TEST BANK
Understanding Business
William G. Nickels
13th Edition
PR
O
FD
O
C
,Table of Contents
1. Taking Risks and Making Profits within the Dynamic Business Environment
2. Understanding Economics and How It Affects Business
3. Doing Business in Global Markets
4. Demanding Ethical and Socially Responsible Behavior
5. How to Form a Business
6. Entrepreneurship and Starting a Small Business
7. Management and Leadership
8. Structuring Organizations for Today’s Challenges
9. Production and Operations Management
10. Motivating Employees
11. Human Resource Management: Finding and Keeping the Best Employees
PR
12. Dealing with Employee–Management Issues
13. Marketing: Helping Buyers Buy
14. Developing and Pricing Goods and Services
15. Distributing Products
16. Using Effective Promotions
O
17. Understanding Accounting and Financial Information
18. Financial Management
19. Using Securities Markets for Financing and Investing Opportunities
FD
20. Money, Financial Institutions, and the Federal Reserve
O
C
,Chapter 1
(ANSWERS AT THE END OF EVERY CHAPTER)
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.
PR
3) Competition among businesses has never been greater. Identify and describe two ways
that businesses can become more competitive.
O
4) What is demography? Identify two demographic trends in the United States and discuss
FD
how they will impact United States businesses.
O
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
C
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.
PR
A) Profit
B) Revenue
C) Interest
D) Dividends
O
9) A business incurs a if its costs and expenses exceed its revenues.
FD
A) loss
B) liability
C) debit
D) dividend
O
10) is the chance a business owner will lose the time and money invested in a
business that proves to be unprofitable.
C
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
Understanding Business
William G. Nickels
13th Edition
PR
O
FD
O
C
,Table of Contents
1. Taking Risks and Making Profits within the Dynamic Business Environment
2. Understanding Economics and How It Affects Business
3. Doing Business in Global Markets
4. Demanding Ethical and Socially Responsible Behavior
5. How to Form a Business
6. Entrepreneurship and Starting a Small Business
7. Management and Leadership
8. Structuring Organizations for Today’s Challenges
9. Production and Operations Management
10. Motivating Employees
11. Human Resource Management: Finding and Keeping the Best Employees
PR
12. Dealing with Employee–Management Issues
13. Marketing: Helping Buyers Buy
14. Developing and Pricing Goods and Services
15. Distributing Products
16. Using Effective Promotions
O
17. Understanding Accounting and Financial Information
18. Financial Management
19. Using Securities Markets for Financing and Investing Opportunities
FD
20. Money, Financial Institutions, and the Federal Reserve
O
C
,Chapter 1
(ANSWERS AT THE END OF EVERY CHAPTER)
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.
PR
3) Competition among businesses has never been greater. Identify and describe two ways
that businesses can become more competitive.
O
4) What is demography? Identify two demographic trends in the United States and discuss
FD
how they will impact United States businesses.
O
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
C
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.
PR
A) Profit
B) Revenue
C) Interest
D) Dividends
O
9) A business incurs a if its costs and expenses exceed its revenues.
FD
A) loss
B) liability
C) debit
D) dividend
O
10) is the chance a business owner will lose the time and money invested in a
business that proves to be unprofitable.
C
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
