PFL: Terms 1
Terms in this set (100)
Amounts owed for inventory, goods, or services acquired in the normal course of business.
Amounts due from customers for credit sales
Securities Exchange Commission
An agency created in 1934 that monitors the stock market and enforces laws regulating the sale of stocks and bonds
A business or person to whom money is owed
A person who owes money
Events that occur within an organization (morale, management changes)
Events that take place outside of the organization and are harder to predict and control (economy changes, competition, government)
A partnership in which two or more companies (often from different countries) join to undertake a major project.
(Generally Accepted Accounting Principles) Common set of standards that the accounting profession has developed and generally accepted and universally practiced.
International Financial Reporting Standards. International accounting standards promulgated by the International Accounting Standards Board.
Reveals how many units of a good or service a business needs to sell before it begins earning a profit
A legal principle of fair dealing, which may provide preventive measures and legal remedies that are unavailable under existing common law and statutory law.
Anything of value that is owned
A tax paid on expensive goods and services considered by the government to be nonessential.
A business in which two or more persons combine their assets and skills
A business owned by stockholders who share in its profits but are not personally responsible for its debts
Bank worker who handles bank deposits and withdrawals, interacts with customers, sell traveler's checks and foreign currency, accept loan payments, prepare certified checks or money orders, and may handle other duties
Annual Tax Return
Yearly tax returns that is sent in at the end of the year and return on January
Availability of resources to meet short-term cash requirements.
Contains an itemized list of the materials sent or the services provided to the customer, along with the cost of the items plus discounts, taxes, shipping and other charges if applicable
Consumer Price Index
An index of the cost of all goods and services to a typical consumer
Comparative Balance Sheet
Side-by-side reporting of consecutive fiscal period balance sheets
Product's ability to satisfy functional needs and psychological wants
Brief letter written in business form to thank the interviewer for the interview.
Comparative Reasoning Process
Type of reasoning that pulls together two examples and assumes that what is true in the first case must be true in the second case
A person who links buyers and sellers of stock
Fiscal services professional who compares what is happening presently or previously (variance analyses) with what was anticipated and what is still anticipated to happen (the budget)
Accounting information and analyses prepared for people outside the organization.
Trading in raw materials and agricultural products used to produce other goods
The total amount earned by all employees for a pay period
An agent of an insurance company who solicits or initiates contracts for insurance coverage and services, and is the policyholder for the insurer is called
A professional who provides financial planning and advice on financial matters.
Electronic Data Interchange
The mutual exchange of data between provider and payer
CARD Act of 2009
You have to be notified 45 days in advance about rate changes, limited credit to young adults.
The application of knowledge, skills, tools, and techniques to project activities to meet project requirements
A special type of stock whose owners, though not generally having a say in running the company, have a claim to profits before other stockholders do.
Corporation's basic ownership share; also generically called capital stock.
A certificate of deposit stating money has been deposited for a specific time
Short-term government securities issued at a discount from face value and returning the face amount at maturity
Buildings, machines, technology, and tools needed to produce goods and services.
The dollar amount of the wage paid
Paid to workers measured in terms of purchasing power; for any given period is calculated by dividing nominal wage by CPI for that period
Addition of regular and overtime wages and Employee Meal Benefit.
Movement of the money you receive and the money you spend.
Any borrowed or loaned capital invested in the business that must be repaid to creditors
A bond that a corporation issues to raise money to expand its business
An arrangement in which a bank and an insurance company form a partnership so that the insurance company can sell its products to the bank's client base.
A trade agreement between Canada, the United States and Mexico that encourages free trade between these North American countries.
An arrangement to receive cash, goods, or services now and pay for them in the future.
The government's removal or loosening of restrictions on something (typically a political or an economic system)
Newly industrialized countries plus those with the potential to become newly industrialized
Discount Brokerage Firm
A brokerage firm that executes your desired transactions but does not offer investment advice
Full-Service Brokerage Firm
A firm that offers a complete range of services from research data to investment advice
A report prepared by corporate management that presents financial information including financial statements, notes, a management discussion and analysis section, and an independent auditor's report.
The abbreviated term that is used to identify a stock for trading purposes
A system in which revenue and expenses are counted as they are actually received.
Interest, rents, dividends on stock paid in cash, 10% of any amounts received as mineral or annuity royalty. Expenses: ordinary expenses in production of income charged against income (repairs/taxes/interest). Trustee can adjust b/w income and corpus and evade corpus to comply with duty of impartiality
Accounting that records the impact of a business event as it occurs, regardless of whether the transaction affected cash.
A plan for making and spending money
When using depreciation tables for real property it is important to stay in the month column corresponding with the month the property was originally placed in service. Thus, to calculate depreciation for a piece of real property placed in service in May (the fifth month), businesses will ALWAYS (for each year of depreciation) find the current year rate factor in the fifth column for that asset. This is true even if the asset is sold in a subsequent year in July.
A method of extracting previously unknown relationships among individual data points in a database.
An analysis model that provides a graphical alternative to decision tables by illustrating conditions and actions in sequence.
identifies patterns from if./ then statements. Statistical significance tests are used on the data
A mathematical method of handling imprecise or subjective information
Data mining used to predict values and make classifications, such as good or bad.
Reviewing and testing to be certain that proper accounting policies and practices have been followed.
The process of preparing a batch report of credit card sales from a point-of-sale terminal
An amount owed by a business
A business owned by one person
A tax on the estate, or total value of the money and property, of a person who has died
a relatively high tax designed to raise revenue and reduce consumption of a socially undesirable product such as liquor or tobacco
Payment for use of certain public services. Example: toll road.
A tax on the production or sale of a good.
A tax levied on the value of physical assets - either real or personal properties.
Tax on gifts above $11,000 to any one person given in any one year
This is a tax one would pay on their parents or grandparents' money after they die
Capital Gains Tax
A tax levied on the returns that people earn from capital investments, like the profits from the sale of stocks or a home
A tax on people's earnings
Combined to improve efficiency
A loan to purchase a home or other real estate, , A conditional transfer or pledge of real estate as security for the payment of a debt. Also, the document creating a mortgage lien.
Are the markets for loans, mortgages, and bonds
The coming together of two or more distinct entities or phenomena
A financial statement showing the revenue and expenses for a fiscal period.
Actions or processes that involve the entire world and result in making something worldwide in scope
A financial statement showing the revenue and expenses for a fiscal period.
A bank account from which payments can be ordered by a depositor
A safe, low-return investment available from banks. There is generally no minimum deposit for this type of account, making it perfect for kids and teens just starting out.
Money Market Account
A type of savings account that pays a higher interest rate because the financial institution invests the money you deposit.
A federal law that someone who leaves employment may be eligible to keep insurance coverage at his/her own expense up to six months.
Financial Information Management
Computerized Accounting System; A financial management system is the methodology and software that an organization uses to oversee and govern its income, expenses, and assets with the objectives of maximizing profits and ensuring sustainability.
Procedure that determines the costs of each service
Analysis of financial statements that compares account values reported on these statements over two or more years to identify changes and trends
A type of accounting that focuses on recording, defining, and reporting costs associated with specific operating functions
A network designed for the exclusive use of computer users within an organization that cannot be accessed by users outside the organization
A form describing the goods or services sold, the quantity, and the price
Certified Financial Planner
Professional who has attained a high degree of technical competency in financial planning and has passed a series of professional examinations.
Chartered Financial Consultant
An individual who has attained a high degree of technical competency in the fields of financial planning, investments, and life and health insurance and has passed eight professional examinations administered by The American College.
Accepting that some risks simply arise in the course of one's life and consciously retaining that risk