ADMN 1000 Midterm Exam Questions with Correct Answers Latest Update 2025/2026
BONUS!! What is the most important thing to remember about business? - Answers Business is
always personal
What is business? - Answers All profit seeking activities that provide goods and services to a
economy
Identify economic factors of production - Answers Natural resources --> imputs useful in natural
state. ex --> fossil fuels
Capital --> man made tool used to produce goods and services. ex --> office computer
Human Resources --> employees working for the business. ex --> doctors and nurses
Entrepreneurship --> willingness to take risks. ex --> starting a business
Describe the private enterprise system - Answers A money making system that rewards
organizations based on ability to serve needs and demands
What are the seven eras in business history? - Answers 1. the colonial period
2. the industrial revolution
3. the age of industrial entrepreneurship
4. the production era
5. the marketing era
6. the relationship era
7. the social era
2 points from the colonial period - Answers - rural and ag. production
- marketplace for farmers
2 points for the industrial period - Answers - independant --> factory
- mass produced --> large production -- increased profit
2 points for the age of industrial entrepreneurship - Answers - new production methods
, - increased standard of living
2 points for the production era - Answers - get what you get, don't get upset
- work is specialized --> internal processes
2 points for the marketing era - Answers - recognizing what customers want
- branding
2 points for the relationship era - Answers - promote customer loyalty
- loyalty > new = reduced costs
2 points for the social era - Answers - technology marketing
- specific promotions --> specific people
Explain current trends in business - Answers change in workforce -->
- business = aging, labour = shrinking
- increase in diversity
- increase in outsourcing for production of goods and fulfilling services
- flexibility = remote
Skills and attributes of a manager - Answers vision --> ability to understand and satisfy
marketplace needs
critical thinking --> observe and fix problems
leadership skills --> changes within external and internal conditions
Define microeconomics - Answers The study of economic behaviour among people and
businesses
Discuss demand and supply - Answers Demand --> driving factors
- customers taste
- # of buyers + income
- prices --> sub and comp goods
BONUS!! What is the most important thing to remember about business? - Answers Business is
always personal
What is business? - Answers All profit seeking activities that provide goods and services to a
economy
Identify economic factors of production - Answers Natural resources --> imputs useful in natural
state. ex --> fossil fuels
Capital --> man made tool used to produce goods and services. ex --> office computer
Human Resources --> employees working for the business. ex --> doctors and nurses
Entrepreneurship --> willingness to take risks. ex --> starting a business
Describe the private enterprise system - Answers A money making system that rewards
organizations based on ability to serve needs and demands
What are the seven eras in business history? - Answers 1. the colonial period
2. the industrial revolution
3. the age of industrial entrepreneurship
4. the production era
5. the marketing era
6. the relationship era
7. the social era
2 points from the colonial period - Answers - rural and ag. production
- marketplace for farmers
2 points for the industrial period - Answers - independant --> factory
- mass produced --> large production -- increased profit
2 points for the age of industrial entrepreneurship - Answers - new production methods
, - increased standard of living
2 points for the production era - Answers - get what you get, don't get upset
- work is specialized --> internal processes
2 points for the marketing era - Answers - recognizing what customers want
- branding
2 points for the relationship era - Answers - promote customer loyalty
- loyalty > new = reduced costs
2 points for the social era - Answers - technology marketing
- specific promotions --> specific people
Explain current trends in business - Answers change in workforce -->
- business = aging, labour = shrinking
- increase in diversity
- increase in outsourcing for production of goods and fulfilling services
- flexibility = remote
Skills and attributes of a manager - Answers vision --> ability to understand and satisfy
marketplace needs
critical thinking --> observe and fix problems
leadership skills --> changes within external and internal conditions
Define microeconomics - Answers The study of economic behaviour among people and
businesses
Discuss demand and supply - Answers Demand --> driving factors
- customers taste
- # of buyers + income
- prices --> sub and comp goods
