-Uncertaintainty – the existence of more than one possibility.

-Risk – a state of uncertainty where some of the possibilities involve a loss, catastrophe or other undesirable outcome.

-Revenue – income generated from the sale of goods or services or any other use of capital or assets associated with the main operations of a company before any cost or expenses are deducted.

-Gross profit- a company’s total revenue minus the cost of goods sold. Gross profit is the profit a company makes after deducting the cost associated with making and selling the products or cost associated with providing its services i.e total revenue – cost of goods sold .

-Net profit-the profit of a company after operating expenses and all other charges including taxes, interest, depreciation have been deducted from the total revenue,also known as net income. If expenses and charges exceed revenue, the company has made a loss. Revenue – cost of goods- operating expenses- other expenses- interest/depreciation- taxes.

-Owner’s equity – is the owner’s investment in the business minus the owner’s withdrawals from the business plus net income (or minus net loss) since the business began. Mathematically, it is calculated as the amount of assets owned by a company minus the amount of liability.

-lean entreprise – is the production and management philosophy that considers any part of the entreprise which does not directly add value to the final product to be superfluous and in need of elimination. Lean entreprise considers the product or service from the consumers’ perspective to determine what is the value (i.e what the consumer is willing to pay for), then examines at the process with the aim of reducing all of the aspects except for the value.

– Corporate governance is a system of rules, practices and processes by which a company is directed and controlled .

-Business ethics is the study of proper business policies and practices regarding potential controversial issues such as bribery, corporate governance, insider trading, corporate social responsibility, discrimination, fiduciary…..