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CAIB 3 Practice Exam 2024 Questions With Complete Solutions, Graded A+
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CAIB 3 Practice Exam 2024 Questions With Complete Solutions, Graded A+
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Name: Score:58 Multiple choice questions
Definition 1 of 58
involves dividing an organization's single asset or operation into two or more separate units.
Termination
Separation
Dissolution
Duplication
Term 2 of 58
Statutory Bond
a loss in which the subject property is totally lost or is so badly damaged that it has no
value left.
is the failure, without legal excuse to perform any promise which forms the whole or part of
the contract.
are damages which can be measured as to amount and are often referred to as out of
pocket expenses.
one that is required by a municipal ordinance, or federal or provincial regulation or statute.
Definition 3 of 58
the extra costs incurred in hastening the recovery of a business after a loss.
Inventory Holding Costs
Loss Of Sales Revenue
Defamation
Expediting Costs
,Definition 4 of 58
guarantees the fulfillment of certain obligations required under public and private contracts.
Surety Bond
Performance Bond
Contract Bond
Bid Bond
Definition 5 of 58
basic concept in common law in which current court decisions must follow those made in cases
having similar circumstances.
Rule of Precedent
Rule of Jurisdiction
Rule of Four
Consent of Surety
Definition 6 of 58
state of being sure, certain and secure.
Surety
Principal
Obligee
Statutory Bond
, Term 7 of 58
Working Capital
is the process of making and carrying out decisions that will minimize the adverse effects of
accidental losses upon an organization.
the failure to do something which a reasonable man, guided by those ordinary
considerations which ordinarily regulate human affairs, would do, or the doing of something
which a reasonable and prudent man would not do.
the amount of funds available to pay continuing business operating expenses until payment
is received for work being undertaken by the contractor.
the amount of money remaining after all assets have been liquidated and all liabilities
cleared.
Definition 8 of 58
the party to whom someone else is obligated under a contract.
or
the party to whom the bond is given.
Obligee
Principal
Obligor
Trespass
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