Business Essentials 8th Canadian Edition By Ronald J. Ebert – Test Bank
Test Bank For Business Essentials 8th Canadian Edition By Ronald J. Ebert
Business Essentials 8th Canadian Edition By Ronald J. Ebert – Test Bank
Business Essentials 8th Canadian Edition By Ronald J. Ebert
Business Essentials 8th Canadian Edition
Business Essentials
Chapter 1 Understanding the Canadian Business System
1.1 Multiple-Choice Questions
1) Profit is
- A) what remains after business expenses are subtracted from business revenues.
- B) what remains after dividends have been paid to stockholders.
- C) equal to total revenue minus cash expenses.
- D) what remains after income taxes have been paid.
- E) double the amount the company pays in.
Answer: A
Diff: 1 Type: MC Page Ref: 5
Skill: Knowledge
Objective: 1.1
2) What are profits?
- A) Total money taken in by a corporation
- B) Increases in income from year to year
- C) Increases in a corporation’s stock price
- D) Revenue generated by goods and services
- E) Difference between revenues and expenses
Answer: E
Diff: 1 Type: MC Page Ref: 5
Skill: Knowledge
Objective: 1.1
3) Profit is
- A) the market value of shares of stock in a company.
- B) the level of expenses divided by the firm’s assets.
- C) what remains after business expenses are subtracted from business revenues.
- D) gross revenue minus taxes a company pays.
- E) gross sales minus taxes a company pays.
Answer: C
Diff: 1 Type: MC Page Ref: 5
Skill: Knowledge
Objective: 1.1
4) This week, Abe’s Muffler Shop had sales of $4000, employees were paid $1000, the cost of goods was $1500, and rent was $500. Profit for the week was
- A) $3000.
- B) $1000.
- C) $4000.
- D) $2500.
- E) $500.
Answer: B
Diff: 2 Type: MC Page Ref: 5
Skill: Application
Objective: 1.1
5) How are provincial universities in Canada different from business firms?
- A) They do not seek to make a profit.
- B) They deal with people, not things.
- C) Their organizational boundaries exclude business firms.
- D) They do not produce goods or services.
- E) They are more important to society than business firms.
Answer: A
Diff: 2 Type: MC Page Ref: 5
Skill: Comprehension
Objective: 1.1
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