Exam (elaborations)
Understanding Canadian Business 10Th Canadian Edition By William G Nickels - Test Bank
- Course
- Institution
Complete Test Bank (with Questions Answers)
[Show more]
Seller
Follow
premiumbiz379
Reviews received
Content preview
,Chapter 01 - The Dynamic Business EnvironmentChapter 01
The Dynamic Business Environment
True / False Questions
1. Any activity that produces a good or provides a service to others, while operating at a
profit, is considered a business.
TRUE
Accessibility: Keyboard Navigation
Difficulty: Easy
Learning Objective: 01-01 Illustrate the importance of key business fundamentals to wealth generation.
Topic: 01-02 Business Fundamentals
2. Businesses seek to earn a profit by providing goods and services to others.
TRUE
Accessibility: Keyboard Navigation
Difficulty: Easy
Learning Objective: 01-01 Illustrate the importance of key business fundamentals to wealth generation.
Topic: 01-02 Business Fundamentals
3. Revenue is the amount a business earns above and beyond what it spends for expenses and
costs.
FALSE
Accessibility: Keyboard Navigation
Difficulty: Medium
Learning Objective: 01-01 Illustrate the importance of key business fundamentals to wealth generation.
Topic: 01-03 Revenues, Profits, and Losses
1-1
,Chapter 01 - The Dynamic Business Environment
4. All businesses make a profit.
FALSE
Accessibility: Keyboard Navigation
Difficulty: Easy
Learning Objective: 01-01 Illustrate the importance of key business fundamentals to wealth generation.
Topic: 01-03 Revenues, Profits, and Losses
5. If a business' costs and expenses are greater than its revenue, it will suffer a loss.
TRUE
Accessibility: Keyboard Navigation
Difficulty: Easy
Learning Objective: 01-01 Illustrate the importance of key business fundamentals to wealth generation.
Topic: 01-03 Revenues, Profits, and Losses
6. Profits of a business include the salaries paid to the owners and employees of that business.
FALSE
Accessibility: Keyboard Navigation
Difficulty: Easy
Learning Objective: 01-01 Illustrate the importance of key business fundamentals to wealth generation.
Topic: 01-03 Revenues, Profits, and Losses
7. Any loss from a business will result in a bankruptcy.
FALSE
Accessibility: Keyboard Navigation
Difficulty: Medium
Learning Objective: 01-01 Illustrate the importance of key business fundamentals to wealth generation.
Topic: 01-03 Revenues, Profits, and Losses
1-2
, Chapter 01 - The Dynamic Business Environment
8. An owner who closes a business to start a new one is reported as an ‘exit' by Industry
Canada.
TRUE
Accessibility: Keyboard Navigation
Difficulty: Hard
Learning Objective: 01-01 Illustrate the importance of key business fundamentals to wealth generation.
Topic: 01-03 Revenues, Profits, and Losses
9. The only way a firm can increase its profits is to increase its sales revenue.
FALSE
Accessibility: Keyboard Navigation
Difficulty: Medium
Learning Objective: 01-01 Illustrate the importance of key business fundamentals to wealth generation.
Topic: 01-03 Revenues, Profits, and Losses
10. The amount of profit or loss earned by a business can be found by subtracting the firm's
expenses from its revenues.
TRUE
Accessibility: Keyboard Navigation
Difficulty: Medium
Learning Objective: 01-01 Illustrate the importance of key business fundamentals to wealth generation.
Topic: 01-03 Revenues, Profits, and Losses
11. The XYZ Corporation generated total revenues of $30 million dollars while incurring
expenses of $17 million. Therefore, during the year XYZ Corp. earned a profit of $13
million.
TRUE
Accessibility: Keyboard Navigation
Difficulty: Medium
Learning Objective: 01-01 Illustrate the importance of key business fundamentals to wealth generation.
Topic: 01-03 Revenues, Profits, and Losses
1-3
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller premiumbiz379. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for CA$37.77. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
80202 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now