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Management Lab > Glossary > Flashcards

Glossary Flashcards

1
Q

An agreement to an offer resulting in a contract

A

Acceptance

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2
Q

Those drivers under the directions and control of a funeral director who is liable for their actions

A

Agent Driver

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3
Q

The party to whom the assignment is made

A

Assignee

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4
Q

A means whereby one party conveys rights to another person who is not a party to the original contract

A

Assignment

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5
Q

The party making the assignment

A

Assignor

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6
Q

Recipient of the proceeds of a life insurance policy

A

Beneficiary

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7
Q

Having no words other than the signature of the endorser

A

Blank Endorsement

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8
Q

The signature or statement of purpose by the owner on the back of the negotiable instrument which indicates the future control of the instrument

A

Endorsement

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9
Q

An endorsement which limits the liability of the endorser; i.e. “For Deposit only”

A

Qualified Endorsement

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10
Q

An endorsement which prevents the use of the instrument for anything except the stated use

A

Restrictive Endorsement

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11
Q

An endorsement which designates a particular person to whom payment is to be made

A

Special endorsement

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12
Q

A check drawn on a bank’s own funds and signed by a responsible bank official

A

Cashier’s Check

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13
Q

An order by depositer on the bank to pay a sum to a payee

A

Check

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14
Q

A check for which the bank assures that the drawer has sufficient funds to make payment

A

Certified Check

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15
Q

The person who executes any draft

A

Drawer

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16
Q

The person, company, or financial institution ordered to pay a draft

A

Drawee

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17
Q

The person hired to perform work and who is obligated both as to the work to be done and as to the manner in which it is done

A

Employee

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18
Q

One who contracts to perform certain tasks for a set fee but who is independent of the control of the contracting party as a means by which the contract is executed except for specifications established in the contract

A

Independent Contractor

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19
Q

One to whom goods are shipped by common carrier

A

Consignee

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20
Q

One who ships goods by common carrier

A

Consignor

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21
Q

A wage in tax statement given to an employee at the end of the year

A

W2

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22
Q

A form that allows an employer to withhold the correct federal income tax from your pay, as well as state income tax, social security, and medicare

A

W4

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23
Q

A person who deals in goods of the kind, or otherwise by occupation purports to have the knowledge or skill peculiar to the practice or goods involved in the transaction

A

Merchant

24
Q

A value in an ordered set of values which represents the midpoint, whereby there are an equal number of values above and below the midpoint value

A

Median

25
Q

The value that occurs most frequently in a group of numbers

A

Mode

26
Q

A line of credit that may be used over and over again up to a certain borrowing limit

A

Open End Credit

Revolving Credit

27
Q

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

A

Partnership

28
Q

A negotiable instrument containing a promise to pay

A

Promissory Note

29
Q

The return of a portion of a payment

A

Rebate

30
Q

A business owned by one person

A

Sole Proprietorship

31
Q

An agreement between two or more competent persons which is enforceable by law

A

Contract

32
Q

Those goods which are, at the time of the contract, in existence and owned by the seller

A

Existing Goods

33
Q

Moveable, tangible personal property

A

Goods

34
Q

The good specified by the buyer and seller

A

Identified Goods

35
Q

Automotive equipment made available for hire

A

Livery

36
Q

Funeral goods consumers purchase from a source other than the price list/funeral provider

A

Third Party Merchandise

37
Q

Those drivers not under the direct control of the funeral director

A

Volunteer Driver

38
Q

A reduction of the price given for payment of an account within the time limits established by the sales contract
2/10, n30-2% discount if paid 10 days from day of invoice/net amount must be paid within 30 days of invoice

A

Cash Discount

39
Q

The difference between current assets and current liabilities

A

Circulating Capital

Working Capital

40
Q

Balance of costly goods paid for in small monthly (fractional) payments over a period of time

A

Closed End Credit

Installment Credit

41
Q

Assets=Liabilities + Owner’s Equity

A

Basic Accounting Equation

42
Q

A type of credit granted by retailers that is used by individuals or families for satisfaction of their own wants

A

Consumer Credit

43
Q

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

A

Consumerism

44
Q

An artificial being, invisible, intangible, and existing only in contemplation of law, an entity that is distinct, separate and apart from the existence of its individual members

A

Corporation

45
Q

An agreement that payment for a product or service will be made at some later date

A

Credit

46
Q

A written order signed by one person requiring the person to whom it is addressed to pay a particular sum of money to the bearer, either on demand or at a certain time

A

Draft

47
Q

The party who hires employees to do certain work

A

Employer

48
Q

A relationship of trust and confidence, such as that which exists between partners in a partnership

A

Fiduciary

49
Q

An inflow of assets as a result of selling a product or providing a service

A

Income

Revenue

50
Q

A source document showing quantity, description, prices of items, total amount of purchase, and the terms of payment

A

Invoice

51
Q

Those goods or stock of good which are held for resale at a profit

A

Inventory

Merchandise

52
Q

The number of times the average inventory has been sold or used up during a period

A

Inventory turnover

53
Q

A reduction of selling price below the original selling price

A

Markdown

54
Q

The difference between merchandise cost and selling price

A

Markup

55
Q

The process of planning and executing the development, pricing, promotion, and distribution of an organization’s goods and services

A

Marketing

56
Q

The systematic recording, reporting, and analysis of financial transactions of a business

A

Accounting

Management Lab (3 decks)

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