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Practice Management > Business Operations > Flashcards

Business Operations Flashcards

1
Q

Any kind of payments made to employees for their work

A

Compensation

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2
Q

Being able to set own hours

A

Flex time

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3
Q

Employees can choose their own additional benefits based on a lump sum allowance, i.e. extra PTO, increased health insurance contribution

A

Flexible benefit package

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4
Q

Parties, “field trips”, holiday activities, pizza lunches, trips, educational programs, seminars

A

Office-sponsored events

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5
Q

A couple of days per year set aside for employee selected holidays

A

Floating holidays

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6
Q

Company furnishes time for extended break from the demands of the profession

A

Sabbatical

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7
Q

Set number of days for employees to use in any way they want: sick days, vacation, trade for cash

A

Flexible days off

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8
Q

Compensation in addition to salary: educational reimbursements, paying for travel to conventions, merit awards, group term life insurance

A

Compensation alternatives

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9
Q

Recognizing outstanding performance with money

A

Annual performance bonuses

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10
Q

Team members receive a percentage of project profit when that specific project does well

A

Profit sharing

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11
Q

Additional programs including health club memberships, weight management programs, smoking cessation programs

A

Wellness programs

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12
Q

Formal review performed by a manager to assess each employee’s performance, typically conducted annually

A

Performance review

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13
Q

The legal structure of an architectural firm

A

Business organization

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14
Q

The way the firm organizes to complete its work

A

office organization

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15
Q

The accepted principles of correct professional conduct

A

Ethical standards

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16
Q

The practices and legal responsibilities pertaining to employing others

A

Human resources

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17
Q

The use of marketing and public relations to increase business

A

Business development

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18
Q

Simplest business type

A

sole proprietorship

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19
Q

Business is owned by individual and operates under owner’s name or company name

A

sole proprietorship

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20
Q

Setting up this business type requires only a name and location, company stationary, electronic communications systems, and business licenses required by local jurisdiction

A

sole proprietorship

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21
Q

This business type is the easiest to set up

A

sole proprietorship

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22
Q

In this business type, the Owner is personally liable for the company’s debts and losses

A

sole proprietorship

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23
Q

In this business type, if a client sues, the owner’s personal income, personal property, and other assets can be seized to pay any judgements

A

sole proprietorship

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24
Q

In this business type, when the owner decides to stop practicing, the firm will usually cease to exist

A

sole proprietorship

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25
Q

In this business type, two or more people, called general partners, share in the management, profits, and risks of the business

A

General Partnership

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26
Q

In this business type, Income is shared among the general partners and is reported on personal tax forms

A

General Partnership

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27
Q

In this business type, each general partner is personally liable for business depts and liabilities

A

General Partnership

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28
Q

This business type has at least one General Partner and at least one Limited Partner

A

Limited Partnership

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29
Q

This person invests in the business, manages it, and is financially responsible for it

A

General Partner

30
Q

This person invests in the business and receives a portion of the profits, but does not have a say in the management of the company and is liable only to the extent of their investments

A

Limited Partner

31
Q

This business type is relatively easy to form and typically utilizes an agreement between partners

A

Partnership

32
Q

This business type is usually formed because the people involved bring a special skill or talent, such as business development, design ability, or technical knowledge

A

Partnership

33
Q

A disadvantage of this business type is that all parties are responsible and liable for the actions of the others. Any are vulnerable to lawsuits and other claims

A

Partnership

34
Q

In this business type, income is taxed at individual rates

A

Sole proprietorship, Partnership

35
Q

A corporation is sometimes called this

A

C Corporation

36
Q

This business type is an association of individuals that exists as a legal entity apart from its members

A

Corporation

37
Q

This business type can only be created in accordance with statutory requirements. Formal articles must be drawn up by an attorney and filed with the appropriate state office

A

Corporation

38
Q

Regulations and requirements of this business type are governed by state law

A

Corporation

39
Q

This business type has 3 levels of participants: Shareholders, Directors, and Officers

A

Corporation

40
Q

This Corporation participant owns the corporation in proportion to the number of shares that they own, and is financially liable only for the amount of money he or she has invested in the corporation

A

Shareholders

41
Q

This corporation participant is elected to act in the best interest of others and makes broad policy decisions

A

Director

42
Q

This corporation participant carries out the day-to-day management of the corporation

A

Officers

43
Q

This business type is financially and legally independent from its shareholders

A

Corporation

44
Q

An advantage of this business type is that it has a continuity independent of any changes to its members

A

Corporation

45
Q

An advantage of this business type is that it is taxed at a lower rate

A

Corporation

46
Q

In this business type, the business and its members are both taxed, effectively resulting in being taxed twice

A

Corporation

47
Q

A disadvantage of this business type is the initial set up cost and continuing paperwork

A

Corporation

48
Q

This business type allocates its income and losses directly to its shareholders in proportion to their holdings

A

S Corporation

49
Q

This business type must be a domestic company with no more than 100 shareholders

A

S Corporations

50
Q

A type of corporation formed for professionals (architects, doctors, accountants, etc.) where liability for malpractice is generally limited to the person responsible for the act.

A

Professional Corporation

51
Q

This business type combines that business structure of a sole proprietor or partnership with the limited liability of a corporation

A

Limited Liability Company or Limited Liability Partnership

52
Q

This business type has members (investors) and managers, but a manager does not necessarily have to be a member

A

Limited Liability Company or Limited Liability Partnership

53
Q

This business type is a temporary association of two or more persons or firms for the purpose of completing a specific project or achieving a specific goal

A

Joint Venture

54
Q

This business type is typically used when a project is too large or complex to be completed by one firm alone or when a firm needs expertise in a specific area that another firm can offer

A

Joint Venture

55
Q

An agreement that defines the roles, responsibilities and contractual relationships that will be established if the firms are awarded the project and a joint venture is formed

A

Teaming Agreement/Memorandum or Understanding

56
Q

This agreement is not a formal business organization, but can be used to market the team and forms the basis of a joint venture

A

Teaming Agreement/Memorandum or Understanding

57
Q

The level of skill and diligence that a reasonably prudent architect would exercise in the same community, in the same time frame, and given the same or similar facts and circumstances

A

Standard of Care

58
Q

At the time the project is designed or built, not the time of the dispute

A

“In the same time frame”

59
Q

With the same budget, scheduling and the complexity of the project

A

“The same or similar facts and circumstances”

60
Q

This characteristic of professional ethics includes virtues such as empathy, nurturing, kinship, and protectiveness

A

Collegial Organizations (the self and the future of the profession)

61
Q

This characteristic of professional ethics includes virtues such as inquisitiveness, disinterestedness, rigor, and diligence

A

Technical Knowledge (The ability to self govern)

62
Q

This characteristic of professional ethics includes virtues such as selflessness, trustworthiness, fidelity, and discretion

A

Client Service (preferred above the professional’s own interests)

63
Q

This characteristic of professional ethics includes virtues such as philanthropism, samaritanism, and transcendency

A

Public Values (To serve the public above your discipline, colleagues, or clients)

64
Q

This common claim against architects has four components that must be proven in order to prevail: Duty, Breach, Cause, and Damage

A

Negligence

64
Q

In a Negligence claim, this component is what happens when an architect does something that should not have been done

A

Breach

65
Q

In a Negligence claim, this component describes the architects legal obligation to do or refrain from doing something

A

Duty

66
Q

In a Negligence claim, this component questions if the person making the claim was injured or harmed as a consequence of the act and/or omission of the architect without any intervening cause

A

Cause

67
Q

In a Negligence claim, this component states that actual harm must have resulted from the breach

A

Damage

68
Q

This common claim against architects results when a party either fails to perform a contractual duty, or performs it improperly

A

Breach of Contract

69
Q

The exchange of money or something of value for a service. Exchanging time, knowledge, and talents for a combination of financial and nonfinancial rewards from the firm

A

Compensation

70
Q
A

Practice Management (2 decks)

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