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Nursing Home Administrator KS > glossary > Flashcards

glossary Flashcards

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1
Q

accelerated depreciation

A

a depreciation method that writes off the cost of an asset faster than the straight line method

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2
Q

acceptance

A

an indication, not necessarily in written format, from a party of its willingness to be bound by the terms of an offer

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3
Q

accounts payable

A

monies owed to a thrid party for goods and/or services by an organization. Accounts payable are a current liability on the hospitals balance sheet

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4
Q

accounts receivable

A

monies due from a third party for godds and/or services. Accounts receivable are a current asset on the hospital balance sheet

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5
Q

acknowledgment

A

a form used by a supplier to inform a purchaser that the order has been recieved and implies acceptance of the order by the supplier

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6
Q

advice notice

A

a document used when goods are sent an appreciable distance to inform the customer that goods have been shipped

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7
Q

agency

A

the body of law that describes the fiduciary relationship that exists when one individual acts on behalf, and under the control, of another party

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8
Q

agent

A

the person who acts on behalf, and under the control, of another party

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9
Q

apparent agent

A

the appearance of agency in a specific individual as interpreted by a thrid party (supplier)

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10
Q

arbitration

A

the submission for determination of disputed matters to private unofficial persons selected in a manner provided by law or in an agreement

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11
Q

arms length

A

literally the maintenance of arm’s (weapons) length between two parties. Implies all purchase transactions should be made without regard to personal relationships or affiliations between the parties

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12
Q

as is

A

indicates the goods offered for sale are without warranty or guarantee by the seller and the purchaser has no recourse on the supplier for the quality or conditions of the goods sold

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13
Q

assignment

A

transfer of a right or performance obligation from one party to another

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14
Q

back order

A

the undelivered portion of an order, which the supplier agrees to deliver at a later date

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15
Q

backward scheduling

A

a scheduling technique where the scheldule is developed starting with the due date and working backward to determine the associated tasks and timeliness

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16
Q

bad faith

A

to intentionally mislead or deceive a party in performance of a contract

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17
Q

bid

A

an offering of maoney in exchange for property or an offering of products and/or services in exchange for money

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18
Q

bilateral contract

A

a contract containing mutual promises

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19
Q

bill of lading

A

document evidencing the receipt of goods for shipment issued by the shipper

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20
Q

bill of materials

A

list describing the quanity and type of goods required to produce or assemble a specific product (such as a custom pack)

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21
Q

bill of sale

A

documentation of the transfer of the title of property containing the words of transfer, a bill of sale is more than a reciept

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22
Q

boulwareism

A

negotiating tactic, named after a former general electric vice president, involving making one offer and not making a concession

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23
Q

breach

A

failure to perform, by either party, a term of a valid contract

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24
Q

breakeven analysis

A

an analytical technique for studying the relation between fixed cost, variable cost, and profits

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25
Q

buyer’s market

A

market condition favorable to the hospital when the forces of supply and demand keep pricing relatively low

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26
Q

buyers right of routing

A

when the supplier does not pay freight costs, the hospital has the right to select the method of routing

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27
Q

cancellation

A

when a party ends a contract due to a breach by the other party. Cancellation differs from termination in that the cancelling party also retains any remedy for the breach of the whole contract or any unperformed balance

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28
Q

capitation

A

a method of payment for health services in whcih a provider is paid a fixed amount for each person served wihout regard to the actual volume or nature of services provided to each person

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29
Q

carrier

A

an individual or corporation who receives goods under a contract for transport to anothyer party

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30
Q

caveat emptor

A

latin phrase meaning “let the seller beware” When goods are sold without an express warranty by the supplier as to their quality and functionality, the buyer must take the risk of loss as to the defects

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31
Q

caveat venditor

A

latin phrase meaning “let the seller beware”. Unless the seller disclaims responsibility through express language, he or she is liable to the buyer if the goods delivered are different in kind, quality, use, and /or purpose from those described in the contract of sale

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32
Q

change order

A

a formal notification to the supplier that an order must be changed in some manner

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33
Q

chronemics

A

the use of time to communicate. The use of time during a negotiating session communicates the relative worth the party feels about the negotiation

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34
Q

c.i.f.

A

price quoted includes the cost of insurance in transit and frieght

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35
Q

c.f.

A

price quoted includes the cost of frieght but not insurance

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36
Q

common carrier

A

an individual or corporation engaged in the business of transporting personal property for compensation. A common carrier acts as a public utility and is subject to state and federal regulations

37
Q

condition precedent

A

a contract clause providing immediate rights and duties shall vest only upon happening of an event

38
Q

condition subsequent

A

a contract clause provciding for the happening of an event that divests rights and duties, for example, a price discount may be voided if a certain payment schedule is not maintained

39
Q

conditional

A

an act that is dependent on another factor. A conditional term in a contract is conditional on another term beign fulfilled

40
Q

conditions concurrent

A

conditions that are mutually dependent and must be performed at the same time by the parties of a contract

41
Q

conflict of interest

A

situation where a person with a fiduciary relationship has a competing interest that may cause the person to act other than in the best interests of an institution

42
Q

consideration

A

a tangible value, usually monetary, promised or exchanged for goods and/or services

43
Q

contract

A

a legally enforceable promise of obligation from one party to another

44
Q

counteroffer

A

acceptance of an offer containing additional terms

45
Q

covenants

A

detailed clauses contained in loan agreements. Covenants are designed to protect the lender and include limits on total indebtedness, minimum cash ratios, etc.

46
Q

delivery

A

transfer of the goods and/or services from the seller to the buyer

47
Q

delivery lead time

A

the elapsed time between order placement and receipt by teh hospital

48
Q

demand

A

a request by an entitled party, under a claim or right, that a particular act by performed

49
Q

discount

A

the amount deducted from teh selling price by the supplier when the buyer meets a stipulation that reduces the costs of goods

50
Q

discount rate

A

the rate used to find the resent value of a series of future cash receipts the discount rate is also called the capitalization rate

51
Q

earnest money

A

money that one party gives to another at the time of entering into the contract to bind the bargain. Earnest money will be forfeited by the donor if he or she fails to carry out the obligations as stated in the contract

52
Q

entity

A

an artificial person created when an corporation is organized as a “being” for legal purposes

53
Q

estoppel

A

the legal doctrine that establishes agency authority for an apparent agent

54
Q

evergreen contract

A

a contract that remains in effect in perpetuity without competivie bid

55
Q

executed

A

an executed contract is signed, sealed, and delivered to the parties

56
Q

ex parte

A

legal term designating one side or party

57
Q

express agent

A

an individual delegated responsibility by the principle (i.e. board of directors) to enter into purchase transactions on behalf of an entity

58
Q

express warranty

A

warranties that expressly guarantee the merchantablity and fitness for intended purpose whine the language of the contract

59
Q

fiduciary relationship

A

financial relationship between an individual and an organization in which the individual has authority to make decisisions on behalf of the organization

60
Q

force majeure

A

the doctrine that exuses the supplier from performance of a contract obligation for circumstances beyond its control that were not anticipated at the time of execution of the contract

61
Q

free on board (fob)

A

seller bears all costs up to the point of product deleivery to the hospital

62
Q

good faith

A

honesty in fact and the observance of reasonable commercial standards of fair dealing

63
Q

group boycott

A

a concerted effort to induce supplers or customers to withhold their trade from a competitor to make it impossible for the competutor to make it impossible for the competitor to compete

64
Q

impasse

A

persistent disagreement between bargaining parties requireing the use of mediation, fact-finding, or appeal procedures

65
Q

implied agent

A

any individual acting as a purchasing agent through the routine interview of sales representative, placing orders, etc.

66
Q

implied warranty

A

warranties which, thought law, imply a guarantee of merchantablity and fitness for intended purpose without actually being documented within the language of the contract

67
Q

indemnification

A

one party protects a second party against loss

68
Q

insistence

A

the final level of product loyalty where the consumer will not consider alternative brand products as substitutes

69
Q

internal rate of return (IRR)

A

the discount rate that equates the present value of cash inflows to the present value of cash outflows

70
Q

inurement

A

subjugation to undesirable effects over an extended period

71
Q

invoice

A

a bill sent to the buyer from the supplier for payment, whcih generally includes quantity, price, and nature (description) of goods sold

72
Q

kinesics

A

the use of the body to communicate. Kinesics can often unintentionally communmicate an individual’s feelings during a negotiation session

73
Q

liquidated damages

A

a fixed sum mutually agreed on by parties to a contract, to be paid as ascertained damages by the party that breaches the contract

74
Q

market

A

a group of buyers with significant buying potential and unfilled needs, who have the means to purchase

75
Q

market leveraging

A

a company’s use of its power in one market to obtaina competitive advantage in a second market

76
Q

market penetration

A

the amount of sales volume by all suppliers in a given commodity line, as a percent, to a group of hospitals

77
Q

market segmentation

A

the process of identifying market groups with common needs, consumption patternes, etc

78
Q

market share

A

the amount of the individual suppliers sales volume, as a percent, to a specific hospital

79
Q

mitigation of damages

A

a plaintiff is entitled to recover damages, but is also obligated to avoid the increase (i.e. mitigate) the damages incurred

80
Q

most favored nation

A

a clause that specifies the buyer will receive the most favorable terms of any buyer. Should another buyer be offered or receive better terms, the original buyer is entitled to the new better terms

81
Q

mutual assent

A

both parties agree to the same thing

82
Q

negligence

A

under a legal duty, the doing or ommission of doing some act, which a reasonable, prudent person would not have done or omitted under th ecircumstances

83
Q

negotiation

A

the process by which parties solve a particular problem, or group of problems, to achieve a mutually advantageous result

84
Q

net present value

A

discounted cash inflows minus discounted cash outflows

85
Q

offer

A

a conditional promise made by one party to antoher pary

86
Q

olgopoly

A

a market condition where a relative low number of suppliers have captured the vast majority (ie over 80%) of the market

87
Q

opportunity cost

A

the rate of return on the best alternative investment that is available

88
Q

original equipment manufactuer (OEM)

A

sellers classification of a buyer whose purchases are incorporated into a product the seller manufactures

Nursing Home Administrator KS (3 decks)

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