Understanding Business, 13th Edition
Complete Test Bank
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Trustedscholar
, Test Bank for
Understanding Business, 13th Edition, William Nickels
Chapter 1-20 Answers are at the end of Each chapter
Chapter 1
Student name:__________
N us
1) Describe three ways that governments can foster entrepreneurship and encourage the
creation of wealth
U
Tr
R ted
2) Describe how businesses can use technology to be more responsive to customers.
SE s
3) Competition among businesses has never been greater. Identify and describe two ways
that businesses can become more competitive.
D ch
4) What is demography? Identify two demographic trends in the United States and discuss
how they will impactUnited States businesses.
O o
C la
5) Describe what we mean by greening and thinking green. List five ways that people and
businesses are participating in the green movement. List business opportunities that may emerge
S
from this movement.
6) Trace the evolution of American business. Identify the key trends, and discuss the
implications these trends have for the future.
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Trustedscholar
, 7) An entity that seeks to earn a profit by providing a good or service is known as a(n)
A) industry.
B) corporation.
C) business.
D) service.
N us
8) __________ is the amount a business earns after deducting what it spends for salaries and
U
other expenses.
Tr
A) Profit
R ted
B) Revenue
C) Interest
SE s
D) Dividends
9) A business incurs a __________ if its costs and expenses exceed its revenues.
A) loss
B) liability
D ch
C) debit
D) dividend
O o
10) __________ is the chance a business owner will lose the time and money invested in a
business that proves to be unprofitable.
C la
A) Depreciation
B) Risk
C) Opportunity
S
D) Redundancy
11) The total amount of money that businesses take in by selling goods and services is called
r
Trustedscholar
, A) profit.
B) revenue.
C) loss.
D) retained earnings.
12) A(n) __________ is a person who assumes the risk of starting a business.
N us
A) manager
B) entrepreneur
U
C) employee
D) stakeholder
Tr
R ted
13) Starting a business always involves
SE s
A) profit.
B) loss.
C) revenue.
D) risk
D ch
14) Often in business the greater the risk, the
O o
A) greater the potential reward.
B) lower the expected revenues.
C) lower the value provided to society.
C la
D) greater the number of stakeholders.
15) __________ is a measure of the general well-being and satisfaction derived from a
S
variety of factors including political freedom, safety, education, and a clean environment.
A) Standard of living
B) Quality of life
C) Gross national income
D) Social satisfaction
r
Trustedscholar
Complete Test Bank
Tr
us
te
ds
ch
ol
ar
Trustedscholar
, Test Bank for
Understanding Business, 13th Edition, William Nickels
Chapter 1-20 Answers are at the end of Each chapter
Chapter 1
Student name:__________
N us
1) Describe three ways that governments can foster entrepreneurship and encourage the
creation of wealth
U
Tr
R ted
2) Describe how businesses can use technology to be more responsive to customers.
SE s
3) Competition among businesses has never been greater. Identify and describe two ways
that businesses can become more competitive.
D ch
4) What is demography? Identify two demographic trends in the United States and discuss
how they will impactUnited States businesses.
O o
C la
5) Describe what we mean by greening and thinking green. List five ways that people and
businesses are participating in the green movement. List business opportunities that may emerge
S
from this movement.
6) Trace the evolution of American business. Identify the key trends, and discuss the
implications these trends have for the future.
r
Trustedscholar
, 7) An entity that seeks to earn a profit by providing a good or service is known as a(n)
A) industry.
B) corporation.
C) business.
D) service.
N us
8) __________ is the amount a business earns after deducting what it spends for salaries and
U
other expenses.
Tr
A) Profit
R ted
B) Revenue
C) Interest
SE s
D) Dividends
9) A business incurs a __________ if its costs and expenses exceed its revenues.
A) loss
B) liability
D ch
C) debit
D) dividend
O o
10) __________ is the chance a business owner will lose the time and money invested in a
business that proves to be unprofitable.
C la
A) Depreciation
B) Risk
C) Opportunity
S
D) Redundancy
11) The total amount of money that businesses take in by selling goods and services is called
r
Trustedscholar
, A) profit.
B) revenue.
C) loss.
D) retained earnings.
12) A(n) __________ is a person who assumes the risk of starting a business.
N us
A) manager
B) entrepreneur
U
C) employee
D) stakeholder
Tr
R ted
13) Starting a business always involves
SE s
A) profit.
B) loss.
C) revenue.
D) risk
D ch
14) Often in business the greater the risk, the
O o
A) greater the potential reward.
B) lower the expected revenues.
C) lower the value provided to society.
C la
D) greater the number of stakeholders.
15) __________ is a measure of the general well-being and satisfaction derived from a
S
variety of factors including political freedom, safety, education, and a clean environment.
A) Standard of living
B) Quality of life
C) Gross national income
D) Social satisfaction
r
Trustedscholar
