Exam 3 Flashcards
1
Q
Profit
A
amount of money left after expenses are paid
2
Q
Profit Motive
A
Making decisions on how to use resources that result in greatest profit
3
Q
Revenue Stream
A
Activity producing money
4
Q
Economics
A
study of goods and services
5
Q
Scarcity
A
limited amount of resources
6
Q
4 Utility Categories
A
Form
Time
Place
Possession
7
Q
Bootstrapping
A
rely on personal income and savings
8
Q
Venture Capital
A
money given to start a business
9
Q
Venture Capitalist
A
Provides Venture Capital
10
Q
Capital
A
companies wealth (money and assets)
11
Q
Balance Sheet
A
shows assets and liabilities over time
12
Q
3 Sources of Risk
A
Natural
Human
Economic
13
Q
3 Other Sources Of Risk
A
Gain or Loss
Controllable
Insurable
14
Q
Risk Managing Strategies
A
Avoidance
Transfer
Retention
15
Q
Contingency Planning
A
preparation for unexpected emergency
