,
,TEST BANK FOR
x x x
Understanding Business, 13th Edition, William Nickels Chap
x x x x x x
ter 1-20 Answers are at the end of Each chapter Chapter 1
x x x x x x x x x x x
Student name: x
1) Describe three ways that governments can foster entrepreneurship and encourage the cr
x x x x x x x x x x x
eation of wealth
x x
2) Describe how businesses can use technology to be more responsive to customers.
x x x x x x x x x x x
3) Competition among businesses has never been greater. Identify and describe two ways th
x x x x x x x x x x x x
at businesses can become more competitive.
x x x x x
4) What is demography? Identify two demographic trends in the United States and discuss ho
x x x x x x x x x x x x x
w they will impactUnited States businesses.
x x x x x
5) Describe what we mean by greening and thinking green. List five ways that people and busi
x x x x x x x x x x x x x x x
nesses are participating in the green movement. List business opportunities that may emerge from t
x x x x x x x x x x x x x x
his movement.
x
6) Trace the evolution of American business. Identify the key trends, and discuss the i
x x x x x x x x x x x x x
mplications these trends have for the future.
x x x x x x
, 7) An entity that seeks to earn a profit by providing a good or service is known as a(n)
x x x x x x x x x x x x x x x x x
A) industry.
B) corporation.
C) business.
D) service.
8) is the amount a business earns after deducting what it spends for salaries and ot
x x x x x x x x x x x x x x
her expenses.
x
A) Profit
B) Revenue
C) Interest
D) Dividends
9) A business incurs a
x x x x if its costs and expenses exceed its revenues.
x x x x x x x
A) loss
B) liability
C) debit
D) dividend
10) is the chance a business owner will lose the time and money invested in a bu
x x x x x x x x x x x x x x x
siness that proves to be unprofitable.
x x x x x
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
x x x x x x x x x x x x x x x
,TEST BANK FOR
x x x
Understanding Business, 13th Edition, William Nickels Chap
x x x x x x
ter 1-20 Answers are at the end of Each chapter Chapter 1
x x x x x x x x x x x
Student name: x
1) Describe three ways that governments can foster entrepreneurship and encourage the cr
x x x x x x x x x x x
eation of wealth
x x
2) Describe how businesses can use technology to be more responsive to customers.
x x x x x x x x x x x
3) Competition among businesses has never been greater. Identify and describe two ways th
x x x x x x x x x x x x
at businesses can become more competitive.
x x x x x
4) What is demography? Identify two demographic trends in the United States and discuss ho
x x x x x x x x x x x x x
w they will impactUnited States businesses.
x x x x x
5) Describe what we mean by greening and thinking green. List five ways that people and busi
x x x x x x x x x x x x x x x
nesses are participating in the green movement. List business opportunities that may emerge from t
x x x x x x x x x x x x x x
his movement.
x
6) Trace the evolution of American business. Identify the key trends, and discuss the i
x x x x x x x x x x x x x
mplications these trends have for the future.
x x x x x x
, 7) An entity that seeks to earn a profit by providing a good or service is known as a(n)
x x x x x x x x x x x x x x x x x
A) industry.
B) corporation.
C) business.
D) service.
8) is the amount a business earns after deducting what it spends for salaries and ot
x x x x x x x x x x x x x x
her expenses.
x
A) Profit
B) Revenue
C) Interest
D) Dividends
9) A business incurs a
x x x x if its costs and expenses exceed its revenues.
x x x x x x x
A) loss
B) liability
C) debit
D) dividend
10) is the chance a business owner will lose the time and money invested in a bu
x x x x x x x x x x x x x x x
siness that proves to be unprofitable.
x x x x x
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
x x x x x x x x x x x x x x x
