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TEST BANK FOR UNDERSTANDING BUSINESS, 13TH EDITION BY WILLIAM NICKELS, JIM MCHUGH, SUSAN MC
TEST BANK FOR UNDERSTANDING BUSINESS, 13TH EDITION BY WILLIAM NICKELS, JIM MCHUGH, SUSAN MC
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TEST BANK FOR UNDERSTANDING BUSINESS,13TH EDITION BY WILLIAM NICKELS, JIM
MCHUGH, SUSAN MC
Chapter 1-20 Answers are at the end of Each chapter
y y y y y y y y y
Chapter 1
y y
Student name:
y
1) Describe ythree yways ythat ygovernments ycan yfoster yentrepreneurship yand yencourage
ythe ycreation yof ywealth
2) Describe yhow ybusinesses ycan yuse ytechnology yto ybe ymore yresponsive yto ycustomers.
3) Competition yamong ybusinesses yhas ynever ybeen ygreater. yIdentify yand ydescribe ytwo
yways ythat ybusinesses ycan ybecome ymore ycompetitive.
4) What yis ydemography? yIdentify ytwo ydemographic ytrends yin ythe yUnited yStates yand
ydiscuss yhow ythey ywill yimpactUnited yStates ybusinesses.
5) Describe ywhat ywe ymean yby ygreening yand ythinking ygreen. yList yfive yways ythat ypeople
yand ybusinesses yare yparticipating yin ythe ygreen ymovement. yList ybusiness yopportunities ythat ymay
yemerge yfrom ythis ymovement.
,6) Trace ythe yevolution yof yAmerican ybusiness. yIdentify ythe ykey ytrends, yand ydiscuss
ythe yimplications ythese ytrends yhave yfor ythe yfuture.
,7) An yentity ythat yseeks yto yearn ya yprofit yby yproviding ya ygood yor yservice yis yknown yas ya(n)
A) industry.
B) corporation.
C) business.
D) service.
8) is ythe yamount ya ybusiness yearns yafter ydeducting ywhat yit yspends yfor ysalaries
yand yother yexpenses.
A) Profit
B) Revenue
C) Interest
D) Dividends
9) A ybusiness yincurs ya y if yits ycosts yand yexpenses yexceed yits yrevenues.
A) loss
B) liability
C) debit
D) dividend
10) is ythe ychance ya ybusiness yowner ywill ylose ythe ytime yand ymoney yinvested yin
ya ybusiness ythat yproves yto ybe yunprofitable.
A) Depreciation
B) Risk
C) Opportunity
D) Redundancy
11) The ytotal yamount yof ymoney ythat ybusinesses ytake yin yby yselling ygoods yand yservices yis ycalled
, A) profit.
B) revenue.
C) loss.
D) retained yearnings.
12) A(n) y is ya yperson ywho yassumes ythe yrisk yof ystarting ya ybusiness.
A) manager
B) entrepreneur
C) employee
D) stakeholder
13) Starting ya ybusiness yalways yinvolves
A) profit.
B) loss.
C) revenue.
D) risk
14) Often yin ybusiness ythe ygreater ythe yrisk, ythe
A) greater ythe ypotential yreward.
B) lower ythe yexpected yrevenues.
C) lower ythe yvalue yprovided yto ysociety.
D) greater ythe ynumber yof ystakeholders.
15) is ya ymeasure yof ythe ygeneral ywell-being yand ysatisfaction yderived yfrom
ya yvariety yof yfactors yincluding ypolitical yfreedom, ysafety, yeducation, yand ya yclean
yenvironment.
A) Standard yof yliving
B) Quality yof ylife
C) Gross ynational yincome
D) Social ysatisfaction
,16) The yamount yof ygoods yand yservices ypeople ycan ybuy ywith ythe ymoney ythey yhave yis
ycalled ytheir
A) nominal yincome.
B) consumer yprice yindex.
C) profit ymargin.
D) standard yof yliving.
17) The ycustomers, yemployees, ystockholders, ysuppliers, ycreditors, yand yothers ywho ystand
yto ygain yor ylose yby ythe ypolicies yand yactivities yof ya ybusiness yrepresent ythe yfirm's
A) market ymakers.
B) economic yenvironment.
C) stakeholders.
D) social yenvironment.
18) The ymost yimportant ydifference ybetween yfor-profit ybusinesses yand ynonprofit
yorganizations yis ythat
A) for-profit ybusinesses ydo ynot ybenefit ysociety.
B) nonprofit yorganizations yseek yto ymake ya yprofit yfor ytheir yowners yand yorganizers.
C) nonprofit yorganizations ydo ynot yseek ya yprofit yfor ytheir yowners yor yorganizers.
D) nonprofit yorganizations ydo ynot yanswer yto ystakeholders.
19) A ycommon ycharacteristic yof ymost yentrepreneurs yis ythat ythey
A) accept ythe yrisks yinvolved yin ystarting yand ymanaging ya ybusiness.
B) have ya yhigh ylevel yof yscientific yand ytechnical yexpertise.
C) possess ya ygreat ydeal yof ypersonal ywealth.
D) have yexperience yin yrunning ylarge, ycomplex yorganizations.
,20) What yis ythe ybest yexample yof ya ybusiness ywhose ygoal yis yto yearn ya yprofit?
A) a ycommunity ycollege
B) American yRed yCross
C) League yof yWomen yVoters
D) Amazon
21) In yorder yto ymake yan yintelligent yinvestment ydecision, yentrepreneurs yshould
A) limit ytheir yoptions yto ythose ybusiness yinvestments ythat yare ybacked yby ythe
yU.S. ygovernment.
B) invest yin ybusinesses ythat yhave ygenerated ya ystable yrate yof yprofit yfor yat yleast ythe ypast y10
years.
C) invest yonly yin ybusiness yopportunities ywhere yit yis ypossible yto ytake yan yactive yrole yin
management.
D) compare ythe yrisks yof ypotential yinvestments yto ytheir yexpected yprofits yand yfind ythe
yright ybalance ybetween yprofit yand yrisk.
22) Honda yand yHyundai yhave yinsourced yfor yyears yto ydesign yand ymanufacture ycars yin
ythe yUnited yStates. yWhat ystatement yis yaccurate yabout ythis ypractice?
A) Insourcing yhelps yoffset ythe ynumber yof yjobs ybeing youtsourced.
B) Insourcing yincreases ythe ynumber yof yjobs ybeing youtsourced.
C) Insourcing ydamages ythe yUnited yStates yeconomy.
D) Insourcing ycauses yjobs yto ybe ylost yto yoverseas ycompetitors.
23) Public yschools, ycharities, yand ygovernment yagencies
generally
, A) have ythe ysame ygoals yas yfor-profit ybusinesses.
B) do ynot yseek yto yearn ya yprofit.
C) provide ygoods yrather ythan yservices.
D) do ynot yhave yany ystakeholders.
24) For-profit ybusinesses yand ynonprofit yorganizations yare ysimilar yin ythat ythey yboth
A) contribute yto ythe ywelfare yof ysociety.
B) seek yto yearn ya yprofit.
C) have ya ylimited ylife.
D) must ybe ycontrolled yby ya yboard yof ydirectors.
25) The ystandard yof yliving yfor ya ynation's ypeople ydepends ymainly yon
A) the yquality yof ythe ynatural yenvironment.
B) how ymuch ypolitical yfreedom ythey yhave.
C) their yincome yand ythe yprices yof ythe ygoods yand yservices ythey ycan ybuy.
D) the yamount yof ylabor yand ycapital yavailable yemployed yin ythe ymanufacturing ysector.
26) Today’s ybusinesses yattempt yto ymeet ythe yneeds yof
A) their ycustomers, yeven yif yit ycomes yat ythe yexpense yof yemployees yand yother ystakeholders.
B) their yemployees, yeven yif yit ymeans yshortchanging ycustomers yby ycharging yhigher yprices.
C) all ystakeholders.
D) exclusively ytheir yowners, ysince ythey yare yultimately ythe yones ywho ypay ythe ybills.
27) What yis ythe ymost yaccurate ystatement yabout ythe yimpact yof ybusiness yon
society?
, A) When ybusinesses yearn ya yprofit yfor ytheir yowners, ythey yusually ydo yso yat ythe yexpense
yof ythe yrest yof ysociety, ywhich yproves yit yis ynever ya ywin-win ysituation.
B) While ybusinesses yoften yimprove ythe ystandard yof yliving ywithin ya ysociety, ythey ycan
ydo ylittle yto yimprove ythe yquality yof ylife.
C) Businesses yoften yimprove ythe yquality yof ylife, ybut ycan ydo ylittle yto yimprove ythe
ystandard yof yliving yfor ymost ypeople.
D) Businesses ycan yhave ya ypositive yimpact yon yboth ythe ystandard yof yliving yand ythe
yquality yof ylife ywithin ya ysociety.
28) Last yyear, yJensen yConsulting yreported yrevenues yof y$34 ymillion ywhile yits ytotal
yexpenses ywere y$10 ymillion. yBased yon ythis yinformation, yJensen yreported
A) profits yof y$24 ymillion.
B) profits yof y$34 ymillion.
C) losses yof y$24 ymillion.
D) losses yof y$34 ymillion.
29) Taylor yrecently ystarted yselling yher yinvention: yA ybed ythat ylooks ylike yit yfloats yin ymid-air.
yThe ybed yis yactually ysuspended yby ymagnetic yforces. yTaylor yis ya(n)
A) arbitrageur.
B) entrepreneur.
C) speculator.
D) account ymanager.
30) Roman ywants yto yinvest ysome ymoney ythat yhe yjust yinherited. yHis yfriend yJon ywants yhim
yto yinvest yin yhis ynew yfood ytruck ybusiness, ypromising yRoman ya ybetter yreturn yon yhis yinvestment
ythan ya ytraditional ysavings yaccount. yRoman yshould ykeep yin ymind ythat yto yearn ya yhigher yreturn
yon yhis ymoney yhe
, A) will yhave yto yinvest yoverseas.
B) should yonly yinvest yin ya ylong-standing ybusiness.
C) will yprobably yhave yto yaccept ya yhigher ylevel yof yrisk.
D) will yprobably yhave yto yengage yin yillegal yactivities.
31) Though ythe yprices yof ythings yshe ybuys yhave ygone yup, yMaya's yincome yhas yremained
ystable yover ythe ypast yfew yyears. yNevertheless, yMaya yfeels ybetter yoff ybecause ythe yenvironment yis
ycleaner, ythe ycrime yrate yhas ydropped, yshe yhas ymore yrelaxation ytime, yand ythe yquality yof ymedical
ycare yhas yimproved. yIf yMaya's yexperience yis ytypical, ywe ycan yassume ythat ythe ystandard yof
yliving yhas
A) increased, ybut ythe yquality yof ylife yhas ydecreased.
B) increased, yand yso yhas ythe yquality yof ylife.
C) declined, ybut ythe yquality yof ylife yhas yincreased.
D) declined, yand yso yhas ythe yquality yof ylife.
32) Hyun yand yher ythree ycollege yfriends yenjoy yperfumes. yAs ya yspecial ygift yto yeach yof ythem
ylast yholiday yseason, yHyun yfound ya yway yto ymake yscented ycandles ywith yeach yfriend's yfavorite
yperfume yscent. yThe ythree yfriends yloved yher ygift yidea yand yencouraged yHyun yto ycreate ymore
yand ysell ythem yonline. yRecently, yshe yis yfilling yorders yfrom yher ywebsite, yand yturning ya yprofit.
yHyun yis yproof ythat
A) personalized yproducts ywill yalways ybe ysuccessful.
B) when yyou ysuccessfully yfill ya ymarket yneed, yyou ycan ymake ymoney.
C) the yInternet yis ya yway yto ydistribute yjust yabout yanything.
D) the ycost yof ysupplies yto ymake ycandles yis yrelatively ycheap.
33) Miranda ywants yto yoperate ya ysmall ycatering ybusiness yout yof yher yhome, ylocated yin ya yquiet
yresidential yneighborhood. yShe yasks yfor yinput yfrom yher yneighbors, ythe yhomeowner's
yassociation, yher ysuppliers, yand ythe yzoning ycommission yabout yissues yincluding yparking, ynoise,
ysafety yconcerns, yand yoperating yhours. yBefore yofficially yopening, yMiranda yadjusts yher ybusiness
yplan ybased yon ythe yfeedback yshe yreceived. yMiranda yhas ydiscovered ythat
, A) her ynew ybusiness ywill ydefinitely ybe ysuccessful.
B) stakeholder yconsiderations yare yimportant yif yyou ywant yyour ybusiness yto ythrive.
C) town ypolitics yis ymore yimportant ythan ycompany yprofits.
D) consulting yvarious ystakeholders yeliminates yany yrisk.
34) Generally, ythe ygreatest yamount yof yrisk yis yinvolved yin
A) working yfor ythe ygovernment.
B) working yfor ya ylarge ybusiness.
C) working yfor ya ysmall ybusiness.
D) starting ya ybusiness.
35) The yresources ythat ycontribute yto ythe ycreation yof ywealth yare yknown yas
A) production ycoefficients.
B) factors yof yproduction.
C) production ytechnologies.
D) production yaggregates.
36) Which yis yconsidered ya yfactor yof yproduction?
A) bonds
B) competition
C) knowledge
D) service
37) As ya yfactor yof yproduction, ythe yterm ycapital yincludes
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