TEST BANK for Understanding Business, 13th Edition by William Nickels and McHugh, All Chapters 1-20

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,TEST BANK FOR
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Understanding Business, 13th Edition, William Nickels Chap
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ter 1-20 Answers are at the end of Each chapter Chapter 1
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Student name: x




1) Describe three ways that governments can foster entrepreneurship and encourage the cr
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eation of wealth
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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 th
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at businesses can become more competitive.
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4) What is demography? Identify two demographic trends in the United States and discuss ho
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w they will impactUnited States businesses.
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5) Describe what we mean by greening and thinking green. List five ways that people and busi
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nesses are participating in the green movement. List business opportunities that may emerge from t
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his movement.
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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)
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A) industry.
B) corporation.
C) business.
D) service.




8) is the amount a business earns after deducting what it spends for salaries and ot
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her expenses.
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A) Profit
B) Revenue
C) Interest
D) Dividends

9) A business incurs a
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A) loss
B) liability
C) debit
D) dividend

10) is the chance a business owner will lose the time and money invested in a bu
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siness that proves to be unprofitable.
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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
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