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Test Bank for Understanding Business, 13th Edition by William Nickels, Jim McHugh, Susan Mc||ISBN, 978-1260894851||Chapters 1-20||Complete Guide A+$17.99
Understanding Business, 13th Edition, William Nickels Chap fi fi fi fi fi fi
ter 1-20 Answers are at the end of Each chapter Chapter 1
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Student name: fi
1) Describe three ways that governments can foster entrepreneurship and encourage the c
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reation of wealthfi fi
2) Describe how businesses can use technology to be more responsive to customers.
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3) Competition among businesses has never been greater. Identify and describe two ways t
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hat businesses can become more competitive.
fi fi fi fi fi
4) What is demography? Identify two demographic trends in the United States and discuss h
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ow they will impactUnited States businesses.
fi fi fi fi fi
5) Describe what we mean by greening and thinking green. List five ways that people and bu
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sinesses are participating in the green movement. List business opportunities that may emerge fro
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m this movement.
fi fi
6) Trace the evolution of American business. Identify the key trends, and discuss the i
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mplications these trends have for the future.
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,7) An entity that seeks to earn a profit by providing a good or service is known as a(n)
fi fi fi fi fi fi fi fi fi fi fi fi fi fi fi fi fi
A) industry.
B) corporation.
C) business.
D) service.
8) is the amount a business earns after deducting what it spends for salaries and o
fi fi fi fi fi fi fi fi fi fi fi fi fi fi
ther expenses.
fi
A) Profit
B) Revenue
C) Interest
D) Dividends
9) A business incurs a
fi fi fi fi if its costs and expenses exceed its revenues.
fi fi fi fi fi fi fi
A) loss
B) liability
C) debit
D) dividend
10) is the chance a business owner will lose the time and money invested in a b
fi fi fi fi fi fi fi fi fi fi fi fi fi fi fi
usiness that proves to be unprofitable.
fi fi fi fi fi
A) Depreciation
B) Risk
C) Opportunity
D) Redundancy
11) The total amount of money that businesses take in by selling goods and services is called
fi fi fi fi fi fi fi fi fi fi fi fi fi fi fi
, A) profit.
B) revenue.
C) loss.
D) retained earnings. fi
12) A(n) fi is a person who assumes the risk of starting a business.
fi fi fi fi fi fi fi fi fi fi
A) manager
B) entrepreneur
C) employee
D) stakeholder
13) Starting a business always involves
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A) profit.
B) loss.
C) revenue.
D) risk
14) Often in business the greater the risk, the
fi fi fi fi fi fi fi
A) greater the potential reward. fi fi fi
B) lower the expected revenues. fi fi fi
C) lower the value provided to society.
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D) greater the number of stakeholders. fi fi fi fi
15) is a measure of the general well- fi fi fi fi fi fi
being and satisfaction derived from a variety of factors including political freedom, safety,
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education, and a clean environment.
fi fi fi fi
A) Standard of living fi fi
B) Quality of life fi fi
C) Gross national income fi fi
D) Social satisfaction fi
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