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Understanding Business, 13th Edition, William Nickels Ch up up up up up up
apter 1- up
20 Answers are at the end of Each chapter Chapter 1
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Student name: up
1) Describe three ways that governments can foster entrepreneurship and encourage t
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he creation of wealth
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2) Describe how businesses can use technology to be more responsive to customers.
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3) Competition among businesses has never been greater. Identify and describe two wa
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ys that businesses can become more competitive.
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4) What is demography? Identify two demographic trends in the United States and discu
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ss how they will impactUnited States businesses.
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5) Describe what we mean by greening and thinking green. List five ways that people an
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d businesses are participating in the green movement. List business opportunities that may em
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erge from this movement.
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6) Trace the evolution of American business. Identify the key trends, and discuss t
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he implications these trends have for the future.
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,7) An entity that seeks to earn a profit by providing a good or service is known as a(n)
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A) industry.
B) corporation.
C) business.
D) service.
8) is the amount a business earns after deducting what it spends for salaries a
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nd other expenses.
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A) Profit
B) Revenue
C) Interest
D) Dividends
9) A business incurs a
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A) loss
B) liability
C) debit
D) dividend
10) is the chance a business owner will lose the time and money invested i
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n a business that proves to be unprofitable.
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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
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, A) profit.
B) revenue.
C) loss.
D) retained earnings. up
12) A(n) up is a person who assumes the risk of starting a business.
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A) manager
B) entrepreneur
C) employee
D) stakeholder
13) Starting a business always involves
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A) profit.
B) loss.
C) revenue.
D) risk
14) Often in business the greater the risk, the
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A) greater the potential reward.
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B) lower the expected revenues.
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C) lower the value provided to society.
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D) greater the number of stakeholders.
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15) is a measure of the general well- up up up up up up
being and satisfaction derived from a variety of factors including political freedom, safe
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ty, education, and a clean environment.
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A) Standard of living up up
B) Quality of life up up
C) Gross national income
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D) Social satisfaction up
Understanding Business, 13th Edition, William Nickels Ch up up up up up up
apter 1- up
20 Answers are at the end of Each chapter Chapter 1
up up up up up up up up up up
Student name: up
1) Describe three ways that governments can foster entrepreneurship and encourage t
up up up up up up up up up up
he creation of wealth
up up up
2) Describe how businesses can use technology to be more responsive to customers.
up up up up up up up up up up up
3) Competition among businesses has never been greater. Identify and describe two wa
up up up up up up up up up up up
ys that businesses can become more competitive.
up up up up up up
4) What is demography? Identify two demographic trends in the United States and discu
up up up up up up up up up up up up
ss how they will impactUnited States businesses.
up up up up up up
5) Describe what we mean by greening and thinking green. List five ways that people an
up up up up up up up up up up up up up up
d businesses are participating in the green movement. List business opportunities that may em
up up up up up up up up up up up up up
erge from this movement.
up up up
6) Trace the evolution of American business. Identify the key trends, and discuss t
up up up up up up up up up up up up
he implications these trends have for the future.
up up up up up up up
,7) An entity that seeks to earn a profit by providing a good or service is known as a(n)
up up up up up up up up up up up up up up up up up
A) industry.
B) corporation.
C) business.
D) service.
8) is the amount a business earns after deducting what it spends for salaries a
up up up up up up up up up up up up up
nd other expenses.
up up
A) Profit
B) Revenue
C) Interest
D) Dividends
9) A business incurs a
up up up up if its costs and expenses exceed its revenues.
up up up up up up up
A) loss
B) liability
C) debit
D) dividend
10) is the chance a business owner will lose the time and money invested i
up up up up up up up up up up up up up
n a business that proves to be unprofitable.
up up up up up up up
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
up up up up up up up up up up up up up up up
, A) profit.
B) revenue.
C) loss.
D) retained earnings. up
12) A(n) up is a person who assumes the risk of starting a business.
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A) manager
B) entrepreneur
C) employee
D) stakeholder
13) Starting a business always involves
up up up up
A) profit.
B) loss.
C) revenue.
D) risk
14) Often in business the greater the risk, the
up up up up up up up
A) greater the potential reward.
up up up
B) lower the expected revenues.
up up up
C) lower the value provided to society.
up up up up up
D) greater the number of stakeholders.
up up up up
15) is a measure of the general well- up up up up up up
being and satisfaction derived from a variety of factors including political freedom, safe
up up up up up up up up up up up up
ty, education, and a clean environment.
up up up up up
A) Standard of living up up
B) Quality of life up up
C) Gross national income
up up
D) Social satisfaction up
