BAM 101 TEST 1 questions and
answers graded A+
business - ANS ✔business is an organization that strives for a profit by providing goods and
services desired by its customers.
Goods - ANS ✔are tangible items manufactured by businesses, such as laptops.
Services - ANS ✔are intangible offerings of businesses that can't be held, touched, or stored.
Physicians,
lawyers, hairstylists, car washes, and airlines all provide services.
Revenue - ANS ✔is the money a company receives by providing services or selling goods to
customers.
Costs - ANS ✔are expenses including rent, salaries, supplies, transportation, and many other
expenses a company incurs from creating and selling goods and services.
profit - ANS ✔A financial gain,
Risk - ANS ✔is the potential to lose time and money or otherwise not be able to accomplish an
organization's goals.
The standard of living - ANS ✔of any country is measured by the output of goods and services
people can buy with the money they have.
, Quality of life - ANS ✔refers to the general level of human happiness based on factors including
life expectancy, educational standards, health, sanitation, and leisure time
A not-for-profit organization - ANS ✔an organization that exists to achieve some goal other than
the usual business goal of profit.
factors of production. - ANS ✔To provide goods and services, regardless of whether they
operate in the for-profit or not-for- profit sector, organizations require inputs in the form of
resources
land - ANS ✔natural resources available for production such as oil,
labour - ANS ✔the human imput into the production process; work
capital - ANS ✔-goods used in the supply of other goods ex money,
-The tools, machinery, equipment, and buildings used to produce goods and services and get
them to the consumer
Enterpernuership - ANS ✔an individuals ability to start a new business introduce new products
and improve management techniques.
Economic Influences - ANS ✔This category is one of the most important external influences on
businesses. Fluctuations in the level of economic activity create business cycles that affect
businesses and individuals in many ways.
Political and Legal Influences - ANS ✔The political climate of a country is another critical factor
for managers to consider in day-to-day business operations. The amount of government activity,
the types of laws it passes, and the general political stability of a government are three
components of political climate.
answers graded A+
business - ANS ✔business is an organization that strives for a profit by providing goods and
services desired by its customers.
Goods - ANS ✔are tangible items manufactured by businesses, such as laptops.
Services - ANS ✔are intangible offerings of businesses that can't be held, touched, or stored.
Physicians,
lawyers, hairstylists, car washes, and airlines all provide services.
Revenue - ANS ✔is the money a company receives by providing services or selling goods to
customers.
Costs - ANS ✔are expenses including rent, salaries, supplies, transportation, and many other
expenses a company incurs from creating and selling goods and services.
profit - ANS ✔A financial gain,
Risk - ANS ✔is the potential to lose time and money or otherwise not be able to accomplish an
organization's goals.
The standard of living - ANS ✔of any country is measured by the output of goods and services
people can buy with the money they have.
, Quality of life - ANS ✔refers to the general level of human happiness based on factors including
life expectancy, educational standards, health, sanitation, and leisure time
A not-for-profit organization - ANS ✔an organization that exists to achieve some goal other than
the usual business goal of profit.
factors of production. - ANS ✔To provide goods and services, regardless of whether they
operate in the for-profit or not-for- profit sector, organizations require inputs in the form of
resources
land - ANS ✔natural resources available for production such as oil,
labour - ANS ✔the human imput into the production process; work
capital - ANS ✔-goods used in the supply of other goods ex money,
-The tools, machinery, equipment, and buildings used to produce goods and services and get
them to the consumer
Enterpernuership - ANS ✔an individuals ability to start a new business introduce new products
and improve management techniques.
Economic Influences - ANS ✔This category is one of the most important external influences on
businesses. Fluctuations in the level of economic activity create business cycles that affect
businesses and individuals in many ways.
Political and Legal Influences - ANS ✔The political climate of a country is another critical factor
for managers to consider in day-to-day business operations. The amount of government activity,
the types of laws it passes, and the general political stability of a government are three
components of political climate.
