Sports & Entertainment Marketing Chapter 2

Question 1

a business is responsible for damages, medical costs, and losses suffered by an injured person.

Accepted Answer

Liable

Question 2

preventing, reducing, or lessening the negative impacts of risk by usingthe strategies

Accepted Answer

Risk Management

Question 3

A system of deciding what is right or wrong in a reasoned and impartial manner.

Accepted Answer

Ethics

Question 4

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

Accepted Answer

Economics

Question 5

A plan for how available funds will be spent.

Accepted Answer

Budget

Question 6

The income from a venture that is distributed to investors.

Accepted Answer

Return on Investments

Question 7

The amount of money remainingfrom revenues after all expenses are paid.

Accepted Answer

Profit

Question 8

This financial statement shows the company’s revenues (or income) and expenses

Accepted Answer

Income Statement

Question 9

This financial statement shows the company’s assets and liabilities

Accepted Answer

Balance Sheet

Question 10

The basis of ethical behavior. High standards of rules and guidelines

Accepted Answer

Principles

Question 11

Making decisions to use resources in ways that result in greatest profit.

Accepted Answer

Profit Motive

Question 12

The amount of satisfaction a person receives from the consumption of a productor service.

Accepted Answer

Economic Utility

Question 13

This is developed to predict the expenses and revenues from an event.

Accepted Answer

Forecast

Questions 13