FH Mgt Glossary

50 terms by robinski 

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Glossary Words

ABC Method

A method of classifying inventory items with categories which are of high-value, less costly, and/or low-cost items.

Accident & Health Insurance

Insurance against loss through accident or sickness.

Actuating (Directing)

Regulating the activites or course of activities of an organization; to guide and/or supervise the activities of an organization.

Advertising

The art of making the public aware of the services or commodities that a business has for sale.

Advisory Board

The business governance board which helps make major decisions for the funeral home, but does not deal with the daily operations.

After Care

Services provided by a funeral services organization that occur after final disposition.

Age Discrimination in Employment Act ADEA

Federal legislation that requires employers to treat applicants and employees equally regardless of age.

Aging Schedule

A grouping of accounts receivable into age categories based upon the length of time they have been outstanding on the company record.

Americans with Disabilities Act
ADA

Legislation that guarantees disabled people equal access to employment, as well as access to public places.

Angels

Private infestors who are willing to supply financing for new and/or risky small venture start-ups.

Articles of Partnership

A written document that states explicitly the rights and duties of partners in a partnership.

Artisan Entrepreneur

A person who starts a business with primarily technical skills and little business knowledge.

Automobile Insurance

Insurance covering motor vehicles

Average Collection Period

A measure of the accounts receivable turnover.

Better Business Bureau

Association of business firms that promotes ethical conduct by all business firms in a community.

Board of Directors

The governing body that is elected by the stockholders of a corporation.

Bona Fide Occupational Qualification
BFOQ

A qualification that is absolutely necessary for the job; it is an allowed and approved reason for discrimination.

Book Value

The cost of a fixed asset less accumulated depreciation.

Brand

The identification for a product.

Break-Even Analysis

The point at which total sales revenue equals total costs.

Budget

A formal written statement, which may be based upon adjusted historical data, of management's plans for the future expressed in financial terms.

Burglary

The forcible breaking and entering of premises closed for business with the subsequent removal of cash or merchandise.

Business

An organization that combines inputs of raw materials, capital, labor and management skills to produce useful outputs of goods and services so as to earn a profit.

Business Interruption Insurance

An insurance that protects companies during the period necessary to restore property damaged by an insured peril.

Business Plan (New Venture Plan)

A written description of a new idea that projects marketing, operational and financial aspects of a proposed business.

Business Policies

Fundamental statements that serve as guides to management practice.

Buy-Sell Life Insurance

Insurance on an owner of a business that will supply enough money for a partner to buy his share of the business on death.

Capital

The amount of which the total assets exceed the total liabilities of a business; an owner's financial interest in a business.

Cash Discounts

2/10, n/30 - 2% discount if paid in 10 days from date on invoice/net amount must be paid within 30 days of date of invoice.

Casualty Insurance

Insurance that provides monetary benefits to a business that has experienced an unforeseen peril such as flood, fire, etc.

Caveat Venditor

Let the seller beware.

Census of Business

A source of market data that explains where certain businesses are located.

Census of Housing

A source of market data that keeps track of new home sales by region and/or the construction of new houses by region and specific area.

Census of Manufacture

A source of market data that explains where certain manufacturers are located.

Census of Population

A source of market data that compiles population statistics with regard to distribution of population by region, area, etc.

Chain of Command

The superior-subordinate relationship that serves as a channel for two-way communication.

Chamber of Commerce

An association of business people who attempt to protect and promote the commercial interest in a community.

Circulating Capitol (Working Capitol)

The difference between current assets and current liabilities.

Civil Rights Act of 1964

Federal legislation that prohibits discrimination on the basis of race, color, religion, sex, or national origin.

Closed End Credit (Installment Credit)

Balance of costly gods paid for in small monthy (fractional) payments over a period of time.

Coinsurance Clause

A clause in an insurance policy under which the insured agrees to maintain insurance equal to some specified percentage of the property value or otherwise to assume a portion of any loss.

Collaborative

The family pattern in which the family members work together.

Competition

The practice of trying to obtain something that is being sought by others under similar circumstances at the same time.

Conflicted Familial Pattern

The family pattern in which the family members work against one another instead of together.

Consighment

The merchandising agreement whereby merchandise is given to a retailer to sell, but the retailer does not have to pay for the merchandise that will be displayed until it is sold.

Consumer Credit

A type of credit granted by retailers that is used by individuals or families for satisfaction of their own wants.

Consumer Credit Protection Act

An act which requires a seller to disclose terms of sale and give facts of actual interest rate and other charges.

Consumerism

The emphasis placed on providing to customer products and services that are safe, reliable and honestly advertised; also, a social movements that seeks to strengthen the rights of consumers relative to sellers.

Controlling (Evaluating)

A management function which compares organizational and individual performance with predetermined standards or expected results.

Copyright

The registered right of a creator to reproduce, publish and sell the work which is the product of the

intelligence and skill of that person

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