ADM 1100 Exam Questions with Correct Solutions Latest Update 2025-2026
business - Answers all profit-seeking activities and enterprises that provide goods and services
necessary to an economic system.
profits - Answers rewards for businesspeople who take the risks involved to offer goods and
services to customers
not-for-profit organizations - Answers organizations whose primary aims are public service, not
returning a profit to its owners.
management - Answers the process of achieving organizational goals through people and other
resources
neo-liberalism - Answers A strategy for economic development that calls for free markets,
balanced budgets, privatization, free trade, and minimal government intervention in the
economy.
top management - Answers Strategic. Develop long-range strategic plans for the organization.
Inspire executives and employees to achieve their vision for the company's future.
middle management - Answers Specialization coordination. Focus on specific operations,
products, or customer groups within an organization. Responsible for developing detailed plans
and procedures to implement the firm's strategic plans.
supervisory management - Answers Mobilization. Implement the plans developed by middle
managers. Responsible for non-manager employees. Motivate workers to accomplish daily,
weekly, and monthly goals.
planning - Answers the process of looking forward to future events and conditions and deciding
on the course of action for achieving organizational goals.
organizing - Answers the process of blending human and material resources through a formal
structure of tasks and authority: arranging work, dividing tasks among employees, and
coordinating them to ensure plans are carried out and goals are met.
directing - Answers guiding and motivating employees to accomplish organizational goals
controlling - Answers the function of assessing an organization's performance against its goals.
vision - Answers the ability to perceive marketplace needs and what an organization must do to
satisfy them.
deontological ethic standards - Answers doing good for the sake of doing good
consequentialist ethic standards - Answers whether something is good based on the
consequences of the act
,utilitarianist ethic standard - Answers An ethical system stating that the greatest good for the
greatest number should be the overriding concern of decision makers
mission statement - Answers a written description of an organization's overall business
purpose and aims.
SWOT analysis - Answers [Word] is short for "Strengths, Weaknesses, Opportunities, and
Threats." By assessing all four factors one by one, a firm can then develop the best strategies
for gaining a competitive advantage.
objectives - Answers the targets that managers use to plan for the organization's hoped-for
performance. They can relate to such areas as new-product development, sales, customer
service growth, environmental and social responsability and employee satisfaction.
decision-making - Answers the process of seeing a problem or opportunity, assessing the
possible solutions, selecting and carrying out the best-suited plan, and assessing the results.
programmed decision - Answers involves simple, common, and frequently-occurring problems
that already have solutions
non-programmed decision - Answers involves a complex and unique problem or opportunity
with important results for the organization
leadership - Answers the ability to direct or inspire people to reach goals
empowerment - Answers giving employees shared authority, responsability, and decision-
making with their managers.
autocratic leadership - Answers Leader-centred; make decisions on own without consulting
employees.
democratic leadership - Answers Involves employees in decisions, delegate assignments, and
ask them for suggestions.
free-rein leadership - Answers Involves minimal supervision; leave most decisions to employees.
corporate culture - Answers an organization's collection of principles, beliefs, and values.
organization - Answers A structured group of people working together to achieve common
goals
departmentalization - Answers The process of dividing work activities into units within the
organization.
product departmentalization - Answers Organized based on the goods and services a company
offers.
, geographical departmentalization - Answers Organized by geographical regions within a country
or, for a multinational firm, by region throughout the world.
customer departmentalization - Answers Organized by the different types of customers the
organization serves.
functional departmentalization - Answers Organized by business functions such as finance,
marketing, human resources, and production.
process departmentalization - Answers Organized by work processes necessary to complete
production of goods or services.
delegation - Answers The managerial process of assigning work to employees.
span of management - Answers is the number of employees a supervisor manages.
Centralization - Answers means that decision-making is retained at the top of the management
hierarchy.
decentralization - Answers means that decision-making is shifted to the lower levels. Many
firms believe it enhances their flexibility and responsiveness to customer needs.
entrepreneur - Answers A person who seeks a profitable opportunity and takes the necessary
risks to set up and operate a business.
classic entrepreneur - Answers a person who sees a business opportunity and set aside
resources to gain access to that market.
serial entrepreneur - Answers a person who starts one business, runs it, and then starts and
runs more businesses, one after another.
social entrepreneur - Answers a person who sees societal problems and uses business
principles to develop new solutions.
lifestyle entrepreneur - Answers a person who starts a business to reduce work hours and
create a more relaxed lifestyle.
seed capital - Answers The initial funding needed to launch a new venture
debt financing - Answers borrowed funds that entrepreneurs must repay
equity financing - Answers funds invested in new ventures in exchange for part ownership
venture capitalists - Answers business firms or groups of individuals that invest in new and
growing firms in exchange for an ownership share
angel investors - Answers wealthy individuals who invest directly in a new venture in exchange
for an equity stake.
business - Answers all profit-seeking activities and enterprises that provide goods and services
necessary to an economic system.
profits - Answers rewards for businesspeople who take the risks involved to offer goods and
services to customers
not-for-profit organizations - Answers organizations whose primary aims are public service, not
returning a profit to its owners.
management - Answers the process of achieving organizational goals through people and other
resources
neo-liberalism - Answers A strategy for economic development that calls for free markets,
balanced budgets, privatization, free trade, and minimal government intervention in the
economy.
top management - Answers Strategic. Develop long-range strategic plans for the organization.
Inspire executives and employees to achieve their vision for the company's future.
middle management - Answers Specialization coordination. Focus on specific operations,
products, or customer groups within an organization. Responsible for developing detailed plans
and procedures to implement the firm's strategic plans.
supervisory management - Answers Mobilization. Implement the plans developed by middle
managers. Responsible for non-manager employees. Motivate workers to accomplish daily,
weekly, and monthly goals.
planning - Answers the process of looking forward to future events and conditions and deciding
on the course of action for achieving organizational goals.
organizing - Answers the process of blending human and material resources through a formal
structure of tasks and authority: arranging work, dividing tasks among employees, and
coordinating them to ensure plans are carried out and goals are met.
directing - Answers guiding and motivating employees to accomplish organizational goals
controlling - Answers the function of assessing an organization's performance against its goals.
vision - Answers the ability to perceive marketplace needs and what an organization must do to
satisfy them.
deontological ethic standards - Answers doing good for the sake of doing good
consequentialist ethic standards - Answers whether something is good based on the
consequences of the act
,utilitarianist ethic standard - Answers An ethical system stating that the greatest good for the
greatest number should be the overriding concern of decision makers
mission statement - Answers a written description of an organization's overall business
purpose and aims.
SWOT analysis - Answers [Word] is short for "Strengths, Weaknesses, Opportunities, and
Threats." By assessing all four factors one by one, a firm can then develop the best strategies
for gaining a competitive advantage.
objectives - Answers the targets that managers use to plan for the organization's hoped-for
performance. They can relate to such areas as new-product development, sales, customer
service growth, environmental and social responsability and employee satisfaction.
decision-making - Answers the process of seeing a problem or opportunity, assessing the
possible solutions, selecting and carrying out the best-suited plan, and assessing the results.
programmed decision - Answers involves simple, common, and frequently-occurring problems
that already have solutions
non-programmed decision - Answers involves a complex and unique problem or opportunity
with important results for the organization
leadership - Answers the ability to direct or inspire people to reach goals
empowerment - Answers giving employees shared authority, responsability, and decision-
making with their managers.
autocratic leadership - Answers Leader-centred; make decisions on own without consulting
employees.
democratic leadership - Answers Involves employees in decisions, delegate assignments, and
ask them for suggestions.
free-rein leadership - Answers Involves minimal supervision; leave most decisions to employees.
corporate culture - Answers an organization's collection of principles, beliefs, and values.
organization - Answers A structured group of people working together to achieve common
goals
departmentalization - Answers The process of dividing work activities into units within the
organization.
product departmentalization - Answers Organized based on the goods and services a company
offers.
, geographical departmentalization - Answers Organized by geographical regions within a country
or, for a multinational firm, by region throughout the world.
customer departmentalization - Answers Organized by the different types of customers the
organization serves.
functional departmentalization - Answers Organized by business functions such as finance,
marketing, human resources, and production.
process departmentalization - Answers Organized by work processes necessary to complete
production of goods or services.
delegation - Answers The managerial process of assigning work to employees.
span of management - Answers is the number of employees a supervisor manages.
Centralization - Answers means that decision-making is retained at the top of the management
hierarchy.
decentralization - Answers means that decision-making is shifted to the lower levels. Many
firms believe it enhances their flexibility and responsiveness to customer needs.
entrepreneur - Answers A person who seeks a profitable opportunity and takes the necessary
risks to set up and operate a business.
classic entrepreneur - Answers a person who sees a business opportunity and set aside
resources to gain access to that market.
serial entrepreneur - Answers a person who starts one business, runs it, and then starts and
runs more businesses, one after another.
social entrepreneur - Answers a person who sees societal problems and uses business
principles to develop new solutions.
lifestyle entrepreneur - Answers a person who starts a business to reduce work hours and
create a more relaxed lifestyle.
seed capital - Answers The initial funding needed to launch a new venture
debt financing - Answers borrowed funds that entrepreneurs must repay
equity financing - Answers funds invested in new ventures in exchange for part ownership
venture capitalists - Answers business firms or groups of individuals that invest in new and
growing firms in exchange for an ownership share
angel investors - Answers wealthy individuals who invest directly in a new venture in exchange
for an equity stake.
