Direct losses are the only type of losses associated with property risks.

The budget period usually coincides with the _______________ period.

Fill in the blank(s) with the appropriate word(s).

Harry is selling his rare coin collection through Marshall Auction House. Harry will not sell the collection for less than $300,000 and has the right to withdraw the collection if the highest bid is below the $300,000 minimum. What is the term for this kind of auction?

a. Option auction b. Seller's auction c. Auction with reserve d. Auction without reserve.