Which of the Following Is/are Not a Fundamental Element of a Business

question 77

Multiple Choice

Which of the following is/are not a fundamental element of a business process?

• A)feedback
• B)input
• C)output
• D)resources

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Definitions:

Substantial Expense

A significant outlay of money, often categorized as higher than usual costs, that can impact financial positions or budgets.

Consideration

A value promised in exchange for a certain act in a contractual agreement.

Quantum Meruit

A legal principle where a party is compensated with a reasonable sum for goods or services provided, even if no contract exists.

Quantum Valebant

A principle in contract law that allows for the recovery of as much as deserved, or the reasonable value of goods or services rendered when no contract price was established.