BA105 Exam Questions with All Correct Answers

revenue - Answer-incoming money Expenses - Answer-the costs of operating a business profit - Answer-The financial gain made in a transaction Calculating Gross Profit - Answer-net sales - cost of goods sold Calculating Net Income - Answer-Revenues - Expenses Good vs. Service economy - Answer-economies shift over time from goods to services, we are more of a service world Marketing - Answer-works to identify and satisfy customers' needs. managment - Answer-planning, organizing, staffing, directing, and controlling resources to achieve organizational goals. Accounting - Answer-entails measuring, summarizing, and communicating financial and managerial information. finance - Answer-involves planning for, obtaining, and managing company funds trade deficit - Answer-situation in which a country imports more than it exports Capitalism - Answer-promoted an economy that was governed and run by the people import substitution - Answer-manufacturing goods locally to replace imports