MNG3701 - Chapter 1 Latest Exam
Questions and Answers with Rationales,
A+ Guarantee 2026
Purpose of Business Organisation - Correct Answers ✅* To
the Entrepreneur it is the profit he makes from his business
* To the consumer it is the value of the service or product
* To employees it is their salary/wage earned
* To an organization it can be selling shares to shareholders
Stakeholders - Correct Answers ✅Any person or group of
people that have (or claim to have) an interest in an
organization and its activities.
Stakeholder Expectations - Correct Answers ✅* Customers
- quality products and good service
* Suppliers - payment on time
* Community - contribution in form of sponsorships or
community projects
* Organized labor - treat employees with fairness, dignity and
respect
Internal Stakeholders - Correct Answers ✅Work directly
within the organisation - business owners, shareholders,
investors, employees and management
External Stakeholders - Correct Answers ✅Not directly
associated with the organization - community, government,
organized labor (trade unions), customers, suppliers.
, MNG3701 - Chapter 1 Latest Exam
Questions and Answers with Rationales,
A+ Guarantee 2026
Triple Bottom Line (Expected from Organizations) - Correct
Answers ✅* Be profitable
* Take responsibility for the physical environment
* Meet is social responsibilities towards the community in
which it operates
Manager - Correct Answers ✅The person responsible for
running a part of or an entire organization
Management - Correct Answers ✅The interlocking
functions that managers perform.
Management Process - Correct Answers ✅"The process of
working with and through others to achieve organizational
objectives in a changing environment."
Management Process Characteristics - Correct Answers ✅*
Management is a process
* Management entails working with and through others
* Management aims to contribute to the realization of
organizational goals and objectives
* Management needs to cope with a changing environment
Questions and Answers with Rationales,
A+ Guarantee 2026
Purpose of Business Organisation - Correct Answers ✅* To
the Entrepreneur it is the profit he makes from his business
* To the consumer it is the value of the service or product
* To employees it is their salary/wage earned
* To an organization it can be selling shares to shareholders
Stakeholders - Correct Answers ✅Any person or group of
people that have (or claim to have) an interest in an
organization and its activities.
Stakeholder Expectations - Correct Answers ✅* Customers
- quality products and good service
* Suppliers - payment on time
* Community - contribution in form of sponsorships or
community projects
* Organized labor - treat employees with fairness, dignity and
respect
Internal Stakeholders - Correct Answers ✅Work directly
within the organisation - business owners, shareholders,
investors, employees and management
External Stakeholders - Correct Answers ✅Not directly
associated with the organization - community, government,
organized labor (trade unions), customers, suppliers.
, MNG3701 - Chapter 1 Latest Exam
Questions and Answers with Rationales,
A+ Guarantee 2026
Triple Bottom Line (Expected from Organizations) - Correct
Answers ✅* Be profitable
* Take responsibility for the physical environment
* Meet is social responsibilities towards the community in
which it operates
Manager - Correct Answers ✅The person responsible for
running a part of or an entire organization
Management - Correct Answers ✅The interlocking
functions that managers perform.
Management Process - Correct Answers ✅"The process of
working with and through others to achieve organizational
objectives in a changing environment."
Management Process Characteristics - Correct Answers ✅*
Management is a process
* Management entails working with and through others
* Management aims to contribute to the realization of
organizational goals and objectives
* Management needs to cope with a changing environment
