CIC Agency Management EXAM COMPLETE NEWEST 500 QUESTIONS AND VERIFIED SOLUTIONS LATEST UPDATE THIS YEAR

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CIC Agency Management EXAM COMPLETE NEWEST

500 QUESTIONS AND VERIFIED SOLUTIONS LATEST

UPDATE THIS YEAR

QUESTION: Out of the following types of entities, which have unlimited owners liability for
business obligations


- sole proprietorship
- general Partnership

- limited Liability Co
- Subchapter S Corp
- C Corp - ANSWER-Sole proprietorship and general partnership



QUESTION: Which of the following types of entities has LIMITED owners liability


- sole proprietorship
- general Partnership

- limited Liability Co

- Subchapter S Corp
- C Corp - ANSWER-Limited liability co, Subchapter S corp, C corp


QUESTION: Which of the following types of entities have UNLIMITED business duration



- sole proprietorship



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- general Partnership

- limited Liability Co
- Subchapter S Corp

- C Corp - ANSWER-limited liability partnership, subchapter S corp


QUESTION: Maximum number of owners of a sole proprietorship - ANSWER-one



QUESTION: maximum number of owners of a General Partnership - ANSWER-unlimited


QUESTION: maximum number of owners of a limited liability co - ANSWER-unlimited


QUESTION: maximum number of owners of a Subchapter S corp - ANSWER-100


QUESTION: maximum number of owners of a C corp - ANSWER-unlimited


QUESTION: who is a sole proprietorship owned by - ANSWER-one individual



QUESTION: who is a general partnership owned by - ANSWER-two or more individuals


QUESTION: who is a limited liability co owned by - ANSWER-another business or individuals


QUESTION: who is a subchapter S corp owned by - ANSWER-individuals


QUESTION: who is a C corp owned by - ANSWER-another business or individuals



QUESTION: which two entity types hold annual meetings - ANSWER-subchapter S corp, and C
corp


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QUESTION: in a sole proprietorship, who pays the taxes - ANSWER-the individual owner


QUESTION: in a general partnership, who pays the taxes - ANSWER-the partners, not the
partnership


QUESTION: in a limited liability co, who pays the taxes - ANSWER-the company doesnt pay
taxes, the members do


QUESTION: In a subchapter S Corp, who pays the taxes - ANSWER-corp doesnt pay taxes in
most states, shareholders do



QUESTION: in a C corp, who pays the taxes - ANSWER-Corp pays taxes


QUESTION: A value statement summarizes _____ - ANSWER-the what, why and how or an
agency. it describes what an agency does, and both why and how it does it



QUESTION: what 4 goals does an agency use its value statement to accomplish - ANSWER-1.
communicate the agencies core principles to shape its direction and organizational goals

2. focus on aspirations and behavioral issues that matter most to an agency's leadership

3. define the standards of conduct and expectations for all agency members
4. communicate these statements orally and in written / electronic form


QUESTION: what should a value statement start with? - ANSWER-"_____" company believes....



or


"_______" company values....



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QUESTION: write a value statement for a real or imagines insurance agency - ANSWER-The ABC
believed in serving customers with excellence and professionalism while treating everyone with
respect and dignity


QUESTION: By reading the following value statement, what can you infer that the company
values


The smith agency believes in building a positive team with family spirit - ANSWER-family


QUESTION: By reading the following value statement, what can you infer that the company
values


The smith agency believes in providing protection and financial security to its customers -
ANSWER-having a top talent team who delivers consistent results


QUESTION: Write a Value Statement for a real or imagines insurance company - ANSWER-The
ABC Agency believes in serving customers with excellence and professionalism while treating
everyone with respect and dignity



Q; definition of strategic planning - ANSWER-a formal process of determining the identity,
direction, and action that an agency will undertake


QUESTION: Key questions to consider during _______________



- where is the agency now?
- where does the agency want to be?

- how will the agency get where it wants to be? - ANSWER-strategic planning process




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