management Flashcards
current assets ratio
current assets/ current liabilities
The age of accounts receivable is expressed
in number of days
not a current liability
bonds payable
the expense that does not increase with increased business, nor decrease with decreased business
fixed expenses
what is considered a source of comparison in financial analysis
everything
Healthy acid test ration should be
1:1 (Quick asset divided by current liabilities)
Formal financial statement that presents the income, expenses, and resulting net profit or net loss for a give n period
balance sheet
adding the beginning merchandise inventory to the purchase for the period
goods available for sale
activity analysis
all of them (measures how effectively a firm is utilizing its assets) activity analysis includes:
Accounts receivable turnover
Age of accounts receivable
Inventory turnover
property of a relatively permanent nature used in the operation of a business and not intended for resale
fixed asset
multiple- step income statement displays
revenue, expenses, net income lost, cost of good sold in gross profit
the difference between merchandise available for sale and the end-of-point merchandise inventory
cost of sold goods
income statement displays
expenses
net income
photo covers or lumen reling
the financial statement that shows the results of a firm’s business activities over a specific time period is called
operations
a decrease in assets, other than withdrawals by the owner, which results from efforts to produce revenues
expenses
gross sales minus sales returns and allowances and minus discounts on sales
gross profit
the income statement is also called
statement of profit or loss, revenue statementt
budget
everything
FICA
taxes on employee earnings are paid by both the employer and the employee
cash or other assets that will be converted to cash or consumed within on year
current assets
the current ratio measures the ability of the company to pay
short term liabilities
the break- even-point
total sales revenue= total cost
formal financial statement is prepared of a specific date
balance sheet
an accounting practice in which revenue is not recognized in the accounting records until received and in which expenses are not recognized until paid
cash basis accounting
only the assets, liabilities, and owners equity accounts will be listed
cash flow
a written promise of a customer to pay the business a sum of money at a future date
note receivable
variable expense
wages
quick asset
merchandise inventory
private investors who are willing to supply financing for a new small venture start-ups
angels
a cost that does not change in total but becomes progressively smaller on a per unit basis as volume increases
relevant rang or fixed expense
financing more affordable
separate business ownership, lease equipment, sale excess inventory
the two types of capital needed upon initial start up of a business
work/ fixed
an unwritten promise by a customer to pay, at a later date, for goods sold or services rendered
accounts receivable
long-term capital invested in the business
fixed capital
tax imposed on tangible personnel property sold at retail
retail sales price
a formal financial statement illustrating the assets, liabilities, and owner’s equity of a business as a specific date
balance sheet
FUTA
paid only by employer
obtaining cash before payments are received from customers by selling off one’s accounts receivables to a third party
factoring
cash
coins, currency, paper money
a federal act imposed on each employer for the purpose of financing the administration costs of the federal and state unemployment compensation programs
Federal Unemployment Act (FUTA)
Common mortuary expenses- Occupancy
the physical space, including rent, mortgage, utilities, and deprecation should make up about 19%
finance
The business function of effectively obtaining and using funds
trade credit
form of credit that is extended by one business to another business to help finance distribution of producer’s goods
a healthy current asset ratio
2:1
fixed expense
rent, all of them
source of funds
mortgage loans
common mortuary expenses- taxes
5%
difference between current assets and current liabilities
working capital
FOB shipping
refers to transportation charges that are paid by the buyer
budget exercise, a cash cushion that is on hand for emergencies should be enough for
three to six months
the expenses that FLUCTUATES in total in direct proportion to change in activity or volume
variable expenses
Accrual basis of accounting
revenues are recorded when earned regardless of when they are received
current liabilities are generally paid
due within one year
current assets total 100,000 and current liabilities total $40,000. the current ratio for Barna & berg Mortuary
2.5
liquidity analysis
Measures the ability of the firm to meet its current obligations
return on investment
ratio of net income to owners equality in business
accounts receivable turnover
net credit sale/ aver receivable
not an example of variable expense
supplies, hourly wage expense, repairs, utilities, taxes
FUTA, Dpercation, FIca
revolving credit
open end credit
the loss in value of a fixed asset due to wear and tear and the passage of time
deprecation
open end credit
line of credit that may be used over and over again up to a certain borrowing limit
FICA
Federal Insurance Contribution Act
income is recorded only when received, the accounting system being
cash basis accounting
attempting to collect the funeral bill should make up _ of common mortuary expenses
3%
is the process of recording in each fiscal period applicable expenses, whether paid or not, and the income earned, whether collected or not
accrual accounting
tax levied on individuals and business by federal, state, and the local government
income tax
and understanding between a bank and the business indicating the maximum amount the bank is willing to loan the borrower
line of credit
in the cash basis of accounting, which of the following accounts would be missing
accounts payable
a language of business employed to communicate financial information based upon analyzing, recording, classification, summarization, reporting, and interpretation of financial date
accounts systems
Automobiles should make up about _ of common mortuary expenses
9%
withdrawals and additional investments made by sonya ha, the business owner are reported on the statement of
net worth
general mortuary expenses, including postage, printing stationary, and other office expenses should make up about _ of common mortuary expenses
7%
wages and salaries expenses including health insurance, pensions, and other fringe benefits should make up about _ of common mortuary expenses
47%
capital
The owner’s financial interest in a business
5% of common mortuary expenses
all of them
net income
revenue and expenses
state and regional development commissions are included as sources
funds
net sales and cost of good sold
net purchases
Objectives are described as
specific statements, the achievement of which are completed in a specific TIME period, specific dates are stated
which of the following statements regarding a budget is true?
a formal written statement, which may be based upon adjusted historical data, of managements plan for future expressed in financial terms
liquidity analysis?
measures the ability of a firm to meet its current obligations
Name recognition is
desired effect of advertising
Motivating people in organizations to develop teamwork which effectively fulfills their needs and achieves organizational objectives is?
Human Relations
Written information about each casket may be more carefully analyzed is an?
disadvantage) indirect approach
A cost that is uniform per unit but fluctuates in a total in direct proportion to changes in the related activity or volume is called?
variable expenses
non-verbal communication occurs, which can be positive or negative is a?
advantage direct approach
A ______ is a group of potential customers having purchasing power and unsatisfied needs:
Market
______ is a tax imposed on a tangible personal property sold at retail:
Retail sales Tax
_____ is generally defined as inducing the public to have a positive feeling about a particular business:
Public Relations
Only the asset, liabilities and owner’s equity accounts will be listed on the:
Balance sheet
The four Ps of marketing mix discussed in class are:
Price, Product, Promotion, Place
The association of business firms that promotes ethical conduct by all business firms in a community is called:
Better Business Bureau
The ____ is wealth produced in or near a community that provides employment and income to the local population:
Economic base
Definition of Cash includes:
Coins, currency papers (paper money), checks, credit card receipts, money orders
Process of acquiring, training, developing. motivating and appraising a significant quantity of qualified employees to perform necessary activities is termed:
all of them
An unwritten promise by a customer….
Accounts recievable
Post-selection room counseling includes all the following except:
presenting price list
Some families prefer the support given by the funeral director is a:
(advantage) Direct selection room procedure
The method of selling merchandise whereby the funeral director remains in the selection room throughout the selection process is termed:
Direct s approach procedure (advantage)
The planning function of management can be described as:
the function of determine advance (goal)
Process determining the critical components of a job for purposes of selecting, training, and rewarding personnel is termed:
Job analysis
Helps to build a preference before need:
desired effect
Which of the following is considered when selecting a community for a market survey:
(demographics)
The opportunity of a funeral director to influence their decision:
Indirect selecting room approach (dis) not sure/
Cash or other assets that will be converted to cash or consumed within one year are known as:
Current Assets
___ is a plan which provides inducements to potential purchasers of products or services:
Sales promotions
Direct mail is:
a form of Advertising
Private investors who are willing to supply financing for new small venture start-ups are termed:
Angels
Definition of Goal:
Broad statements about what an organization wants to achieve, NO timeline
Funeral service management is defined as:
The administration of a funeral service enterprise, the activities pf which encompasses marketing, office, personnel, facilities, and financial management
Privacy exists for the family
Indirect selection room approach (advantage)
___ is the art of making the public aware of the services or commodities that a business has for sale:
Advertising
Helps to build a good representation is:
desired affects
___ is the study that is used by a business to determine where particular businesses are located:
census of business
The method of selling merchandise where the funeral director DOES NOT stay in the room:
Indirect selection room approach
FICA:
Federal act requires employees AND employers to pay taxes to support the federal social security progress
The efforts of an organization directed to ensure that quality in the production of goods and services achieved is the definition of:
Total Quality Management TQM
The arrangement and distribution of work among numbers of an organization is called:
Organizing
Obtaining cash before payments are received from customers by selling off one’s accounts receivable to a third party:
Factoring
Goods purchased for resale at a profit are collectively refereed to as:
Merchandising/ inventory
___ refers to transportation charges that are paid by the buyer:
Operating rates FOB???
measures how efficiently a firm is utilizing its assets
Activity analysis
measures how many times per year accounts receivable are collected
Accounts Receivable Turnover
measures the average time required to collect accounts receivable
Age of Accounts Receivable
the number of times the average inventory has been sold or used up (turned over) during a period
Inventory Turnover
measures the average time required to sell inventory
Age of Inventory
provides evidence concerning the earnings potential of a company and how effectively the firm is being managed
Profitability analysis
net income divided by net sales
Profit Margin
sales minus sales returns and allowances minus sales discounts
Net sales
net sales minus the cost of goods sold
Gross profit (gross margin)
gross profit divided by net sales
Gross Profit Percentage
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
Operating ratios
a formal financial statement which presents the income, expenses, and resulting net profit or net loss for a given period
Income statement analysis
the current assets divided by the current liabilities and a measure of the liquidity of the business
Current Asset Ratio
cash or other assets that will be converted to cash or consumed within one year
Current assets
debts of a business that are generally paid within one year
Current liabilities
quick assets divided by current liabilities
Acid-Test Ratio (Quick Ratio)
cash, marketable securities, accounts and notes receivable
Quick assets
the ratio of net income to owner’s equity in the business
Return on investment
the difference between gross profit and expenses when gross profit is larger
Net income (net profit)
a written summary of one’s personal, educational, and professional achievements
Resume
a document that lists the major responsibilities and tasks of the job
Job description
a job-analysis technique in which individuals currently holding a particular job are asked questions concerning the requirements of the job
Interviewing
a document that lists the knowledge, skills, abilities, and personal characteristics a job holder must possess to perform effectively
Job specification
the process of forming a pool of qualified applicants for tasks that need to be filled
Recruitment and selection
the statistical study of human populations with respect to their size, density, distribution, composition, and income
Demographics
a record of statements made at the time the applicant first seeks employment
employment application process
a qualification that is absolutely necessary for the job; it is an allowable and approved reason for discrimination
Bona Fide Occupational Qualification (BFOQ)
the primary way of judging the applicant’s appearance, poise, speech, etc.
Employment interview procedures
the art and science of motivating people toward the achievement of a goal
Management
that function of determining in advance what needs to be accomplished in order to achieve a particular goal
Planning
developing a comprehensive strategy for meeting future human resource needs
Human resource planning
regulating the activities or course of activities of an organization; to guide and/or supervise the activities of an organization
Directing (Actuating)
a superior’s act of granting to subordinates, on the basis of competence, the right to act or decide
delegation of authority
the superior-subordinate relationship that serves as a channel for two-way communication
Communicate effectively - chain of command
an association of business people who attempt to protect and promote the commercial interests in a community
Chamber of Commerce
purchasing Norton Antivirus software for your personal computer is an example of which computer buying motive
security
written information may be ignored or misinterpret
factor of indirect
_____ is the purchase, pricing, display, and sale of merchandise
merchandising
developing a comprehensive strategy for meeting future human resource needs
human resource planning
business policies are
fundamental statements that serve
is the art and science of motivating people toward their achievement of a goal
management
are discounts from quoted as an inducement for prompt payment of invoices
cash discounts
a job analysis technique in which individuals currently holding a particular job are asked questions concerning the requirements of the job
interviewing
which of the following is not a source of published market data discussed in class
?
deciding to buy a louis Vuitton designer handbag is an example of which consumer buying motive
prestige
directing can be described as
Regulating the activities or course of activities of an organization; to guide and/or supervise the activities of an organization.
when merchandising service, which of the following is incorrect
coordinate pricing philosophy
ordering a combination meal from a fast food restraint and opting to upgrade to larger fries and drink is an example of which consumer buying motive
economy
in terms of population trends, California I experiencing ________ than _________
emigration / immigration
market forces include
?
are the return of a portion of the payment
rebates
the absence of employment discrimination based on race, color, religion, sex, or national origin
equal employment opportunity
the process of planning and executing the development, pricing, promotion and distribution of an organization’s goods and/ or services
marketing management
TQM is an abbreviation for
Total quality management
which of the following is a consumer buying motive
Comfort Convenience Security Prestige Health Economy
are the amounts by which the bill or invoice will be reduced when a minimum quality of merchandise has been ordered
Quantity discounts
considerations regarding merchandise to be offered included all of the following except
customer recommendation
caveat vanditor translate into
“let the seller beware”
is a practice of trying to obtain something that is being sought by others under similar circumstances at the same time
Competition
adequate pre-counseling, a clear descriptions of the casket and price must be on each unit is a(n)
advantage of the direct
a well-organized __________ program can reinforce a funeral home’s ________ increase the credibility of the firm in the eyes of the public and position the funeral home in the community as a leader in the field
public relations /advertising
the definition of actuating
Regulating the activities or course of activities of an organization; to guide and /or supervise the activities of an organization. (directing)
to arrange and constitute in interdependent parts, each having a specific function or relation with respect to the whole, describes which of the following functions of management
organizing
misinterpretation of verbal and non-verbal communication does not exist is a(n)
factor essentials direct
are those goods or stock of goods which are held for resale
Inventory (merchandise)
the statistical study of human populations with respect to their size, density, distribution, composition, and income is termed
Demographics
a document that lists knowledge, skills, abilities, and personal characteristics a job holder must possess to perform effectively
Job Specification
helps to build the reputation is
desire effect of advertising
availability of the product
consideration regarding merchandise
the family might hear but not listen to what the funeral director explains because of bereavement
disdvantage of indirect
number of items sold
method of measuring the success
availability of the product
consideration regarding merchandise is to be defined
withdrawals
operations
Costco
wholesales
withdrawals
operations not sure
customer traffic
method of measuring the success of advertising
what is an example of Installment credit (closed-ended credit)?
mortgage or car loan
cash discount
a reduction of the price given for the payment of an account within the time limits established by the sales contract
Increased graduated recovery
every level merchandise receives a relatively low mark up while higher end merchandise receives a higher mark up while higher. rewards consumers who spend the least.
Decreased graduated recovery
declining price structure upper range caskets receive markups that are comparably less than those applied to entry level those applied to entry level caskets consumers receive more value for their dollar encouraged to by up
Modified graduated recovery
first level offering receives a slightly less aggressive mark up entry level offering remain in the range of affordability purchase higher quality merchandise
which of the following is the pricing method that creates one total “price package”
Unit pricing
which of the following is the pricing method that shows a separate price for the services to be rendered and a separate price for the casket?
Bi-unit pricing
Functional pricing
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.
Itemization pricing
the method of price quotation by which each and every function or unit of service and/or item of merchandise is priced separately
Package pricing
a pricing method which groups together selected services and/or merchandise
Average (mean)
for a given group of numbers (amounts), the mean is the sum of a group of numbers divided by the actual physical number of units
quartiles
a division of the total into four segments, each one representing 1/4 of the total.
1st quartiles
is the utility quartile and represents 10% of the units displayed..
2nd quartiles & 3rd quartiles
represent 27% and 40 % of the caskets displayed also called the range because it is the area providing the greatest selling opportunities
4th quartiles
represents 23% of the units and is known as the personal satisfaction quartile (highest priced caskets)
sale frequency
the number of times sales in a given price bracket occur over a fixed period of time
sale frequency chart
for a defined period of time, a chart is used to track which units sell and how many of each type
balanced line
this is 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.
balance line formula 1
All sales
example of charge account
some credit card issuers raise interest rates if the credit cardholder makes late payments.
adult formula casket cost plus desired profit, divided by adult formula casket cost is the formula given to compute the mark-up on whole cost using
Multiple 1
when the median is computed for a given group and it does not actually exist, but rather is inserted, it is said that the median was
an even number of caskets
Installment credit
closed-end credit
crude range
the spread between the highest value and the lowest value. To compute: take the highest value minus the lowest value, plus one.
if the funeral director presents the cost of the funeral to the family by breaking it into several portions such as merchandise, facility, professional fees, and automobile expense, he is using which method of pricing presentation
functional pricing
Interquartile range
this is found by taking the highest value in the 3rd quartile minus the highest value in the 1st quartile plus one. This formula gives the area composed of the 2nd and 3rd quartiles. This represents the greatest area of selling opportunity – the most active area.
Consumer Value Index (CVI)
the percentage derived by dividing the wholesale cost of the merchandise by the retail price of the merchandise
Merchandise Value Ratio (MVR)
(gross income + casket cost ):casket cost
the relationship between the wholesale cost of the merchandise and the total cost (both service and merchandise) to the consumer
given a merchandise vale ratio of 5:1, it can be said that out of every $5 the funeral director will gross, he will spend how much on caskets
$1 or 20 cents for each dollar
Price progression
(distance between casket prices – the increments when moving from lower to higher
Stairstep/consecutive method
this uses a constant percentage increment called a “riser” to determine the price increase between successive units. This method applies only to prices within the 2nd and 3rd quartiles.
Group pricing/bracket method
this method uses a larger riser than the stairstep – but displays a number of units at the price plateau. There will be several caskets (2 or 3) at the same price. This method can be used toward all 4 quartiles, but is also more emphasized at the 2nd and 3rd quartiles
Keystone approach (historical – unethical)
associated with “All Sales” - this is a pricing method showing 3 caskets to help the buyer find a buying level (using unethical influence).
(a) Place a casket at the entrance to the selection room such that this “approach casket” is $125 - $150 above the All Sales Median.
(b) A second casket is placed on one side of the “approach casket” and is priced $25 - $50 below the All Sales Median.
(c) On the other side of the “approach casket” a third casket is placed and its price will be $25 - $50 above the All Sales Median.
Note: the alternate units are referenced to the median price and not the initial “approach” casket’s price.
Indicative approach (historical – unethical)
associated with “Adult Formula Sales” - this pricing method also uses 3 caskets to influence a buying level.
(a) At the entrance to the selection room place an “approach casket” that is about $200 above the Adult Formula Sales Median.
(b) On one side of this “approach casket” place a casket priced at the next price increment below the “approach casket”.
(c) On the other side of the “approach casket” place a third casket priced at the second price increment above the “approach casket”.
Note: the alternate units are referenced to the “approach casket” and not to the median. This technique is only associated with Adult Formula Sales.
Consumer credit
a type of credit granted by retailers that is used by individuals or families for satisfaction of their own wants
Median
a value in an ordered set of values which represents the midpoint, whereby there are an equal number of values above and below the midpoint value. For a given group or array of numbers (amounts, caskets, etc.) the median is a numerical point such that one-half of the numbers in the array will fall below the median and one-half of the numbers in the array will fall above the median.
mode
the value that occurs most frequently (often) in a given group or array of numbers (amounts)
Facilities management
the obtaining and maintaining of adequate work space and funeral equipment
ADA - Americans With Disabilities Act
a federal statute prohibiting discrimination against the disabled in employment, public transportation, telecommunications services, and public accommodations and services operated by private entities
Occupational Safety and Health Act (OSHA)
federal legislation that mandates that employers provide a workplace that is free from hazards likely to cause death or serious physical harm
Fractional display
use of portions of caskets (2, 1/4, 1/8) in the selection room versus full sized caskets
foot candles
90 to 100 foot candles of illumination at casket level recommended for traditional selection room - the amount of illumination produced by a source of one candle at a distance of one foot
Direct lighting
illumination directly shining on an object
Indirect lighting
reflected illumination of an object
Fluorescent lighting
the illumination produced by a tubular electric discharge lamp; the fluorescence of phosphors coating the inside of a tube
Incandescent lighting
the illumination resulting from the glowing of a heated filament
Church truck
a wheeled collapsible support for the casket, used in the funeral home, church, or home
Casket stand (casket standard)
the stand or support upon which a casket rests in the selection room
Casket rack
a device upon which caskets are placed, one on top of the other, for display or storage
Consecutive method
placing caskets for selection in their order of increasing or decreasing value
Demonstration group (educational group)
three or four caskets utilized to educate the selecting party regarding the elements of casket construction
Zoning ordinances
a law passed by a municipality which regulates and prescribes the kind of building, residences, or businesses that shall be built and used in different parts of the municipality
Office management
the administration and supervision of office duties and functions
Insurance and risk management - risk
a condition in which there is a possibility of an adverse deviation from a desired outcome that is expected or hoped for
Burglary/robbery
the forcible breaking and entering of premises closed for business with the subsequent removal of cash or merchandise
Insurance
uneventful protection for the small business or small business owner in regards to monetary compensation in the event that a business and/or personal peril is experienced
Key-person life insurance
life insurance that protects a firm against losses due to the death of a key employee
Business interruption insurance
an insurance that protects companies during the period necessary to restore property damaged by an insured peril. Coverage pays for lost income and other expenses related to recovery
Product liability insurance
insurance that protects a firm against claims that its product caused bodily injury or property damage to the user
Casualty insurance
insurance that provides monetary benefits to a business that has experienced an unforeseen peril such as flood, fire, etc.
Credit insurance
insurance that protects non-retailing businesses from abnormal bad-debt losses
General liability insurance
insurance covering business liability to customers who might be injured on or off premises or from the product sold to them
Liability insurance
insurance that covers business liability to customers and others who might be injured from the product sold to them
Self-insurance
a form of risk management whereby a part of the firm’s earnings is earmarked as a contingency fund for possible future losses, specifically for individual loss categories such as property, medical, or worker’s compensation
Life insurance
insurance that provides death benefits to the survivors of the insured
Endowment life insurance
life insurance that allows the insured, rather than the beneficiary, to collect the face value of the policy upon maturity or to collect that value in annual payments
Term life insurance
life insurance that has no cash value whenever the policy expires
Whole life insurance
life insurance that gives lifetime protection to the insured person
Universal life insurance
a combination of whole life insurance and term life insurance
Types of Natural Disasters:
Natural, Human-responsible, Combo of natural and human responsible, and emergency
Emergency
an unforeseen combination of circumstances that results in a need for immediate action
general concerns that arise from disasters:
- Communication and care for survivors
- Disaster site must be protected for investigation
- locations of remains must be marked/recorded
- collection of vital info
Why is Vital information needed to be collected:
stats, ID purposes, funeral arrangements
Specialized activities to deal with concerns:
a. communications and media relations
b. notification of NOK
c. ID
d. distribution
e. consolation
f. memorialization activities
Federal, state and local concerns:
- Legal: jurisdiction and responsibility over/ for disaster area
- Financial: federal, state, local, private
Mass fatalities
where there are more bodies then local authorities can handle
The Selection room method whereby three of four caskets are utilized to educate the selecting party regarding the elements of casket construction is
Demonstration
which of the following is not an Internal problem of business
consumerism
Which of the following is an internal problem of business:
Lack of expertise (mismanagement)
Financial shortages
human resource management
The written application for permission to incorporate that is approved by a state official is
corporation charter
a business which is independently owned and operated and is not dominant in its field of operations:
Small Business
The selection room method placing caskets for selection in their order of increasing or decreasing value:
Consecutive
The minimum number of caskets recommended for display is
12
PTSD
(DO NOT PUT LEADS TO CSID) or treatment
which of the following statements regarding limited liability companies is correct
a new form of business ownership
A disaster plan should include which of the following guidelines?
A B C
The fair market price to purchase similar assets, is part of the
replacement value approach
the illumination produced by a tubular electric discharge lamp containing phosphors is
Florescent
Talking in a non-invasive way about about the day’s work in a mass fatalities incident is
decompression
a business valuation approach which centers on estimating the amount of potential income that may be produced by the business in the next year
Earning valuation approach
which of the following is not concern that arises in disaster management
selling caskets
Funeral directors make up about ___ of the DMORT teams around the country
80%
Which of the following is done by a mental health professional within four hours after the conclusion of work in a mass fatalities incident
Defusing
the efficient utilization and adequate regulation of assets, revenue, expenditures, and capital rights
finacial management
developing a comprehensive strategy for meeting future human resource needs
Human resource planning
Funeral service management is
the administration…..
which of the following would be the most desirable selection room location
upper level Funeral home
which of the following is an external problem
A and C
human resource planning,
capital shortages (lack of available money, securing fund, good rates, maintaining reserves, securing equity capital
tax burdens
Gov regulations
consumerism
the maximum number of caskets recommended for display
30
the arrangement and distribution of work members of an organization
A B C
___ is insurance that provides death benefits to the survivors of the insured
Life insurance
CISD teams provide all the following EXCEPT
Financing
___ is a form of risk management whereby a part of the firm’s earnings is earmarked as a contingency fund …..
Self-Insurance
___ is federal legislation that mandates that employers provide a workplace that is free from hazards likely to cause death or serious physical harm
OSHA
Emergency
an unforeseen combination of circumstances that results in a need for immediate action
The debriefing process usually lasts
one - two hours
the valuation of intangible assets includes assessing the value of all of the following except
Pride
the key to a successful mass fatalities incident response operation is
teamwork
the recommended distance from the floor of the selection room to the bottom of the caskets is
26-30
which of the following is not an external problem of bsuiness
mismanagement
which of the following is not one of the ways to manage stress in a mass fatalities incident
Decomposing
which of the following is a government regulation that impacts the facility
A and C
the efforts of all members of an organization directed to ensure that quality in the production of goods and services is achieved
total quality managment
those physical assets that can be appraised by value/possesses genuine value or seen or touched
tangible
__ is an insurance policy provision that makes the insurer liable only for losses in excess of the stated deductible
deductible clause
Facility management includes frequent inspections
NOT A and B option
__ is all efforts designed to preserve assets and earning power associated with a business
Risk management
The incident command system is divided into five categories which include all the following except
CISD
If a selection room designed for full caskets measures 24’x30’ approximately how many caskets should be displayed
12-18
If refrigerated trucks are to be used to store human remains during a mass fatalities incident
cover any markings on the truck so as to disassociate the name on the truck with the event at a later
date
___ is the art and science of motivating people toward the achievement of a goal
management
which of the following would be the least desirable selection room location?
NOT lower level separate
so either same level sep or upper level sep
those individuals who flee the bureaucratic environment of big business by going into business for themselves
Corporate refugee
Which of the following is a natural disaster
hurricane
which of the following is not an area of merchandising display within the funeral home
seperate building
__ is life insurance that allows the insured, rather than the beneficiary, to collect the face value of the policy upon maturity or to collect that value in annual payments
Endowment insurance
for a majority of mass fatality workers, their physical reactions will subside withing
usually three months
which of the following requirements is necessary to consider when designing a business location
A B C
a type of asset that is not able to be physically touched or grasped but is retained by a small business because of its genuine value appeal
Intangible
Disaster
a sudden misfortune, resulting in the loss of life and/or property
Services provided by a funeral service organization that occur after final disposition is
A B C
a written description of a new idea that projects marketing, operational, and financial aspects of a proposed business is
business plan
Historically, the role of the funeral director in mass fatalities
NOT limited to providing caskets
or included determining causes
NOT non existant
__ is uneventful protection for the small business of small business owner in regards to monetary compensation in the event that a business and or personal peril is experienced
insurance
the facility should be checked for
A B C
the average number of units displayed in the United States funeral home is
NOT12-30
which of the following is a factor to consider when purchasing small business
A B C
when choosing the illumination for a casket selection room, it si recommended
90-100
the emphasis placed on providing to customers products and services that are safe, reliable and honest advertised; also, a social movement….
consumerism
A(n) __ is a condition in which there is a possibility of an adverse deviation from a desired outcome that is expected or hoped for
risk
There are three types of business activities they include
NOT ABC
Manufacturing, merch, services
-Aand C
__ is a law by a municipality which regulates and prescribes the kind of building, residence, or businesses that shall be built and used in different parts of the municipality
zoning ord.
which of the following is an economic contribution of small business
A and B
__ is a federal statue prohibiting discrimination against the disabled in employment…
ADA
__ is insurance that covers business liability to customers and others who might be injured from the product sold to them
liabilty insurance
a partnership is owned by
two or more
the cost of a fixed asset less accumulated depreciation is known as
book value
the first responders on the scene in a mass fatality incident are
police
which of the following is considered a criterion for a small business
highly personalized
__ is a clause in an insurance policy under which the insured agrees to maintain insurance equal to some specified percentage of the property value or otherwise to assume a portion of any loss
coinsurance
the registered right of an inventor to make, use, and sell and invention is
patent
a small business may be determined by all the following except
type of activity
caskets are commonly grouped together in the selection room by all the following except
religion
an intangible asset such as the name of a funeral home; also, an intangible asset which enables a business to earn a profit in excess of the normal rate of profit earned by other business of the same kind is
good will
there are three types of disasters
A B C
factors to consider when buying a going concern include all the following except
answer:consumerism
These are what TO consider:
Reasons for selling the business, Profit potential, Tangible assets, intangible assets, competition, Human resources forecast
the obtaining and maintaining of adequate work space and funeral equipment is the definition of
facilities managment
the anticipated value of an asset that would be realized in case of liquidation of the business
liquidation value
a formal written statement, which may be based upon adjusted historical data, of management’s plans for the future expressed in financial terms is
budget
the introduction of something new; a new idea method or device
innovation
the process of acquiring, training, developing, motivating, and appraising, a significant, quantity of qualified employees to perform necessary activities
human resource managment
an intangible asset that is a distinct name, or symbol that the federal government grants exclusive rights to use for a specific period of time is
trade mark
the selection room should be large enough to allow how many square feet per unit
40-60ft
the illumination that results from the glowing of a heated filament
incondescent
the amount of illumination produced by one candle at a distance of one foot
foot candle
stockholders of a corporation are
have limited liability
a written document that states explicitly the rights and duties of partners in a partnership
articles of partnership
insurance that provides monetary benefits to a business that has experienced an unforeseen peril such as a flood…
casualty insurance
which of the following is not a form of business ownership
Alt forms of disposition
sources of new venture ideas include all the following except
accidental search
an approach used in business valuation which determines value based upon previous sales of similar businesses is
market value approach
a mass fatalities incident is where there are
more bodies that the local authorities can handle
the voluntary business 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 describes
partnership
the registered right of a creator to reproduce, publish, and sell the work which is the product of the intelligence and skill of that person is
copyright
an artificial being, invisible, intangible, and existing only in contemplation of law; an entity that is something that has a distinct existence separate and apart from the existence of its individual members. A legal form of organization whereby a legal entity is authorized by a state to operate a business under the entity’s charter or articles of incorporation
corporation
the purchasing, pricing, display, and sale of
merchandise
