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

as
ASCORERS STUVIA b




TEST BANK FOR UNDERSTANDING BUSINESS, 13TH ED
b b b b b b



ITION BY WILLIAM NICKELS, JIM MCHUGH, SUSAN MC L
b b b b b b b b



ATEST UPDATE WITH VERIFIED ANSWERS
b b b b




UnderstandingbBusiness,b13eb(Nickels)
Chapterb01b TakingbRisksbandbMakingbProfitsbwithinbthebDynamicbBusinessbEnvironment

1) Businesses give people work, goods, and services.
b b b b b b




Answer:bTRUEbD
ifficulty:b1bEasy
Topic:b DefinitionbofbBusiness
LearningbObjective:b 01-
01bDescribebthebrelationshipbbetweenbprofitbandbrisk,bandbshowbhowbbusinessesbandbnonprofitborganiz
ationsbcanbraisebthebstandardbofblivingbforball.
Bloom's:b RememberbAACSB
:b ReflectivebThinking
Accessibility:b KeyboardbNavigation

1) Companies want to make money by giving other people things and services.
b b b b b b b b b b b b




Answer:bTRUEbD
ifficulty:b1bEasy
Topic:b DefinitionbofbBusiness
LearningbObjective:b 01-
01bDescribebthebrelationshipbbetweenbprofitbandbrisk,bandbshowbhowbbusinessesbandbnonprofitborganiz
ationsbcanbraisebthebstandardbofblivingbforball.
Bloom's:b RememberbAACSB
:b ReflectivebThinking
Accessibility:b KeyboardbNavigation

1) A business's revenue is the amount it makes above and beyond its costs and expenses.
b b b b b b b b b b b b b b b




Answer:bFALSEb
Difficulty:b1bEasy
Topic:b ThebFactorsbthatbAffectbthebSuccessborbFailurebofbanbOrganization
LearningbObjective:b 01-
01bDescribebthebrelationshipbbetweenbprofitbandbrisk,bandbshowbhowbbusinessesbandbnonprofitborganiz
ationsbcanbraisebthebstandardbofblivingbforball.
Bloom's:b RememberbAACSB

1

,as
ASCORERS STUVIA
b




:b ReflectivebThinking
Accessibility:b KeyboardbNavigation




2

,as
ASCORERS STUVIA b




1) Profit is the money that a company makes above and above what it needs to pay for ove
b b b b b b b b b b b b b b b b b b


rhead and other costs.
b b b




Answer:bTRUEbD
ifficulty:b1bEasy
Topic:b ThebFactorsbthatbAffectbthebSuccessborbFailurebofbanbOrganization
LearningbObjective:b 01-
01bDescribebthebrelationshipbbetweenbprofitbandbrisk,bandbshowbhowbbusinessesbandbnonprofitborganiz
ationsbcanbraisebthebstandardbofblivingbforball.
Bloom's:b RememberbAACSB
:b ReflectivebThinking
Accessibility:b KeyboardbNavigation


1) Launching a business is not hazardous because all firms turn a profit.
b b b b b b b b b b b b




Answer:bFALSEb
Difficulty:b1bEasy
Topic:b ThebFactorsbthatbAffectbthebSuccessborbFailurebofbanbOrganization
LearningbObjective:b 01-
01bDescribebthebrelationshipbbetweenbprofitbandbrisk,bandbshowbhowbbusinessesbandbnonprofitborganiz
ationsbcanbraisebthebstandardbofblivingbforball.
Bloom's:b RememberbAACSB
:b ReflectivebThinking
Accessibility:b KeyboardbNavigation


1)bToblaunchbandbrunbabbusiness,banbentrepreneurbmustbinvestbbothbtimebandbmoney.

Answer:bTRUEbD
ifficulty:b1bEasy
Topic:b ThebFactorsbthatbAffectbthebSuccessborbFailurebofbanbOrganization
LearningbObjective:b 01-
01bDescribebthebrelationshipbbetweenbprofitbandbrisk,bandbshowbhowbbusinessesbandbnonprofitborganiz
ationsbcanbraisebthebstandardbofblivingbforball.
Bloom's:b RememberbAACSB
:b ReflectivebThinking
Accessibility:b KeyboardbNavigation

1) A business will lose money if its costs and expenses outweigh its income.
b b b b b b b b b b b b b




Answer:bTRUEbD
ifficulty:b1bEasy
Topic:b ThebFactorsbthatbAffectbthebSuccessborbFailurebofbanbOrganization
LearningbObjective:b 01-
01bDescribebthebrelationshipbbetweenbprofitbandbrisk,bandbshowbhowbbusinessesbandbnonprofitborganiz

3

, as
ASCORERS STUVIA
b




ationsbcanbraisebthebstandardbofblivingbforball.
Bloom's:b RememberbAACSB
:b ReflectivebThinking
Accessibility:b KeyboardbNavigation




4