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BE Unit 205
EC-003 Glossary
| 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 the company |
| Demand | The quantity of 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 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 risks | 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 the specified losses incurred by the other company(insured) in return for installment payments(premium |
| Internal risks | Financial risks that are controlled by the businesses, 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 businesses 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 businesses activities |
| Partnership | A form of business ownership in which the business is owned by two or more persons |
| Profit | Monetary reward a business owner receives for taking the risk involved in investing in a business |
| Pure risks | 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 risks |
| Speculative risks | Chances of loss that may result in loss, no change, or gain |
| Strategic risks | Possible events and situations that can affect the execution of an organization's long-term plans |
| Surety bond | A guarantee that protects a business when another person or business fail to fulfill the terms of a contract between them |
| Warranty | A promise made by a seller to the consumer that the seller will repair or replace a product that does not perform as expected |
Created by:
josue.s974
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