POB 5.02 Review

Tara McDonald
Quiz by Tara McDonald, updated more than 1 year ago More Less
Tara McDonald
Created by Tara McDonald almost 3 years ago
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High School Principles of Business Quiz on POB 5.02 Review, created by Tara McDonald on 02/20/2017.

Resource summary

Question 1

Question
Which represents a natural risk for the owner of a delivery service?
Answer
  • snowstorm
  • accident
  • rising prices
  • government intervention

Question 2

Question
A business selects goods or services to sell. Which type of risk is this business using?
Answer
  • transferring risk
  • controlling risk
  • bypassing risk
  • avoiding risk

Question 3

Question
Which is an example of a speculative business risk?
Answer
  • A special promotion fails to increase sales.
  • A supplier's shipment is lost in transit.
  • A cashier gives unauthorized discounts to friends.
  • A customer is injured at a business and sues the company.

Question 4

Question
One way a business can reduce the risk of accidents in the workplace is by providing its employees with:
Answer
  • safety training.
  • electronic data interchange (EDI).
  • supply manuals.
  • weight-loss programs.

Question 5

Question
Many businesses use a variety of security precautions in order to protect the businesses from:
Answer
  • natural disasters.
  • the risk of theft.
  • economic depressions.
  • threat of foreclosure.

Question 6

Question
Sam works for a construction company. Yesterday he forgets to put on his hard hat prior to entering the construction site. Sam is said to be:
Answer
  • In compliance
  • Out of compliance
  • Safe
  • Ignorant

Question 7

Question
Bob works at the sawmill. While operating the electric saw, Bob notices one of the bolts has become loosened. He stops his work immediately and reports the incident to his site manager because of the:
Answer
  • Security risk
  • Chemical hazard
  • Non-economic risk
  • Imminent Danger

Question 8

Question
A local food company filed an insurance claim to compensate employees who lost personal belongings in a company fire. This is an example of which type of insurance risk?
Answer
  • Economic
  • Pure
  • Uncontrollable
  • Uninsurable

Question 9

Question
Which is an example of uninsurable risks?
Answer
  • FedEx covers property damaged by its drivers.
  • Kroger Grocery Store has liability coverage.
  • FedEx's competitors are now picking up packages from residential homes.
  • Tessa is receiving compensation after being injured at work.

Question 10

Question
A company chooses not to carry a line of products that appears to be especially easy to shoplift. Risk from not carrying the product line is:
Answer
  • Avoided
  • Reduced
  • Transferred
  • Retained (Assumed)

Question 11

Question
When it rains, Walmart place rubber mats in the entryways of their doors. By placing the mats during bad weather, Walmart is:
Answer
  • Retaining the risk
  • Avoiding the risk
  • Transferring the risk
  • Reducing the risk

Question 12

Question
It would cost a cosmetic company at least $1.49 for each bottle in order to produce a new line of shampoo. The company decided to continue with its original production instead of adding the new product. How did the company handle the potential risks?
Answer
  • Assume
  • Avoid
  • Transfer
  • Insure

Question 13

Question
Real property is:
Answer
  • Jewelry
  • Land or anything attached to it
  • Property that is inside the home
  • Cash

Question 14

Question
ABC Company has major damage to the facility due to an electrical fire. They are forced to close their operations down for two months while the building is being repaired. What type of insurance covers this type of damage?
Answer
  • Personal Property Insurance
  • Workers Compensation Insurance
  • Business Interruption Insurance
  • OSHA Insurance

Question 15

Question
Suzanne wants a personal insurance policy that will include features of basic and major medical health insurance, dental care, and vision care. What type of policy does she need?
Answer
  • Comprehensive
  • Surgical
  • Vision
  • Hospital

Question 16

Question
Randle's boss had insurance that would provide payments to him while he was at home recovering from a back injury that occurred at work. What type of insurance does Randle's boss have?
Answer
  • Workers Compensation
  • Liability Coverage
  • Business Interruption
  • Major Medical

Question 17

Question
Sally works for Nash-Rocky Mount Schools. She is 36 years old and decides that she needs life insurance. Other than covering her funeral expenses, she would like to have the option to be able to use the money she invests before she dies on purchasing expensive items like vacations, college, and a new home. She only has this option if she invests in what type of life insurance?
Answer
  • Term life insurance
  • 401K
  • Permanent life insurance
  • Workers Compensation
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