BUS 2301 Principles of Management Final Exam Review Q & A 2026 (Complete And Verified Study material) (26pages) LEARNEXAMS

1. What is the primary goal of management? a) To control and direct people b) To oversee the financial operations of the company c) To achieve organizational goals efficiently and effectively d) To maintain the status quo Answer: c) To achieve organizational goals efficiently and effectively Rationale: The primary goal of management is to achieve organizational objectives with efficiency and effectiveness, utilizing resources properly and meeting the needs of stakeholders. 2. Which of the following best describes 'strategic planning'? a) A short-term, day-to-day process b) A long-term, comprehensive process c) A reactive, quick-fix approach to problems d) An operational, task-oriented process Answer: b) A long-term, comprehensive process Rationale: Strategic planning involves setting long-term goals and determining the best approach to achieve them, which requires a comprehensive and forward-thinking process. 3. In the context of management, what does 'decentralization' refer to? a) Consolidation of decision-making authority at the top levels of the organization b) Division of an organization into smaller parts c) Distribution of decision-making authority throughout lower levels of the organization d) The process of downsizing the organization Answer: c) Distribution of decision-making authority throughout lower levels of the organization Rationale: Decentralization is the distribution of decision-making power to lower levels in an organization, allowing for more responsiveness and flexibility. 4. What is 'benchmarking' in the field of management? a) Setting maximum acceptable limits for performance b) Comparing an organization's practices and performance with those of