BUAD 1010 Exam with correct answers 2024

Revenue correct answers the money that a business or institution has coming in. Expenses correct answers The money that a company must pay out to fulfill its operating expenses. Ex. bills and payroll Profit correct answers The difference between a businesses's revenues and its expenses. six dimensions of the external environment correct answers 1) Political-legal environment, 2) economic environment, 3) technological environment, 4) sociocultural environment, 5) domestic business environment, 6) and the global business environment. Global Business Environment correct answers the international forces that affect a business Technological Environment correct answers all of the ways by which firms create value for their constituents. Political-Legal Environment correct answers the relationship between business and government Sociocultural Environment correct answers includes the customs, mores, values, and demographic characteristics of the society in which an organization functions Economic Environment correct answers refers to the relevant conditions that exist in the economic system in which a company operates. Domestic Business Environment correct answers refers to the environment in which a firm conducts its operations and derives its revenues. Five factors of production correct answers resources used in the production of goods and services- 1) LABOR 2) CAPITAL 3) ENTREPRENUERS 4) PHYSICAL RESOURCES 5) INFORMATION RESOURCES