Final answer:
The Cretaceous period is identified as the time characterized by warm temperatures on Earth, with extensive warm shallow seas and a climate that supported diverse life until an asteroid impact occurred.
Step-by-step explanation:
The time period characterized by warm temperatures on Earth is the Cretaceous period. During the Cretaceous, the climate was generally warm, and large expanses of land were covered by shallow seas. Not only was this period warm, but it ended with an event marked by an asteroid impact that left a sedimentary trace, signaling a significant change in Earth's history. However, it is notable that other periods like the Tertiary and Permian also experienced warm climates, with the Tertiary supporting a diversity of mammals and the Permian being one of Earth's three warmest periods, which ended with a major extinction event possibly triggered by a drastic temperature rise.