Exam (elaborations)
Understanding Canadian Business 10Th Canadian Edition By William G Nickels - Test Bank
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,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
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