Test Bank for Understanding Business, 13th Edition by William Nickels, Jim McHugh, Susan Mc||ISBN, 978-1260894851||Chapters 1-20||Complete Guide A+

TEST BANK FOR
12 12




Understanding Business, 13th Edition, William Nickels Chapter 1-20
12 12 12 12 12 12 12 1

,2 Answers are at the end of Each chapter Chapter 1
12 12 12 12 12 12 12 12 12




Student name: 12




1) Describe three ways that governments can foster entrepreneurship and encourage t
12 12 12 12 12 12 12 12 12 12



he creation of wealth
12 12 12




2) Describe how businesses can use technology to be more responsive to customers.
12 12 12 12 12 12 12 12 12 12 12




3) Competition among businesses has never been greater. Identify and describe two wa
12 12 12 12 12 12 12 12 12 12 12



ys that businesses can become more competitive.
12 12 12 12 12 12




4) What is demography? Identify two demographic trends in the United States and discu
12 12 12 12 12 12 12 12 12 12 12 12



ss how they will impactUnited States businesses.
12 12 12 12 12 12




5) Describe what we mean by greening and thinking green. List five ways that people an
12 12 12 12 12 12 12 12 12 12 12 12 12 12


d businesses are participating in the green movement. List business opportunities that may em
12 12 12 12 12 12 12 12 12 12 12 12 12



erge from this movement.
12 12 12




6) Trace the evolution of American business. Identify the key trends, and discuss t
12 12 12 12 12 12 12 12 12 12 12 12



he implications these trends have for the future.
12 12 12 12 12 12 12

,7) An entity that seeks to earn a profit by providing a good or service is known as a(n)
12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12




A) industry.
B) corporation.
C) business.
D) service.




8) is the amount a business earns after deducting what it spends for salaries a
12 12 12 12 12 12 12 12 12 12 12 12 12



nd other expenses.
12 12




A) Profit
B) Revenue
C) Interest
D) Dividends

9) A business incurs a
12 12 12 12 if its costs and expenses exceed its revenues.
12 12 12 12 12 12 12




A) loss
B) liability
C) debit
D) dividend

10) is the chance a business owner will lose the time and money invested i
12 12 12 12 12 12 12 12 12 12 12 12 12


n a business that proves to be unprofitable.
12 12 12 12 12 12 12




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
12 12 12 12 12 12 12 12 12 12 12 12 12 12 12

, A) profit.
B) revenue.
C) loss.
D) retained earnings. 12




12) A(n) 12 is a person who assumes the risk of starting a business.
12 12 12 12 12 12 12 12 12 12




A) manager
B) entrepreneur
C) employee
D) stakeholder

13) Starting a business always involves
12 12 12 12




A) profit.
B) loss.
C) revenue.
D) risk



14) Often in business the greater the risk, the
12 12 12 12 12 12 12




A) greater the potential reward.
12 12 12


B) lower the expected revenues.
12 12 12



C) lower the value provided to society.
12 12 12 12 12



D) greater the number of stakeholders.
12 12 12 12




15) is a measure of the general well- 12 12 12 12 12 12



being and satisfaction derived from a variety of factors including political freedom, safe
12 12 12 12 12 12 12 12 12 12 12 12



ty, education, and a clean environment.
12 12 12 12 12




A) Standard of living 12 12



B) Quality of life 12 12



C) Gross national income
12 12



D) Social satisfaction 12