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Nursing Home Administrator KS > glossary > Flashcards

glossary Flashcards

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
buyer's market
market condition favorable to the hospital when the forces of supply and demand keep pricing relatively low
26
buyers right of routing
when the supplier does not pay freight costs, the hospital has the right to select the method of routing
27
cancellation
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
28
capitation
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
29
carrier
an individual or corporation who receives goods under a contract for transport to anothyer party
30
caveat emptor
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
31
caveat venditor
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
32
change order
a formal notification to the supplier that an order must be changed in some manner
33
chronemics
the use of time to communicate. The use of time during a negotiating session communicates the relative worth the party feels about the negotiation
34
c.i.f.
price quoted includes the cost of insurance in transit and frieght
35
c.f.
price quoted includes the cost of frieght but not insurance
36
common carrier
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
condition precedent
a contract clause providing immediate rights and duties shall vest only upon happening of an event
38
condition subsequent
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
conditional
an act that is dependent on another factor. A conditional term in a contract is conditional on another term beign fulfilled
40
conditions concurrent
conditions that are mutually dependent and must be performed at the same time by the parties of a contract
41
conflict of interest
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
consideration
a tangible value, usually monetary, promised or exchanged for goods and/or services
43
contract
a legally enforceable promise of obligation from one party to another
44
counteroffer
acceptance of an offer containing additional terms
45
covenants
detailed clauses contained in loan agreements. Covenants are designed to protect the lender and include limits on total indebtedness, minimum cash ratios, etc.
46
delivery
transfer of the goods and/or services from the seller to the buyer
47
delivery lead time
the elapsed time between order placement and receipt by teh hospital
48
demand
a request by an entitled party, under a claim or right, that a particular act by performed
49
discount
the amount deducted from teh selling price by the supplier when the buyer meets a stipulation that reduces the costs of goods
50
discount rate
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
earnest money
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
entity
an artificial person created when an corporation is organized as a "being" for legal purposes
53
estoppel
the legal doctrine that establishes agency authority for an apparent agent
54
evergreen contract
a contract that remains in effect in perpetuity without competivie bid
55
executed
an executed contract is signed, sealed, and delivered to the parties
56
ex parte
legal term designating one side or party
57
express agent
an individual delegated responsibility by the principle (i.e. board of directors) to enter into purchase transactions on behalf of an entity
58
express warranty
warranties that expressly guarantee the merchantablity and fitness for intended purpose whine the language of the contract
59
fiduciary relationship
financial relationship between an individual and an organization in which the individual has authority to make decisisions on behalf of the organization
60
force majeure
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
free on board (fob)
seller bears all costs up to the point of product deleivery to the hospital
62
good faith
honesty in fact and the observance of reasonable commercial standards of fair dealing
63
group boycott
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
impasse
persistent disagreement between bargaining parties requireing the use of mediation, fact-finding, or appeal procedures
65
implied agent
any individual acting as a purchasing agent through the routine interview of sales representative, placing orders, etc.
66
implied warranty
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
indemnification
one party protects a second party against loss
68
insistence
the final level of product loyalty where the consumer will not consider alternative brand products as substitutes
69
internal rate of return (IRR)
the discount rate that equates the present value of cash inflows to the present value of cash outflows
70
inurement
subjugation to undesirable effects over an extended period
71
invoice
a bill sent to the buyer from the supplier for payment, whcih generally includes quantity, price, and nature (description) of goods sold
72
kinesics
the use of the body to communicate. Kinesics can often unintentionally communmicate an individual's feelings during a negotiation session
73
liquidated damages
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
market
a group of buyers with significant buying potential and unfilled needs, who have the means to purchase
75
market leveraging
a company's use of its power in one market to obtaina competitive advantage in a second market
76
market penetration
the amount of sales volume by all suppliers in a given commodity line, as a percent, to a group of hospitals
77
market segmentation
the process of identifying market groups with common needs, consumption patternes, etc
78
market share
the amount of the individual suppliers sales volume, as a percent, to a specific hospital
79
mitigation of damages
a plaintiff is entitled to recover damages, but is also obligated to avoid the increase (i.e. mitigate) the damages incurred
80
most favored nation
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
mutual assent
both parties agree to the same thing
82
negligence
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
negotiation
the process by which parties solve a particular problem, or group of problems, to achieve a mutually advantageous result
84
net present value
discounted cash inflows minus discounted cash outflows
85
offer
a conditional promise made by one party to antoher pary
86
olgopoly
a market condition where a relative low number of suppliers have captured the vast majority (ie over 80%) of the market
87
opportunity cost
the rate of return on the best alternative investment that is available
88
original equipment manufactuer (OEM)
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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