SEM Chapter 2 Review

What is a plan for how available funds will be spent?

A beach house was damaged due to coastal flooding

Costs of sports and entertainment events include: 

What is the income from a venture that is distributed to investors?

What is a system of deciding what is right or wrong in a reasoned, impartial manner?

What is the possibility of financial gain or loss or personal injury?

What is the amount of money remaining from revenue after all expenses have been paid?

An increase in interest rates is what type of risk?

Risk cannot be controlled and must always be covered by purchasing insurance.

A new employee made several errors while working at the cash register

Risks can be classified as controllable, insurable, and involving gain or loss. 

When the physical characteristics of a product is improved it is...

Bringing a new professional team to a major city is an example of

When someone is ____, they are legally responsible for damages. 

A type of risk management that is also known as self-insurance

Which of the following is not a type of natural risk?

Risk involved in situations that present the opportunity for loss but no opportunity for gain

What financial statement shows a company's assets, liabilities, and equity (net worth)?

A loss that cannot be prevented

The U.S. government raises the minimum wage to $12