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