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BE 2.05

EC-003

TermDefinition
Bilk Cheat, swinfle, defraud
Business risk The possibility of loss (failue) or gain (success)Inherent in conducting business
Competition The rivvalry between two or more businesses to attrat scarce customer dollars
Contract Ageement between two or more indiduals stating that one party is to do something in return for something provided by the othere party
Corporation A form of business ownership that is owned that is wned by stockholders who have purchased units or shares of the company
Demand The Quantity f a good or service that buyers are ready to buy at a given price at a particular time
Demographics The physical and social characteristics of the population
External risks Financial risks that a business cannot control, such as inflation and intrest rate fluctations
Financial risk possible events and situations that directly impact a company's cash flow
Free enterprise Am economic system in which individuals and groups, rather than the government, own or control the means of production --the human and naturall resource and capital goods used to produce goods and services; also known as private enterprise
Guarnatee Apromisemade to the consumer thats a product's purchase pprice will be refunded if the product is not satisfactory; often called a money-back guarantee`
Hazard risk Potential events or situations that can cause injury or harm to people, property, or the enviorment
Insurance A contractual agreement in which one company ( insuer) will pay for specified losses incurred by the other company (insure) in return for installment paymentss (premium)
Internal risk Financial risks that are controlled by the business, such as poor budgeting, inaccurate financial data , and inadequate accounting processes
Invesment The use of money to generat a profit or gain
Lease A contact to use property that belongs to someone else for a specifiic period of time and for a specific amount of money
Liability insurance A contractual agreement that provides compensation for losses that a person or business is responsible fo
Markets arrangements for the buyin and selling of goods and services
Obolescence The state of being outmoded or unfashionable
Operational risks Possible events and situations resulting from employee actions, core processes, and daily business activites
Partnership A form of business ownership in which the business is owned by two or more persons
Profit Monetaryreward a business owner recieves for taking the risk involved in investing in a business
Pure risk Chances of loss that caryy with them the posibility of loss or no loss
Return Income recieved from an investment
Revune Income
Sharre holder Anyone who owns stock in corporation;also known as a stockholder
Sole propritorship Abusiness owned by one person who recievs all the profits from the businessand takeall the risk
Speculative risks Possible events and situations that can affect the execution of an organization's long- term plans
Surety bond
Created by: trinity.l382
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