Business Administration exam test
queries and answers graded A+
Business - ANS✅✅any activity that provides goods and services in an effort to earn a profit
Profit - ANS✅✅revenue - expenses = Profit (or loss)
Loss - ANS✅✅When a business incurs expenses that are greater than its revenue
Entrepreneurs - ANS✅✅people who risk their time, money, and other resources to start and
manage a business
Standard of Living - ANS✅✅the quality and quantity of goods and services available to a
population
Quality of Life - ANS✅✅the overall sense of wellbeing experienced by either an individual or a
group
Factors of Production - ANS✅✅Four fundamental elements - natural resources, capital, human
resources, and entrepreneurship - that businesses need to achieve their objectives
Business Environment - ANS✅✅the setting in which business operates. The five key components
are: economic environment, competitive environment, technological environment, social
environment, and global environment.
Business Technology - ANS✅✅any tools - especially computers, telecommunications, and other
digital products - that businesses can use to become more efficient and effective.
Speed-to-Market - ANS✅✅product moves from conception to commercialization.
Communication - ANS✅✅the transmission of information between a sender and a recipient.
queries and answers graded A+
Business - ANS✅✅any activity that provides goods and services in an effort to earn a profit
Profit - ANS✅✅revenue - expenses = Profit (or loss)
Loss - ANS✅✅When a business incurs expenses that are greater than its revenue
Entrepreneurs - ANS✅✅people who risk their time, money, and other resources to start and
manage a business
Standard of Living - ANS✅✅the quality and quantity of goods and services available to a
population
Quality of Life - ANS✅✅the overall sense of wellbeing experienced by either an individual or a
group
Factors of Production - ANS✅✅Four fundamental elements - natural resources, capital, human
resources, and entrepreneurship - that businesses need to achieve their objectives
Business Environment - ANS✅✅the setting in which business operates. The five key components
are: economic environment, competitive environment, technological environment, social
environment, and global environment.
Business Technology - ANS✅✅any tools - especially computers, telecommunications, and other
digital products - that businesses can use to become more efficient and effective.
Speed-to-Market - ANS✅✅product moves from conception to commercialization.
Communication - ANS✅✅the transmission of information between a sender and a recipient.
