Part 0 - Any Sources Flashcards

1
Q

Layaway credit

A

Place a deposit and “lay the product away”, then pay balance while pickup

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2
Q

Installment, revolving

A

~ (above)

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3
Q

Corporate governance

A

System of rules, procedures and practices, controlled

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4
Q

Overhead expenses

A

Ongoing business expenses that cannot be directly attributed to a specific activity

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5
Q

Call market

A

Market participants place orders to buy or sell at certain bid or offered (ask) prices, which are then batched together and matched at predetermined time intervals

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6
Q

Liability

A

Legal debts a company owes to third-party creditors

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7
Q

Whims

A

Sudden desire/change in mind, usually unexplained

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8
Q

Assertive

A

Forceful personality

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9
Q

Underwriter

A

Party or individual, assumes risk for exchange payment (insurance premium)

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10
Q

Treasurer

A

Oversees company’s cash management, capital managing, investments

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11
Q

Standard setting bodies

A

Professional org.s setting standards for accounting

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12
Q

Accounting regulation

A

Include standards

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13
Q

GAAP (not an org)

A

Generally accpeted accounting principles

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14
Q

FASB

A

As covered above, under SEC and aims to improve GAAPs

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15
Q

*SEC

A

Securities and Exchange Commission (securities market only)

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16
Q

Professional organization

A

Professional association better, associations related to a specific skill or job

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17
Q

AICPA

A

American Institute of Certified Public Accountants

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18
Q

Securities Act

19
Q

Securities Exchange Act

20
Q

Trust Indenture Act

21
Q

Accrued expenses

A

= Liabilities, unpaid payments

22
Q

Break-even point

A

When a business starts to profit, covers up cost of investment

23
Q

Amortization

A

Spreading out payments over time

24
Q

Internal rate of return

A

Discount rate at which the net present value (NPV) of an investment equals zero

25
Six Sigma
A method (quality control) allowing businesses to perform better, by minimizing defects/wastes
26
Outstanding shares
Shares owned by shareholders
27
Risk retention
Keep the risk instead of transferring it
28
Intestacy
No will written as a deceased person
29
Commodities exchange
(Part of commodities market), platform with procedural assistances
30
Differential costs
Option A - Option B, subtraction, simple
31
Solvency
Business's ability to pay debts by analyzing ratios
32
FICA
Federal Insurance Contributions Act, a category of tax
33
Activity Based Costing
Allocate cost more precisely based on how much money it actually takes to produce
34
Costing procedures
Taking all costs into consideration, addition
35
Economies of scale
Bigger companies experience lower costs
36
Regression
Turning data into graphs and find patterns
37
Independent board member
No material connection with the corporation (BOD)
38
Decentralized
Spreading the power of control
39
Lobbying
Individuals or groups present arguments to the gov, for their benefit
40
Affinity partnership
Collaboration of business and an org, b targets members/audiences of the org
41
General ledger
Huge "notebook" for accountants, all transactions recorded
42
Trial balance
Used to identify errors of the general ledger
43
Working capital cycle (WCC)
Time taken for current assets and current liabilities INTO cash