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