Unit 5: Business, Management, and Entrepreneurship

Advertising that benefits consumers by giving information about a product

• Comparison Shopping

• Competition

• Competitive Advertising

• Informative Advertising

A type of insurance that protects against financial loss as the result of injury or illness is:

• bonding

• health

• life

• property

During Hurricane Katrina, many homeowners did not have sufficient property insurance to cover the losses of their homes. What insurance would you purchase to properly insure your home in addition to a basic homeowner's insurance policy to protect against water damage?

• Earthquake Insurance

• Flood Insurance

• Personal Liability Insurance

• Renter's Insurance

In the United States, the easiest and most popular form of business ownership is:

• sole proprietorship

• partnerships

• corporations

• franchises

Private property is

• The money income that a person has left after all taxes have been paid.

• Economic system where private individuals own the factors of production.

• Money left after costs of production have been paid.

• Whatever is owned by individuals rather than the government.

Health risk factors over which individuals do not have control. Such as age, race, gender, and heredity

• Economic Risk

• Controllable Risk

• Uncontrollable Risk

• Natural Risk

The chance of loss from an event that cannot be entirely controlled

• Pure Risk

• Ethics

• Risk

• Human Risk

The practice of considering the risk of actions taken and taking steps to minimize the risk associated with them.

• Income Statement

• Primary Market

• Risk Management

• Cost of Debt

Promise made by a manufacturer or a seller to repair or replace a product within a certain time period if is found to be faulty

• Brand Name

• Warranty

• Market

• Profit

Brand name is

• General name for a product rather than a specific brand name given by the manufacturer.

• Advertising that benefits consumers by giving information about a product.

• Word/picture/logo on a product that helps consumers distinguish it from similar products.

• Advertising that attempts to pursuade consumers that product is different from and superior.