FH Mgt Glossary
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50 terms
Terms | Definitions |
|---|---|
 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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