Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Mort 265 Funeral Service Management > Management > Flashcards

Management Flashcards

1
Q

Define Management

A

The act of motivating people towards the achievement of a goal or goals.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Define Funeral Service Management

A

administration of a funeral service enterprise, the activities of which encompass marketing, office, personnel, facilities, and financial management

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

What is the primary objective for funeral home

A

meet the death-related needs of grieving families

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

What is the secondary objective for a funeral home

A

insuring that funds are available and have a reasonable return on investment (ROI) profit

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Define expenses

A

a decrease in assets, other than withdrawals by the owner, which result from efforts to produce revenues

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

What are the four functions of management?

A

Planning, organizing, directing, and evaluating

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

In the four functions of management what is another word for the Directing part?

A

Actuating

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

In the four functions of management what is another word for the Evaluating part?

A

Controlling

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

In making plans , the manager must be able to envision the ___result at the ___ of the process

A

end result at the start of the process

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Define planning

A

The function of determining in advance what needs to be accomplished in order to achieve a particular goal.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Define business policies

A

Fundamental statements that serve as guides to management practice

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Define human resource planning

A

developing a comprehensive strategy for meeting future human resource needs

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

What is the difference between objectives and goals?

A

Objectives are very specific with a time limit and goals are very broad they paint a basic plan or direction

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Define organizing

A

to arrange or constitute in interdependent parts , each having a specific function or relation with respect to the whole. arrangement and distribution of work among members of an organization.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

Define motivating

A

energizing, channeling, and sustaining people behavior .

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

How is motivating accomplished by a manager ?

A

understanding employees needs and wants and integrating them with the goals and objectives of the company.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

Define Directing (actuating )

A

regulating the activities or course of activities of an organization

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

Directing (actuating) includes staffing meaning

A

management function dealing with the recruitment, selection, placement, training, development, and appraisal of the employees

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

Define evaluating (controlling)

A

management function which compares organizational and individual performance with predetermined standards or expected results.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

In the controlling aspect of management what might the manager have to do with goals and objectives?

A

change them

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

Funeral service managers have the responsibility of protecting ____ ____ of the diseased

A

personal information

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

True or false Funeral service management is more service oriented than product oriented .

A

`True

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

What does “Caveat venditor”

A

let the seller beware

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

True or false funeral service managers often include serving the community the total community while meeting the particular needs of a client-family

A

TRUE

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
Q

True or false FS managers have a duty to assist educational programs related to death, grief, bereavement, funeral rites, and recovery

A

true

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
26
Q

How does FS practice differ from other managerial areas in that the total service has to be _________

A

available to every economical circumstance

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
27
Q

Define human relations

A

motivating people in organizations to develop teamwork which effectively fulfills their needs and achieves organizational objectives

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
28
Q

What does EPA stand for and why is it important?

A

Environment protection agency , to ensure the environment is not being threatened by an establishment .

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
29
Q

Define a job description

A

document that lists Major responsibilities and tasks of a job

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
30
Q

Define job analysis

A

determining the critical components of a job for the purpose of selecting, training, and rewarding personnel

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
31
Q

In the hiring process when is it legal to ask for information that pertains to the applicants age, sex, number of dependents etc.

A

AFTER the applicant is hired

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
32
Q

If when interviewing a person an they are giving short answers what is recommended you do to get them to talk ?

A

give a pause so that they will want to fill the silence.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
33
Q

What are the three main reason orientation programs fail?

A

Was not planned
employee was not made aware of job requirements
employee did not feel welcome

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
34
Q

Civil rights act of 1964

A

outlaws discrimination in employment based on race, color, religion, sex, pregnancy, or national origin

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
35
Q

Age discrimination in employment act (ADE)of 1967

A

outlaws discrimination in employment against those who are over 40 years old

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
36
Q

Equal pay act of 1963

A

outlaws discrimination in pay based on the sex of the worker.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
37
Q

rehabilitation act of 1973

A

outlaws discrimination in employment based on handicaps of workers who , with reasonable employer accommodation , could do the job.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
38
Q

Vietnam Era Veterans Readjustment Act of 1974

A

outlaws discrimination in employment against Vietnam era veterans

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
39
Q

Americans with disabilities act of 1990

A

prohibits discrimination against any qualified individual with a disability.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
40
Q

Fair Labor standard act FLSA

A

outlaws discriminatory practices in pay ; requires employers to pay mini min wage and to pay minimally time and a half for any hours worked beyond 40 workers in a week.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
41
Q

immigration reform act of 1987

A

outlaws non-documented persons from employment in the US

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
42
Q

Bona Fide Occupational Qualification (BFOQ)

A

a qualification necessary the job that is allowed and approved reason for discrimination. approvals are granted case by case. `

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
43
Q

What are the 5 most common factors in funeral home employee turnover?

A 
lack of appreciation
failing to value employees 
paying low or unfair salary 
failing to resolve personal conflicts 
assigning a heavy work load
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
44
Q

What are the 5 components to Maslows Hierarchy of needs theory ? In order of most important

A 
Physiological need (base)
safety needs
affiliation needs
esteem needs 
and self actualizing needs (tip)
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
45
Q

In theory X and Y which is the downer ?

A

X

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
46
Q

In theory X and Y which is the inspiring?

A

y

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
47
Q

In Hertzberg two factor theory Intrinsic factors are called ____ and include __________________________

A

Called MOTIVATORS and include achievement, recognition, work, responsibility, and advancement

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
48
Q

In Hertzberg two factor theory extrinsic factors are called ____ and include

A

HYGIENES and include company policy, supervision, salary , interpersonal relations with co-workers, and working conditions

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
49
Q

Define Total Quality management (TQM)

A

efforts of all members of an organization directed to ensure that quality in the production of goods and services is achieved

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
50
Q

Define mission statement

A

fundamental statements that serve as a guide to management practice

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
51
Q

Define delegation of authority

A

superiors act of granting to subordinates , on the basis of competence , the right to act or decide

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
52
Q

Define chain of command

A

superior-subordinate relationship that serves as a channel for two-way communication

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
53
Q

Better Business Bureau

A

association of business firms that promote ethical conduct by all business firms in the community

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
54
Q

Chamber of Commerce

A

an association of business people who attempt to protect and promote the commercial interests in a community.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
55
Q

Define recruitment/selection

A

process of forming a pool of qualified applicants for tasks that need to be filled

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
56
Q

Define demographics

A

statistical study of human populations with respect to their size, density, distribution, composition, and income

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
57
Q

Define Human resource management (personnel management )

A

process of acquiring, training, developing, motivating, and appraising a sufficient quantity of qualified employees to perform necessary activities; and developing activities and an organizational climate conducive to maximum efficiency and worker satisfaction

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
58
Q

True or false it is illegal to seek personal information of an applicant through a reference

A

true

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
59
Q

True or false A Signed release should be sought from applicant to seek reference information

A

true

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
60
Q

Define Resume

A

a written summary of one’s personal, educational, and professional achievements

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
61
Q

Define interviewing

A

a job-analysis technique in which individuals currently holding a particular job are asked questions concerning the requirements of the job

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
62
Q

Define Job specification

A

a document that lists the knowledge, skills, abilities, and personal characteristics a job holder must possess to perform effectively

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
63
Q

Define Recruitment and selection

A

the process of forming a pool of qualified applicants for tasks that need to be filled

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
64
Q

Define employment application process

A

a record of statements made at the time the applicant first seeks employment

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
65
Q

Define Employment Interview

A

the primary way of judging the applicant’s appearance, poise, speech, etc.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
66
Q

What are the two types of interviews?

A

(1) Structured (formal) - per-determined set of questions asked of all applicants
(2) Unstructured (informal) - questions developed as the interviewer proceeds

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
67
Q

Occupational Safety and Health Act (OSHA) of 1970

A

a governmental agency with the responsibility for regulatory and enforcement of safety and health matters for most United States employees; an individual state OSHA agency may supersede the U.S. Department of Labor OSHA regulations

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
68
Q

Equal Employment Opportunity Act of 1972

A

the absence of employment discrimination based on race, color, religion, sex, or national origin

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
69
Q

Define financial management

A

the efficient utilization and adequate regulation of assets, revenue, expenditures, and capital rights

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
70
Q

Define Accounting systems

A

a language of business employed to communicate financial information based upon analyzing, recording, classification, summarization, reporting, and interpretation of financial data

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
71
Q

Define Accrual accounting

A

recording in each fiscal period applicable expenses, whether paid or not, and income earned, whether collected or not

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
72
Q

Define Cash basis accounting

A

an accounting practice in which revenue is not recognized in the accounting records until received and in which expenses are not recognized until paid

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
73
Q

Define Budgeting

A

a formal written statement, which may be based upon adjusted historical data, of management’s plans for the future expressed in financial terms

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
74
Q

Define Finance advantages

A

the business function of effectively obtaining and using funds

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
75
Q

What are the 3 types of capital

A

(1) Working capital (circulating capital) - difference between current assets and current liabilities
(2) Fixed capital - long-term capital invested in the business; also, funds invested in such long-term assets as: land, building, machinery, furniture, fixtures, and other equipment
(3) Personal capital (equity capital) - capital invested in the business by the owner(s)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
76
Q

Define Debt equity

A

Any borrowed or loaned capital invested in the business that must be repaid to creditors

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
77
Q

Define Angels

A

private investors who are willing to supply financing for new and/or risky small venture start-ups

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
78
Q

Define Venture capitalists

A

anyone that invests in, or financially sponsors, a new business

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
79
Q

Define Line of credit

A

an understanding between a bank and the business indicating the maximum amount the bank is willing to loan the borrower

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
80
Q

Define Open end credit (revolving credit)

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
81
Q

Define Mortgage loans

A

a loan secured by the mortgage on property

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
82
Q

Define Mortgage

A

a claim given by the borrower to the lender against the borrower’s property in return for a loan

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
83
Q

Define Small Business Administration (SBA) loans

A

the principal government agency concerned with the financing, operation, and management of small businesses

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
84
Q

Define Factoring accounts receivable

A

obtaining cash before payments are received from customer’s by selling off one’s accounts receivables to a third party

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
85
Q

Define Account receivable

A

an unwritten promise by a customer to pay, at a later date, for goods sold or services rendered

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
86
Q

Define Note receivable

A

a written promise of a customer to pay the business a sum of money at a future date

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
87
Q

Define Fixed assets (long term assets) -

A

property of a relatively permanent nature used in the operation of a business and not intended for resale

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
88
Q

Define Cost analysis/break even analysis (break even point)

A

the point at which total sales revenue equals total cost

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
89
Q

Define fixed expenses

A

does not change in total but becomes progressively smaller on a per-unit basis as volume increases. These expenses do not increase with increased business, nor do they decrease with declining business activity.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
90
Q

What are examples of fixed expenses

A

rent, supervisory salaries, depreciation, insurance, debt

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
91
Q

Define Salary

A

generally considered to be compensation for managerial or administrative services, expressed in terms of a month or year

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
92
Q

Define Depreciation

A

the loss in value of a fixed asset due to wear and tear and the passage of time; or a method of matching the cost of a fixed asset against the revenues that the fixed asset will help produce during its useful life

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
93
Q

Define Variable expenses

A

a cost which is uniform per unit but fluctuates in total in direct proportion to change in the related activity or volume.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
94
Q

What are some examples of variable expenses ?

A

supplies, hourly wage expenses, repairs, utilities, taxes

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
95
Q

Define Supplies

A

a type of asset that will be consumed as it is used

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
96
Q

Define Wages

A

a form of compensation for skilled and unskilled labor, expressed in terms of hours, weeks, or pieces completed

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
97
Q

Define Federal Unemployment Tax Act (FUTA)

A

a federal act imposed on each employer for the purpose of financing the administration costs of the federal and state unemployment compensation programs

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
98
Q

Define SUTA

A

state unemployment tax act

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
99
Q

Define Federal Insurance Contributions Act (FICA)

A

a federal act which requires most employers and employees to pay taxes to support the federal social security program

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
100
Q

Define Income tax

A

a tax levied on individuals and businesses by federal, state, and local governments

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
101
Q

Define Retail sales tax

A

a tax imposed on tangible personal property sold at retail

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
102
Q

Define Operating expenses (overhead)

A

any cost not specifically associated with production of identifiable products and services; expenses incurred in the normal operation of a business

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
103
Q

Define operating ratios

A

a comparison of profit and each item of expense in the income statement expressed as a percentage of sales income; the operating ratios can be compared to the industry standard in regards to measuring the possible growth of the business

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
104
Q

What are the uses for financial analysis?

A
  1. Develop and identify trends which will show extent and direction of change
  2. Provide a basis for implementing changes in business strategy to contain costs or to expand into other areas of the marketplace
  3. Determine relationship of the firm as compared to some predetermined standard or industry average
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
105
Q

Define Income statement

A

a formal financial statement which presents the income, expenses, and resulting net profit or net loss for a given period

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
106
Q

Difference between comparative and common size statements for an income statement

A
  1. Comparative forms - record the income statement data for two or more comparable periods on the same form so that the information can be readily compared
  2. Common-size statements (percentage method) - express the major items in the income statement as a percent of net sales and compare with previous fiscal periods
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
107
Q

Define Balance sheet

A

a formal financial statement illustrating the assets, liabilities, and owner’s equity of a business as of a specific date

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
108
Q

Difference between comparative and common size statements for a balance sheet

A
  1. Comparative forms - record the balance sheet data for two or more comparable periods on the same form so that the information can be readily compared
  2. . Common-size statements (percentage method) - express the major items in the balance sheet as a percentage of the total assets and compare with previous fiscal periods
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
109
Q

Define Liquidity analysis

A

measures the ability of the firm to meet its current obligation

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
110
Q

Define Current Asset Ratio =current assets ÷ current liabilities

A

the current assets divided by the current liabilities and a measure of the liquidity of the business

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
111
Q

Define current assets and current liabilities

A

Current assets - cash or other assets that will be converted to cash or consumed within one year

Current liabilities - debts of a business that are generally paid within one year

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
112
Q

Acid-Test Ratio (Quick Ratio) = quick assets ÷ current liabilities

A

quick assets divided by current liabilities

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
113
Q

Define Quick assets

A

cash, marketable securities, accounts and notes receivable

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
114
Q

Define Return on investment = net income ÷ average owner’s equity

A

the ratio of net income to owner’s equity in the business

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
115
Q

Define Net income (net profit)

A

the difference between gross profit and expenses when gross profit is larger

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
116
Q

Define Activity analysis

A

measures how efficiently a firm is utilizing its assets

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
117
Q

Accounts Receivable Turnover

A

measures how many times per year accounts receivable are collected
Calculation: net credit sales ÷ average accounts receivable

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
118
Q

Age of Accounts Receivable

A

measures the average time required to collect accounts receivable
Calculation: 365 ÷ accounts receivable turnover, expressed in number of days

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
119
Q

Define Inventory Turnover

A

The number of times the average inventory has been sold or used up (turned over) during a period
Calculation: cost of goods sold for period ÷ average inventory

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
120
Q

Age of Inventory

A

measures the average time required to sell inventory

Calculation: 365 ÷ inventory turnover, expressed in days

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
121
Q

Profitability analysis

A

provides evidence concerning the earnings potential of a company and how effectively the firm is being managed

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
122
Q

Define Profit Margin

A

net income divided by net sales

Calculation: net income ÷ net sales or
Retail- wholesale

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
123
Q

Define Net sales

A

sales - sales returns and allowances - sales discounts

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
124
Q

Define Gross profit (gross margin)

A

net sales- the cost of goods sold

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
125
Q

Define Gross Profit Percentage

A

gross profit divided by net sales

Calculation: gross profit ÷ net sales, expressed as a %

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
126
Q

Define Marketing

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
127
Q

Define Market

A

a group of potential customers having purchasing power and unsatisfied needs

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
128
Q

Define market survey

A

a study that is used by a business to determine where the potential customers are located

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
129
Q

Define Economic base

A

wealth produced in or near a community that provides employment and income to the local population

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
130
Q

Define Competition

A

practice of trying to obtain something that is being sought by others under similar circumstances at the same time

131
Q

Define Census of Population

A

a source of market data that compiles population statistics with regard to distribution of population by region, area,

132
Q

Census of Business

A
  • a source of market data that explains where certain businesses are located
133
Q

Census of Housing

A
  • a source of market data that keeps track of new home sales by region and/or the construction of new houses by region and specific area
134
Q

Census of Manufacture

A
  • a source of market data that explains where certain manufacturers are located
135
Q

Advertising

A
  • the art of making the public aware of the services or commodities that a business has for sale
136
Q

Sales promotion

A
  • a plan which provides inducements to potential purchasers of products or services
137
Q

merchandising

A

the purchase, pricing, display, and sale of merchandise.

138
Q

Cash discounts

A
  • discounts from quoted prices as an inducement for prompt payment of invoices
139
Q

Quantity discounts

A
  • the amount by which the bill or invoice will be reduced when a minimum quantity of merchandise has been ordered
140
Q

Rebates

A
  • the return of a portion of a payment
141
Q

Consignment

A
  • to give to an agent to be cared for or sold
142
Q

Sundry items

A
  • the various miscellaneous items provided or used to complement the services of a funeral director
143
Q

Funeral ceremony

A
  • a service commemorating the deceased with the body present
144
Q

Visitation (calling hours/visiting hours)

A

time set aside for friends and relatives to pay respect for the deceased prior to the funeral service

145
Q

Memorial service

A
  • a ceremony commemorating the deceased without the body present
146
Q

Graveside service

A
  • a service to commemorate the deceased held at the cemetery prior to burial
147
Q

Direct cremation

A
  • a disposition of human remains by cremation, without formal viewing, visitation, or ceremony with the body present
148
Q

Immediate burial

A
  • a disposition of human remains by burial, without formal viewing, visitation, or ceremony with the body present, except for a graveside service
149
Q

Define Inventory (merchandise) requirements

A
  • those goods or stock of goods which are held for resale; goods purchased for resale at a profit
150
Q

EOQ (Economic Order Quantity)

A
  • quantity to be purchased which minimizes total costs
151
Q

Purchase discounts

A
  • the amount of any discounts granted by suppliers to encourage prompt payment of their invoices
152
Q

Common business credit/sales terms

A 
MOM (middle of month)
 EOM (end of month)
CWO (cash with order)
CBD (cash before delivery)
COD (cash on delivery)
153
Q

Markup

A

merchandise cost - selling price, i.e., gross margin

154
Q

Markdown

A
  • a reduction of selling price from original selling price
155
Q

Price determination of merchandise

A
  • method used by management to establish the selling price for services and merchandise
156
Q

Graduated recovery

A
  • a pricing method where the markup varies , higher priced caskets get a higher markup
157
Q

. Price quotation

A
  • method by which prices are explained to the consumer (example: itemized GPL required by FTC but package pricing allowed) - price determination and quotation must comply with applicable federal and state law
158
Q

Unit pricing

A
  • a method of price quotation which creates one total price package including both service and merchandise
159
Q

Bi-Unit pricing

A
  • a method of price quotation showing separately the price of the service to be rendered and the price of the merchandise (casket). The common two units were “professional services” and “casket.”
160
Q

Functional pricing

A
  • a method of price quotation in which the charges are broken down into several major component parts, such as professional services, facilities, automobiles, and merchandise. Basically, the mortuary charged for three or more areas.
161
Q

Itemization pricing

A
  • the method of price quotation by which each and every function or unit of service and/or item of merchandise is priced separately
162
Q

Package pricing

A
  • a pricing method which groups together selected services and/or merchandise
163
Q

Cash advance items

A

any item of service or merchandise described to a purchaser as a “cash advance,” “accommodation,” “cash disbursement,” or similar term. A cash advance item is also any item obtained from a third party and paid for by the funeral provider on the purchaser’s behalf

164
Q

Sales frequency

A
  • the number of times sales in a given price bracket occur over a fixed period of time
165
Q

Sales frequency chart

A
  • for a defined period of time, a chart is used to track which units sell and how many of each type
166
Q

Balanced line

A

technique used to determine the number (how many) and quality of caskets to be shown. Plus it should show the allocation of those caskets to specific quartiles within the display room. It gives a reference point that the prices in the selection room are balanced.

167
Q

Crude range /dollar spread

A
  • the spread between the highest value and the lowest value. To compute: take the highest value minus the lowest value, plus one.
    The most active is bwteen Q3 and Q4
168
Q

consumer Value Index (CVI)

A

percentage derived by dividing the wholesale cost of the merchandise by the retail price of the merchandise
Wholesale cost/retail price= CVI

169
Q

Merchandise Value Ratio (MVR)

A

relationship between the wholesale cost of the merchandise and the total cost to the consumer.
Wholesale cost/(total of merch + services)= MVR

170
Q

Graduated recovery

A
  • today, this is considered the “best” pricing method.

Definition - the return on money is produced by varying the amount expected on each selection.

171
Q

Keystone approach (historical – unethical)

A

associated with “All Sales” - this is a pricing method showing 3 caskets to help the buyer find a buying level (using unethical influence).
relationship between approach casket and median price

172
Q

Trade credit

A

a form of credit that is extended by one business to another business to help finance distribution of producer’s goods

173
Q

Consumer credit

A

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

174
Q

bad debts expense

A
  • accounts receivable that are uncollectible
175
Q

Installment credit (closed-end credit)

A
  • balance of costly goods paid for in small monthly equal (fractional) payments over a period of time
176
Q

Revolving credit accounts (open-end credit)

A
  • a line of credit that may be used over and over again up to a certain borrowing limit
177
Q

What are the four p’s of marketing?

A

price, product, promotion, and place

178
Q

Mark up/ gross casket margin/ margin

A

difference between merchandise cost and selling price

179
Q

Mark up is AKA

A

Profit

180
Q

Value Progression

A

The more a consumer spends, the more value he should receive.
Bracket method of progression: constant % called riser (8%), this is a larger riser than stair step

181
Q

relative pay

A

you get what you pay for

182
Q

As the CVI increases the consumer ________ for his money

A

As the CVI increases the consumer recieves more for his money

183
Q

Fixed multiple method is AKA as

A

straight line or times factor

184
Q

What are the three types of graduated recovery method? (mark up varies )
Q2 and Q3 use same multiple
Q1 slightly higher
Q4 slightly lower

A

Increasing- Entry, low markup &higher end , high markup

decreasing-High end, low markup&low end high markup

modified-graduated recovery- same as decreasing except the 1st entry gets a less harsh markup

185
Q

Vertical merchandising

A

providing customers with selection of prices

186
Q

Horizontal merchandising

A

actual number of choices available at each price

187
Q

Quartile

A

the division of the total into four segments , each representing one fourth of the total

188
Q

consumerized pricing

A

pricing so that the the figures are familiar to the consumer (usually ends in 5,7,9, or 0 )

189
Q

Direct selection room procedure

A

funeral director remains in the selection room throughout the selection process

190
Q

Indirect selection room procedure

A

funeral director does NOT remain in the selection room throughout the selection process

191
Q

demonstration/educational group

A

3 or 4 caskets used to educate on elements of casket construction

192
Q

direct lighting

A

illumination shining directly on an object

193
Q

indirect lighting

A

reflected illumination of an object

194
Q

Best illumination is a combo

A

combo of direct and indirect

195
Q

foot candle

A

amount of illumination produced by a source of one candle at a distance of one foot.

196
Q

Fluorescent light

A

(form of indirect) illumination produced by a tubular electric discharge lamp

197
Q

incandescent light

A

illumination resulting from the glowing of a heated element

198
Q

fractional display

A

portions of caskets in the selection room

199
Q

fair market value FMV

A

price in cash or equivalents that a buyer would pay to a seller

200
Q

capital asset value

A

real estate, automobiles, and other tangible assets used in the business

201
Q

financial asset value

A

economic value of cash , investments, and receivables acquired from the payments of consumers.

202
Q

goodwill asset value

A

intangible assets of business, known as goodwill

203
Q

liquidation value

A

value of the assets if the business is shut down .

204
Q

going concern value

A

assumes the business is valued as as an ongoing bushiness

205
Q

share holders equity

A

assets- liabilities

206
Q

COLA cost of living adjustment

A

annual increase that keeps up with inflation

207
Q

entrepreneur

A

organizes, manages, and assumes the risk of a business firm

208
Q

manufacturing

A

makes finished goods from raw materials by hand or machinery

209
Q

sole proprietorship

A

conducting a business as an individual and sole owner

210
Q

general partnership

A

two or more persons who conduct buisness as co-owners

211
Q

Limited partnership

A

general partners and partners have limited interests in profits and liability

212
Q

corporation

A

legal entities established under state law

213
Q

Profit corporations

A

have shareholders and established under states business corporation act

214
Q

limited liability company

A

a legal entity that has the option of being taxed like a partnership but shields assets from business debt like a corporation

215
Q

business plan

A

summary of how an owner intends to organize the business

216
Q

executive summary

A

overview of the entire plan , with the history of the company .

217
Q

market analysis

A

illustrates knowledge of the business . Includes target market info, market test results, evaluation of competition, regulatory restrictions

218
Q

company description

A

info on the nature of the business and a list of primary factors that will make the business successful

219
Q

copy rights

A

registered right of a creator to produce , publish, and sell

220
Q

patents

A

registered right of an inventor to make, use, and sell an innovation

221
Q

trademark

A

name, symbol, or characteristic that identifies a product

222
Q

loss leader pricing

A

advertising a low cost hoping they will buy something more expensive

223
Q

traffic flow

A

display arranged so family moves through quality of caskets

224
Q

Declining price structure

A

higher priced caskets get a lower mark up

225
Q

Modified declining price

A

lowest priced casket is less expensive

226
Q

market

A

group of potential customers having purchasing power and unsatisfied needs

227
Q

six buying motives

A

comfort, convenience, security, prestige, health, or economy

228
Q

public relations

A

Inducing the public to have a positive feeling about a particular business.

229
Q

facilities management

A

the obtaining and maintaining of adequate work space and funeral equipment

230
Q

What are the four facilities and equipment requirements ?

A

Licensure, ADA, OSHA, and outsourcing consideration

231
Q

Fractional displayed can be in portions of what three sizes?

A

2, 1/4, 1/8, and a full size

232
Q

How many foot candles of illumination are needed at casket level?

A

90-100

233
Q

church truck

A

wheeled collapsible support for the casket

234
Q

casket stand

A

stand or support in which a caskets rests in the selection room

235
Q

casket rack

A

a device upon which caskets are placed one on top of the other for display or storage

236
Q

Recommended minimum and maximum amount of caskets in a traditional selection room

A

12-30

237
Q

consecutive method of casket placement

A

placing caskets in order of increasing or decreasing value

238
Q

Zoning ordinances

A

law passed by a municipality , regulates and prescribes the kind of building that will be built

239
Q

what are five items that frequently need to be inspected

A

vehicles, parking lots, prep room, public areas, and equipment

240
Q

what is refereed to as rolling stock?

A

vehicles

241
Q

office management

A

administration and supervision of office duties and functions

242
Q

risk

A

condition in which there is a possibility of an adverse deviation from a desired outcome that is expected or hoped for

243
Q

key-person life insurance

A

protection against losses due to the death of a key employee

244
Q

Buy-sell life insurance

A

insurance on an owner that will supply enough money for a partner to buy his share of the business on death

245
Q

Businesses interruption insurance

A

insurance that protects companies during the period necessary to restore property damage by an insured peril

246
Q

product liability insurance

A

protects firm against claims that its product caused bodily injury or property damage to the user

247
Q

casualty insurance

A

provides monetary benefits to a business that has experienced an unforeseen peril like a flood

248
Q

credit insurance

A

insurance that protects non-retailing businesses from abnormal bad-debit losses

249
Q

general liability insurance

A

insurance covering businesses liability to customers who might be injured on or of premises or from the product sold to them

250
Q

liability insurance

A

insurance that covers business liability to customers who may have been injured from the product sold to them

251
Q

self insurance

A

risk management whereby a part of the firms earnings is earmarked as a contingency fund for possible future losses like property, medical, or workers comp.

252
Q

life insurance :

A

insurance that provides death benefits to the survivors of the insured

253
Q

Endowment life insurance

A

allows the insured rather than the beneficiary to collect the face value of the policy upon maturity or to collect in payments

254
Q

Term life insurance

A

no cash value when policy expires

255
Q

Whole life insurance

A

gives lifetime protection to the insured person

256
Q

Universal life insurance

A

combination of whole life and term life insurance

257
Q

coinsurance clause

A

clause in an insurance policy under which the insured agrees to maintain insurance equal to some specified percentage of the property value

258
Q

deductible clause

A

insurance policy provision that makes the insurer liable only for the losses in excess of stated deductible

259
Q

Risk management

A

all efforts designed to preserve assets and earning power associated with a business

260
Q

the distance between the floor and the casket in a display room should be

A

26” to 30”

261
Q

Entrepreneur

A

one who organizes, manages, and assumes the risk of the business firm or venture.

262
Q

Corporate refugees

A

individuals who flee the bureaucratic environment of big business by going into business for themselves

263
Q

business

A

an organization that combines inputs of raw materials, capital, labor, and management skills to produce useful outputs of goods and services so as to earn profit.

264
Q

business plan (venture plan)

A

written description of new ideas that project marketing, operational, and financial aspects of a proposed business

265
Q

what are four examples of quantitative criteria when pertaining to number of employees for a small business

A
  1. Number of employees (500-1500)
  2. wholesale trade(500)
  3. retail trade (25-100)
  4. services(25-300)
266
Q

dollar sales volume

A

quantity of items a business sells during a given period.

267
Q

what are five example of qualitative criteria for a small business

A
  1. managed by owner
  2. personalized
  3. largely local
  4. dependent on internal sources
  5. not a major force in industry
268
Q

What are the three trends in small business that the notes address

A
  1. service sector increase
  2. women in small business
  3. minority ownership
269
Q

manufacturing business

A

business that makes finished goods from raw material by hand or machinery

270
Q

merchandising business

A

purchases finished goods for resale

271
Q

service business

A

provides service as opposed to a product

272
Q

interdependence

A

dependency of a business on one another

273
Q

innovation

A

introduction of something new , new idea, method, or device

274
Q

capital shortages

A

lack of available money

275
Q

interest

A

money paid for the use of money

276
Q

rate

A

annual percentage rate used to compute interest

277
Q

consumerism

A

emphasis on providing with products and services that are safe , reliable, and honestly advertised

278
Q

what are 5 examples of external problems for a small business?

A
  1. human resource planning
  2. capital shortage
  3. tax burden
  4. government regulations
  5. consumerism
279
Q

What are 3 internal problems for a small business

A
  1. lack of expertise
  2. financial shortage
  3. human resource managment
280
Q

tangible assets

A

physical assets that can be appraised by value/ possesses genuine value

281
Q

intangible assets

A

cant physically touch but is retained cause of value appeal

282
Q

human resource forecast

A

determining personnel needs in terms of numbers of individuals and their required skills

283
Q

book value

A

cost of a fixed asset less accumulated depreciation

284
Q

liquidation value (market value approach)

A

anticipated value of an asset that would be realized in case of liquidation of the business

285
Q

replacement value approach

A

fair market price to p[purchase something similar

286
Q

earnings valuation approach

A

centers on estimating the amount of potential income that may be produced by the business in the next year

287
Q

Market value approach

A

determines values based on previous sales of similar businesses

288
Q

What are the 5 ways of determining selling price for tangible items?

A
  1. book value
  2. liquidation value
  3. replacement value
  4. earnings valuation approach
  5. market value approach
289
Q

goodwill

A

intangible asset such as the funeral home name that generates business (ppl recognize it )

290
Q

trademarks

A

intangible asset such as name sign, or symbol that the federal government grants exclusive rights to use (Nike sign)

291
Q

copyrights

A

the registered right of a creator to reproduce, publish, and sell work that represents the skill and intelligence of the person

292
Q

patents

A

registerd right of an inventor to make, use, and sell an invention

293
Q

sole proprietorship

A

business owned and operated by one person

294
Q

partnership

A

voluntary buisness association of two or more persons who have combined their resources to carry on as co-owners of a lawful enterprise/business for their joint profit.

295
Q

articles of partnership

A

written document that states explicitly the rights and duties of partners in a partnership

296
Q

corporation

A

an entity that is something that has a distinct existence separate and apart from the existence of its individual members.

297
Q

what kind of business gets the disadvantage of double taxation on earnings?

A

Corporate

298
Q

corporation charter

A

written application for permission to incorporate that is approved by state official

299
Q

board of directors

A

governing body that is elected by the stockholders of a corporation

300
Q

limited liability company (not corporation )

A

combines aspects of partnerships with the limited liability of a corporation ; owners known as members

301
Q

how long should a “couch cushion “emergency money last?

A

6 months

302
Q

notes receivable

A

written promise of a customer to pay at a later date

303
Q

acts receivable

A

unwritten promise of a customer to pay at a later date

304
Q

FOB shipping point

A

transportation charges paid by buyer

305
Q

FOB destination

A

charges are paid by the seller

306
Q

Income statement displays

A

income, expenses, and resulting net profit or loss

307
Q

synonymous to income statement

A

Profit &lost statement

operating statement

308
Q

Financial statement that includes withdrawals and additional investments by the buissness owner

A

owners equity

309
Q

Whats displayed on multiple step income

A

gross profit margin, operating income, net income and loss

310
Q

which employee taxes are paid by both the employer and the employee

A

FICA

311
Q

What are the three purposes for financial analysis

A

1.develop and 2.identify trends
implement change
3.compare to an industry standard

312
Q

What are the two factor essential for indirect approach method of casket display rooms

A
  1. adequate pre-counseling

2. Effective display to depict comparative values

313
Q

What are the four post-selection room procedures

A

required federal and satte disclosures
verification of selections
compute total expenses
verify method of payment

314
Q

disaster

A

a sudden misfortune resulting in the loss of life and or property

315
Q

What are three types of disasters?

A

natural
human responsible
Combination of both

316
Q

emergency

A

an unforeseen combination of circumstance that results in a need for immediate reaction

317
Q

caveat emptor

A

“Let the Buyer Beware

318
Q

Intent is to educate families , casket selection

A

demonstrational group

319
Q

essential concerns of a good pricing method

A

recover cost of merch
cover cost of dong business
generate profit

320
Q

Pricing method used today

A

unit

321
Q

one total price package

A

functional

322
Q

By law federal these taxes are withed from gross earnings

A

FICA, Medicare, and Federal Income Tax

323
Q

mortgage payable

A

account used to reflect an obligation, secured by mortgage on certain property

Mort 265 Funeral Service Management (3 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions