- Study guides, Class notes & Summaries

Introduction to Business Administration Exam Questions and Correct Answers Latest Update 2024 (Graded A+) business - Answers Any activity that seeks to provide goods and services to others while operating at a profit Profit - Answers The amount of money a business earns above and beyond what it spends for salaries and other expenses Entrepreneur - Answers A person who risks time and money to start and manage a business Revenue - Answers The total amount of money a business takes in during a ...

4 Primary Functions of Management - 1. Planning 2. Organizing 3. Leading 4. Controlling Accounting - The recording, classifying, summarizing, and interpreting of financial events and transactions to provide management and other interested parties and information they need to make good decisions. Annual Reports - A yearly statement of the financial condition, progress, and expectation of the firm. Balance of Trade - The total value of a nation's exports compared to its imports measur...

Business - correct answer Any activity that seeks to provide goods or services while operating at a profit. Revenue - correct answer The total amount of money a business takes in during a given period of time by selling goods and services. Profit - correct answer The amount of money a business earns beyond what it spends for salaries and other expenses. Risk - correct answer The chance an entrepreneur takes of losing time and money on a business that may not prove profitable. Reward ...