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

,TEST BANK FOR mm mm




Understanding Business, 13th Edition, William Nickels mm mm mm mm mm




mm Chapter 1-20 Answers are at the end of Each chapter
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1) Describe three ways that governments can foster entrepreneurship and encourage
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the 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
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ways that businesses can become more competitive.
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4) What is demography? Identify two demographic trends in the United States and
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discuss how they will impactUnited States businesses.
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5) Describe what we mean by greening and thinking green. List five ways that
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people and businesses are participating in the green movement. List business opportunities
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that may emerge from this movement.
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6) Trace the evolution of American business. Identify the key trends, and
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discuss the 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
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salaries and other expenses.
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A) Profit
B) Revenue
C) Interest
D) Dividends

9) A business incurs a
mm mm mm mm 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
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invested in 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
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called
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, A) profit.
B) revenue.
C) loss.
D) retained earnings. mm




12) A(n) mm 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-being and satisfaction derived
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from a variety of factors including political freedom, safety, education, and a clean
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environment.
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A) Standard of living mm mm




B) Quality of life mm mm




C) Gross national income
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D) Social satisfaction
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