MGM101 EXAM UTM EXAM QUESTIONS AND
ANSWERS
What are the four management functions? - Answers -Planning, organizing, leading,
controlling.
What is the purpose of a business plan? - Answers -A roadmap for starting and running
a business.
What are the components of a business plan? - Answers -Executive summary,
company description, market analysis, marketing plan, operations plan, financial plan.
What is the Lean Startup Canvas? - Answers -A tool focusing on problem, solution, and
key metrics.
What does the Business Model Canvas include? - Answers -Value proposition,
customer segments, revenue streams.
What are the 11 major sectors in industries? - Answers -IT, healthcare, energy,
consumer staples, among others.
What are the trends identified in the Future of Jobs Report? - Answers -Automation, AI,
cloud computing.
What skills are highlighted as a gap in the Future of Jobs Report? - Answers -Critical
thinking, problem-solving, adaptability.
What are disruptive technologies? - Answers -Innovations that change industries, such
as AI, blockchain, and IoT.
How did Netflix disrupt the DVD rental industry? - Answers -By introducing streaming
technology.
What are the factors of production? - Answers -Natural resources, capital, human
resources, entrepreneurship.
What are the characteristics of capitalism? - Answers -Private ownership and profit
motive.
What defines socialism? - Answers -The government owns major industries.
What is communism? - Answers -Complete government control.
What is a mixed economy? - Answers -A combination of private and public sectors.
, What are the types of competition? - Answers -Pure, monopolistic, oligopoly, monopoly.
What are the stages of the business cycle? - Answers -Prosperity, recession,
depression, recovery.
What is monetary policy? - Answers -Central bank controls money supply.
What is fiscal policy? - Answers -Government spending and taxation.
What are global risks affecting businesses? - Answers -Inflation, trade tensions, energy
shocks.
What are common reasons for small business failure? - Answers -Poor management,
lack of financing, regulatory burden.
Why is a business plan important? - Answers -It defines mission, vision, goals, and
strategies.
What are some support programs for small businesses? - Answers -BDC loans,
CSBFP guarantees, incubators.
What are the pros of franchising? - Answers -Brand recognition, proven model.
What are the cons of franchising? - Answers -Fees, restrictions.
What is the role of corporate management? - Answers -Includes shareholders, board of
directors, officers.
What are the types of mergers and acquisitions? - Answers -Horizontal, vertical,
conglomerate.
What are the types of entrepreneurship? - Answers -Classic, serial, social.
What is intrapreneurship? - Answers -Innovation within existing firms.
What is the management hierarchy? - Answers -Top (strategic), middle (tactical),
supervisory (operational).
What skills are essential for managers? - Answers -Technical, human, conceptual.
What is SWOT analysis? - Answers -Strengths, weaknesses, opportunities, threats.
What are the leadership styles? - Answers -Autocratic, democratic, free-rein.
What is corporate culture? - Answers -Shared values and norms.
ANSWERS
What are the four management functions? - Answers -Planning, organizing, leading,
controlling.
What is the purpose of a business plan? - Answers -A roadmap for starting and running
a business.
What are the components of a business plan? - Answers -Executive summary,
company description, market analysis, marketing plan, operations plan, financial plan.
What is the Lean Startup Canvas? - Answers -A tool focusing on problem, solution, and
key metrics.
What does the Business Model Canvas include? - Answers -Value proposition,
customer segments, revenue streams.
What are the 11 major sectors in industries? - Answers -IT, healthcare, energy,
consumer staples, among others.
What are the trends identified in the Future of Jobs Report? - Answers -Automation, AI,
cloud computing.
What skills are highlighted as a gap in the Future of Jobs Report? - Answers -Critical
thinking, problem-solving, adaptability.
What are disruptive technologies? - Answers -Innovations that change industries, such
as AI, blockchain, and IoT.
How did Netflix disrupt the DVD rental industry? - Answers -By introducing streaming
technology.
What are the factors of production? - Answers -Natural resources, capital, human
resources, entrepreneurship.
What are the characteristics of capitalism? - Answers -Private ownership and profit
motive.
What defines socialism? - Answers -The government owns major industries.
What is communism? - Answers -Complete government control.
What is a mixed economy? - Answers -A combination of private and public sectors.
, What are the types of competition? - Answers -Pure, monopolistic, oligopoly, monopoly.
What are the stages of the business cycle? - Answers -Prosperity, recession,
depression, recovery.
What is monetary policy? - Answers -Central bank controls money supply.
What is fiscal policy? - Answers -Government spending and taxation.
What are global risks affecting businesses? - Answers -Inflation, trade tensions, energy
shocks.
What are common reasons for small business failure? - Answers -Poor management,
lack of financing, regulatory burden.
Why is a business plan important? - Answers -It defines mission, vision, goals, and
strategies.
What are some support programs for small businesses? - Answers -BDC loans,
CSBFP guarantees, incubators.
What are the pros of franchising? - Answers -Brand recognition, proven model.
What are the cons of franchising? - Answers -Fees, restrictions.
What is the role of corporate management? - Answers -Includes shareholders, board of
directors, officers.
What are the types of mergers and acquisitions? - Answers -Horizontal, vertical,
conglomerate.
What are the types of entrepreneurship? - Answers -Classic, serial, social.
What is intrapreneurship? - Answers -Innovation within existing firms.
What is the management hierarchy? - Answers -Top (strategic), middle (tactical),
supervisory (operational).
What skills are essential for managers? - Answers -Technical, human, conceptual.
What is SWOT analysis? - Answers -Strengths, weaknesses, opportunities, threats.
What are the leadership styles? - Answers -Autocratic, democratic, free-rein.
What is corporate culture? - Answers -Shared values and norms.
