Test Bank for Understanding Business, 13th Edition
by William Nickels, Jim McHugh, Susan Mc
,Chapter 1- rr
20 Answers are at the end of Each chapter Student n
rr rr rr rr rr rr rr rr rr rr
ame:
1) Describerrthreerrwaysrrthatrrgovernmentsrrcanrrfosterrrentrepreneurshiprran
drrencouragerrthecreationrrofrrwealth
2) Describerrhowr r businessesr r canrr user r technologyr r tor r ber r morer r responsiver r tor r customers.
3) Competitionrramongrrbusinessesrrhasrrneverrrbeenrrgreater.rrIdentifyrrandrrdescriberrtw
orrwaysthatrrbusinessesrrcanrrbecomerrmorerrcompetitive.
4) Whatrrisrrdemography?rrIdentifyrrtworrdemographicrrtrendsrrinrrtherrUnitedrrStatesrran
dr r discusshowrrtheyrrwillrrimpactUnitedrrStatesbusinesses.
5) Describerrwhatrrwerrmeanrrbyrrgreeningrrandrrthinkingrrgreen.rrListrrfiverrwaysrrthatrrpeo
plerrandrrbusinessesrrarerrparticipatingrrinrrtherrgreenrrmovement.rrListrrbusinessrropportuniti
esrrthatrrmayemergefromrrthisrrmovement.
6) TracerrtherrevolutionrrofrrAmericanrrbusiness.rrIdentifyrrtherrkeyrrtrends,rran
drrdiscussrrtheimplicationsrrtheserrtrendsrrhaverrforrrtherrfuture.
7) Anrrentityrrthatr r seeksrrtor r earnrr arrprofitrr byrrprovidingr r ar r goodrrorrr servicer r isrrknownrrasr r a(n
)
A) industry.
B) corporation.
C) business.
,D) service.
, 8) isrrtherramountrrarrbusinessrrearnsrrafterrrdeductingrrwhatrritrrspendsrrf
orrrsalariesandotherexpenses.
A) Profit
B) Revenue
C) Interest
D) Dividends
9) Arrbusinessr r incursr r a ifrritsrrcostsr r andrrexpensesr r exceedrritsrrrevenues.
A) loss
B) liability
C) debit
D) dividend
10) isrrtherrchancerrarrbusinessrrownerrrwillrrloserrtherrtimerrandrrmon
eyrrinvestedrrinrrabusinessrrthatrrprovesrrtorrberrunprofitable.
A) Depreciation
B) Risk
C) Opportunity
D) Redundancy
11) Therrtotalrramountrrofrrmoneyrrthatrrbusinessesrrtakerrinrrbyrrsellingrrgoodsrrandr r service
srrisrrcalled
A) profit.
B) revenue.
C) loss.
D) retainedearnings.
12) A(n) isrrar r personrr whor r assumesr r therrriskrrofr r startingrrar r business.
A) manager
B) entrepreneur
C) employee
D) stakeholder
13) Startingrrarrbusinessr r alwaysr r involves
by William Nickels, Jim McHugh, Susan Mc
,Chapter 1- rr
20 Answers are at the end of Each chapter Student n
rr rr rr rr rr rr rr rr rr rr
ame:
1) Describerrthreerrwaysrrthatrrgovernmentsrrcanrrfosterrrentrepreneurshiprran
drrencouragerrthecreationrrofrrwealth
2) Describerrhowr r businessesr r canrr user r technologyr r tor r ber r morer r responsiver r tor r customers.
3) Competitionrramongrrbusinessesrrhasrrneverrrbeenrrgreater.rrIdentifyrrandrrdescriberrtw
orrwaysthatrrbusinessesrrcanrrbecomerrmorerrcompetitive.
4) Whatrrisrrdemography?rrIdentifyrrtworrdemographicrrtrendsrrinrrtherrUnitedrrStatesrran
dr r discusshowrrtheyrrwillrrimpactUnitedrrStatesbusinesses.
5) Describerrwhatrrwerrmeanrrbyrrgreeningrrandrrthinkingrrgreen.rrListrrfiverrwaysrrthatrrpeo
plerrandrrbusinessesrrarerrparticipatingrrinrrtherrgreenrrmovement.rrListrrbusinessrropportuniti
esrrthatrrmayemergefromrrthisrrmovement.
6) TracerrtherrevolutionrrofrrAmericanrrbusiness.rrIdentifyrrtherrkeyrrtrends,rran
drrdiscussrrtheimplicationsrrtheserrtrendsrrhaverrforrrtherrfuture.
7) Anrrentityrrthatr r seeksrrtor r earnrr arrprofitrr byrrprovidingr r ar r goodrrorrr servicer r isrrknownrrasr r a(n
)
A) industry.
B) corporation.
C) business.
,D) service.
, 8) isrrtherramountrrarrbusinessrrearnsrrafterrrdeductingrrwhatrritrrspendsrrf
orrrsalariesandotherexpenses.
A) Profit
B) Revenue
C) Interest
D) Dividends
9) Arrbusinessr r incursr r a ifrritsrrcostsr r andrrexpensesr r exceedrritsrrrevenues.
A) loss
B) liability
C) debit
D) dividend
10) isrrtherrchancerrarrbusinessrrownerrrwillrrloserrtherrtimerrandrrmon
eyrrinvestedrrinrrabusinessrrthatrrprovesrrtorrberrunprofitable.
A) Depreciation
B) Risk
C) Opportunity
D) Redundancy
11) Therrtotalrramountrrofrrmoneyrrthatrrbusinessesrrtakerrinrrbyrrsellingrrgoodsrrandr r service
srrisrrcalled
A) profit.
B) revenue.
C) loss.
D) retainedearnings.
12) A(n) isrrar r personrr whor r assumesr r therrriskrrofr r startingrrar r business.
A) manager
B) entrepreneur
C) employee
D) stakeholder
13) Startingrrarrbusinessr r alwaysr r involves
