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188 terms

Funeral Home Mngmt

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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 activities 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
See Post-Need Services.
Age Discrimination in Employment Act
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 investors 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 by 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 of 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 accociation of business people who attempt to protect and promote the commercial interest in a community.
Circulating Capital (Working capital)
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 goods paid for in small monthly (fractional) payments over a period of
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.
Consignment
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 customers products and services that are safe, reliable, and honestly advertised; also, a social movement 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.
Corporate Refugees
Those individuals who flee the bureaucratic environment of big business by going into business for themselves.
Corporation
An artificial being, invisible, intangible, and existing only in contemplation of law; an entity that is something that has a distinct existence separate and apart from the existence of its individual members.
Corporation Charter
The written application for permission to incorporate that is approved by a state official.
Credit
An agreement that payment for a product or service will be made at some later date.
Credit Bureau
An organization of retailers and other firms in a given community that serves its members by summarizing their credit experience with particular individuals.
Credit Insurance
Insurance that protects non-retailing businesses from abnormal bad-debt losses.
Current Ratio
The current assets divided by the current liabilities and a measure of the liquidity of the business.
Debt Equity (Debt Capital, Borrowed Capital)
Any borrowed or loaned capital invested in the business that must be repaid to creditors.
Deductible Clause
Insurance policy provision that makes the insurer liable only for losses in excess of the stated deductible.
Delegation of Authority
A superior's act of granting to subordinates, on the basis of competence, the right to act or decide.
Demographics
The statistical study of human populations with respect to their size, density, distribution, composition, and income.
Directing
Refers to those activities which encourage subordinates to work toward the achievement of the company's goals.
Directing (Actuating)
Regulating the activities or course of activities of an organization; to guide and/or supervise the activities of an organization.
Disaster
A sudden misfortune, resulting in the loss of life and/or property.
Earnings Valuation Approach
A business valuation approach which centers on estimating the amount of potential income that may be produced by the business in the next year.
Economic Base
The wealth produced in or near a community that provides employment and income to the local population.
Economic Order Quantity (EOQ)
The quantity to be purchased which minimizes total costs.
Emergency
An unforeseen combination of circumstances that results in a need for immediate action.
Employment Application
A record of statements made at the time the applicant first seeks employment.
Employment Interview
The primary way of judging the job applicant's appearance, poise, speech, etc.
Endowment Life Insurance
Life insurance that allows the insured, rather than the beneficiary, to collect the face value of the policy upon maturity or to collect that value in annual payments.
Entrepreneur
One who organizes, manages, and assumes the risk of a business firm or venture.
Equal Credit Opportunity Act
The absence of employment discrimination based on race, color, religion, sex, or national origin.
Equal Employment Opportunity
The absence of employment discrimination based on race, color, religion, sex, or national origin.
Equal Pay Act
Outlaws discrimination in pay against those who are over forty years old.
Equity capital (Personal capital)
Capital that is invested in the business by the owner(s).
Evaluating (Controlling)
A management function which compares organizational and individual performance with predetermined standards or expected results.
Facilities Management
The obtaining and maintaining of adequate work space and funeral equipment.
Factoring
Obtaining cash before payments are received from customers by selling off one's accounts receivables to a third party.
Fair Credit Reporting Act
An act which requires creditors to notify a potential recipient of credit whenever any adverseaction or denial of credit was based on a credit report.
Fair Labor Standards Act (Wage and Hour Law)
Outlaws discriminatory practices in pay; requires employers to pay a minimum wage to employees, and to pay a minimum of one and one-half times the regular rate for any hours worked eyond forty in a week.
Finance
The business function of effectively obtaining and using funds.
Financial Management
The efficient utilization and adequate regulation of assets, revenue, expenditures, and capital rights.
Fixed Capital
Long-term capital that is invested in the small business; also, funds invested in such long-term assets as: land, building, machinery, furniture, fixtures, and other equipment.
Fixed Expenses
A cost that, for a given period of time and range of activity called the relevant range, does not change in total but becomes progressively smaller on a per unit basis as volume increases;
Fixed Expenses
these expenses do not increase with increased business, nor do they decrease with declining business activity.
Follow-up Services
See Post-Need Services.
Founder
An entrepreneur who brings a new firm into existence.
Franchisee
An entrepreneur whose power is limited by a contractual relationship with a franchising organization.
Funeral Service Management
The administration of a funeral service enterprise, the activities of which encompass marketing, office, personnel, facilities, and financial management.
General Liability Insurance
Insurance covering business liability to customers who might be injured on or off premises or from the product sold to them.
General Manager
An entrepreneur who functions as an administrator of a business.
General Partner
A partner in a limited partnership who has unlimited personal liability. A partner of a partnership who is personally liable for the debts of the business
Goals
Broad statements about what an organization wants to achieve; developed in the strategic planning process; they form the basic plan or direction toward which decisions and activities are focused.(Goals are motivational in nature and are usually stated in broad, general terms without reference to a time period.) [See also Objectives.]
Goodwill
An intangible asset such as the name of a funeral home; also, an intangible asset which enables a business
to earn a profit in excess of the normal rate of profit earned by other businesses of the same kind.
Human Relations
Motivating people in organizations to develop teamwork which effectively fulfills their needs and achieves organizational objectives.
Human Resource Forecast
Determining personnel needs in terms of numbers of individuals and their required skills.
Human Resource Management (Personnel Management)
Process of acquiring, training, developing, motivating, and appraising a sufficient quantity of qualified employees to perform necessary activities; and developing activities and an organizational climate conducive to maximum efficiency and worker satisfaction.
Human Resource Planning
Developing a comprehensive strategy for meeting future human resource needs.
Immigration Reform Act
Federal legislation requiring employers to check job applicants' papers to be sure they are either U.S. citizens or aliens authorized to work in the U.S.
Innovation
The introduction of something new; a new idea, method, or device.
Installment Credit (Closed End Credit)
Balance of costly goods paid for in small monthly (fractional) payments over a period of time.
Insurance
Uneventful protection for the small business or small business owner in regards to monetary compensation in the event that a business and/or personal peril is experienced.
Intangible Asset
Those assests that cannot be touched or grasped (examples include patents, copyrights and goodwill).
Interdependence
The dependency of businesses on one another.
Interviewing
A job-analysis technique in which individuals currently holding a particular job are asked questions concerning the requirements of the job.
Inventory (Merchandise)
Those goods or stock of goods which are held for resale at a profit.
Inventory Turnover
The number of times the average inventory has been sold or used up during a period.
Job Analysis
A process for determining the critical components of a job for purposes of selecting, training, and rewarding personnel.
Job Description
A document that list the major responsibilities and tasks of the job.
Job Specification
A document that lists the knowledge, skills, abilities, and personal characteristics a job holder must possess to perform effectively.
Key-Person Life Insurance
Life insurance that protects a firm against losses due to the death of a key employee.
Laissez-fare
The business pattern in which the family members do not interfere with each others departments or responsibilities.
Legal Entity
A business organization that is recognized by the law as having a separate legal existence.
Liability Insurance
Insurance that covers business liability to customers of others who might be injured from the product sold to them.
Life Insurance
Insurance that provides death benefits to the survivors of the insured.
Limited Liability Company (not corporation)
New form of business ownership (approved in most states since approximately 1994); combines aspects of partnerships with the limited liability of a corporation; owners known as members
Limited Partner
A partner in a limited partnership who is not active in its management and has limited personal liability.
Liquidation Value (Market Value) Approach
The anticipated value of an asset that would be realized in case of liquidation of the business.
Management
The art and science of motivating people toward the achievement of a goal.
Manufacturing business
A business that makes finished goods from raw materials by hand or machinery.
Markdown
A reduction of selling price below the original selling price.
Market
A group of potential customers possessing purchasing power and unsatisfied needs.
Market Survey
A study that is used by a business to determine where the potential customers are located.
Market Value Approach
An approach used in business valuation which determines value based upon previous sales of similar businesses.
Marketing
The process of planning and executing the development, pricing, promotion, and distribution of an organization's goods/services.
Marketing Management
The process of planning and executing the development, pricing, promotion, and distribution of an organization's goods and/or services.
Markup
The difference between merchandise cost and selling price, i.e., gross margin.
Matriarchal
The family pattern in which the mother is in charge.
Merchandise
Those goods or stock of goods which are held for resale at a profit.
Merchandising business
A business that purchases finished goods for resale.
Mortgage
A claim given by the borrower to the lender against the borrower's property in return for a loan.
Mortgage Loan
A loan secured by a mortgage on property.
Motivating
Energizing, channeling and sustaining people's behavior.
New venture plan (Business Plan)
A written description of a new idea that projects marketing, operational, and financial aspects of a proposed business.
Objectives
Specific statements of ends, the achievement of which are contemplated within a specific time period. used in the management control process, and provide a quantitative and time framework to the organization's goals. Objectives are intended to be accomplished by a specific date and are stated in specific terms, preferably in such a way that there is some measurable basis for determining the extent to which they have been achieved.) [See also Goals.]
Occupational Safety and Health Act (OSHA)
Federal legislation that mandates that employers provide a workplace that is free from hazards likely to cause death or serious physical harm.
Office Management
The administration and supervision of office duties and functions.
Open End Credit (Revolving account)
A line of credit that may be used over and over again up to a certain borrowing limit.
Operating Ratios
A comparison of profit and each item of expense in the income statement expressed as a percentage of sales the operating ratios can be compared to the industry standard in regards to measuring the possible growth of the business.
income;
Opportunistic Entrepreneur
A person who starts a business with both sophisticated managerial skills and technical knowledge.
Organizing
To arrange or constitute in interdependent parts, each having a specific function or relation with respect to the whole; the arrangement and distribution of work among members of an organization.
Overhead
Expenses incurred in the normal operation of a business.
Overseer Board
The business governance board which makes most decisions for a family funeral home, including the decisions made during the daily operation.
Paper Board of Directors
The business governance board which exists only on paper and never holds true meetings.
Participative
The business pattern in which all family members participate in the operations, decisions or profits of the funeral home.
Partnership
The voluntary association of two or more people who have combined their resources to carry on as co-owners of a lawful enterprise for their joint profit.
Patent
The registered right of an inventor to make, use, and sell an invention.
Paternalistic
The business pattern in which the parent is in control.
Patriarchal
The family pattern in which the father is in charge.
Personal Capital (Equity Capital)
Capital that is invested in the business by the owner(s).
Personnel Management
See Human Resource Management.
Planning
That function of determining in advance what needs to be accomplished in order to achieve a particular goal.
Post-Need Services (After Care; Follow-up Services)
Services provided by a funeral services organization that occur after final disposition.
Pricing policy
Factors which influence prices.
Product Liability Insurance
Insurance that protects a firm against claims that its product caused bodily injury or property damage to the user.
Professional Business Pattern
The business pattern in which the family funeral home is completed oriented toward the business and not family.
Proprietorship
A business owned by one person who is subject to claims of creditors.
Public Relations
Inducing the public to have a positive feeling about a particular business.
Quantity Discount
Reduction in the amount of a bill when a minimum quantity of merchandise has been ordered
Rebate
A return of a portion of a payment
Recruitment
The process of forming a pool of qualified applicants for tasks that need to be filled.
Replacement Value Approach
The fair market price to purchase similar assets.
Resume
Written summary of one's personal, educational, and professional achievements.
Risk Management
All efforts designed to preserve assets and earning power associated with a business.
Rubber-Stamp Board of Directors
The business governance board which exists and holds meetings, but only approves actions desired or completed by the manager of the funeral home.
Sales Promotion
A plan which provides inducements to potential purchases of products and/or services.
Self-Insurance
A form of risk management whereby a part of the firm's earnings is earmarked as a contingency fund for possible future losses,specifically for individual loss categories such as property, medical, or worker's compensation.
Service Business
A business that provides a service as opposed to a product.
Small Business
A business which is independently owned and operated and is not dominant in its field of operations.
Small Business Administration (SBA)
The principal government agency concerned with the financing, operation, and management of small businesses.
Sole Proprietorship
A legal form of organization whereby the business is owned and operated by one person.
Staffing
A management function dealing with the recruitment, selection, placement, training, development, and appraisal of the employees of the firm.
Stock or Stock Certificate
A document specifying the number of shares owned by a stockholder.
Tangible Assets
A physical asset that possesses genuine value.
Term Life Insurance
Life insurance that has no cash value whenever the policy expires.
Total Quality Management (TQM)
The efforts of all members of an organization directed to ensure that quality in the production of goods and services is achieved.
Trade Credit
A form of credit that is extended by one business to another business to help finance distribution of producer's goods.
Trademark
An intangible asset that is a distinct name, sign, or symbol that the federal government grants exclusive rights to use for a specified period of time.
Truth in Lending Act
An act which requires lenders to inform borrowers of all direct, indirect and true costs of credit.
Universal Life Insurance
A combination of whole life insurance and term life insurance.
Variable Expense
A cost which is uniform per unit, but fluctuates in total in direct proportion to change in the related total activity or volume.
Venture Capitalist
An investor or investment group that commits money to new business ventures.
Vietnam Era Veterans Readjustment Act
Outlaws discrimination in employment against Vietnam Era veterans.
Wage and Hour Law
Outlaws discriminatory practices in pay; requires employers to pay a minimum wage to employees,
(Fair Labor Standards Act)
and to pay a minimum of one and one-half times the regular rate for any hours beyond forty worked in a week.
Whole Life Insurance
Life insurance that gives lifetime protection to the insured person.
Working Capital (Circulating Capital)
The difference between current assets and current liabilities.