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California Construction License > Law & Business > Flashcards

Law & Business Flashcards

1
Q

Account

A

A separate record of an asset, liability, income, or expense of a business

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2
Q

Accounting

A

The process for recording, summarizing, and interpreting business financial records

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3
Q

Accounting Method

A

The method of recording income and expenses for a business, can be either accrual method or cash method

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4
Q

Accounting System

A

The specific system of record-keeping used to set up the accounting records of a business. See also single-entry accounting or double-entry accounting

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5
Q

Accounts Payable

A

Money owed by a business to another for goods or services purchased on credit. Money that the business intends to pay to another

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6
Q

Accounts Receivable

A

Money owed to the business by another for goods or services sold on credit. Money that the business expects to receive

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7
Q

Accrual Method

A

Accounting method in which all income and expenses are counted when earned or incurred regardless of when the actual cash is received or paid

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8
Q

Accrued Expenses

A

Expenses that have been incurred but have not yet been paid

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9
Q

Accrued Income

A

Income that has been earned but has not yet been received

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10
Q

Agent

A

A person who is authorized to act on behalf of another. A corporation acts only through its agents, whether they are directors, employees or officers

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11
Q

Aging

A

The method used to determine how long accounts receivable have been owed to a business

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12
Q

Amend

A

To alter or change

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13
Q

Articles of Incorporation

A

The charter of the corporation, the public filing with a state that requests that the corporation be allowed to exist. Along with the corporate bylaws, they provide details of the organization and structure of the business. They must be consistent with the laws of the state of incorporation

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14
Q

Assets

A

Everything a business owns, including amounts of money that are owed to the business

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15
Q

Assumed Name

A

A name, other than the corporation’s legal name as shown on the Articles of Incorporation, under which a corporation will conduct business. Most states require registration of the fictitious name if a company desires to conduct business under an assumed name. The corporation’s legal name is not an assumed name.

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16
Q

Authorized Stock

A

The number of shares of stock that a corporation is allowed to issue as stated in the Articles of Incorporation. All authorized shares need not be issued

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17
Q

Balance Sheet

A

The business financial statement that depict the financial status of the business on a specific date by summarizing the assets and liabilities of the business

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18
Q

Balance Sheet Accounts

A

Asset and liability accounts used to prepare business balance sheets

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19
Q

Board of Directors

A

The group with control of the general supervision of the corporation. They are elected by the shareholders and the directors, in turn, appoint the officers of the corporation

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20
Q

Bookkeeping

A

The actual process of recording the figures in accounting records. Business corporation laws: For each individual state, these provide the legal framework for the operation of corporations. The Articles of Incorporation and the Bylaws of a corporation must adhere to the specifics of state law.

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21
Q

Business Liabilities

A

Business debts. Also the value of the owner’s equity in his or her business

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22
Q

Bylaws

A

The internal rules that govern the management of the corporation. They contain the procedures for holding meeting, appointments, elections and other management matters. If these conflict with the Articles of Incorporation, the provision in the Articles will be controlling.

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23
Q

C-corporation

A

A business entity owned by shareholders that is not an S-corporation. Subject to double taxation, unlike S-corporations

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24
Q

Calendar Year

A

Year consisting on 12 consecutive months ending on December 31st.

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25
Q

Capital

A

Initially, the actual money or property that shareholders transfer to the corporation to allow it to operate. Once in operation, capital also consists of accumulated profits. The net worth of the corporation, the owner’s equity in a business, and/or the ownership value of the business

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26
Q

Capital Expense

A

An expense for the purchase of a fixed asset; an asset with a useful life of over one year. Generally, must be depreciated rather than deducted as a business expense.

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27
Q

Capital Stock

A

See authorized stock

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28
Q

Capital Surplus

A

Corporations owner’s equity. See also retained capital.

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29
Q

Cash

A

All currency, coins, and checks that a business has on hand or in a bank account

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30
Q

Cash Method

A

Accounting method in which income and expenses are not counted until the actual cash is received or paid.

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31
Q

Cash Out

A

Cash paid out for business purposes, such as a refund

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32
Q

Certificate of Incorporation

A

See Articles of Incorporation. Note, however, that some states will issue a Certificate of Incorporation after the filing of the Articles of Incorporation

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33
Q

Chart of Accounts

A

A listing of the types and numbers of the various accounts that a business uses for its accounting needs

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34
Q

Check Register

A

A running record of checks written, deposits made, and other transactions for a bank account

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35
Q

Close Corporation

A

Corporation with less than 50 shareholders that has elected to be treated as a close corporation. Not all states have close corporation statutes.

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36
Q

Closely Held Corporation

A

Not a specific state-sanctioned type of corporation, but rather a designation of any corporation in which the stock is held by a small group of people or entities and is not publicly traded

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37
Q

Common Stock

A

The standard stock of a corporation that includes the right to vote the shares and the right to proportionate dividends.

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38
Q

Consent Resolution

A

Any resolution signed by all of the directors or shareholders of a corporation authorizing an action, without the necessity of a meeting.

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39
Q

Corporate Record Book

A

Contains all the corporate records (except accounting records)

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40
Q

Corporate Stock Transfer Book

A

Record of the issuance and transfer of stock certificates

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41
Q

Corporation

A

A business entity owned by shareholders; can be a C-corporation or an S-corporation

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42
Q

Cost Basis

A

Total cost to a business of a fixed asset

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43
Q

Cost of Goods Sold

A

The amount that a business has paid for the inventory that it has sold during a specific period. Calculated by adding beginning inventory and additions to inventory and then deducting the ending inventory value.

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44
Q

Credit

A

In double-entry accounting, an increase in liability or income accounts or a decrease in or expense accounts

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45
Q

Cumulative Voting

A

A voting right of shareholders that allows votes for directors to be spread among the various nominees. This right protects the voting strength of the minority shareholders. The amount of votes in cumulative voting is based on the number of shares held times the number if director positions to be voted on. The shareholder can then allocate the total cumulative votes in any manner

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46
Q

Current Assets

A

Cash and any other assets that can be converted to cash or consumed by the business within one year

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47
Q

Current Debt

A

Debt that will normally be paid within one year

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48
Q

Current Liabilities

A

Debts of a business that must be paid within one year

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49
Q

Current Ratio

A

A method of determining the liquidity of a business. Calculated by dividing current assets by current liabilities

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50
Q

Debit

A

In double-entry accounting, a decrease in liability or income accounts or an increase in asset or expense accounts

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51
Q

Debt

A

The amount that a business owes to another. Also known as liability

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52
Q

Debt Ratio

A

A method of determining the indebtedness of a business. Calculated by dividing total liabilities by total assets

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53
Q

Depreciation

A

Cost of fixed asset deductible proportionately over time

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54
Q

Dissolution

A

Methods by which a corporation concludes its business and liquidates. Dissolutions may be involuntary because of bankruptcy or credit problems or voluntary on the initiation of the directors or shareholder of a corporation

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55
Q

Dividend

A

A distribution of money or property paid by the corporation to a shareholder based on the amount of shares held. A proportionate share of the net profits of a business that the board of directors has determined should be paid out of the corporations net earnings and profits. The board of directors has the authority to declare or withhold dividends based on sound business discretion.

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56
Q

Domestic Corporation

A

A corporation is a domestic corporation in the state in which it is incorporated

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57
Q

Double-Entry Accounting

A

An accounting system under which each transaction is recorded twice: as a credit and a debit. A very difficult system of accounting to learn and understand

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58
Q

Equity

A

Any debt that a business owes. It is owner’s equity if owed to the business owners and liabilities if owed to others.

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59
Q

Expenses

A

The costs to a business of producing its income. Any money that it has paid or will pay out during a certain period

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60
Q

FEIN

A

Federal Identification Number, used for tax purposes

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61
Q

FICA

A

Federal Insurance Contributions Act. Taxes withheld from employees and paid by employers for Social Security and Medicare

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62
Q

Fictitious Name

A

See assumed name

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63
Q

FIFO

A

First-in, first-out method of accounting for inventory. The inventory value is based on the cost of the latest items purchased

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64
Q

Financial Statements

A

Reports that summarize the finances of a business; generally a profit and loss statement and a balance sheet

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65
Q

Fiscal Year

A

A 12 month accounting period used by a business

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66
Q

Fiscal Year Reporting

A

For income tax purposes, reporting business taxes for any 12 month period that does not end December 31st of each year

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67
Q

Fixed Assets

A

Assets of a business that will not be sold or consumed within one year. Generally, fixed assets (other than land) must be depreciated

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68
Q

Foreign Corporation

A

A corporation is referred to as a foreign corporation in all states other than the one in which it is actually incorporated. In order to conduct active business affairs in a different state, a foreign corporation must be registered with the other state for the authority to transact business and it must pay an annual fee for this privilege.

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69
Q

FUTA

A

Feder Unemployment Tax Act. Federal business unemployment taxes.

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70
Q

General Ledger

A

In double-entry accounting, the central listing of all accounts of a business

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71
Q

Gross Pay

A

The total amount of an employee’s compensation before the deduction of any taxes or benefits

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72
Q

Gross Profit

A

Gross sales minus the cost of goods sold

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73
Q

Gross Sales

A

The total amount received for goods and services during an accounting period

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74
Q

Gross Wages

A

The total amount of an employee’s compensation before the deduction of any taxes or benefits

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75
Q

Income

A

Any money that a business has received or will receive during a certain period

76
Q

Income Statement

A

Financial statement that shows the income and expenses for a business. Also referred to as an “operating statement” or “profit and losses statement”

77
Q

Incorporator

A

The person who signs the Articles of Incorporation. Usually a person, but some states allow a corporation or partnership to be an incorporator.

78
Q

Indemnify

A

To reimburse or compensate. Directors and officers of corporations are often reimbursed or indemnified for all the expenses they may have incurred in incorporating.

79
Q

Initial Capital

A

The money or property that an owner or owners contribute to starting a business

80
Q

Intangible Personal Property

A

Generally, property not attached to land that you cannot hold or touch

81
Q

Inventory

A

Goods that are held by a business for sale to customers

82
Q

Invoice

A

A bill for the sale of goods or services that is sent to the buyer

83
Q

Issued Shares

A

The number of authorized shares of stock that are actually transferred to shareholders of the corporation. Also referred to as outstanding shares.

84
Q

Ledgers

A

The accounting books for a business. Generally, refers to the entire set of accounts for a business.

85
Q

Liabilities

A

The debts of a business

86
Q

LIFO

A

Last-in, first-out method of valuing inventory. Total value is based on the cost of the earliest items purchased

87
Q

Liquidity

A

The ability of a company to convert its assets to cash and meet its obligations with that cash

88
Q

Long-term Assets

A

The assets of a business that will be held for over one year. Those assets of a business that are subject to depreciation (except for land)

89
Q

Long-term Debts

A

Debts that will not be paid off in one year

90
Q

Long-term Liabilities

A

The debts of a business that will not be due for over one year

91
Q

Long-term Loans Payable

A

Money due on a loan more than one year in the future

92
Q

Long-term Notes Payable

A

Money due more than one year in the future

93
Q

MACRS

A

Modified accelerated cost recovery system. A method of depreciation for use with assets purchased after Jan 1st, 1987

94
Q

Managers

A

In a limited liability company, those persons selected by the members of the company to handle the management functions of the company. Managers of limited liability companies may or may not be members/owners of the company. Managers are roughly analogous to the officers of a corporation

95
Q

Members

A

In a limited liability company, those persons who have ownership interests (equivalent to shareholders in a corporation). Most states allow single member limited liability companies

96
Q

Minutes

A

A written record of the activities of a meeting

97
Q

Net Income

A

The amount of money that a business has after deducting the cost of goods sold and the cost of all expenses. Also referred to as “net profit”

98
Q

Net Loss

A

The amount by which a business has expenses and costs of goods sold greater than income

99
Q

Net Pay

A

The amount of compensation that an employee actually will be paid after the deductions for taxes and benefits

100
Q

Net Profit

A

The amount by which a business has income greater than expenses and cost of goods sold. Also referred to as “net income”

101
Q

Net Sales

A

The value of sales after deducting the cost of goods sold from gross sales.

102
Q

Net Wages

A

The amount of compensation that an employee will actually be paid after the deductions for taxes and benefits

103
Q

Net Worth

A

The value of the owner’s share in a business. The value of a business determined by deducting the debts of a business from the assets of a business. Also referred to as “owners equity”

104
Q

No-par Value

A

Shares of stock that have no specific face value. The board of directors can assign a value to the shares for sale and can then allocate a portion of the sales price to the pain-in-capital account

105
Q

Nontaxable Income

A

Income that is not subject to any state or local sales tax

106
Q

Not-for-profit Corporation

A

A corporation formed under state law that exists for a socially worthwhile purpose. Profits are not distributed but retained and used for corporate purposes. May be tax-exempt. Also referred to as “nonprofit”

107
Q

Officers

A

Manage the daily operations of a corporation. Generally consist of a president, vice president, secretary, and treasurer. Appointed by the board of directors

108
Q

Operating Margin

A

Net sales divided by gross sales. The actual profit on goods sold, before deductions for expenses

109
Q

Operating Statement

A

Financial Statement that shows the income and expenses for a business. Also referred to as “income statement” or “profit and loss statement”

110
Q

Owner’s Equity

A

The value of an owner’s share in a business. Also referred to as “capital”

111
Q

Par Value

A

The face value assigned to shares of stock. Par-value stock must be sold for at least the stated value, but can be sold for more than the par value

112
Q

Partnership

A

An unincorporated business entity that is owned by two or more persons

113
Q

Payee

A

Person or business to whom a payment is made

114
Q

Payor

A

Person or business that makes a payment

115
Q

Perpetual Duration

A

Existence of a corporation forever

116
Q

Personal Property

A

All business property other than land ant he buildings that are attached to the land

117
Q

Petty Cash

A

Cash that a business has on hand for payment of minor expenses when use of a business check is not convenient. Not to be used for handling sales revenue

118
Q

Petty Cash Fund

A

A cash fund. Considered part of cash on hand

119
Q

Petty Cash Register

A

The sheet for recording petty cash transactions

120
Q

Physical Inventory

A

The actual process of counting and valuing the inventory on hand at the end of an accounting period

121
Q

Piercing the Corporate Veil

A

A legal decision that allows a court to ignore the corporate entity and reach the assets of the shareholders, directors or officers

122
Q

Plant Assets

A

Long-term assets of a business. Those business assets that are subject to depreciation (other than land)

123
Q

Posting

A

In double-entry accounting, the process of transferring data from journals to ledgers

124
Q

Pre-paid Expenses

A

Expenses that are paid for before they are used (insurance, rent, etc)

125
Q

Preemptive Rights

A

A shareholder right that allows shareholders the opportunity to maintain their percentage of ownership of the corporation in the event that additional shares are offered for sale

126
Q

Preferred Stock

A

Generally, stock that provides the shareholder with a preferential payment of dividends, but doesn’t carry voting rights

127
Q

Profit and Loss Statement

A

Financial statement that shows the income and expenses for a business. Also referred to as an “income statement” or “operating statement”

128
Q

Proxy

A

A written shareholder authorization to vote shares on behalf of another. Directors may never vote by proxy (except in some close corporations)

129
Q

Quorum

A

The required number of persons necessary to officially conduct business at a meeting. Generally, a majority of the shareholders or directors constitutes a quorum.

130
Q

Real Property

A

Land and any buildings or improvements that are attached to the land.

131
Q

Reconciliation

A

The process of bringing a bank statement into agreement with the business check register

132
Q

Recovery Period

A

Specific time period for dividing up the cost into proportionate amounts

133
Q

Registered Agent

A

The person designated in the Articles of Incorporation who will be available to receive service of process (summons, subpoena, etc.) on behalf of the corporation. A corporation must always have a registered agent

134
Q

Registered Office

A

The actual physical location of the registered agent. Need not be the actual principal place of business of the corporation

135
Q

Resolution

A

A formal decision that has been adopted by either the shareholders or the board of directors of a corporation

136
Q

Retail Price

A

The price for which a product is sold to the public

137
Q

Retained Capital

A

Corporation owner’s equity. See also capital surplus

138
Q

Retained Earnings

A

In a corporation, the portion of the annual profits of a business that are kept and reinvested in the business, rather than paid to share holders in the form of dividends

139
Q

Revenue

A

Income that a business brings in from the sale of goods or services or from investments

140
Q

S-Corporation

A

A type of business corporation in which all the expenses and profits are passed through to its shareholders to be accounted for at tax time individually in the manner of partnerships. A specific IRS designation that allows a corporation to be taxed similarly to a partnership, yet retain limited liability for its shareholders

141
Q

Salary

A

Fixed weekly, monthly, or annual compensation for an employee

142
Q

Sales

A

Money brought into a business from the sale of goods or services

143
Q

Sales Income

A

Revenue derived from selling a product of some type

144
Q

Salvage Value

A

The value of an asset after it has been fully depreciated

145
Q

Service Income

A

Income derived from performing a service for someone

146
Q

Service of Process

A

To accept subpoenas or summonses for a corporation

147
Q

Shareholder’s Equity

A

In a corporation, the owner’s equity of a business divided by the number of outstanding shares

148
Q

Shareholder

A

Owner of issued stock of a corporation and, therefore, owner of an interest in the corporation. They elect the board of directors and vote on major corporate issues

149
Q

Short-term Loans Payable

A

Money due on a loan within one year

150
Q

Short-term Notes Payable

A

Money due within one year

151
Q

Single-entry Accounting

A

A business record keeping system that generally tracks only income and expense accounts. Used generally by small businesses, it is much easier to use and understand than double-entry accounting.

152
Q

Sole Proprietorship

A

An unincorporated business entity in which one person owns the entire company

153
Q

Stock Transfer Book

A

The ledger book (or sheets) in which the registered owners of shares in the corporation are recorded

154
Q

Straight Line Depreciation

A

Spreads the deductible amount equally over the recovery period

155
Q

Supplies

A

Materials used in conducting the day-to-day affairs of a business (as opposed to raw materials used in manufacturing)

156
Q

Tangible Personal Property

A

Property not attached to land that you can hold and touch

156
Q

Taxes Payable

A

Total of all taxes due but not yet paid

157
Q

Treasury Shares

A

Shares of stock that were issued, but later reacquired by the corporation and not canceled. May be issued as dividends to shareholders. They are issued, but not outstanding for terms of voting and quorums

158
Q

Trial Balance

A

In double-entry accounting, a listing of all the balances in the general ledger in order to show that debits and credits balance.

159
Q

Wages

A

Hourly compensation paid to employees, as opposed to salary

160
Q

Wages Payable

A

Total of all wages and salaries due to employees but not yet paid out

161
Q

Wholesale Price

A

The cost to a business of goods purchased for later sale to the public

162
Q

Project Integration Management

A

The processes required to ensure that the various elements of the project are properly coordinated. It consists of project plan development, project plan execution, and integrated change control.

163
Q

Project Scope Management

A

The processes required to ensure that the project includes all the work required, and only the work required, to complete the project successfully. It consists of initiation, scope planning, scope definition, scope verification, and scope change control.

164
Q

Project Time Management

A

The processes required to ensure timely completion of the project. It consists of activity definition, activity sequencing, activity duration estimating, schedule development, and schedule control

165
Q

Project Cost Management

A

The processes required to ensure that the project is completed within the approved budget. It consists of resource planning, cost estimating, cost budgeting and cost control

166
Q

Project Quality Management

A

The processes required to ensure that the project will satisfy the needs for which it was undertaken. It consists of quality planning, quality assurance, and quality control

167
Q

Project Human Resource Management

A

The processes required to make the most effective use of the people involved with the project. It consists of organizational planning, staff acquisition and team development

168
Q

Project Communications Management

A

The processes required to ensure timely and appropriate generation, collection, dissemination, storage, and ultimate disposition of project information. It consists of communications planning, information distribution, performance reporting, and administrative closure

169
Q

Project Risk Management

A

The processes concerned with identifying, analyzing and responding to project risk. It consists of risk management planning, risk identification, qualitative risk analysis, quantitative risk analysis, risk response planning and risk monitoring and control

170
Q

Project Procurement Management

A

The processes required to acquire goods and services from outside the performing organization. It consists of procurement planning, solicitation planning, solicitation, source selection, contract administration and contract closeout.

171
Q

4 Steps of Risk Assessment

A
  1. Hazard Identification
  2. Evaluating relationship between exposure to a risk and adverse effects.
  3. Exposure assessment - evaluating the conditions that lead to exposure to a risk.
  4. Risk characterization - describe nature of adverse effects, their likelihood, and the strength behind these characterizations.
172
Q

Avoidance

A

Whenever an organization cannot offer a service while ensuring a high degree of safety, it should choose avoidance as a risk management technique.

173
Q

Modification

A

Simply changing an activity to make it safer for all involved. Examples would be policy and procedural changes

174
Q

Retention

A

An owner may decide that other available techniques aren’t suitable and it will therefore retain the risk of harm or loss.

175
Q

Sharing

A

Involves sharing risk with another organization through a contract.

176
Q

5 Management Functions

A
  1. Planning
  2. Organizing
  3. Staffing
  4. Leading
  5. Controlling
177
Q

Planning

A

The development of specific strategies designed to achieve organizational goals.

178
Q

Organizing

A

The process of structuring a company’s resources - personnel and materials - in a way that will allow it to achieve its objectives.

179
Q

Staffing

A

Encompasses activities related to finding and sustaining a labor force that is adequate to meet the organization’s objectives.

180
Q

Leading

A

The act of guiding and influencing other people to achieve goals.

181
Q

Controlling

A

Is comprised of activities that measure and evaluate the outcome of planning, organizing, staffing and leading efforts.

182
Q

Financial Accounting

A

The procedures we use to record business transactions and report the result of those transactions to shareholders, creditors, and other external entities.

183
Q

Managerial Accounting

A

The reports and information for decision making within an organization, and is closely related to cost accounting, which is the determination of product costs for the valuation of inventory and cost of goods sold.

184
Q
A

California Construction License (3 decks)

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