ADMS 1000 MIDTERM UPDATED ACTUAL QUESTIONS
AND CORRECT ANSWERS
Question:
1. Stake Holder
Answer:
A person who is impacted by the outcomes of the business
Question:
2. Economic Factor
Answer:
Strong influence on present and future prospects, downsizing in lean times than in
rich.
Question:
3. Diversity
Answer:
Having multiple streams to change things out in the economy, like having a back
up plan.
Question:
4. Seven external factors
Answer:
Politics, Economy, Technology, Social, Competition, Global, Sustainability
Question:
5. Politics
Answer:
Countries Stability, Taxes, Trade Agreements, Laws and Regulations.
Question:
6. Economy
Answer:
Poor economy scares businesses and unemployment rises.
Causes companies to go offshore, to keep expenses at a minimum.
Question:
7. Technology
Answer:
Work Approach, Equipment, Electronics, Automation, Processing Systems.
, Question:
8. Social
Answer:
Demographics, Consumer Preferences, Attitudes, Values, Ethics.
Question:
9. Who are the competitors? How competitive is the industry? In what competition
does your industry operate in.
Answer:
Competition
Question:
10. Global
Answer:
Includes other 5 forces but in an international context.
The interconnection between countries.
Question:
11. Sustainability
Answer:
Development that meets the needs of the present without compromising the
ability of future generations to meet their needs.
Question:
12. Goal of Sustainable Business
Answer:
Economic: Make Profit
Social Equity: Meet the needs
Environment: Protect the environment
Question:
13. Dynamic Capabilities
Answer:
The idea that you can adapt to change, in order to be successful in a competitive
market.
Question:
14. When can a business thrive?
Answer:
If it can effectively respond to the changing demands and its internal and external
environments.
AND CORRECT ANSWERS
Question:
1. Stake Holder
Answer:
A person who is impacted by the outcomes of the business
Question:
2. Economic Factor
Answer:
Strong influence on present and future prospects, downsizing in lean times than in
rich.
Question:
3. Diversity
Answer:
Having multiple streams to change things out in the economy, like having a back
up plan.
Question:
4. Seven external factors
Answer:
Politics, Economy, Technology, Social, Competition, Global, Sustainability
Question:
5. Politics
Answer:
Countries Stability, Taxes, Trade Agreements, Laws and Regulations.
Question:
6. Economy
Answer:
Poor economy scares businesses and unemployment rises.
Causes companies to go offshore, to keep expenses at a minimum.
Question:
7. Technology
Answer:
Work Approach, Equipment, Electronics, Automation, Processing Systems.
, Question:
8. Social
Answer:
Demographics, Consumer Preferences, Attitudes, Values, Ethics.
Question:
9. Who are the competitors? How competitive is the industry? In what competition
does your industry operate in.
Answer:
Competition
Question:
10. Global
Answer:
Includes other 5 forces but in an international context.
The interconnection between countries.
Question:
11. Sustainability
Answer:
Development that meets the needs of the present without compromising the
ability of future generations to meet their needs.
Question:
12. Goal of Sustainable Business
Answer:
Economic: Make Profit
Social Equity: Meet the needs
Environment: Protect the environment
Question:
13. Dynamic Capabilities
Answer:
The idea that you can adapt to change, in order to be successful in a competitive
market.
Question:
14. When can a business thrive?
Answer:
If it can effectively respond to the changing demands and its internal and external
environments.
