About This Chapter
Risk Management & Credit-Based Relationships - Chapter Summary
To have a full comprehension of the world of business and finance, you need to understand fundamental principles associated with managing risks and developing credit-based relationships. In this chapter, you will get reacquainted with these and other concepts by reviewing the lessons and completing the useful quizzes. The topics you will learn in this chapter include:
- The differences between guarantees and warranties
- How factors of change lead to risk management strategies
- Defining the roles of uninsurable and insurable risks
- Various types of consumer credit
- Laws that govern repossession and debt collection
- Important business laws and the rights of creditors
- Techniques for developing and terminating relationships between agencies
While you do need to refresh your memory about topics associated with risk management and credit-based relationships, you only have a limited amount of time for studying. Fortunately, we've designed our study materials to accommodate people with hectic schedules. For starters, all of our lessons, transcripts, quizzes, and everything else we offer is available anytime online. That means you can study with us at any Wi-Fi hotspot on your favorite Internet-ready device.
Since your study time is so limited, our instructors have gone the extra mile to make sure that we offer information in bite-sized bits. Instead of lengthy lessons or endless textbook-style study guides, our instructors have built shorter lessons. Each focuses on a few topics, allowing you to maintain focus and to absorb the information one topic at a time. Plus, since the chapter has been broken up into multiple lessons, you can choose which lessons you need to review and which ones you can skip.
1. Warranties vs. Guarantees: Definition & Differences
In this lesson we define the common sales conditions, warranties and guarantees, and take a look at some examples and the differences between the two conditions.
2. External Environmental Changes Drive the Need for Risk Management
Businesses operate in a dynamic world where the only thing for certain is that things will change. Change can bring both risk and reward. In this lesson, you'll learn how change in the business environment drives the need for risk management.
3. Consumer Credit: Types & Differences
In this lesson, we'll discuss creditworthiness and different types of consumer credit: installment, non-installment, and revolving credit. You'll also learn about repayment requirements for each and if there's a cost to borrowing the money.
4. Debt Collection and Repossession Rights
When a debtor fails to make payments on a secured loan, the creditor can usually reclaim the collateral. This lesson explains when a creditor has a right to repossession or foreclosure.
5. Creditors' Rights and Business Law
Business law is a broad area of law that covers many different topics. One important topic concerns creditors' rights. This lesson generally explains the role of creditors and creditors' rights in terms of business law.
6. Terminating Agency Relationships
Many business transactions are conducted using agency relationships. The agent's actions can bind the principal, so it's important to know when the agency relationship ends. This lesson discusses terminating agency relationships.
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Other chapters within the TExES Marketing 6-12 (275): Practice & Study Guide course
- Introduction to Business Management
- Organization & Management in Business
- Business Law & Regulation
- Business & Governmental Regulation
- Entrepreneurship & Types of Businesses
- Marketing & Financial Plans in Business
- Accounting Basics for Business
- Fundamentals of Marketing
- Marketing Research
- Demographics in Marketing Research
- Web & Media Marketing
- Product Planning & Promotion
- Advertising, Sales & Promotion in Marketing
- Product Development & Distribution
- Selling & Pricing Strategies
- Marketing & the Global Economy
- Sustainable & International Marketing
- Introduction to International Trade
- Public Relations for Business
- Business Leadership & Decision-Making
- Marketing Data Analysis
- Business Math Applications
- Business Technology & Information Systems
- Technology & Tools for Marketing
- Marketing & E-Commerce
- Marketing Education
- Laying the Foundation for a Marketing Career
- Establishing Professionalism at Work
- Marketing Instruction & Assessment
- TExES Marketing 6-12 Flashcards