Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
22 Cards in this Set
- Front
- Back
The amount of money remains from income after all expanse are paid |
Profit |
|
Profit motive |
When a company makes decision on how to use resources in ways that result in the greatest profit |
|
Revenue strem |
An activity that will produce money |
|
Economic |
The study of how goods and services are produced, distributed, and consumed |
|
Loss |
Occurs when not enough revenue is made to cover expenses |
|
Scarcity |
Occurs when there is a limited amount of resources needed to produce and distribute goods and services |
|
Economic utility |
The amount of satisfaction a person receives from the consumption of a particular product or service |
|
Return on investment |
Calculates the business return as a percentage of the money invested |
|
Forecast |
A report that predicts the expenses to be incurred and the revenues to be earned |
|
Capital |
A company's wealth in the form of money or property |
|
Budget |
A detailed projection of financial performance for a specific time period |
|
Income statement |
A statement that shoes all revenues received and all expenses incurred over a specific period of toke |
|
Balance sheet |
A statement that shoes the company's assets at a specific point in time |
|
Risk |
The possibility of financial gain or loss or personal injury |
|
Risk management |
Preventing, reducing, to or leasing the impacts of risk |
|
Liable |
Being held legally responsible for damages and possible medical cost and other losses suffered by injured person |
|
Contingency planning |
The preparation for an unexpected emergency |
|
Risk assessment |
Step-by-step process by which knowledgeable safety and security staff identify and prepare to manage risk |
|
Ethics |
A system for deciding between right and wrong in a reasoned and impartial manner |
|
Ethical dilemma |
When one has to choose between two equal moral principles |
|
Principles |
Rules and codes of conduct on which ethical behavior is based |
|
Integrity |
Strong, voluntary adherence to honesty and morality; often linked to ethical behavior |
