Entrepreneurship - Chp. 12: Risk Mgmt.

Front

_____ is the possibility of some kind of loss.

Back

risk

Front

_________ risks are those caused by the actions of individuals, such as employees or customers. Examples include shoplifting, employee theft, robbery, credit card fraud, and bounced checks.

Back

human

Front

______ risks are caused by acts of nature. Examples are storms, fires, floods, and earthquakes. The occurrence of any of these could bring about tremendous loss to a business.

Back

natural

Front

_______ risks occur because of changes in business conditions. Examples include political instability, increased competition, and inflation.

Back

economic

Front

______ ______ is taking action to prevent or reduce the possibility of loss to your business. You can avoid risk, assume risk, or transfer risk.

Back

risk management

Front

______ ________involves looking at all aspects of your business and determining the risks you face.

Back

risk assessment

Front

_______is the act of knowingly taking items from a business without paying.

Back

shoplifting

Front

A ________ presents the chance of loss but no opportunity for gain.

Back

pure risk

Front

A _______ offers you the chance to gain as well as lose from the event or activity.

Back

speculative risk

Front

A __________is one that can be reduced or possibly even avoided by actions you take.

Back

controllable risk