all the actual organizations, groups, and persons with whom
an organization interacts and conducts business.
Stakeholders
- CORRECT ANSWER-the persons, groups, and institutions who are affected by the
organization's performance
Competitive Advantage
- CORRECT ANSWER-refers to a core competency that clearly sets and organization apart
from competitors and gives it an advantage over them in the marketplace
Cost
- CORRECT ANSWER-operating with lower costs than one's competitors and thus earning
profits with prices that competitors have difficulty matching
Quality
- CORRECT ANSWER-creating products and services that are demonstrably higher quality for
customers than what is being offered by the competition
Practice Questions & Answers - Toronto
Metropolitan University (TMU)
Ethics
- CORRECT ANSWER-code of moral principles that set standards of conduct of what is good
and right
Organizations as open system
- CORRECT ANSWER-composed or interrelated parts that function together
Line Manager
- CORRECT ANSWER-Responsible for work activities that directly affect organization's outputs
Staff Manager
- CORRECT ANSWER-have technical expertise to advise/ support line workers
Functional Manager
- CORRECT ANSWER-responsible for a single area of activity
General Managers
- CORRECT ANSWER-responsible for activities covering many functional areas
,Adminstrators
- CORRECT ANSWER-managers who work in public/ non-profit organizations
General Environment
- CORRECT ANSWER-consists of all the background conditions in the external environment of
an organization
Economic Conditions
- CORRECT ANSWER-the economic conditions of the general environment details the health of
the economy in terms of inflation, income levels, GDP, unemployment, and job out-look.
Legal-Political Conditions
- CORRECT ANSWER-by staying abreast of the legal-political conditions of the general
environment, managers are aware of the prevailing philosophy and objectives of the political
party or parties running the government, as well as laws and government regulations.
Internet Censorship
- CORRECT ANSWER-is the deliberate blockage and denial of public access to information
posted on the Internet
Technological Conditions
- CORRECT ANSWER-with the development and availability of new technologies in the general
environment, managers need to constantly monitor how these advances affect the work being
done by employees.
, Socio-cultural Conditions
- CORRECT ANSWER-changes in the norms, customs, and social values on such matters as
human rights, ethics, gender roles, and life styles, along with environmental trends in education
and related social institutions, as well as demographic patterns all will affect how organizations
are managed.
Specific Environment
- CORRECT ANSWER-consists of all the actual organizations, groups, and persons with whom
an organization interacts and conducts business.
Stakeholders
- CORRECT ANSWER-the persons, groups, and institutions who are affected by the
organization's performance
Competitive Advantage
- CORRECT ANSWER-refers to a core competency that clearly sets and organization apart
from competitors and gives it an advantage over them in the marketplace
Cost
- CORRECT ANSWER-operating with lower costs than one's competitors and thus earning
profits with prices that competitors have difficulty matching
Quality
- CORRECT ANSWER-creating products and services that are demonstrably higher quality for
customers than what is being offered by the competition
