| A | B |
|---|
| profit | the amount of money remaining from revenues after all expenses are paid |
| profit motive | making decisions to use resources in ways that resulkt in the greatest profit |
| economics | the study of how goods and services are produced, distributed and consumed |
| economic utility | the amount of satisfaction someone recieves from a product |
| risk | the possibility of financial gain or loss or personal injury |
| risk management | preventing, reducing, or lessening the negative impacts of risk by using the strategies of risk avoidance, insurance, transfer, and or risk retention, |
| liable | business is legally responsible for damages and might have to pay medical costs |
| ethics | deciding what is right and wrong |
| principles | high standards of rules and guidelines in both business and personal life |
| return on investment | income from a venture that is distributed to investors |
| forecast | developed to predict the expenses to be incurred and revenues to be recieved from an event |
| budget | plan for how available funds should be spent |
| balance sheet | shows the companies assets |
| income statement | shows all revenues and all expenses over a period of time |
