5th Six Weeks Flashcards
The chance a company will have lower than expected profits or have a loss rather than taking a profit.
Business Risk
Fires or other events that can force businesses to move or close.
Business Interruption
Damage to business from storms, fires, and other disasters.
Property Loss
Workplace accidents that result in medical treatment and/or lost productivity
Injury
Risk of lawsuits for accidents, libel, slander, or other unanticipated events.
Liability
Loss of data or data theft.
Security Breach
A contract where an individual or organization has protection against the risk of loss.
Insurance
This kind of risk has two possibile outcomes: good or bad.
Pure Risk
This kind of risk has three possible outcomes: good, bad, or nothing.
Speculative Risk
Risk factors you can do something about.
Controllable Risk
Risk factors you cannot do anything about.
Uncontrollable Risk
Risk that is possible to collect, calculate, and estimate the losses - these risks can be protected.
Insurable Risk
Risks that cannot be calculated or estimated, and usually cannot be protected against through an insurance company.
Uninsurable Risk
Forming an LLC or Corporation to protect against personal loss.
Limit Liability
Categorize threats as very likely, some chance, small chance, and very little chance.
Prioritize Risks
Protecting the individual or company through different types like life, disability, professional, operational, and others.
Buy Insurance
Testing products and services to strive for the highest excellence.
Quality Assurance
Create safeguards for buyers with poor credit to keep company profitable.
Limit High-Risk Customers
Focusing on quality, not quantity, to reduce risk of problems down the road.
Control Growth
Appoint current or new employees to map out threats to company,
Risk Management Team
Where businesses act in the best interests of their community and environment.
Social Responsibility
The rules and standards for deciding what is right or wrong morally when conducting a business.
Ethics
A wrong act or breach of contract.
Tort
Proprietary information companies try to protect.
Trade Secrets
Defamation where a business suffers a monetary loss.
Libel
Hindering another individual or organization from conducting normal business.
Restraint
Falsely or recklessly misrepresenting their identity or position in a contract.
Fraud
An agreement that has been written or spoken, that is intended to be enforced by law.
Contract
The methods through which rights are enforced, either criminal or civil.
Procedure
The person or organization that owes money.
Debtor
The person or organization that lends money.
Creditor
Where one person is given the legal right to act on the behalf of another.
Agency
Rules for how to legally act with natural resources.
Environmental Law
Law that governs the creation and operation of governmental agencies.
Administrative Law
This is in place to protect the employees, customers, the environment, and hold businesses accountable.
Business Regulation
