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