WorksheetsBusiness Test
Total questions: 21
Worksheet time: 53mins
Natural risk
a situation caused by acts of nature
a situation that occurs when business activities suffer due to changes in the US or world economy
the potential that the target market for new goods or services is much less than originally projected
a negative situation by the actions of people
Economic risk
a negative situation by the actions of people
the potential that the target market for new goods or services is much less than originally projected
a situation that occurs when business activities suffer due to changes in the US or world economy
a situation caused by acts of nature
Market risk
a situation caused by acts of nature
a situation that occurs when business activities suffer due to changes in the US or world economy
a negative situation by the actions of people
the potential that the target market for new goods or services is much less than originally projected
Human risk
a negative situation by the actions of people
a situation caused by acts of nature
the potential that the target market for new goods or services is much less than originally projected
a situation that occurs when business activities suffer due to changes in the US or world economy
Explain the concept of risk management.
(a)
what is controllable risk
(a)
Businesses can take actions to manage identified risks. Name and describe these four options that management can take.
Click the ones that you think are correct
first steps in risk management is to assess the risks, and determine if they can be avoided. Avoidance is taking steps to eliminate risk.
Reducing is a risk strategy of minimizing risks that cannot be avoided
risks can be transferred so that the owner shares the risk with others. Insurance is the most common way of transferring risk. Insurance is a financial service used to protect against loss.
insurance may not be available to cover all the risks a business identifies. An uninsurable risk is one that an insurance company will not cover. businesses must assume the full risk.
Explain how businesses can self-insure.
(a)
Explain the role of insurance companies in managing risk.
(a)
Identify and describe types of liability insurance that a business might purchase
Choose your best guess.
General liability insurance = protects against financial losses that result for legal issues
Product liability insurance = protects against financial losses due to a product defect that may cause injury to user of the product
Professional liability insurance = protects service-based businesses from financial losses caused by errors and negligence in how a service is provided
Commercial insurance = insurance that protects commercial property from risks, such as fire, theft, and natural disaster
What types of insurance are required by law for businesses to provide for their employees?
Click on the one you think is correct ( hint more than 1 answer is correct)
Workers’ compensation insurance = covers medical expenses and lost wages for employees who are injured at work
Unemployment insurance = provides certain benefits to workers who have lost their jobs through no fault of their own
Disability insurance = provides some financial income to employees who become sick or injured due to a nonwork related event or condition
money
Insurance definition
(a)
Uncontrollable Risk definition
(a)
Controllable Risk definition
(a)
Product liability insurance:
(a)
Professional liability insurance:
(a)
Commercial insurance:
(a)
Claim:
(a)
Deductible:
(a)
Premium:
(a)
Insurance policy:
(a)
