One word can mean more than one thing!
Are you ok? - 괜찮아? - gwen-chan-a (if you don't make it sound like a question while you are speaking in will make another meaning. And if you don't add question mark while writing it would not be a question but rather saying YOU are ok. Not the person you are talking to but yourself. And the same thing goes to the more formal ways of saying these.)
It's ok - 괜찮아 - gwen-chan-a
I am ok - 괜찮아 - gwen-chan-a
Are you ok? - 괜찮아요? - gwen-chan-a-yo
It's ok - 괜찮아요 - gwen-chan-a-yo
I am ok - 괜찮아요 - gwen-chan-a-yo
Are you ok? -괜찮 습니다? - gwaen-chan-seub-ib-ni-da?
It' ok - 괜찮 습니다 - gwaen-chan-seub-ib-ni-da
I am ok -괜찮 습니다 - gwaen-chan-seub-ib-ni-da
I hope this helped!
Thanks for 5,7 k readers!! <3
Please tell me if there is anything you want to learn, I will try to make a chapter ;)