Sports Marketing Chapter 2 Vocab

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Across
  1. 6. Development Stages in which people advance from childish behavior to mature and and responsible behavior based on principles.
  2. 7. risk Result in either gain or loss.
  3. 8. The study of how goods and services are produces, distributed, and consumed.
  4. 10. System of deciding what is right and what is wrong.
  5. 12. The study of the relationships between individual consumers and producers.
  6. 14. The possibility of financial gain or loss or personal injury.
  7. 15. The form in which businesses pay the cost of insurance.
  8. 16. risk Pure risk for which the chances of loss are predictable and the amount of the loss can be estimated.
  9. 17. Statement Shows all revenues received and all expenses incurred over a specific period of time.
  10. 18. risk This includes weather conditions that cannot be avoided.
  11. 23. Motive Making decisions to use resources in ways that result in the greatest profit.
  12. 26. Amount owed for purchases made on credit.
  13. 29. risk Faced by business is due to changes in the business environment, such as the economy.
  14. 30. utility The result of making the product or service available when the consumer wants it.
  15. 31. The amount of money remaining from revenues after all expenses are paid.
Down
  1. 1. utility The amount of satisfaction a person receives from the consumption of a particular product or service.
  2. 2. The money a business receives from the sale of goods and services.
  3. 3. risk When managers could do nothing to prevent the loss.
  4. 4. The study of the economics of the entire society.
  5. 5. utility Results from making the product or service available at an affordable price.
  6. 9. utility When the physical characteristics of a product or service are improved.
  7. 11. risk This can result from customer dishonesty, employee theft, and employee incompetence.
  8. 13. risk If a loss is prevented or the likelihood of its occurrence reduced.
  9. 15. High standards of rules and guidelines in both business and personal life.
  10. 19. Items of value including cash, property, and equipment.
  11. 20. retention Businesses that face uninsurable risks must assume the cost of the risk.
  12. 21. Plan for how available funds will be spent.
  13. 22. of Investment The income from a venture that is distributed to investors.
  14. 24. The business is legally responsible for damages and might have to pay for the medical costs and other losses suffered by an injured person.
  15. 25. Involves budgeting, finding ways to pay the costs of doing business, managing the costs so they do not exceed the revenues coming in, and helping customers pay for products and services.
  16. 27. Sheet Shows the company's assets and its liabilities at a specific point in time.
  17. 28. Developed to predict the expenses to be incurred and revenues to be received from an event
  18. 31. utility Ensures that the product or service is available where the consumer wants it.