TEST BANK FORs s
Understanding Business, 13th Edition, William NickelsChapt
s s s s s s
er 1-20 Answers are at the end of Each chapter Chapter 1
s s s s s s s s s s s
Student name: s s
1) Describesthreeswayssthatsgovernmentsscansfostersentrepreneurshipsandsencouragesthescr
eationsofswealth
2) Describeshowsbusinessesscansusestechnologystosbesmoresresponsivestoscustomers.
3) Competitionsamongsbusinessesshassneversbeensgreater.sIdentifysandsdescribestwoswayssth
atsbusinessesscansbecomesmorescompetitive.
4) Whatsissdemography?sIdentifystwosdemographicstrendssinsthesUnitedsStatessandsdiscusssho
wstheyswillsimpactUnitedsStatessbusinesses.
5) Describeswhatswesmeansbysgreeningsandsthinkingsgreen.sListsfiveswayssthatspeoplesandsbusi
nessessaresparticipatingsinsthesgreensmovement.sListsbusinesssopportunitiessthatsmaysemergesfromst
hissmovement.
6) TracesthesevolutionsofsAmericansbusiness.sIdentifystheskeystrends,sandsdiscusssthesim
plicationssthesestrendsshavesforsthesfuture.
,7) Ansentitysthatsseeksstosearnsasprofitsbysprovidingsasgoodsorsservicesissknownsassa(n)
A) industry.
B) corporation.
C) business.
D) service.
8) s
issthesamountsasbusinesssearnssaftersdeductingswhatsitsspendssforssalariessandsothersexpenses.
A) Profit
B) Revenue
C) Interest
D) Dividends
9) Asbusinesssincurssa ifsitsscostssandsexpensessexceedsitssrevenues.
A) loss
B) liability
C) debit
D) dividend
10) s
isstheschancesasbusinesssownerswillslosesthestimesandsmoneysinvestedsinsasbusinesssthatspr
ovesstosbesunprofitable.
A) Depreciation
B) Risk
C) Opportunity
D) Redundancy
11) Thestotalsamountsofsmoneysthatsbusinessesstakesinsbyssellingsgoodssandsservicessisscalled
, A) profit.
B) revenue.
C) loss.
D) retainedsearnings.
12) A(n) issaspersonswhosassumessthesrisksofsstartingsasbusiness.
A) manager
B) entrepreneur
C) employee
D) stakeholder
13) Startingsasbusinesssalwayssinvolves
A) profit.
B) loss.
C) revenue.
D) risk
14) Oftensinsbusinesssthesgreatersthesrisk,sthe
A) greatersthespotentialsreward.
B) lowersthesexpectedsrevenues.
C) lowersthesvaluesprovidedstossociety.
D) greatersthesnumbersofsstakeholders.
15) s issasmeasuresofsthesgeneralswell-
beingsandssatisfactionsderivedsfromsasvarietysofsfactorssincludingspoliticalsfreedom,ssafety,sed
ucation,sandsascleansenvironment.
A) Standardsofsliving
B) Qualitysofslife
C) Grosssnationalsincome
D) Socialssatisfaction
, 16) Thesamountsofsgoodssandsservicesspeoplescansbuyswithsthesmoneystheyshavesisscalledsthe
ir
A) nominalsincome.
B) consumerspricesindex.
C) profitsmargin.
D) standardsofsliving.
17) Thescustomers,semployees,sstockholders,ssuppliers,screditors,sandsothersswhosstandstosg
ainsorslosesbysthespoliciessandsactivitiessofsasbusinesssrepresentsthesfirm's
A) marketsmakers.
B) economicsenvironment.
C) stakeholders.
D) socialsenvironment.
18) Thesmostsimportantsdifferencesbetweensfor-
profitsbusinessessandsnonprofitsorganizationssissthat
A) for-profitsbusinessessdosnotsbenefitssociety.
B) nonprofitsorganizationssseekstosmakesasprofitsforstheirsownerssandsorganizers.
C) nonprofitsorganizationssdosnotsseeksasprofitsforstheirsownerssorsorganizers.
D) nonprofitsorganizationssdosnotsanswerstosstakeholders.
19) Ascommonscharacteristicsofsmostsentrepreneurssissthatsthey
A) acceptsthesriskssinvolvedsinsstartingsandsmanagingsasbusiness.
B) havesashighslevelsofsscientificsandstechnicalsexpertise.
C) possesssasgreatsdealsofspersonalswealth.
D) havesexperiencesinsrunningslarge,scomplexsorganizations.
Understanding Business, 13th Edition, William NickelsChapt
s s s s s s
er 1-20 Answers are at the end of Each chapter Chapter 1
s s s s s s s s s s s
Student name: s s
1) Describesthreeswayssthatsgovernmentsscansfostersentrepreneurshipsandsencouragesthescr
eationsofswealth
2) Describeshowsbusinessesscansusestechnologystosbesmoresresponsivestoscustomers.
3) Competitionsamongsbusinessesshassneversbeensgreater.sIdentifysandsdescribestwoswayssth
atsbusinessesscansbecomesmorescompetitive.
4) Whatsissdemography?sIdentifystwosdemographicstrendssinsthesUnitedsStatessandsdiscusssho
wstheyswillsimpactUnitedsStatessbusinesses.
5) Describeswhatswesmeansbysgreeningsandsthinkingsgreen.sListsfiveswayssthatspeoplesandsbusi
nessessaresparticipatingsinsthesgreensmovement.sListsbusinesssopportunitiessthatsmaysemergesfromst
hissmovement.
6) TracesthesevolutionsofsAmericansbusiness.sIdentifystheskeystrends,sandsdiscusssthesim
plicationssthesestrendsshavesforsthesfuture.
,7) Ansentitysthatsseeksstosearnsasprofitsbysprovidingsasgoodsorsservicesissknownsassa(n)
A) industry.
B) corporation.
C) business.
D) service.
8) s
issthesamountsasbusinesssearnssaftersdeductingswhatsitsspendssforssalariessandsothersexpenses.
A) Profit
B) Revenue
C) Interest
D) Dividends
9) Asbusinesssincurssa ifsitsscostssandsexpensessexceedsitssrevenues.
A) loss
B) liability
C) debit
D) dividend
10) s
isstheschancesasbusinesssownerswillslosesthestimesandsmoneysinvestedsinsasbusinesssthatspr
ovesstosbesunprofitable.
A) Depreciation
B) Risk
C) Opportunity
D) Redundancy
11) Thestotalsamountsofsmoneysthatsbusinessesstakesinsbyssellingsgoodssandsservicessisscalled
, A) profit.
B) revenue.
C) loss.
D) retainedsearnings.
12) A(n) issaspersonswhosassumessthesrisksofsstartingsasbusiness.
A) manager
B) entrepreneur
C) employee
D) stakeholder
13) Startingsasbusinesssalwayssinvolves
A) profit.
B) loss.
C) revenue.
D) risk
14) Oftensinsbusinesssthesgreatersthesrisk,sthe
A) greatersthespotentialsreward.
B) lowersthesexpectedsrevenues.
C) lowersthesvaluesprovidedstossociety.
D) greatersthesnumbersofsstakeholders.
15) s issasmeasuresofsthesgeneralswell-
beingsandssatisfactionsderivedsfromsasvarietysofsfactorssincludingspoliticalsfreedom,ssafety,sed
ucation,sandsascleansenvironment.
A) Standardsofsliving
B) Qualitysofslife
C) Grosssnationalsincome
D) Socialssatisfaction
, 16) Thesamountsofsgoodssandsservicesspeoplescansbuyswithsthesmoneystheyshavesisscalledsthe
ir
A) nominalsincome.
B) consumerspricesindex.
C) profitsmargin.
D) standardsofsliving.
17) Thescustomers,semployees,sstockholders,ssuppliers,screditors,sandsothersswhosstandstosg
ainsorslosesbysthespoliciessandsactivitiessofsasbusinesssrepresentsthesfirm's
A) marketsmakers.
B) economicsenvironment.
C) stakeholders.
D) socialsenvironment.
18) Thesmostsimportantsdifferencesbetweensfor-
profitsbusinessessandsnonprofitsorganizationssissthat
A) for-profitsbusinessessdosnotsbenefitssociety.
B) nonprofitsorganizationssseekstosmakesasprofitsforstheirsownerssandsorganizers.
C) nonprofitsorganizationssdosnotsseeksasprofitsforstheirsownerssorsorganizers.
D) nonprofitsorganizationssdosnotsanswerstosstakeholders.
19) Ascommonscharacteristicsofsmostsentrepreneurssissthatsthey
A) acceptsthesriskssinvolvedsinsstartingsandsmanagingsasbusiness.
B) havesashighslevelsofsscientificsandstechnicalsexpertise.
C) possesssasgreatsdealsofspersonalswealth.
D) havesexperiencesinsrunningslarge,scomplexsorganizations.
