
Concept explainers
To critically think:
Attempting to change the direction of speech to someone else other than the speaker.
Introduction:
As per the short story spoken by the student the group activity was carried out accordingly.
“I got a phone call one day by my dancing trainer, regarding an event coming up. I was asked if I could dance for the event, as I was part of that dance group from the outset. I accepted the invitation and pursued to take part in the respective practices set up building up to the event due date.
The catch of this invitation was that we had to travel for a long time in order to reach the destination where the event would be held. The entire dance group, including me prepared for two day trip (staying one night over). We took a 7 hour journey to the destination which was quite tiring but fun at the same time, as we all travelled with friends.
We reached our destination at night hours, so we were too tired to practice and therefore decided to call it a day and practice tomorrow. Thus, we woke up in the early morning hours and held a practice session before we went ahead for the light/dress rehearsal. We carried out a full rehearsal at the auditorium and came back to the residing hotel to get dressed. We changed into our costumes and got our makeup done and headed back to the auditorium for the event. After the event was over, we had to leave the same day as we didn’t book the hotel for two nights, and as a result we had to come back to the hotel and get changed instantaneously before leaving the destination. After a long day, we left the hotel at midnight and arrived back home in the early hours of the next day.
It was a tiring but even more exciting personal experience which I was able to take part in, and it would be locked away and cherished in my memories forever.”

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Chapter 13 Solutions
MINDTAP MANAGEMENT FOR DAFT/MARCIC'S UN
- . Mention four early warning indicators that a business may be at risk.arrow_forward5. A risk that has both a high impact and high probability is referred to as A. Negligible B. Moderate C. Low D. Extreme 6. A business continuity plan is mainly used to_ A. Increase profits B. Handle daily tasks C. Prepare for disruptions D. Advertise services 7. What is the role of a risk owner? A. To finance the risk B. To monitor and manage a specific risk C. To create risks D. To avoid planning 8. Early warning indicators help businesses to A. Avoid legal actions B. Grow rapidly C. Detect potential risks D. Hire employees 9. A hazard-based risk includes A. Political instability B. Ergonomic issues C. Market demand D. Taxation changesarrow_forward1. What is the primary purpose of risk management in small businesses? A. To eliminate all risks B. To predict profits C. To reduce and control risks D. To create new risks 2. Which of the following is a type of operational risk? A. Interest rate change B. Natural disaster C. Supplier failure D. Tax policy change 3. SWOT analysis identifies all EXCEPT A. Strengths B. Weaknesses C. Tactics D. Opportunities 4. Which strategy involves taking no action against a risk? A. Mitigation B. Avoidance C. Acceptance D. Transferarrow_forward
- 5. A risk that has both a high impact and high probability is referred to as A. Negligible B. Moderate C. Low D. Extreme 6. A business continuity plan is mainly used to_ A. Increase profits B. Handle daily tasks C. Prepare for disruptions D. Advertise services 7. What is the role of a risk owner? A. To finance the risk B. To monitor and manage a specific risk C. To create risks D. To avoid planning 8. Early warning indicators help businesses to A. Avoid legal actions B. Grow rapidly C. Detect potential risks D. Hire employees 9. A hazard-based risk includes A. Political instability B. Ergonomic issues C. Market demand D. Taxation changesarrow_forward1. What is the primary purpose of risk management in small businesses? A. To eliminate all risks B. To predict profits C. To reduce and control risks D. To create new risks 2. Which of the following is a type of operational risk? A. Interest rate change B. Natural disaster C. Supplier failure D. Tax policy change 3. SWOT analysis identifies all EXCEPT A. Strengths B. Weaknesses C. Tactics D. Opportunities 4. Which strategy involves taking no action against a risk? A. Mitigation B. Avoidance C. Acceptance D. Transferarrow_forwardList and briefly describe four risk response strategies.arrow_forward
- Explain the purpose of a risk register.arrow_forwardAssume that your business is going to apply for a bank loan. Step into the shoes of a banking official who has the power to say yes or no to your loan application. From the bank’s vantage point, what are the strengths and weaknesses of your business plan? Does your plan seem realistic, given the financial assumptions and the business environment? What questions would you, as a bank officer, ask about your business plan? As the entrepreneur behind the business plan, how would you answer these questions and persuade the bank to approve your loan? Write up your questions and answers in one paragraph. Then use what you’ve learned to further strengthen your plan.arrow_forwardAssume that your business is going to apply for a bank loan. Step into the shoes of a banking official who has the power to say yes or no to your loan application. From the bank’s vantage point, what are the strengths and weaknesses of your business plan? Does your plan seem realistic, given the financial assumptions and the business environment? What questions would you, as a bank officer, ask about your business plan? As the entrepreneur behind the business plan, how would you answer these questions and persuade the bank to approve your loan? Write up your questions and answers in one paragraph. Then use what you’ve learned to further strengthen your plan.arrow_forward
- Even before you launch your business, you have to be ready to handle the funds that will flow in and out as you buy raw materials, pay rent, receive customer payments, and reserve cash to pay taxes. Which financial services should you have in place on your first day in business? Which might be needed months later, after you’ve established your business? Write two to three sentences about your company’s need for financial services, now and during the first year.arrow_forwardChester has negotiated a new labor contract for the next round that will affect the cost for their product Camp. Labor costs will go from $3.65 to $4.15 per unit. Assume all period and variable costs as reported on Chester's Income Statement remain the same. If Chester were to pass on half the new labor costs to their customers, how many units of product Camp would need to be sold next round to break even on the product? Select : 1 a) 1,826 b) 1,916 c) 1,743 d) 2,428arrow_forwardPremises: Alpha, Inc. has contemplated taking over a similar but less well-known corporation. If the merger takes place, Alpha, Inc. will probably change its name and temporarily lower its prices. If the prices are reduced, more merchandise is expected to be purchased. If more merchandise is purchased, more employees will be hired. Alpha, Inc. took over the less well-known corporation. Conclusion:Alpha, Inc. was renamed and more employees were hired. Options: Necessarily true. Probably, but not necessarily, true. Indeterminable, cannot be determined. Probably, but not necessarily, false. Necessarily false.arrow_forward
- Understanding Management (MindTap Course List)ManagementISBN:9781305502215Author:Richard L. Daft, Dorothy MarcicPublisher:Cengage LearningManagement, Loose-Leaf VersionManagementISBN:9781305969308Author:Richard L. DaftPublisher:South-Western College Pub

