Midterm Exam — Instructions

Overview

This is the scored midterm for Introduction to Business. It checks the first half of the course, Weeks 1 to 7: the coffee cart's life from its first idea to the price of its drink. What is a business, who has a stake in it, and what forces surround it? What market does it sell into? How does an idea become a funded plan, and which legal form should carry it? What does a business owe beyond the law? How does it make its product, who buys it, and at what price does it break even?

The midterm has 25 questions, and every question counts the same. Twenty-two of them ask you to select exactly one option, and three ask you to judge whether a statement is true or false. Every list, schedule, or set of figures a question uses is written out in words inside the question, so nothing depends on reading a chart. A few questions ask for a short calculation, such as a total, a capacity, or a break-even, and scratch paper is enough for each one.

Every question practices a skill you have already used in the weekly quizzes, lecture tutorials, and Business Case Workshops. Most questions describe a short, illustrative business situation and ask you to name the idea at work or to run one of the course's few formulas on it. Nothing on the midterm comes from outside Weeks 1 to 7.

Coverage and scope

The midterm covers Weeks 1 to 7: Objectives 1, 2, and 3 and the operations and pricing parts of Objective 4, as taught in those weeks. Here is what the drawn form holds, objective by objective, with the weeks its questions come from:

• The business and its environment (Objective 1, 9 questions): 6 from Week 1, and 1 each from Weeks 2, 3, and 7. From Week 1, be ready to sort a situation's facts into the SWOT's four boxes with two questions, inside or outside and helps or hurts, and to place a change in the wider world under the right PESTEL force while keeping competitors alongside the scan. Review the not-for-profit contrast and where its surplus goes. The other three each come from a later week: supply and demand (Week 2), the factors of production (Week 3), and market segmentation (Week 7).
• Entrepreneurship, the plan, and the legal form (Objective 2, 8 questions): 4 from Week 3 and 4 from Week 4. From Week 3, review the small-business share from the 2026 edition of the Office of Advocacy's FAQ, the SBA's industry-by-industry size standards, the five competitive forces, and adding up a start-up list. From Week 4, review limited liability and the most an owner could lose personally under each form, the LLC as a form created under state law rather than a kind of corporation, and what the FTC's Franchise Rule requires a franchisor to hand over.
• Ethics and social responsibility (Objective 3, 3 questions): all from Week 5. Review the shareholder and stakeholder positions on what a corporation is for, the tools an organization uses to shape conduct, and how many positions a plant loses on balance when automation ends some jobs and retraining keeps some of those workers.
• Operations and pricing (Objective 4, 5 questions): 3 from Week 6 and 2 from Week 7. From Week 6, review the bottleneck and capacity, in an hour and over a rush, before and after a second station is added, and what JIT inventory does and does not mean. From Week 7, review the four Ps of the marketing mix, with place as every decision about how the offer reaches the buyer, and the break-even after a price change.

By week, the 25 questions come out like this:

Week 1 carries the most questions, 6, so the SWOT, the PESTEL scan, and the not-for-profit contrast deserve the most review time. Week 3 comes next with 5, then Week 4 with 4. Weeks 5, 6, and 7 have 3 each, and Week 2 has 1. By objective, the business and its environment carries 9 questions, the largest share, and entrepreneurship, the plan, and the legal form comes next with 8.

By difficulty, 8 questions are easy, 14 are medium, and 3 are hard. The hard ones each take two steps in a row, such as following a change to a new result or rerunning a calculation after one input moves.

Week 8's organization chart is not on the midterm. It belongs to Objective 5, and the syllabus places it on the final. It is still worth a look, because it reads the cart you have built over seven weeks as a set of positions.

These notes map the skills the midterm checks. The questions themselves are drawn from the course's question bank and are not listed here.

Instructions

• Attempts: one. The midterm is a single scored attempt.
• Time limit: there is no time limit. Take the time you need, as long as you submit before the exam closes.
• Window: the midterm opens in the Week 8 module and closes at the due time your instructor sets. Start early enough to finish comfortably inside that window.
• Navigation: the questions appear one at a time, and once you move on you cannot go back to an earlier question. Settle each one before you move to the next.
• Materials: every figure a question uses is printed in the question, and scratch paper is enough for each short calculation. Write each step on its own line, as you did in the Workshops. Unless your instructor announces otherwise, the midterm is closed-note.
• After you submit: Canvas shows your result. The keyed choices stay hidden so the midterm stays fair for every student.

Academic integrity

The midterm is an individual, scored assessment, and it is closed to AI. Do not use a chatbot or any other AI tool, do not get help from another person, and do not share or post the questions during or after your attempt. These rules come from the course syllabus. The midterm confirms that you personally can sort a SWOT, read a schedule, compare the ownership forms, separate ethics from legality, find a bottleneck, and compute a break-even.

The honest way to prepare is open to you. The study guide, the practice exam, and the exam-prep tutorial rehearse the same skills with fresh variants, and nothing on them appears on the midterm word for word.

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