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BE 205
EC-003
| Term | Definition |
|---|---|
| Bilk | cheat, swindle, defraud |
| Business risk | the possibility of loss(failure) or gain (success) inherent in conducting business |
| Competition | the rivalry between two or more businesses to attract scarce customer dollars |
| Contract | agreement between two or more businesses or individuals stating that one party is to do something in return for something provided by the other party |
| Corporation | a form of business ownership that is owned by stockholders who have purchased units or shares of company |
| Demand | the quantity of a good or service that buyers are ready to buy at a given price at a particular time |
| External risk | financial risk that a business cannot control, such as inflation and interest rate fluctuations |
| Financial risk | possible events and situations that directly impact a company's cash flow |
| Free enterprise | an economic system in which individuals and groups, rather than the government, own or control the means of production--the human and natural resources and capital goods used to produce goods and services; also known as private enterprise |
| Guarantee | a promise made to the consumer that a product's purchase price 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 environment |
| Insurance | a contractual agreement in which one company (insurer) will pay for specified losses incurred by the other company (insured) in return for instalment payments(premium) |
| Internal risk | financial risk that are controlled by the business, such as poor budgeting, inaccurate financial data, and inadequate accounting processes |
| Investment | the use of money to generate a profit or gain |
| Lease | a contract to use property that belongs to someone else for a specific 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 for |
| Markets | arrangements for the buying and selling of goods and services |
| Obsolescence | the state of being outmoded or unfashionable |
| Operational risks | possible events and situations resulting from employee actions, core processes, and daily business activities |
| Partnership | a form of business ownership in which the business is owned by two or more people |
| Profit | monetary reward a business owner receives for taking the risk involved in investing a business |
| Pure risk | chances of loss that carry with them the possibility of loss or no loss |
| Return | income received from an investment |
| Revenue | income |
| Shareholder | anyone who owns stock in a corporation; also known as a stockholder |
| Sole proprietorship | a business owned by one person who receives all the profits from the business and takes all the risk |
| Speculative risk | chances of loss that may result in loss, no change , or gain |
| Surety bond | a guarantee that protects a business when another person or business fails to fulfill the terms of a contract between them |
| Warranty | a promise made by the seller to the consumer that the seller will repair or repair or replace a product that does not perform as expected |
| Strategic risk | possible events and situations that can affect the execution of an organization's long-term plans |
| Demographics | the physical and social characteristics of the population |
Created by:
sabria.j297
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