____ Includes Taking Action to Prevent or Minimize the Likelihood

question 11

Multiple Choice

____ includes taking action to prevent or minimize the likelihood of occurrence or the impact of such unfavorable events.

• A) Managing risk
• B) Taking chances
• C) Identifying the trigger point
• D) Naming the person responsible for the risk response plan

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Definitions:

Chapters 7,11,13

Sections of the United States Bankruptcy Code that outline different procedures for the liquidation or reorganization of indebted entities or individuals.

Debtor

An individual, company, or institutional entity that owes money to another entity.

Secured Transaction

A loan or credit transaction in which the borrower agrees to give the lender a security interest in certain property (collateral) as a guarantee for repayment.

Personal Property

Personal property refers to assets or belongings that are movable and not permanently fixed to one location, such as furniture, vehicles, and electronics.