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Risk Management in Small Business Chapter Exam

Exam Instructions:

Choose your answers to the questions and click 'Next' to see the next set of questions. You can skip questions if you would like and come back to them later with the yellow "Go To First Skipped Question" button. When you have completed the practice exam, a green submit button will appear. Click it to see your results. Good luck!

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Question 1 1. Which of the following management decisions involves risk reduction?

Question 2 2. Which one of the following is NOT a step involved in risk management?

Question 3 3. How is risk related to insurance?

Question 4 4. A tornado swept through a city making it difficult for a small business to earn money for some time. What kind of insurance would help to minimize the loss of income?

Question 5 5. Which of the following is an example of an environmental change related to an economic factor?

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Question 6 6. Samantha is a CEO of a large marketing company. She is trying to determine what external factors may impact the business in the next few months. She is concerned about the 2018 midterm elections and has decided to invest money into a PAC of a pro-business independent candidate. Another cause for concern is the increasing number of complaints regarding her IT sector. Which of the following may impact her business, and how can she manage these factors?

Question 7 7. Which one of the following types of insurance is usually required by law?

Question 8 8. Which of the following is NOT a step in the risk management process?

Question 9 9. Which of the following statements is the best explanation of how insurance allows a company to manage risk?

Question 10 10. Which one of the following is an example of environmental change related to the external political environment?

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Question 11 11. Companies get Key Person Insurance to cover against _____.

Question 12 12. If a company purchases an insurance policy, which type of risk management approach is it using?

Question 13 13. Zuk company Ltd. decides to launch a brand new type of bicycle called the Zukbike. The company accepts this risk and is prepared to pay for the losses that may occur. Which type of risk management approach is being used by the company?

Question 14 14. What is the difference between general liability insurance and product liability insurance?

Question 15 15. How does technological change affect risk management?

Risk Management in Small Business Chapter Exam Instructions

Choose your answers to the questions and click 'Next' to see the next question. You can skip questions if you would like and come back to them later with the "Go To First Skipped Question" button. When you have completed the practice exam, a green submit button will appear. Click it to see your results. You will lose your work if you close or refresh this page. Good luck!

Business 321: Small Business Management  /  Business Courses
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