People Who Are Uncomfortable with Risk and Who Avoid It

question 208

Multiple Choice

People who are uncomfortable with risk and who avoid it whenever they can are using the approach of

• A)risk retention.
• B)risk transfer.
• C)risk avoidance.
• D)loss control.

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Definitions:

Work In Process Inventory

Components, raw materials, and labor costs associated with partially completed goods during the manufacturing process.

Direct Labor

The wages paid to workers directly involved in the production of goods or services.

Overhead

The ongoing operational costs not directly attributable to the creation of a product or service.

General Journal

A comprehensive journal used in bookkeeping to record all types of accounting transactions before their transfer to specific accounts in the ledger.