Question

1. an _________________________________ is the cost incurred while generating revenue and maintaining operations. expenses may also be referred to as _______________________

1. ___________________________________ are usually a teams largest year-to-year expense and can affect a teams profits.

1. when an organizations revenue exceeds its expenses, it records a

__________________________

1. however, when expenses exceed revenues, it records a__________________________

1. what is revenue sharing?

1. what is a salary cap?

1. a ___________________________________ is an organization formed by workers who use their

collective strength to have a voice in their workplace.

Explanation:

These questions cover basic financial and organizational concepts. Expenses are costs for operations; salaries are major team expenses; profit/loss result from revenue-expense comparisons; revenue sharing splits earnings; salary caps limit team payroll; unions represent workers collectively.

Answer:

1. expense; costs
2. Salaries
3. profit
4. loss
5. A system where revenue is distributed among multiple parties (e.g., teams, leagues, or partners)
6. A limit on the total amount a team can spend on player salaries
7. labor union