NBE Prep - Marketing

What is the best type of lighting in a casket display room?
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Terms in this set (95)
Revocable contractCan be terminated by purchaser at any time and refundedIrrevocable contractCannot be cancelledWhat is the wholesale amount divided by the retail price? (Measures value received for each dollar spent)Consumer Value IndexWhat is the relationship between wholesale cost of merchandise and total cost of both service and merchandise to customer?Merchandise Value RatioWhat is an inverse relationship on markup? (Higher priced caskets get lower markup)Declining price structureEach unit of service and merchandise is priced seperatelyItemizationOne total price package for both service and merchandiseUnit pricingPrice of service and price of casket showed seperatelyBi-Unit PricingCharges are broken down into several component parts (i.e. service, facilities, automobile and merchandise)Functional pricingCertain items of service and merchandise grouped together and sold at a specific pricePackage pricingWhat is the difference between merchandise cost and selling price (gross margin)?MarkupIn a cemeteray, what contains several graves?LotWhat contains several lots?BlockWhat contains several blocks?SectionWhat has crypts for coffins and columbariums?MausoleumRooms or spaces that have niches for cremainsColumbariumBorrowed or loaned capital invested in the business that must be repaid to creditorsDebt equityCredit extended by one business to another to help finance distributions of a producer's goodsTrade creditPrivate individuals or groups who loan money for a businessVenture capitalistThe achieving of economical, orderly, and adequate distribution of products and services is?Marketing managementMay be rejected by one party for a legally accepted reason?VoidableAct which was executed without authority, or act that was voidableRatificationStatement or act of intent not to live up to the terms of contractsDisaffirmanceRefraining from enforcing a legal right, especially the payment or a debtForbearancePromise to give up something of value that a party has a legal right to keep, or vice versaConsiderationEnforceable by lawValidAction to recover possession of wrongfully withheld personal propertyReplevinAward to cover exact amount of loss and no moreCompensatory damagesExtinction or withdrawal of an inheritance because decedent did not own the property at the time of deathAdemptionProportional reduction of a legacy when assets are not sufficient to pay it in fullAbatementProcess where the estate of a decedent is administeredProbateHolds the original tiralTrial courtEmpowered to hear an appeal of a lower courtAppellate CourtHighest court in the landUS Supreme CourtPrivate wrong that injures another persons physical well-being, property, or reputation. (Civil proceeding)TortAn action or omission that constitutes an offense that may be prosecuted by the state and is punishable by law. (Criminal proceeding)CrimePerson authorized to act on behalf of another and subject to the others controlAgentRight or interest in land granted to a party to make beneficial use ofEasementSituation in which all parties agree to a significant change to a contractNovationPerson who authorizes an agent on their behalf and subject to their controlPrincipalLegal bar to using contradictory words or acts in asserting a claim against anotherEstoppelGift of personal property by willBequestUnconditional written order to a person instructing him to pay money to another third partyDraftRetains ownership and transfers possession of goodsBailorPermanent order prohibiting performance of a certain actInjunctionGift of money by willLegacyWritten promise to pay a specified sum of moneyPromissory noteSeparate document form will where a person can make legal changes and amendmentsCodicilPerson who signs a check or promissory note, which makes him responsible for paymentMakerAny court whose decisions can be appealed to a higher courtInferior courtAward issued by a court when no legal wrong occurred but where there was no actual financial loss as a result. Token award. Usually $1.Nominal damagesLegal relationship where one person acts for anotherAgencySellerGrantorBuyerGranteeWhen two people are stacked on top of each other for burial, they are in a?Lawn cryptHow long do you have to file for a social security death benefit?2 years from date of death ($255)How long do you have to file for a Social Security burial benefit?2 years from date of dispositionWhat is an oral will called?NuncupativeWhat is a written will called?Holographic willPerson who signs the checkDrawerThe bank on which the check is writtenDraweeThe person or business to which a check is writtenPayeeThe person who holds or presents for payment a negotiable instrumentBearerRegulates the operations and procedures of government agencies?Administrative lawWhen an estate is divided equally among family?Per stirpesPerson who has goods for a purpose (such as custody), without transfer of possessionBaileeAn act of delivering goods to a bailee for a specific purpose, without transfer of ownershipBailmentIncludes an offer and an acceptanceAgreement4 requirements of a valid contract?Mutual agreement, competent parties, supported by consideration, lawful purposeOne who receive possession of another's property for sale on commissionFactorAn agent that has been appointed by a sealed written authorization which states that the agent is to act in the principal's behalf is?An attorney in factParties who acquire rights superior to those of the original owner are known as?Holder in due courseDamages in excess of those required to compensate the plaintiff for the wrong done are?Punitive damagesPersons who sign a promissory note and obligate themselves to pay at maturity are called the?MakersIn organizing a business, a legal form of organiziaton that is authorized by a state to operate a business under a state charter is referred to as a?CorporationHow to remember debits and credits for accounting?DC ADE LER Debits Assets/Drawing/Expenses Credits Liabilites/Equity/Revenue A = L + C + R - E - D +/- -/+ -/+ -/+ +/- +/- Assets = Liabilities + Capital + Revenue - Expenses - DrawingRevenue - Expenses = ?Net incomeWhat 4 accounts affect owner's equity?Revenue, Expenses, Drawing, CapitalStatement of financial position?Balance sheet (point in time; A=L+OE or OE=A-L; snapshot of financial position)Profit and Loss StatementIncome statement (period in time)What is it called when revenue exceeds expenses?Net profitWhat is it called when expenses exceeds revenue?Net lossWhat shows how much cash moves in and out? And it begins at ending cash of balance sheet of prior period.Cash flow statementShareholder's EquityStatement of Owner's EquityWhat is ending equity?Beginning equity + Investments - Withdrawals + Income