Risk retention involves
a. buying insurance b. assuming the cost of an uninsurable risk
c. stopping the activity that involves risk of loss d. the possibility of loss or gain
Question 2__________ is the possibility of financial gain, loss, or personal injury.
a. Profit
b. Risk
c. Insurance d. Utility
Question 3Costs of sports and entertainment events include
a. high salaries b. facilities
c. promotion for events d. all of the above
Question 4Forecasting involves
a. purchasing and promotion b. pricing and ticket sales
c. predicting costs and revenue d. planning, distribution, price and advertising
Question 5Ethical behavior involves
a. making easy routine decisions b. always making decisions that produce the greatest financial profits
c. acting in a mature, responsible manner d. all of the above
Question 6Bringing a new professional team to a major city is an example of a(n)
a. speculative risk b. controllable risk
c. insurable risk d. uncontrollable risk
Question 7The amount of satisfaction that people believe they receive from the entertainment is referred to as
a. form utility b. economic utility
c. place utility d. time utility
Question 8Profit is
a. the amount of money remaining after income is paid b. revenue plus expenses
c. the amount of money remaining from revenues after all expenses are paid d. none of the above
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