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24 Cards in this Set
- Front
- Back
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Assets |
items of value, including cash, property, and equipment (p. 50) |
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Balance sheet |
shows the company’s assets and its liabilities at a specific point in time (p. 50) |
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Budget |
a plan for how available funds will be spent (p. 49) |
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Character development |
stages in which people advance from childish behavior to mature and responsible behavior based on principles (p. 43) |
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Economic utility |
the amount of satisfaction a person receives from the consumption of a particular product or service (p. 34) |
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Economics |
the study of how goods and services are produced, distributed, and consumed (p. 34) |
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Ethics |
a system of deciding what is right or wrong in a reasoned and impartial manner (p. 42) |
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Financing |
budgeting, finding ways to pay the costs of doing business, managing the costs so that they do not exceed the revenues coming in, and helping customers pay for the products or services (p. 49) |
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Forecast |
a report developed to predict the expenses to be incurred and revenues to be received from an event (p. 49) |
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Income statement |
shows all revenues received and all expenses incurred over a specific period of time (p. 50) |
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Liabilities |
amounts owed for purchases made on credit and loans (p. 50) |
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Liable |
the business is legally responsible for damages and might have to pay for the medical costs and other losses suffered by an injured person (p. 39) |
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Macroeconomics |
the study of the economics of the entire society (the big picture) (p. 34) |
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Microeconomics |
the study of the relationships between individual consumers and producers (p. 34) |
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Net worth |
the difference between the assets and liabilities of the business (p. 50) |
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Premium |
payment for insurance (p. 40) |
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Principles |
the high standards of rules and guidelines in both business and personal life (p. 43) |
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Profit |
the amount of money remaining from revenues after all expenses are paid (p. 32) |
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Profit motive |
making decisions to use resources in ways that result in the greatest profit (p. 33) |
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Return on investment (ROI) |
the income from a venture that is distributed to investors (p. 48) |
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Revenue |
the money a business receives from the sale of goods and services (p. 32) |
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Risk |
the possibility of financial gain or loss or personal injury (p. 37) |
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Risk management |
preventing, reducing, or lessening the negative impacts of risk by using the strategies of risk avoidance, risk insurance, risk transfer, and/or risk retention (p. 39) |
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Risk retention |
business assumes the cost of uninsurable risks (p. 40) |
