Test Bank for Understanding Business, 13th Edition by William Nickels, Jim McHugh, Susan Mc||ISBN, 978-1260894851||Chapters 1-20||Complete Guide A+

,TEST BANK FOR cm cm




Understanding Business, 13th Edition, William Nickels Ch cm cm cm cm cm cm




apter 1- cm




20 Answers are at the end of Each chapter Chapter 1
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Student name: cm




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 dis
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cuss 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
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mand businesses are participating in the green movement. List business opportunities that ma
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y emerge from this movement.
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6) Trace the evolution of American business. Identify the key trends, and discuss
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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 salaries
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and other expenses.
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A) Profit
B) Revenue
C) Interest
D) Dividends

9) A business incurs a
cm cm cm cm 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
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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 calle
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d

, A) profit.
B) revenue.
C) loss.
D) retained earnings. cm




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



B) Quality of life cm cm



C) Gross national income
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D) Social satisfaction
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