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 2i 2i




Understanding Business, 13th Edition, William Nickels Cha
2i 2i 2i 2i 2i 2i




pter 1-20 Answers are at the end of Each chapter Chapter 1
2i 2i 2i 2i 2i 2i 2i 2i 2i 2i 2i




Student name: 2i




1) Describe three ways that governments can foster entrepreneurship and encourage the
2i 2i 2i 2i 2i 2i 2i 2i 2i 2i 2i



creation of wealth
2i 2i




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




3) Competition among businesses has never been greater. Identify and describe two ways
2i 2i 2i 2i 2i 2i 2i 2i 2i 2i 2i 2i



that businesses can become more competitive.
2i 2i 2i 2i 2i




4) What is demography? Identify two demographic trends in the United States and discuss
2i 2i 2i 2i 2i 2i 2i 2i 2i 2i 2i 2i 2i



how they will impactUnited States businesses.
2i 2i 2i 2i 2i




5) Describe what we mean by greening and thinking green. List five ways that people and
2i 2i 2i 2i 2i 2i 2i 2i 2i 2i 2i 2i 2i 2i 2i



businesses are participating in the green movement. List business opportunities that may emerge
2i 2i 2i 2i 2i 2i 2i 2i 2i 2i 2i 2i 2i



from this movement.
2i 2i




6) Trace the evolution of American business. Identify the key trends, and discuss the
2i 2i 2i 2i 2i 2i 2i 2i 2i 2i 2i 2i 2



implications these trends have for the future.
i 2i 2i 2i 2i 2i 2i

,7) An entity that seeks to earn a profit by providing a good or service is known as a(n)
2i 2i 2i 2i 2i 2i 2i 2i 2i 2i 2i 2i 2i 2i 2i 2i 2i




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




8) is the amount a business earns after deducting what it spends for salaries and
2i 2i 2i 2i 2i 2i 2i 2i 2i 2i 2i 2i 2i 2



other expenses.
i 2i




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

9) A business incurs a
2i 2i 2i 2i if its costs and expenses exceed its revenues.
2i 2i 2i 2i 2i 2i 2i




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

10) is the chance a business owner will lose the time and money invested in a
2i 2i 2i 2i 2i 2i 2i 2i 2i 2i 2i 2i 2i 2i 2


business that proves to be unprofitable.
i 2i 2i 2i 2i 2i




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
2i 2i 2i 2i 2i 2i 2i 2i 2i 2i 2i 2i 2i 2i 2i

, A) profit.
B) revenue.
C) loss.
D) retained earnings. 2i




12) A(n) 2i is a person who assumes the risk of starting a business.
2i 2i 2i 2i 2i 2i 2i 2i 2i 2i




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

13) Starting a business always involves
2i 2i 2i 2i




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



14) Often in business the greater the risk, the
2i 2i 2i 2i 2i 2i 2i




A) greater the potential reward.
2i 2i 2i


B) lower the expected revenues.
2i 2i 2i



C) lower the value provided to society.
2i 2i 2i 2i 2i



D) greater the number of stakeholders.
2i 2i 2i 2i




15) is a measure of the general well- 2i 2i 2i 2i 2i 2i



being and satisfaction derived from a variety of factors including political freedom, safety
2i 2i 2i 2i 2i 2i 2i 2i 2i 2i 2i 2i



, education, and a clean environment.
2i 2i 2i 2i 2i




A) Standard of living 2i 2i



B) Quality of life 2i 2i



C) Gross national income
2i 2i



D) Social satisfaction 2i