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APM > Midterm I > Flashcards

Midterm I Flashcards

1
Q

Amounts to be received in the future due to the sale of goods or services

A

Accounts receivable

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2
Q

Amounts to be paid in the future for goods or services already acquired

A

Accounts payable

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3
Q
  • The financial resources of the government

* Individual tax and social security tax are two major sources of the federal government’s revenue

A

revenues

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4
Q
  • Assets that are relatively permanent, such as land, buildings, and equipment
  • Property Plant and Equipment
  • Purchased over time and must be place over a long period of time
A

fixed assets

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5
Q
  • Amounts owed to creditors
  • Include all obligations the practice has acquired through daily operations
  • Accounts payable (hearing instrument acquisition costs), accrued business expenses or interest owed on loans, and other obligations
A

liabilities

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6
Q

• The net cash equivalent amount paid or to be paid for an asset

A

acquisition costs

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7
Q
  • A statement of the organization’s purpose – what it wants to accomplish in the larger environment
  • Reflect the purpose and long-term vision and goals of the practice
  • Company’s present state
A

mission statement

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8
Q
  • An internal representation of the spatial relationships among objects in the environment
  • Use different locations that are near certain buildings or aspects of that location to notify your clients where you are located
A

cognitive mapping

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9
Q
  • Assets of a permanent nature used in production of income, such as land, buildings machinery and equipment
  • Under income tax law, it is usually distinguishable from “inventory” which comprises assets held for sale to customers in ordinary course of the taxpayer’s trade or business
A

capital assets

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10
Q

• It’s when a business opens a satellite office and the location is such that is cannibalizing patients from the parent location

A

cannibalism

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11
Q
  • The method of accounting that recognizes revenue when it is earned and matches expenses to the revenues they helped produce
  • Income and expenses be entered into the ledger when a transaction occurs regardless of whether monies have been received for the services or products provided
  • Keeping track of a business’ income and expenses
  • Big business – use accrual-based method
  • Company’s financial position at a moment or point in time
A

accrual based accounting

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12
Q
  • Reporting income when the cash is received and expenses when the cash is paid
  • Small business – use cash basis method to keep things simple
A

cash basis accounting

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13
Q

• A sale in which cash is received for the total amount of the sale at the time of the transaction

A

cash sales

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14
Q
  • The cost of direct material labor manufacturing assembly and testing of an end item
  • Sum of costs of all resources consumed in the process of making a product
A

manufacturer cost

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15
Q
  • The cost you charge customers for your merchandise

* Consumer spending drives up our economy

A

retail cost

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16
Q
  • A method of determining what sales volume must be reached before total revenue equal total costs
  • Considers the fixed, variable, and total operational costs and determines the number of units or amount of revenue necessary for the practice to reach a break even point
  • Put into spreadsheet form and various scenarios can be exercised to determine the necessary prices to cover expenses and to achieve profit goals
A

break-even analysis

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17
Q

• Movement of the money you receive and the money you spend

A

cash flow

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18
Q
  • The amount of money a business pays for the products it sells or for the raw materials from which is produces goods to sell
  • Making and/or acquiring the products
  • Acquisition of products, ex: hearing aids provided by outside suppliers
A

cost of goods

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19
Q
  • Money owed

* National Debt: raising taxes/reducing government spending

A

debt

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20
Q
  • Marketing directed toward those groups (market segments) an organization decides it can serve profitability
  • _______ is much wider than just patients currently served
A

target market

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21
Q
  • Accounting not a debit, part of income
  • Depreciate equipment over 5 year period – accounting apart of income
  • Decrease in value over time
A

depreciation

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22
Q

o Sole proprietorship, partnership, corporation, limited liability company
o Insulate the personal assets of the owner-audiologists from at least the non-professional liabilities associated with the practice

A

legal entities

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23
Q

o A business owned by one person
 Easy to set up and requires little or no cost
 Only needs a business license from local country
 Pass through taxation
 Assets directly to owner
 Exit strategy is simple but tax implication if SP to corporation (S-corp)
 No filing

A

sole proprietorship

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24
Q 
o	A business in which two or more persons combine their assets and skills
o	LLP (Limited Liability Partnership)
A

partnership

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25
Q

o A business owned by stockholders who share in its profits but are not personally responsible for its debts
o Accomplish insulation of personal assets from creditors of the practice

A

corporation

26
Q

o A business organization in which the business (not the owner) is liable for the company’s debts
 Greater flexibility in ownership and ease of operation
 No restrictions of ownership (shareholders)
 Profits distributed as owners see fit
 Simpler to operate
 Member managed-responsibilities delegated to owners and managers
 Pass through taxation

A

limited liability company (LLC)

27
Q

o A unique government creation that looks like a corporation but is taxed like sole proprietorships and partnerships
 Limitation of shareholders
 Directors/officers manage company
 No flexibility of how profits are split (profits split in accordance with ratio of stock ownership)
 Salaries of ownership subject to employee tax
 Pass through tax of dividend/distributions

A

S-corporation

28
Q

o The most common type of corporation, which is a legal business entity that offers limited liability to all of its owners, who are called stockholders

A

C-corporation

29
Q

• Major investments in either tangible long-term assets such as land, buildings, and equipment or intangible assets such as patents, trademarks, and copyright

A

capital expenditure

30
Q
  • A cost that rises or falls depending on how much is produced
  • Increase in total costs resulting from an increase in the amount of business conducted
A

variable cost

31
Q

• The practice of assigning monetary value to seemingly intangible benefits and natural capital

A

valuation

32
Q

• A 12-month period, October through September, for planning the federal budget

A

fiscal year

33
Q
  • A list of possessions or goods on hand

* Recording purchases and related acquisition costs of items necessary for daily practice operations

A

inventory

34
Q

• A financial statement showing the revenue and expenses for a fiscal period (status of overall profits)
• Profitability of a company during the time interval
o Period of time statement covers is chosen by the practice accountant
• “Profit and loss statement”

A

income statement

35
Q

• The process by which companies create value for customers and build strong customer relationships in order to capture value for customers in return

A

marketing

36
Q

• The ability to reliably determine what your duty is, as a steady commitment to do your duty for its own sake

A

good will

37
Q

• The portion of corporate profits paid out to stockholders

A

dividends

38
Q
  • The amount of money the retailer makes as a percentage of sales after the cost of goods sold is subtracted
  • Sales less the cost of sales, and is a useful number for demonstrating the viability of a practice
A

gross margin

39
Q

• The percentage of increase in the value of your savings from earned interest

A

rate of return

40
Q
  • Investigates the profitability of an organization in relation to its sales. Net operating margin expresses profitability as a ratio of income to sales
  • Net Operating Margin = Total Operating Income / Total Sales
A

margin analysis

41
Q

• A decrease in owner’s equity resulting from the operation of a business

A

expense

42
Q

Ability of a customer to obtain goods or services before payment, based on the trust that payment will be made in the future
o Amount recorded on the right side

A

credit

43
Q

An amount recorded on the left side

A

debit

44
Q
  • The amount of a product a company expects to sell during a specific period at a specified level of marketing activities
  • Set up a spreadsheet of projecting sales over the course of three years
A

sales forecast

45
Q

• A planning tool used to analyze an organization’s strengths, weaknesses, opportunities, and threats

A

SWOT analysis

46
Q
  • A decision by a corporation to turn over much of the responsibility for production to independent suppliers
  • Provide a company an “edge” over organizations that fall into the economic trap “Jack-of-all-trades, master of none”
  • Allows the company to utilize the experts while maintaining focus in its primary business – creates more flexibility and opportunity for the company to move forward
A

outsourcing

47
Q
  • Total assets – total liabilities
  • How much the business makes, account for equipment
  • Value of all assets minus total liabilities
  • Everything you own after the costs
A

net worth

48
Q

• Money that is invested in new or emerging companies that are perceived as having great profit potential

A

venture capital

49
Q

• The difference between current assets and current liabilities

A

working capital

50
Q

• A calculation of the total market value of all products/goods and services produced in our country in a given year, these values are established in a quarterly review, gives us an idea of how our economy is overall

A

gross domestic product (GDP)

51
Q
  • Statistic relating to economic activity which allows analysis of economic performance and the predictions of possible future performance
  • Employment/unemployment, funding/or non-funding of practice or business, costs of products and reducing government programs
A

economic indicators

52
Q
  • Periods of good times, or prosperity, alternating with periods of economic hard times
  • Most business managers need to be aware of the prevailing direction of the economic trend for the product/service markets in which they operate in order to make more accurate and effective plans for their practice/business
A

economic cycles

53
Q

• General level of prices in the economy is rising

A

inflation

54
Q

• A situation in which prices are declining

A

deflation

55
Q

• A company’s product sales as a percentage of total sales for that industry

A

market share

56
Q
  • An index of the cost of all goods and services to a typical consumer
  • Inflation is measured by CPI
  • Measure that examines the weighted average of the price of a basket of consumer goods and services within various economic sectors, ex: transportation, food, or medical care
A

consumer price index

57
Q

hiring protocols

A 
•	Create a job description
•	Evaluating applicants (resume)
•	Candidate evaluations
o	Look at qualifications and attributes
o	Applicant tests?
•	Pre-employment testing
•	Phone interviews
•	In-person interview
•	Making the final decision
o	Scales?
•	Background checks
58
Q

recruiting protocols

A
  • Post or advertise the position
  • Issue explicit directions about how to apply for the position; request resume
  • Resume screening develops pool of candidates
  • Candidates sent position application with return-by date
  • Schedule phone interview based on qualifications listed in application
  • Phone interview to confirm candidates’ qualifications, assess phone skills and demeanor, and to prior work experiences
  • Select candidates for face-to-face interviews
  • Develop structured questions tied to decision-making criteria
  • Contact licensing board for confirmation of license and status
  • Review background check by local or state police
  • Complete face-to-face interviews
  • Offer position to selected candidate
59
Q

• Helps with cash flow projections and budgeting, as well as with tax and other financial planning, and payroll
• Trained in bookkeeping procedure and in the preparation, audit, and analysis of accounts
• Provide practitioners with internal and external methods for monitoring theft and embezzlement, as well as honest bookkeeping errors by performing internal audits
• Offer personal and business financial planning services and business valuations
• Ensure funds are deposited in appropriate accounts
• Advise practitioner about the fiscal health of the practice
• Ensure expenses are paid on time and transactions are recorded properly
• Prepare reports for practitioners to assist in evidence-based decisions regarding the success or failure of daily operations, a specific procedure, or a new market offering
o Important to understand the positive or negative changes in bottom-line performance of the practice

A

accountant responsibilities

60
Q

list of account responsibilites

A
  • Cash into the practice (receivables)
  • Cash payments from the practice (payables)
  • Inventory and purchases
  • Property accounting
  • Tax accounting methods: cash or accrual
  • Payroll preparation
  • Assistance in monitoring the bookkeeper/financial manager

APM (1 decks)

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