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BML 11-3
Test Description: Business management and law, chapter 11, set 3
Instructions: Answer all questions to get your test result.
1) To manage uninsurable risks, a business should do all of the following EXCEPT
A
calm employees by telling them that these are not the risks they are looking for
B
practice careful hiring policies
C
study all of the risk areas
D
be active in the local community
2) Piracy is
A
strongly discouraged by every country's government.
B
only applicable to domestic markets.
C
the illegal copying of software packages or information.
D
a major problem with shipping companies.
3) A company can reduce international business risk by
A
offering a wide range of products.
B
working closely with locals.
C
all of these
D
doing business in many different countries.
4) Insurance
A
never pays for anything.
B
is always a wise purchase.
C
exchanges the uncertainty of a possible large financial loss for a certain smaller payment.
D
is financially feasible for almost every conceivable type of risk.
5) Insurance companies also
A
steal orphans in the middle of the night.
B
launder money.
C
make unicorns out of common ponies.
D
function as investment companies.
6) Workers' compensation is a type of
A
business interruption insurance.
B
life insurance.
C
liability insurance.
D
disability insurance.
7) Commercial property insurance provides compensation for
A
property losses resulting from interruptions in television programs for advertising purposes.
B
ongoing business expenses that occur if a business has a temporary shutdown due to a fire, flood or other major problem.
C
injuries to employees or customers that might occur on commercial property.
D
property losses resulting from fire, storms, accidents, theft, and vandalism.
8) After a property is rebuilt using funds from FEMA's flood insurance program,
A
future claims are limited since the property owner is on notice that his property is at risk for flooding.
B
the property owner is required to take steps to protect the property from future floods.
C
that property's insurance premiums increase to represent the heightened flood risk.
D
none of these - the property owner is guaranteed to continue to receive subsidized flood insurance.
9) Independent insurance agents
A
work for a large insurance company and sell only policies written by that company.
B
work only for businesses, not individuals, and therefore have special expertise in business-related insurance needs.
C
can charge policyholders whatever they want for premiums.
D
usually sell many kinds of policies from a number of different companies.
10) When an organization broadens its product line, business risks are
A
eliminated altogether once the business becomes
B
increased because production expenses will rise.
C
reduced because lower-than-expected sales of one item will not result in a complete failure for the company.
D
not affected because each new set of products brings a new set of risks.
*select an answer for all questions
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