The First Step in Risk Management Is To

question 15

Multiple Choice

The first step in risk management is to:

• A) purchase liability insurance.
• B) create an emergency cash fund.
• C) establish prevention programs.
• D) eliminate all international risks.
• E) identify and eliminate all strategic risks.

Understand the Page Layout view and its components.

Distinguish between different worksheet views and their purposes.

Comprehend the process of adding worksheets and managing their views.

Know how to rename workbooks and where to adjust save locations.

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Definitions:

Internal Control

Procedures and processes implemented by a company to safeguard its assets, ensure accurate financial reporting, and promote operational efficiency.

Financial Statements

Reports that summarize the financial condition and operations of a business, including balance sheet, income statement, and cash flow statement.

FIFO

First-In, First-Out, an accounting method for managing inventory and financial matters where the oldest inventory items are sold or used first.

Inventory Costing

A method used to assign costs to inventory items and determine the cost of goods sold during a period.