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Glencoe introduction to business

Betty Jean Brown; John E Clow

Chapter 33

The Basics of Risk Management - all with Video Answers

Educators

Chapter Questions

Problem 1

On a sheet of paper, use each of these key terms and academic vocabulary terms in a sentence.

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Problem 2

Discuss risk and risk management.

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01:57

Problem 3

Describe different types of risk.

Brooke Bussoletti
Brooke Bussoletti
Numerade Educator
01:57

Problem 4

Describe four ways that individuals and businesses can handle risk.

Brooke Bussoletti
Brooke Bussoletti
Numerade Educator
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Problem 5

List types of insurance protection.

Rashmi Sinha
Rashmi Sinha
Numerade Educator

Problem 6

Some people would rather take their chances than to try to avoid risk. Do you think this is a good or bad approach to risk?

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Problem 7

What types of anti-shoplifting measures have you observed in stores?

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Problem 8

Tornadoes, hurricanes, and floods have caused devastating losses in recent years. What do you think can be done to reduce losses from disasters?

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Problem 9

Explain the difference between "economic risk" and "economic loss."

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Problem 10

Some people do not take precautions to avoid risk because they think that their insurance company will reimburse them for any losses that they incur. What do you think?

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Problem 11

How can businesses take precautions against customer dishonesty without offending their honest customers?

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Problem 12

What advice would you give business owners to make their computer systems safer?

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Problem 13

What problems can insurance companies face because of natural disasters?

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01:13

Problem 14

Research uninsurable risk. What types of risk are uninsurable? Why? Is there a way to avoid an uninsurable risk? In at least one page, discuss your answer.

Jingchi Yan
Jingchi Yan
Numerade Educator

Problem 15

In at least two paragraphs, discuss some of the safety measures that your school has in place to reduce the risk of loss or injury.

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Problem 16

Many employees take company property for their personal use. Write a brief e-mail to your teacher about the impact this can have on a business.

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Problem 17

One way to reduce risk is to increase safety. List guidelines for people to reduce their risk of property loss, injury, or death on the road.

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Problem 18

Choose a business in your community. Research the risk that this type of business might encounter. Write at least two paragraphs on your findings.

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Problem 19

An insurance agent helps people to identify the purposes of their insurance plan and develops a program for them. Research the job of insurance agent. Write a report on the qualities that a good insurance agent should have.

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Problem 20

Injuries and illnesses in the workplace can result in lost wages, increased medical expenses, and higher workers' compensation payments. Research the number of injuries and illnesses and their sources among U.S. workers. Prepare a spreadsheet and chart summarizing the information you obtain. Use the Internet or reference books in your library to find information.

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Problem 21

Imagine that someone broke into your friend Teresa's home and stole her jewelry box. Teresa files a police report as well as an insurance claim for the stolen items. In both reports, she lists several pieces of jewelry as stolen, including a diamond necklace insured for $$\$ 1,000$$. In a few days, the insurance company issues her a check for $$\$ 1,000$$. The following week, she finds the necklace hidden in a closet. What should she do?

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Problem 22

Work with a group of three or four students to research the different types of vehicle insurance coverage. Create an outline for a short presentation, and give it to the class.

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02:21

Problem 23

You recently purchased a used car for $$\$ 5,000$$ with help from a bank that loaned you the money with a $6 \%$ simple interest loan. If your insurance costs you $$\$ 230$$ quarterly, how much will the insurance and interest cost you in the first year?

Kayla Laughman
Kayla Laughman
Numerade Educator

Problem 24

Make a list of items you would want to have covered by insurance. Write a paragraph discussing why these items are important to you.

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03:06

Problem 25

You are billed for insurance quarterly, or every three months. Your first bill gives you the option of paying the total or a lesser amount every month. If the total quarterly amount is $$\$ 215$$ and the optional monthly amount is $$\$ 79$$, what is the difference in the amount you would pay if you chose the monthly option?

Dale Sanford
Dale Sanford
Numerade Educator

Problem 26

People have different ways of handling risk. Work in teams. Survey at least 10 people in your neighborhood or school about their attitudes toward risk. Which risk do they run each day at home, at school, or at work? What are some ways they avoid or reduce each risk? Compile your findings, and share the results with the class.

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Problem 27

Time off from work because of employee illnesses is a huge cost to businesses. Many companies have wellness policies in place to promote good health. Interview a local business owner about his or her sick-leave policy. Ask about the number of sick days each employee is granted. Does the business also offer exercise and fitness programs? Write a report of your findings, and share it with the class.

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Problem 28

Suppose you have a retail store that sells imported furniture. Your main supplier is in a country that is undergoing major economic and political changes. These changes are being closely watched by your federal government, which may adjust its trade policies with the country. In one page or more, discuss the types of risk you might encounter and how to address them.

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Problem 29

Go to the Introduction to Business Online Learning Center through glencoe.com for a link to the Occupational Outlook Handbook Web site. Click on the "OOH Search/A-Z Index" link and enter the job title "insurance underwriter." Then write a one-page report about this type of occupation. Conclude your report with a list of things you could do now to prepare yourself to pursue the occupation.

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Problem 30

Situation You have been asked to present a plan for reducing risk at your school. With three of your classmates, prepare a list of risks and ways to reduce or eliminate them.
Activity As a group, create a presentation for your school administrators on risk: Include your suggestions for reducing or eliminating risks.
Evaluation You will be evaluated on how well you meet the following performance indicators:
- Describe the process your group followed to identify risk in school.
- List the causes of various risks.
- Suggest ways to reduce or eliminate each risk.
- Prepare a written report using presentation software.

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