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Exam 17: Small Business Protection: Risk Management and Insurance

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Question 1

Multiple Choice

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The _____ likely an event is to occur,and the _____ the potential amount that the insurance company must pay,the _____ the price that you must pay for coverage.

A) more;lesser;lower
B) less;greater;higher
C) more;greater;higher
D) less;lesser;higher

E) A) and D)
F) A) and C)

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Question 2

Multiple Choice

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Which of the following should be undertaken in order to reduce a business's exposure to the risk of violating tax regulations?

A) Understate revenues and overstate deductible expenses
B) Reconcile the cash register tape to the cash register contents every day
C) Take cash from the businesses before it is recorded as revenue
D) Borrow from tax money in order to make payments to creditors

E) B) and C)
F) A) and C)

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Question 3

Multiple Choice

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The best way to meet the basic laws of OSHA is to provide a place of employment that is free of recognized hazards and to

Separation of duties is a core management technique to safeguard money and other valuable assets of a business.

Which of the following is true regarding disability insurance?

This is a set of rules and procedures that work to limit the opportunity for employee theft or malfeasance.

The best strategy for managing any risk is to develop a business environment that eliminates the probability of the event occurring.

Managing risks to tools,equipment,inventory,and other physical assets is largely a function of developing and enforcing appropriate business policies and procedures.

Which one of these government agencies is created to enforce safety in the workplace?

The most common form of employee theft is the pilfering of items of small value.

How can a small business owner manage risk to intangible property?

_____ are programs or pieces of equipment called routers which serve as a barrier between your PC and the Internet.

Which is the primary method of ensuring honesty in employees?

The most common mandatory insurance coverage includes

A disadvantage of joint ventures is that a partner can lose more than its investment in the venture.

Which of the following statements is true regarding joint ventures?

Klassic Karate Being a black belt in two different martial arts, Kirk Karwan has opened his martial arts school, "Klassic Karate" to teach karate to young children and adults. Kirk has hired six other black belts to help him teach the 300 plus children and adults who have signed up at the school. When asked by some parents about the type of insurance the school carries and how he manages the different risks, Kirk was stunned. Not only had he not bought the insurance but he had not even thought about it or any other types of risks. -When it comes to the other black belts hired by Kirk,which of these represent a business risk that Kirk needs to manage?

The first task to be completed before a comprehensive insurance program can be developed for your business is

The Technical Assistance Program is specifically aimed at the needs of hotels,motels,restaurants,and other affected small businesses.

_____ exist to pay losses that are not covered by other liability insurance.