147 Free Test Bank for Business Connecting Principles to Practice 2nd Edition by Nickels

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Jane's income has remained stable over the past few years while the prices of things she buys have gone up. Nevertheless, Jane feels better off because the environment is cleaner, the crime rate has declined, she has more leisure time, and the quality of medical care has improved. If Jane's experience is typical, we can conclude that the standard of living has:

•  increased, but the quality of life has decreased.
•  increased, and so has the quality of life.
•  declined, but the quality of life has increased.
•  declined, and so has the quality of life.

The standard of living for a nation's people depends mainly on:

•  the quality of the natural environment.
•  how much political freedom they have.
•  their income and the prices of the goods and services they buy.
•  the amount of labor and capital available employed in the manufacturing sector.

In order to make an intelligent investment decision, entrepreneurs should:

•  limit their options to those business investments that are backed by the U.S. government.
•  invest in businesses that have generated a stable rate of profit for at least the past ten years.
•  invest only in business opportunities where it is possible to take an active role in management.
•  compare the risks of potential investments to their expected profits and find the right balance between profit and risk.

As a factor of production, the term capital includes:

•  stocks and bonds issued by corporations.
•  natural resources such as land and water.
•  tools, machinery, and buildings.
•  services provided by the government that enable businesses to be more productive.

__________ is the amount a business earns after deducting what it spends for salaries and other expenses.

•  Profit
•  Revenue
•  Interest
•  Dividends

___________ is a measure of the general well-being and satisfaction derived from a variety of factors including political freedom, safety, education, and a clean environment.

•  Standard of living
•  Quality of life
•  Gross national income
•  Social satisfaction index

How is the profile of business owners changing?

•  In the U.S., men between the ages of 18 and 24 are starting businesses at a faster rate than men of all ages, or women of all ages.
•  Recent male immigrants, who can legally work in the U.S., are starting businesses at a faster rate than natural-born male citizens, and at a faster rate than all women.
•  Businesses owned by minority women are growing at a faster rate than businesses owned by men or nonminority women.
•  It is difficult to collect information on the profile of business owners. Most new businesses do not file so they don't have to pay taxes.

The amount of goods and services people can buy with the money they have is called their:

•  nominal income.
•  consumer price index.
•  profit margin.
•  standard of living.

The number of businesses owned by Hispanics and Asians has:

•  has decreased after the 9-11 terrorist attack.
•  slowly increased.
•  significantly increased.
•  remained relatively constant.

Honda and Toyota have used insourcing for years to produce cars in the United States. Insourcing:

•  helps offset the number of jobs being outsourced.
•  increases the number of jobs being outsourced.
•  damages the United States economy.
•  causes jobs to be lost to overseas competitors.

Eve and her three college friends enjoy perfumes. As a special gift to each of them last holiday season, Eve found a way to make scented candles with each friend's favorite perfume scent. The three friends loved her gift idea and encouraged Eve to create more and sell them on the Internet. Recently, she is filling orders from her website, and turning a profit. Eve is proof that:

•  me too businesses work.
•  when you successfully fill a market need, you can make money.
•  the Internet is a way to distribute just about anything.
•  the cost of supplies to make candles is relatively cheap.

Which of the following statements about social entrepreneurs (such as Muhammad Yunus who won the Nobel Prize) describes their challenge?

•  Social entrepreneurs may switch social causes several times before finding their niche.
•  Social entrepreneurs understand that their business environments are less dynamic than other businesses, especially during a recession.
•  Social entrepreneurs use different business skills than entrepreneurs who start other businesses. They should focus on a different educational curriculum than other entrepreneurs.
•  Using the same business skills as other entrepreneurs, social entrepreneurs develop businesses to improve the
•  skill(s) and/or quality of life of others.

The total amount of money that businesses take in by selling goods and services is called _______.

•  profit
•  revenue
•  loss
•  retained earnings

An activity which seeks to earn a profit by providing a good or service is known as a(n):

•  industry.
•  corporation.
•  business.
•  service.

For-profit businesses and nonprofit organizations are similar in that they both:

•  contribute to the welfare of society.
•  seek to earn a profit.
•  have a limited life.
•  must be controlled by a board of directors.

Which of the following is a factor of production?

•  bonds
•  money
•  knowledge
•  service

The customers, employees, stockholders, suppliers, creditors, and others who stand to gain or lose by the policies and activities of a business represent the firm's:

•  market makers.
•  economic environment.
•  stakeholders.
•  social mentors.

Starting a business always involves _______.

•  profit
•  loss
•  revenue
•  risk

A business incurs a ___________ if its costs and expenses exceed its revenues.

•  loss
•  liability
•  debit
•  dividend

Often in business the greater the risk, the ___________.

•  greater the potential reward
•  lower the expected revenues
•  lower the value provided to society
•  greater the number of stakeholders