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BE 2.05
EC-003
| Term | Definition |
|---|---|
| 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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