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21 terms

Funeral Hm Mgmt (5)

STUDY
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Market Value Approach
An approach used in business valuation which determines value based upon previous sales of similar businesses.
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.
Marketing
The process of planning and executing the development, pricing, promotion, and distribution of an organization's goods or services.
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. 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.)
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 income; these can be compared to the industry standard in regards to measuring the possible growth of the business.growth of the business.
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.