ADM 1100 UPDATED FINAL EXAM QUESTIONS
AND CORRECT ANSWERS
Good Manager - CORRECT ANSWERS Critical thinking
Creativity
Vision
Leadership
Business - CORRECT ANSWERS All profit-seeking activities and enterprises that provide
goods and services for clients
Profits - CORRECT ANSWERS Financial rewards for business people (usually owners) who
take the risks involved to offer goods and services to customers
Not-For Profits - CORRECT ANSWERS Goal is providing a public service to its clientele, not
profits
Admired Company - CORRECT ANSWERS Profitability
Growth
New product development
Ethics
Social Responsibility
Worker Satisfaction
Factors of Production - CORRECT ANSWERS Natural Resources (rent)
Capital (interest)
,Human Resources (wages)
Entrepreneurship (profit)
Natural Resources - CORRECT ANSWERS Minerals
Oil and gas
Timber
Wind and water
Weather
Capital - CORRECT ANSWERS Money or things that can be converted to money
- Equipment
- Building, machines
- Cash, bonds
Human Resources - CORRECT ANSWERS People; their labour and their associated
knowledge and skills
Entrepreneurship - CORRECT ANSWERS The act of managing
Creating products and services
Organizing a company
Managing and motivating people
Negotiating with others
Economic Productivity - CORRECT ANSWERS ($ Output) / ($ Input)
Colonial Period - CORRECT ANSWERS Agricultural and trading are the principal businesses
, Trading and transportation hubs
Industrial Revolution - CORRECT ANSWERS Beginning of mass production and
specialization begins
Mechanization invented for transportation, agriculture and harvesting resources
Industrial Entrepreneurs - CORRECT ANSWERS Machinery becomes wide spread and
people begin to innovate new concepts around the principles of "engineering"
New product and service opportunities begin to stimulate customer demand
Production Era - CORRECT ANSWERS Large factories are built and mass production starts
Specialization of work becomes more intense
Focus is on internal processes
Demand blossoming because of the new products and lower costs
Marketing Era - CORRECT ANSWERS Competition has intensified
Due to the great depression, customer demand has tanked
Focus on finding and educating the customer on the value of the product or service
Relationship Era - CORRECT ANSWERS Focus is on building long-term relationships with
suppliers, buyers, customers
Internet makes relationships easier and businesses built around relationships arise (ex. social
media)
Strategic Alliance - CORRECT ANSWERS A partnership formed to create a competitive
advantage for the businesses involved (ex. Amazon)
AND CORRECT ANSWERS
Good Manager - CORRECT ANSWERS Critical thinking
Creativity
Vision
Leadership
Business - CORRECT ANSWERS All profit-seeking activities and enterprises that provide
goods and services for clients
Profits - CORRECT ANSWERS Financial rewards for business people (usually owners) who
take the risks involved to offer goods and services to customers
Not-For Profits - CORRECT ANSWERS Goal is providing a public service to its clientele, not
profits
Admired Company - CORRECT ANSWERS Profitability
Growth
New product development
Ethics
Social Responsibility
Worker Satisfaction
Factors of Production - CORRECT ANSWERS Natural Resources (rent)
Capital (interest)
,Human Resources (wages)
Entrepreneurship (profit)
Natural Resources - CORRECT ANSWERS Minerals
Oil and gas
Timber
Wind and water
Weather
Capital - CORRECT ANSWERS Money or things that can be converted to money
- Equipment
- Building, machines
- Cash, bonds
Human Resources - CORRECT ANSWERS People; their labour and their associated
knowledge and skills
Entrepreneurship - CORRECT ANSWERS The act of managing
Creating products and services
Organizing a company
Managing and motivating people
Negotiating with others
Economic Productivity - CORRECT ANSWERS ($ Output) / ($ Input)
Colonial Period - CORRECT ANSWERS Agricultural and trading are the principal businesses
, Trading and transportation hubs
Industrial Revolution - CORRECT ANSWERS Beginning of mass production and
specialization begins
Mechanization invented for transportation, agriculture and harvesting resources
Industrial Entrepreneurs - CORRECT ANSWERS Machinery becomes wide spread and
people begin to innovate new concepts around the principles of "engineering"
New product and service opportunities begin to stimulate customer demand
Production Era - CORRECT ANSWERS Large factories are built and mass production starts
Specialization of work becomes more intense
Focus is on internal processes
Demand blossoming because of the new products and lower costs
Marketing Era - CORRECT ANSWERS Competition has intensified
Due to the great depression, customer demand has tanked
Focus on finding and educating the customer on the value of the product or service
Relationship Era - CORRECT ANSWERS Focus is on building long-term relationships with
suppliers, buyers, customers
Internet makes relationships easier and businesses built around relationships arise (ex. social
media)
Strategic Alliance - CORRECT ANSWERS A partnership formed to create a competitive
advantage for the businesses involved (ex. Amazon)
