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ENT II Unit 1
Arkansas Entrepreneurship II Unit 1
| Question | Answer |
|---|---|
| Check that is returned to a business by the bank because the customer's checking account has insufficient funds to cover the check amount | Bounced check |
| Offered when a retail business allows its customers to buy merchandise now and pay for it later | Consumer credit |
| Risk that can be reduced or possibly even avoided by actions the insured takes | Controllable risk |
| Law that provides benefits to employees who have suffered work-related injuries or occupational diseases | Federal Employees' Compensation Act (FECA) |
| Risks in which the amount of loss can be predicted | Insurable risks |
| A payment made to an insurance company to cover the cost of uncontrollable events | Insurance |
| Payment that is made to an insurance company to cover the cost of insurance; price paid to cover a specified risk for a specific period of time | Premium |
| Insurable risk that is faced by a large number of people and the amount of the loss can be predicted; presents the chance of loss but no opporutnity for gain | Pure risk |
| Involves looking at all aspects of a business and determiningthe risks it faces | Risk assessment |
| Involves taking action to prevent or reduce the possibility of loss to a business | Risk management |
| Act of knowingly taking items from a business without paying | Shoplifting |
| Risk which offers the insured the chance to gain as well as lose from the event or activity | Speculative risk |
| Offered when one business allows another business to buy now and pay later | Trade credit |
| Risk on which actions have no effect, such as the weather | Uncontrollable risk |
| A government-regulated program that provides medical, income, and training benefits to employees who are injured on the job | Worker's Compensation |