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Better Business 5th Edition Test Bank

Better Business 5th Edition Test Bank offers everything you need for thorough exam preparation, including solved questions and MCQs.

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1Better Business, 5e(Solomon/Poatsy/Martin)Chapter 1 Business Basics1) When a company's revenue is greater than its expenses, it means that ________.A) the company earns a profitB) the company spends more than it earnsC) the company's income is decreasingD) the company needs to increase its spendingE) the company must increase its productivityAnswer: AExplanation: A company earns a profit when it takes in more revenue (earnings) than it spends.If a company spends more than it earns, it does not make a profit. Instead, it suffers a loss. Acompany can make a profit even if its income is decreasing, as long as its earnings continue toexceed its expenses. A profitable company may or may not need to increase its spending,depending on its business goals.Diff: 1AACSB: Reflective ThinkingLO: 1.1: Define business and list the factors of production.Classification: ConceptLearning Outcome: Explain how economic performance is monitored2) The physical products that a business offers are called ________.A) goodsB) servicesC) assetsD) devicesE) intangibleAnswer: AExplanation: By definition, physical products that a business offers are calledgoods.Servicesare intangible products, for example, hair styling or bookkeeping. A physical product may be anasset to the business or the purchaser, but it is a more general term that could include anyvaluable product or aspect of the business. A device is a physical product, but not all physicalproducts are devices. For instance, pizza would be considered a physical product, but a pizza isnot a device.Diff: 1AACSB: Reflective ThinkingLO: 1.1: Define business and list the factors of production.Classification: Concept

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Subject
Business Management
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Better Business by Michael R. Solom...

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