Question 1 (5 points) Saved Insurance that adds an extra layer of protection for liabilities not covered by your other policies is known as umbrella coverage. O multilayered coverage. O optional sources. variable protection. Question 2 (5 points) Saved Juan has a retail business selling skateboard supplies. He maintains large stockpiles of every item he sells in a warehouse on the outskirts of town. He keeps finding that he has to reorder certain supplies all the time but others only once a year. How can he solve this problem? Focus his stock on the most vital items while keeping those that do not sell as well at lower levels. Increase the stock of all items and move his inventory to a larger warehouse. Keep a limited stock of all items and special order items when they run out. Stop offering a variety of products and only stock a few items that sell moderately well. Question 3 (5 points) Saved When signing a lease for a retail space, it's important to make sure the lease has a _clause, which releases the tenant from the lease if sales don't reach an agreed-upon amount. tenancy bail-out Oco-tenancy bankruptcy John has a plumbing business. He is trying to decide if he needs to pay for his employees to be bonded. Which of the following is true of bonding? It's attractive to customers, because it covers any losses from damage that occur due to faulty work. It's the same thing as insurance. The bonding company doesn't require collateral. It's never required by law. Question 5 (5 points) Saved What common business mistake can cost you everything? Failure to unlock the front door Failure to buy adequate business insurance Failure to build a sticky website Failure to find the best name your business The amount you budget for inventory over a period of three months is called projected purchase. revenue. invoice anticipation open to buy Question 7 (5 points) Before inflation, what was the name of the sales method most businesses used? Last in, first out Up end, then out First in, first out Over and out Which of the following is a 100% deductible business expense for self-employed persons? Health Insurance Life insurance Homeowner's insurance O None of the above Question 9 (5 points) Saved Lily operates a gift shop and has a lot of inventory to manage. She counts inventory once every 4 weeks. Preparing and placing orders (the order cycle) takes 2 weeks. The orders take 6 weeks to arrive. What is her needs period? O 10 12 14 Question 10 (5 points) What kind of location appears temporarily, and then disappears? A gas station A manufacturing plant A local retail store O A pop-up retail location Question 11 (5 points) John D. Rockefeller said, "The secret of success is to do the common thing all the time uncommonly well with a sense of panache without complaining Question 12 (5 points) What type of insurance is commonly known as "income insurance"? O Workers' compensation Casualty Umbrella coverage Disability Question 13 (5 points) What type of insurance protects a business against injuries on the premises? o Workers' compensation Comprehensive general liability O Health Property Question 14 (5 points) How much liability coverage does the average small business need? $100,000 to $200,000 $500,000 to $1 million $2 million to $3 million $3 million to $4 million Question 15 (5 points) What is one of the major problems with working at home? Distractions Clothing expenses High overhead Poor lighting Question 16 (5 points) Which of the following has the greatest impact on your cash flow? High-priced inventory Low-priced inventory with high turnover Your lease agreement Your market research Question 17 (5 points) How many states require workers' compensation insurance? 10 15 25 50 What kind of inventory tracking system shows the cost and gross profit margin in each item Unit control systems Dollar control systems Manual tas systems Radiofrequency Identification systems Question 19 (5 points) You may not want a lot of foot traffic if your business involves O parties confidentiality O a lot of activity high volume sales Question 20 (5 points) Carmella has a small workshop where she has equipment to make ceramics. Much of the equipment was purchased 10 years ago. Recently, her workshop had a fire that destroyed a lot of her equipment. The insurance company has said that it will reimburse her for the amount she paid for the equipment 10 years ago. What type of insurance coverage was Carmella lacking? Umbrella Workers' compensation Business interruption Replacement cost