Learning Outcome 2Understand the management of the insurance business (Chapters 2 and 3)

Question 1

Which document sets out standards for companies in relation to issues such as board composition and development, director remuneration, accountability and audit and relations with shareholders

A. Memorandum and articles of association
B. UK Corporate Governance Code
C. Company register
D. U.K. Listing rules

Answer 1

B. UK Corporate Governance Code

Question 2

Office space and computer equipment are examples of which type of resources?
A.Physical resources
B. Financial resources
C.Human resources
D. Asset resources

Answer 2

A.Physical resources

Question 3

The approach that identified the three key areas of team leader's effectiveness as the task, the team and the individual is known as:
A. Action Centred Learning
B. Activity Centred Leadership
C. Activity Centred Learning
D. Action Centred Leadership

Answer 3

D. Action Centred Leadership

Question 4

In what management style is management structured in a formal way, with clear job demarcation.
A,Open door
B. Paternalistic
C. Autocratic
D. Militaristic/hierarchical

Answer 4

D. Militaristic/hierarchical

Question 5

Which control model looks at an organisation’s activities from four perspectives?
A. Management by objectives
B. Benchmarking
C. Key risk indicators
D. Balanced scorecards

Answer 5

D. Balanced scorecards

Question 6

When a budget adds a new month in to the 12 month budget after every month it is known as a:?
A. Flexible budget
B. Rolling budget
C. Top down budget
D. Zero-based budget

Answer 6

B. Rolling budget

Question 7

Analysing whether actual performance is in line with budgeted performance is known as:
A. Managerial accounting
B. Financial accounting
C. Budgeting
D. Variance analysis

Answer 7

D. Variance analysis

Question 8

Which C is missing from the 5 Cs of decision making Consider, Consult, Crunch, Check?
A. Coordinate
B. Calculate
C. Clear
D. Communicate

Answer 8

D. Communicate

Question 9

What type of information is used by front-line managers to ensure that specific tasks are planned and carried out properly?

A. Strategic information
B. Budgetary information
C. Tactical information
D. Operational information

Answer 9

D. Operational information

Question 10

In knowledge management, if daIn knowledge management, if data is stored and shared primarily via databases this is known as a:
A. Personalisation strategy
B. Database strategy
C. Codification strategy
D. Document management strategy

Answer 10

C. Codification strategy

Question 11

SMART stands for
A. Specific, measurable, accurate, realistic and time defined
B. Specific, measurable, achievable, relevant and time defined
C. Specific, measurable, achievable, realistic and time defined
D. Specific, measurable, accurate, relevant and time defined

Answer 11

B. Specific, measurable, achievable, relevant and time defined