CIC- Agency Management
Study online at https://quizlet.com/_hw20nj
1. definition of strategic planning: a formal process of determining the identity, direction, and action
that an agency will undertake
2. 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?: strategic planning process
3. A chosen business structure affects which three things at an agency?: 1. Agency's
Operations
2. how an Agency pays its Taxes
3. the owners Liability
4. What is a sole proprietorship?: business owned and operated by one person
5. what is a general partnership?: Where there are two or more persons who agree to engage in a
business and agree to share in in the profits and losses.
6. What is a limited liability company?: This is a type of business that combines the advantages of a
corporation with those of a partnership. Personal Assets are shielded
7. What is a subchapter S corporation?: Allows shareholders to pass the profits of the business
through to their personal tax returns and avoid double taxation.
Elect S Corp status by filing form 2553 with the IRS
The corporation must be domestic, have no more than 100 shareholders, and have only one class of stock.
8. What is a C corporation?: C corporation pays the taxes, then dividend paid to shareholders. Shareholders
pay taxes on income so taxed twice. If need many shareholders, need C corporation.
NOTE: double taxed
9. 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: Sole proprietorship and general partnership
, CIC- Agency Management
Study online at https://quizlet.com/_hw20nj
10. Which of the following types of entities has LIMITED owners liability
- sole proprietorship
- general Partnership
- limited Liability Co
- Subchapter S Corp
- C Corp: Limited liability co, Subchapter S corp, C corp
11. Which of the following types of entities have UNLIMITED business duration
- sole proprietorship
- general Partnership
- limited Liability Co
- Subchapter S Corp
- C Corp: limited liability partnership, subchapter S corp
12. Maximum number of owners of a sole proprietorship: one
13. maximum number of owners of a General Partnership: unlimited
14. maximum number of owners of a limited liability co: unlimited
15. maximum number of owners of a Subchapter S corp: 100
16. maximum number of owners of a C corp: unlimited
17. who is a sole proprietorship owned by: one individual
18. who is a general partnership owned by: two or more individuals
19. who is a limited liability co owned by: another business or individuals
20. who is a subchapter S corp owned by: individuals
21. who is a C corp owned by: another business or individuals
22. which two entity types hold annual meetings: subchapter S corp, and C corp
23. in a sole proprietorship, who pays the taxes: the individual owner
24. in a general partnership, who pays the taxes: the partners, not the partnership
25. in a limited liability co, who pays the taxes: the company doesnt pay taxes, the members do
26. In a subchapter S Corp, who pays the taxes: corp doesnt pay taxes in most states, shareholders
do
27. in a C corp, who pays the taxes: Corp pays taxes
, CIC- Agency Management
Study online at https://quizlet.com/_hw20nj
28. A value statement summarizes _____: the what, why and how or an agency. it describes what an
agency does, and both why and how it does it
29. what 4 goals does an agency use its value statement to accomplish: 1. commu-
nicate 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
30. what should a value statement start with?: "_____" company believes....
or
"_______" company values....
31. write a value statement for a real or imagines insurance agency: The ABC believed
in serving customers with excellence and professionalism while treating everyone with respect and dignity
32. By reading the following value statement, what can you infer that the com-
pany values
The smith agency believes in building a positive team with family spirit: family
33. By reading the following value statement, what can you infer that the com-
pany values
The smith agency believes in providing protection and financial security to its
customers: having a top talent team who delivers consistent results
34. Write a Value Statement for a real or imagines insurance company: The ABC
Agency believes in serving customers with excellence and professionalism while treating everyone with respect and
dignity
35. What is a Vision Statement: Communicates a clear picture of what the agency is trying to achieve.
Serves as a compass to achieve long term goals
36. the vision statements identifies characteristics that reflect the _____term
goals of the agencies stakeholders: long term
37. What type of statement (Value/Vision/Mission) identifies characteristics that
- reflect the long range goals of the agency
, CIC- Agency Management
Study online at https://quizlet.com/_hw20nj
- project the view of what the agency aspires to be and
- guide the agency's strategic development: Vision Statement
38. Based on the vision statement, what is the agencys long term goal
The vision of the Smith Agency is to Serve the personal and commercial in-
surance needs of our clients by having a presence in all 3 major cities in our
country: They want to grow as an agency
39. How do you write a Vision statement: Start with "the vision of ____agency" and then say what
the agencies goal is and how it is going to achieve it
40. Knowledge Check: write a vision statement for a real or imaginary insurance
agency: The vision of the Smith agency is to serve the personal and commercial insurance needs of our clients by
having a presence in al three major cities in our country
41. what are the 3 purposes of a mission statement: 1. states its purpose and focus clearly
2. identify how it sees itself in terms of service, income and profit
3. establish clear growth goals serving its key stakeholders, clients, and employers
42. Three things every mission statement should include: 1. Plainly indicate how an agency
meets client needs
2. uses generic descriptions of products and services it will use
3. identifies the marketplace in geographical terms
43. Knowledge Check: write a mission statement for a real or imagines insurance
company: The Smith agency will provide quality personal, commercial, and life/health insurance products to the
clients located within our trade area to help them achieve their financial security goals
44. a Vision Statement is ______ term while a Mission Statement is _______ term-
: Vision = longer term, Mission= short term
45. An agencies self described value, vision, and mission contributes to building
an agencies ___________: culture
46. who contributes to an agencies culture: Agency owners/ managers and all staff
47. top down vs ground up approach to building a companies culture: Top down: top
management influences the culture they want the company to reflect
Ground up: without a positive guiding force from the top, an agencies culture will establish from the ground up and
will be the collective beliefs of the staff
Study online at https://quizlet.com/_hw20nj
1. definition of strategic planning: a formal process of determining the identity, direction, and action
that an agency will undertake
2. 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?: strategic planning process
3. A chosen business structure affects which three things at an agency?: 1. Agency's
Operations
2. how an Agency pays its Taxes
3. the owners Liability
4. What is a sole proprietorship?: business owned and operated by one person
5. what is a general partnership?: Where there are two or more persons who agree to engage in a
business and agree to share in in the profits and losses.
6. What is a limited liability company?: This is a type of business that combines the advantages of a
corporation with those of a partnership. Personal Assets are shielded
7. What is a subchapter S corporation?: Allows shareholders to pass the profits of the business
through to their personal tax returns and avoid double taxation.
Elect S Corp status by filing form 2553 with the IRS
The corporation must be domestic, have no more than 100 shareholders, and have only one class of stock.
8. What is a C corporation?: C corporation pays the taxes, then dividend paid to shareholders. Shareholders
pay taxes on income so taxed twice. If need many shareholders, need C corporation.
NOTE: double taxed
9. 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: Sole proprietorship and general partnership
, CIC- Agency Management
Study online at https://quizlet.com/_hw20nj
10. Which of the following types of entities has LIMITED owners liability
- sole proprietorship
- general Partnership
- limited Liability Co
- Subchapter S Corp
- C Corp: Limited liability co, Subchapter S corp, C corp
11. Which of the following types of entities have UNLIMITED business duration
- sole proprietorship
- general Partnership
- limited Liability Co
- Subchapter S Corp
- C Corp: limited liability partnership, subchapter S corp
12. Maximum number of owners of a sole proprietorship: one
13. maximum number of owners of a General Partnership: unlimited
14. maximum number of owners of a limited liability co: unlimited
15. maximum number of owners of a Subchapter S corp: 100
16. maximum number of owners of a C corp: unlimited
17. who is a sole proprietorship owned by: one individual
18. who is a general partnership owned by: two or more individuals
19. who is a limited liability co owned by: another business or individuals
20. who is a subchapter S corp owned by: individuals
21. who is a C corp owned by: another business or individuals
22. which two entity types hold annual meetings: subchapter S corp, and C corp
23. in a sole proprietorship, who pays the taxes: the individual owner
24. in a general partnership, who pays the taxes: the partners, not the partnership
25. in a limited liability co, who pays the taxes: the company doesnt pay taxes, the members do
26. In a subchapter S Corp, who pays the taxes: corp doesnt pay taxes in most states, shareholders
do
27. in a C corp, who pays the taxes: Corp pays taxes
, CIC- Agency Management
Study online at https://quizlet.com/_hw20nj
28. A value statement summarizes _____: the what, why and how or an agency. it describes what an
agency does, and both why and how it does it
29. what 4 goals does an agency use its value statement to accomplish: 1. commu-
nicate 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
30. what should a value statement start with?: "_____" company believes....
or
"_______" company values....
31. write a value statement for a real or imagines insurance agency: The ABC believed
in serving customers with excellence and professionalism while treating everyone with respect and dignity
32. By reading the following value statement, what can you infer that the com-
pany values
The smith agency believes in building a positive team with family spirit: family
33. By reading the following value statement, what can you infer that the com-
pany values
The smith agency believes in providing protection and financial security to its
customers: having a top talent team who delivers consistent results
34. Write a Value Statement for a real or imagines insurance company: The ABC
Agency believes in serving customers with excellence and professionalism while treating everyone with respect and
dignity
35. What is a Vision Statement: Communicates a clear picture of what the agency is trying to achieve.
Serves as a compass to achieve long term goals
36. the vision statements identifies characteristics that reflect the _____term
goals of the agencies stakeholders: long term
37. What type of statement (Value/Vision/Mission) identifies characteristics that
- reflect the long range goals of the agency
, CIC- Agency Management
Study online at https://quizlet.com/_hw20nj
- project the view of what the agency aspires to be and
- guide the agency's strategic development: Vision Statement
38. Based on the vision statement, what is the agencys long term goal
The vision of the Smith Agency is to Serve the personal and commercial in-
surance needs of our clients by having a presence in all 3 major cities in our
country: They want to grow as an agency
39. How do you write a Vision statement: Start with "the vision of ____agency" and then say what
the agencies goal is and how it is going to achieve it
40. Knowledge Check: write a vision statement for a real or imaginary insurance
agency: The vision of the Smith agency is to serve the personal and commercial insurance needs of our clients by
having a presence in al three major cities in our country
41. what are the 3 purposes of a mission statement: 1. states its purpose and focus clearly
2. identify how it sees itself in terms of service, income and profit
3. establish clear growth goals serving its key stakeholders, clients, and employers
42. Three things every mission statement should include: 1. Plainly indicate how an agency
meets client needs
2. uses generic descriptions of products and services it will use
3. identifies the marketplace in geographical terms
43. Knowledge Check: write a mission statement for a real or imagines insurance
company: The Smith agency will provide quality personal, commercial, and life/health insurance products to the
clients located within our trade area to help them achieve their financial security goals
44. a Vision Statement is ______ term while a Mission Statement is _______ term-
: Vision = longer term, Mission= short term
45. An agencies self described value, vision, and mission contributes to building
an agencies ___________: culture
46. who contributes to an agencies culture: Agency owners/ managers and all staff
47. top down vs ground up approach to building a companies culture: Top down: top
management influences the culture they want the company to reflect
Ground up: without a positive guiding force from the top, an agencies culture will establish from the ground up and
will be the collective beliefs of the staff
