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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 |