BUS 100
Introduction to Business
Midterms (Qns & Ans)
2025
General Instructions
1. Read All Questions Carefully: Make sure you understand each question.
2. Time Management: You have a specific amount of time to complete the exam.
Keep an eye on the clock and pace yourself.
3. Allowed Materials: Only use materials that are explicitly allowed. Unauthorized
materials can lead to disqualification.
4. ANS Format: Follow the required format for your ANS. For example, multiple-
choice questions might need you to select the best ANS, while essay questions
require detailed responses.
5. Academic Integrity: Adhere to the university's honor code. Any form of cheating or
plagiarism is strictly prohibited.
6. Technical Requirements: Ensure your computer and internet connection are
stable. For online exams, you might need a webcam and microphone for proctoring
purposes.
7. Submission: Submit your ANS before the time expires. Late submissions might
not be accepted.
©2024/2025
,1. Which of the following is a key characteristic of a sole
proprietorship?
- A) Limited liability
- B) Double taxation
- C) Single owner
- D) Ability to issue stock
- ANS: C) Single owner
- Rationale: A sole proprietorship is a business owned and
operated by one individual, with no distinction between the
business and the owner.
2. In the context of business ethics, what does CSR stand for?
- A) Corporate Social Responsibility
- B) Customer Service Relations
- C) Corporate Strategic Resources
- D) Customer Satisfaction Rating
- ANS: A) Corporate Social Responsibility
- Rationale: CSR refers to a company's commitment to
manage the social, environmental, and economic effects of its
operations responsibly.
©2024/2025
, 3. Which financial statement provides a summary of a
company's revenues and expenses over a specific period?
- A) Balance Sheet
- B) Income Statement
- C) Cash Flow Statement
- D) Statement of Retained Earnings
- ANS: B) Income Statement
- Rationale: The income statement shows a company's
financial performance over a specific period, including revenues,
expenses, and profits.
### Fill-in-the-Blank Questions
4. The ___________ is a visual representation of an
organization's structure, showing the relationships and relative
ranks of its parts and positions/jobs.
- ANS: Organizational Chart
- Rationale: An organizational chart illustrates the hierarchy
and reporting relationships within a company.
©2024/2025
Introduction to Business
Midterms (Qns & Ans)
2025
General Instructions
1. Read All Questions Carefully: Make sure you understand each question.
2. Time Management: You have a specific amount of time to complete the exam.
Keep an eye on the clock and pace yourself.
3. Allowed Materials: Only use materials that are explicitly allowed. Unauthorized
materials can lead to disqualification.
4. ANS Format: Follow the required format for your ANS. For example, multiple-
choice questions might need you to select the best ANS, while essay questions
require detailed responses.
5. Academic Integrity: Adhere to the university's honor code. Any form of cheating or
plagiarism is strictly prohibited.
6. Technical Requirements: Ensure your computer and internet connection are
stable. For online exams, you might need a webcam and microphone for proctoring
purposes.
7. Submission: Submit your ANS before the time expires. Late submissions might
not be accepted.
©2024/2025
,1. Which of the following is a key characteristic of a sole
proprietorship?
- A) Limited liability
- B) Double taxation
- C) Single owner
- D) Ability to issue stock
- ANS: C) Single owner
- Rationale: A sole proprietorship is a business owned and
operated by one individual, with no distinction between the
business and the owner.
2. In the context of business ethics, what does CSR stand for?
- A) Corporate Social Responsibility
- B) Customer Service Relations
- C) Corporate Strategic Resources
- D) Customer Satisfaction Rating
- ANS: A) Corporate Social Responsibility
- Rationale: CSR refers to a company's commitment to
manage the social, environmental, and economic effects of its
operations responsibly.
©2024/2025
, 3. Which financial statement provides a summary of a
company's revenues and expenses over a specific period?
- A) Balance Sheet
- B) Income Statement
- C) Cash Flow Statement
- D) Statement of Retained Earnings
- ANS: B) Income Statement
- Rationale: The income statement shows a company's
financial performance over a specific period, including revenues,
expenses, and profits.
### Fill-in-the-Blank Questions
4. The ___________ is a visual representation of an
organization's structure, showing the relationships and relative
ranks of its parts and positions/jobs.
- ANS: Organizational Chart
- Rationale: An organizational chart illustrates the hierarchy
and reporting relationships within a company.
©2024/2025
