,TEST BANK FOR
q q
Understanding Business, 13th Edition, William Nickels
q q q q q
Chapter 1-20 Answers are at the end of Each chapter
q q q q q q q q q q
Chapter 1
q q
Student name:
q
1) Describe qthree qways qthat qgovernments qcan qfoster qentrepreneurship qand qencourage
qthe qcreation qof qwealth
2) Describe qhow qbusinesses qcan quse qtechnology qto qbe qmore qresponsive qto qcustomers.
3) Competition qamong qbusinesses qhas qnever qbeen qgreater. qIdentify qand qdescribe qtwo
qways qthat qbusinesses qcan qbecome qmore qcompetitive.
4) What qis qdemography? qIdentify qtwo qdemographic qtrends qin qthe qUnited qStates qand
qdiscuss qhow qthey qwill qimpactUnited qStates qbusinesses.
5) Describe qwhat qwe qmean qby qgreening qand qthinking qgreen. qList qfive qways qthat qpeople
qand qbusinesses qare qparticipating qin qthe qgreen qmovement. qList qbusiness qopportunities qthat qmay
qemerge qfrom qthis qmovement.
6) Trace qthe qevolution qof qAmerican qbusiness. qIdentify qthe qkey qtrends, qand qdiscuss
qthe qimplications qthese qtrends qhave qfor qthe qfuture.
,7) An qentity qthat qseeks qto qearn qa qprofit qby qproviding qa qgood qor qservice qis qknown qas qa(n)
A) industry.
B) corporation.
C) business.
D) service.
8) is qthe qamount qa qbusiness qearns qafter qdeducting qwhat qit qspends qfor qsalaries
qand qother qexpenses.
A) Profit
B) Revenue
C) Interest
D) Dividends
9) A qbusiness qincurs qa q if qits qcosts qand qexpenses qexceed qits qrevenues.
A) loss
B) liability
C) debit
D) dividend
10) is qthe qchance qa qbusiness qowner qwill qlose qthe qtime qand qmoney qinvested qin
qa qbusiness qthat qproves qto qbe qunprofitable.
A) Depreciation
B) Risk
C) Opportunity
D) Redundancy
11) The qtotal qamount qof qmoney qthat qbusinesses qtake qin qby qselling qgoods qand qservices qis qcalled
, A) profit.
B) revenue.
C) loss.
D) retained qearnings.
12) A(n) q is qa qperson qwho qassumes qthe qrisk qof qstarting qa qbusiness.
A) manager
B) entrepreneur
C) employee
D) stakeholder
13) Starting qa qbusiness qalways qinvolves
A) profit.
B) loss.
C) revenue.
D) risk
14) Often qin qbusiness qthe qgreater qthe qrisk, qthe
A) greater qthe qpotential qreward.
B) lower qthe qexpected qrevenues.
C) lower qthe qvalue qprovided qto qsociety.
D) greater qthe qnumber qof qstakeholders.
15) is qa qmeasure qof qthe qgeneral qwell-being qand qsatisfaction qderived qfrom
qa qvariety qof qfactors qincluding qpolitical qfreedom, qsafety, qeducation, qand qa qclean
qenvironment.
A) Standard qof qliving
B) Quality qof qlife
C) Gross qnational qincome
D) Social qsatisfaction
q q
Understanding Business, 13th Edition, William Nickels
q q q q q
Chapter 1-20 Answers are at the end of Each chapter
q q q q q q q q q q
Chapter 1
q q
Student name:
q
1) Describe qthree qways qthat qgovernments qcan qfoster qentrepreneurship qand qencourage
qthe qcreation qof qwealth
2) Describe qhow qbusinesses qcan quse qtechnology qto qbe qmore qresponsive qto qcustomers.
3) Competition qamong qbusinesses qhas qnever qbeen qgreater. qIdentify qand qdescribe qtwo
qways qthat qbusinesses qcan qbecome qmore qcompetitive.
4) What qis qdemography? qIdentify qtwo qdemographic qtrends qin qthe qUnited qStates qand
qdiscuss qhow qthey qwill qimpactUnited qStates qbusinesses.
5) Describe qwhat qwe qmean qby qgreening qand qthinking qgreen. qList qfive qways qthat qpeople
qand qbusinesses qare qparticipating qin qthe qgreen qmovement. qList qbusiness qopportunities qthat qmay
qemerge qfrom qthis qmovement.
6) Trace qthe qevolution qof qAmerican qbusiness. qIdentify qthe qkey qtrends, qand qdiscuss
qthe qimplications qthese qtrends qhave qfor qthe qfuture.
,7) An qentity qthat qseeks qto qearn qa qprofit qby qproviding qa qgood qor qservice qis qknown qas qa(n)
A) industry.
B) corporation.
C) business.
D) service.
8) is qthe qamount qa qbusiness qearns qafter qdeducting qwhat qit qspends qfor qsalaries
qand qother qexpenses.
A) Profit
B) Revenue
C) Interest
D) Dividends
9) A qbusiness qincurs qa q if qits qcosts qand qexpenses qexceed qits qrevenues.
A) loss
B) liability
C) debit
D) dividend
10) is qthe qchance qa qbusiness qowner qwill qlose qthe qtime qand qmoney qinvested qin
qa qbusiness qthat qproves qto qbe qunprofitable.
A) Depreciation
B) Risk
C) Opportunity
D) Redundancy
11) The qtotal qamount qof qmoney qthat qbusinesses qtake qin qby qselling qgoods qand qservices qis qcalled
, A) profit.
B) revenue.
C) loss.
D) retained qearnings.
12) A(n) q is qa qperson qwho qassumes qthe qrisk qof qstarting qa qbusiness.
A) manager
B) entrepreneur
C) employee
D) stakeholder
13) Starting qa qbusiness qalways qinvolves
A) profit.
B) loss.
C) revenue.
D) risk
14) Often qin qbusiness qthe qgreater qthe qrisk, qthe
A) greater qthe qpotential qreward.
B) lower qthe qexpected qrevenues.
C) lower qthe qvalue qprovided qto qsociety.
D) greater qthe qnumber qof qstakeholders.
15) is qa qmeasure qof qthe qgeneral qwell-being qand qsatisfaction qderived qfrom
qa qvariety qof qfactors qincluding qpolitical qfreedom, qsafety, qeducation, qand qa qclean
qenvironment.
A) Standard qof qliving
B) Quality qof qlife
C) Gross qnational qincome
D) Social qsatisfaction
