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Entrepreneurship II

AR EOC Review

TermDefinition
Bounced check check that is returned to the bank due to insufficient funds in the drawee's account
Consumer credit offered when a retail business allows its customers to buy merchandise now and pay later
Controllable risk risk that can be reduced or possibbly even avoided
Federal Employees' Compensation Act(FECA) law that provides benefits to employees who have suffered work-related injuries or occupational illnesses
Insurable risks a pure risk, faced by a large number of people, and the amount of the loss can be predicted
Insurance a protection policy you might buy, to cover your business, your family and yourself against accident, illness, damage, etc
Premium the price you pay each month (or however you have it set up) for your insurance policy
Pure risk the chance of loss but no chance for gain
Risk assessment looking at all aspects of your business and determining the risks yo face
Risk management taking action to prevent or reduce the possiblility of loss to your business
Shoplifting knowingly taking items from a business without paying
Speculative risk the chance to gain as well as lose from the event or activity
Trade credit when one business lets another business buy now and pay later
Uncontrollable risk one which actions have no effect, such as the weather
Worker's compensation insurance employers are required by law to carry to protect workers against work-related injuries or illnesses
Created by: sshep
Popular Management sets

 

 



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