Test Bank for Understanding Business, 13th Edition
by William Nickels, Jim McHugh, Susan Mc
,Chapter 1-20 Answers are at the end of Each chapter
Student name:
1) Describe three ways that governments can foster entrepreneurship and
encourage thecreation of wealth
2) Describe how businesses can use technology to be more responsive to customers.
3) Competition among businesses has never been greater. Identify and describe two
waysthat businesses can become more competitive.
4) What is demography? Identify two demographic trends in the United States and
discusshow they will impactUnited Statesbusinesses.
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
mayemergefrom this movement.
6) Trace the evolution of American business. Identify the key trends, and
discuss theimplications these trends have for the future.
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.
,8) is the amount a business earns after deducting what it spends for
salariesandotherexpenses.
A) Profit
B) Revenue
C) Interest
D) Dividends
9) A business incurs a if its costs and expenses exceed its revenues.
A) loss
B) liability
C) debit
D) dividend
10) is the chance a business owner will lose the time and money
invested in abusiness that proves to be unprofitable.
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
A) profit.
B) revenue.
C) loss.
D) retainedearnings.
12) A(n) is a person who assumes the risk of starting a business.
A) manager
B) entrepreneur
C) employee
D) stakeholder
13) Starting a business always involves
, A) profit.
B) loss.
C) revenue.
D) risk
14) Often in business the greater the risk, the
A) greater the potential reward.
B) lower the expected revenues.
C) lower the value provided to society.
D) greater the number of stakeholders.
15) is a measure of the general well-being and satisfaction derived
from avariety of factors including political freedom, safety, education, and a clean
environment.
A) Standard of living
B) Quality of life
C) Gross national income
D) Socialsatisfaction
16) The amount of goods and services people can buy with the money they have is
calledtheir
A) nominalincome.
B) consumer price index.
C) profitmargin.
D) standard of living.
17) The customers, employees, stockholders, suppliers, creditors, and others who
stand togain or lose by the policies and activities of a business represent the firm's
A) marketmakers.
B) economic environment.
C) stakeholders.
D) social environment.
by William Nickels, Jim McHugh, Susan Mc
,Chapter 1-20 Answers are at the end of Each chapter
Student name:
1) Describe three ways that governments can foster entrepreneurship and
encourage thecreation of wealth
2) Describe how businesses can use technology to be more responsive to customers.
3) Competition among businesses has never been greater. Identify and describe two
waysthat businesses can become more competitive.
4) What is demography? Identify two demographic trends in the United States and
discusshow they will impactUnited Statesbusinesses.
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
mayemergefrom this movement.
6) Trace the evolution of American business. Identify the key trends, and
discuss theimplications these trends have for the future.
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.
,8) is the amount a business earns after deducting what it spends for
salariesandotherexpenses.
A) Profit
B) Revenue
C) Interest
D) Dividends
9) A business incurs a if its costs and expenses exceed its revenues.
A) loss
B) liability
C) debit
D) dividend
10) is the chance a business owner will lose the time and money
invested in abusiness that proves to be unprofitable.
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
A) profit.
B) revenue.
C) loss.
D) retainedearnings.
12) A(n) is a person who assumes the risk of starting a business.
A) manager
B) entrepreneur
C) employee
D) stakeholder
13) Starting a business always involves
, A) profit.
B) loss.
C) revenue.
D) risk
14) Often in business the greater the risk, the
A) greater the potential reward.
B) lower the expected revenues.
C) lower the value provided to society.
D) greater the number of stakeholders.
15) is a measure of the general well-being and satisfaction derived
from avariety of factors including political freedom, safety, education, and a clean
environment.
A) Standard of living
B) Quality of life
C) Gross national income
D) Socialsatisfaction
16) The amount of goods and services people can buy with the money they have is
calledtheir
A) nominalincome.
B) consumer price index.
C) profitmargin.
D) standard of living.
17) The customers, employees, stockholders, suppliers, creditors, and others who
stand togain or lose by the policies and activities of a business represent the firm's
A) marketmakers.
B) economic environment.
C) stakeholders.
D) social environment.
