Glossary Flashcards
An agreement to an offer resulting in a contract
Acceptance
Those drivers under the directions and control of a funeral director who is liable for their actions
Agent Driver
The party to whom the assignment is made
Assignee
A means whereby one party conveys rights to another person who is not a party to the original contract
Assignment
The party making the assignment
Assignor
Recipient of the proceeds of a life insurance policy
Beneficiary
Having no words other than the signature of the endorser
Blank Endorsement
The signature or statement of purpose by the owner on the back of the negotiable instrument which indicates the future control of the instrument
Endorsement
An endorsement which limits the liability of the endorser; i.e. “For Deposit only”
Qualified Endorsement
An endorsement which prevents the use of the instrument for anything except the stated use
Restrictive Endorsement
An endorsement which designates a particular person to whom payment is to be made
Special endorsement
A check drawn on a bank’s own funds and signed by a responsible bank official
Cashier’s Check
An order by depositer on the bank to pay a sum to a payee
Check
A check for which the bank assures that the drawer has sufficient funds to make payment
Certified Check
The person who executes any draft
Drawer
The person, company, or financial institution ordered to pay a draft
Drawee
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
Employee
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
Independent Contractor
One to whom goods are shipped by common carrier
Consignee
One who ships goods by common carrier
Consignor
A wage in tax statement given to an employee at the end of the year
W2
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
W4
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
Merchant
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
Median
The value that occurs most frequently in a group of numbers
Mode
A line of credit that may be used over and over again up to a certain borrowing limit
Open End Credit
Revolving Credit
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
Partnership
A negotiable instrument containing a promise to pay
Promissory Note
The return of a portion of a payment
Rebate
A business owned by one person
Sole Proprietorship
An agreement between two or more competent persons which is enforceable by law
Contract
Those goods which are, at the time of the contract, in existence and owned by the seller
Existing Goods
Moveable, tangible personal property
Goods
The good specified by the buyer and seller
Identified Goods
Automotive equipment made available for hire
Livery
Funeral goods consumers purchase from a source other than the price list/funeral provider
Third Party Merchandise
Those drivers not under the direct control of the funeral director
Volunteer Driver
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
Cash Discount
The difference between current assets and current liabilities
Circulating Capital
Working Capital
Balance of costly goods paid for in small monthly (fractional) payments over a period of time
Closed End Credit
Installment Credit
Assets=Liabilities + Owner’s Equity
Basic Accounting Equation
A type of credit granted by retailers that is used by individuals or families for satisfaction of their own wants
Consumer Credit
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
Consumerism
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
Corporation
An agreement that payment for a product or service will be made at some later date
Credit
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
Draft
The party who hires employees to do certain work
Employer
A relationship of trust and confidence, such as that which exists between partners in a partnership
Fiduciary
An inflow of assets as a result of selling a product or providing a service
Income
Revenue
A source document showing quantity, description, prices of items, total amount of purchase, and the terms of payment
Invoice
Those goods or stock of good which are held for resale at a profit
Inventory
Merchandise
The number of times the average inventory has been sold or used up during a period
Inventory turnover
A reduction of selling price below the original selling price
Markdown
The difference between merchandise cost and selling price
Markup
The process of planning and executing the development, pricing, promotion, and distribution of an organization’s goods and services
Marketing
The systematic recording, reporting, and analysis of financial transactions of a business
Accounting
