BUAD Exam 1 | Study Guide, Practice Questions & Business
Administration Review
Value - correct answer ✔✔The relationship between the price of a good or a service and the
benefits that it offers its customers.
Business - correct answer ✔✔Any organization or activity that provides goods and services in an
effort to earn a profit.
Profit - correct answer ✔✔The money that a business earns in sales (or revenue), minus
expenses, such as the cost of goods, and the cost of salaries. Revenue−Expenses=Profit(or
Loss) .
Loss - correct answer ✔✔When a business incurs expenses that are greater than its revenue.
entrepreneurs - correct answer ✔✔People who risk their time, money, and other resources to
start and manage a business.
Standard of living - correct answer ✔✔The quality and quantity of goods and services available
to a population.
Quality of life - correct answer ✔✔The overall sense of well-being experienced by either an
individual or a group.
NonProfits - correct answer ✔✔Business-like establishments that employ people and produce
goods and services with the fundamental goal of contributing to the community rather than
generating financial gain.
Administration Review
Value - correct answer ✔✔The relationship between the price of a good or a service and the
benefits that it offers its customers.
Business - correct answer ✔✔Any organization or activity that provides goods and services in an
effort to earn a profit.
Profit - correct answer ✔✔The money that a business earns in sales (or revenue), minus
expenses, such as the cost of goods, and the cost of salaries. Revenue−Expenses=Profit(or
Loss) .
Loss - correct answer ✔✔When a business incurs expenses that are greater than its revenue.
entrepreneurs - correct answer ✔✔People who risk their time, money, and other resources to
start and manage a business.
Standard of living - correct answer ✔✔The quality and quantity of goods and services available
to a population.
Quality of life - correct answer ✔✔The overall sense of well-being experienced by either an
individual or a group.
NonProfits - correct answer ✔✔Business-like establishments that employ people and produce
goods and services with the fundamental goal of contributing to the community rather than
generating financial gain.
