A Business Is an Organization in Where Basic Resources or Inputs

question 80

True/False

A business is an organization in where basic resources or inputs, like materials and labor, are assembled and processed to provide outputs in the form of goods or services to customers.

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Definitions:

Administrative Reason

A justification based on policy, procedure, or bureaucracy within an organization.

Unexpected Opportunities

Situations or prospects that were not previously planned for or considered that could benefit the company or individual.

Secured Loan Agreement

A loan agreement in which the borrower pledges an asset as collateral for the loan, which the lender can seize if the loan is not repaid.

Collateral

Assets pledged by a borrower to secure a loan or other credit, and subject to seizure on default.