Chapter 3 Sports and Entertainment Means Business

An ethical dilemma occurs when a person has to choose between what is right and wrong to do.

A perception exists among the general public that sports and celebrities no longer value ethics.

The preparation for an unexpected emergency is called risk management.​

Risk cannot be controlled and must always be covered by purchasing insurance.

Building a company without outside assistance is often referred to as crowdsourcing.

Ethical behavior involves

The __________ shows assets, liabilities, and net worth.

When the physical characteristics of a product or service are improved, it is called possession utility.

Being proactive is the right way to manage risk.

The study of how goods and services are produced, distributed, and consumed is called marketing.

When a business does not make enough revenue to cover expenses, it operates at a profit.

The amount of satisfaction that people believe they receive from the entertainment is referred to as

Risks can be classified as controllable, insurable, and involving gain or loss.

The best entertainment decisions are both effective and ethical.

The greatest reason for being in business is

The preparation for an unexpected emergency is called risk management.​

Venture capital is financing provided to start a company in return for owning part of the company.

Because people have limited time and money to spend on entertainment.

Bringing a new professional team to a major city is an example of a(n)

 Initial contingency planning for an event begins with the hiring of an experienced, trained.

__________ is the possibility of financial gain, loss, or personal injury.​

Risk retention means purchasing insurance to cover possible losses.

Being proactive is the right way to manage risk

When a business is legally responsible for losses suffered by an injured person, it is said to be

An activity that will produce money is called a(n)

An economic impact is the effect produced by decisions made by consumers and businesses.