| A | B |
|---|
| risk | THIS cannot always be controlled and sometimes must be assumed |
| profit | the amount of money remaining from revenues after all expenses are paid |
| economic utility | The amount of satisfaction that people believe they receive from the entertainment |
| speculative | starting up a new team in a city is an example of this type of risk |
| ethical | THIS type of behavior includes acting in a mature, responsible manner |
| Forecasting | predicting costs and revenue |
| Costs | promotion, high salaries, facilities are included in the ________ of sports and entertainment events |
| risk | the possibility of financial gain, loss, or personal injury |
| Risk retention | assuming the cost of an uninsurable risk |
| profit motive | The greatest reason for being in business |
| balance sheet | shows assets, liabilities, and net worth |
| economic utility | The amount of satisfaction a person receives from the consumption of a particular product or service |
| time utility | the result of making a product or service available when the consumer wants it |
| ethics | a system of deciding what is right or wrong in a reasoned and impartial manner |
| character development | can be divided into stages in which people advance from childish behavior to mature and responsible behavior based on principles |
| ROI | the income that an investment provides for the investor |
| revenue stream | an activity that will produce money |
| forecast | developed to predict the cost of expenses and expected revenues from an event. |
| budget | a plan for how a business will spend money |
| risk retention | occurs when a business assumes the cost of a risk |
| liable | legally responsible for damages |
| principles | the rules and codes of conduct on which ethical behavior is based |
| economics | the study of how goods & services are produced, distributed, and consumed |
| resources | because people have limited time and money to spend on entertainment, they must make decisions about how to spend their limited _____________ |
| capital | company's wealth in the form of money or property |
| contingency | the preparation for an unexpected emergency |
| Ethics | a perception exists among the general public that sports & entertainment celebrities no longer value THESE |
