To the original poster: It sounds like things are starting off badly with your PM "yelling ENGINE FAILURE!!" First of all, tell him/her to calm down. Just tell me in your calmest voice "Hey, man, two's rolling back" or something. Unless of course your company tells you something different.
The others are correct, just do everything in slow motion, and in order to pass your sim ride and generally survive in the 121 world, don't be afraid of the automation. Learn it, lean on it when you can, but of course NEVER be afraid to turn it off when you're ahead of the airplane and the automation is tripping things up.
Yes, you should be able to fly an airplane or even the sim when things are going badly, but check your profiles: they will call for application of the AP at a certain altitude. 600 ft if I remember correctly from my CRJ days. So stay in the profile if you can and life will be grand.
Regarding S.E. go-arounds: for the love of god don't do anything quickly. In any airplane. That's pretty much the name of the game in any 2 engine airplane with only 1 running, no different in jets. Some people around here get all worked up when someone mentions staying on the runway a few knots past Vr, but you DO NOT have to horse the airplane in to the air just because the person next to you gave permission to do it. You and your pax will be better served in most cases by waiting until you've got things under control before committing to the air. Now, waiting a little longer as you remain early in your sim training will allow you to hone down your reaction to the point of near normalcy, but never be afraid to slow down when things are getting weird.
I generally agree with most of avbug's posts, but just because he's flown a CRJ sim and wasn't impressed doesn't mean that he should dictate policy to someone trying to pass a 121 PC. I agree about what you SHOULD be able to do, but you are training....and that will come later(but hopefully not much later), stick with your profiles when you can, but fly the airplane first.
To depart the idealistic world of flying and piloting for the world of checkride etiquette, I routinely see people that fly too long in the sim before asking for the AP. Here's the philosophy: Never go faster than 200 until the guy in the back tells you that you must, and never hand fly until they fail the AP.