Chapter 3 - Sports: Worksheet Questions (Grade 12)

Because people have limited time and money to spend on entertainment, they must make decisions about how to spend their limited resources.

• True

• False

If there is no possibility of gain, investors suffer an insurable risk.

• True

• False

When the physical characteristics of a product or service are improved, it is called possession utility.

• True

• False

If the chances of a loss are predictable and the amount of the loss can be estimated, it is a controllable risk.

• True

• False

A planning tool that projects financial performance for a specific time period is called a balance sheet.

• True

• False

The study of how goods and services are produced, distributed, and consumed is called marketing.

• True

• False

Risks can be classified as controllable, insurable, and involving gain or loss.

• True

• False

An ethical dilemma occurs when a person has to choose between what is right and wrong to do.

• True

• False

Scarcity occurs when there is a limited amount of resources needed to produce and distribute goods and services.

• True

• False

Risk retention means purchasing insurance to cover possible losses.

• True

• False