The amount of money remaining from revenues after all expenses are paid - Profit

The study of how goods and services are produced, distributed, and consumed - Economics

The possibility of financial gain or loss or personal injury - Risk

A report developed to predict the expenses to be incurred and revenues to be received - Forecast

The business is legally responsible for damages - Liable

Involves preventing, reducing, or lessening the negative impacts of risk - Risk Management

The income that is distributed to investors- ROI (Return on Investment)

A system of deciding what is right or wrong in a reasoned and impartial manner - Ethics

The amount of satisfaction a person receives from the consumption of a particular product or service - Economic Utility

A financial statement that shows a company’s assets, liabilities, and net worth at a specific point in time - Balance Sheet

A plan for how available funds will be spent -Budget

Shows revenues and expenses for a specific period of time reveals company’s profit or loss - Income Statement

High standards of rules and guidelines - Principles

Making decisions to use resources in ways that result in the greatest profit - Profit Motive

Macroeconomics - the study of the economics of the entire society

Microeconomics- the study of the relationships between individual consumers and producers

form utility - when the physical characteristics of a product or service are improved

time utility- making the product or service available when the customer wants it

place utility - the product is available where it is wanted

possession utility - the product or service is available at an affordable price and easily obtainable

Natural Risk- Weather, Natural Disasters

Human Risk - Employees being bad

Economic Risk- Loss of money

Gain Or Loss Risk- (speculative risk)- There is a chance of loss or gain

Controllable Risk- It can be controlled or prevented  (Opposite:Uncontrollable risk)

Insurable Risk- When you are prepared for risk or losses and you can estimate and save money.

Risk Avoidance- When you avoid risky situations from happening

Risk Insurance- Having money or other financial ways to plan for a future risk that may happen.

Risk Transfer- When you transfer a risk to another company. If someone gets hurt of something

bad might happen, the risk will go to others

Risk Retention- Setting aside funds to help predict and loosen the loss of a risk in the future.