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NCIDQ: IDPX > Professional Business Practices 10% (Structures/License/Management) > Flashcards

Professional Business Practices 10% (Structures/License/Management) Flashcards

1
Q

Sole Proprietorship

IDPX

A

Company owned by ONE person

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2
Q

Professional Liability Insurance

IDPX

A

Protects the designer against acts, errors or omissions in the course of work on a design project

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3
Q

General Partnership

IDPX

A

TWO or more people that share equal profits + losses of the business

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4
Q

Limited Partnership

IDPX

A

Someone in addition to the working partners who have decided to INVEST in the business.

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5
Q

LImited Liability Partnership

IDPX

A

Limited to a certain type of partnership.

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6
Q

Limited Liability Companies (LLC)

IDPX

A

Hybrid of the general partnership OR sole proprietory and the corporation

* Member has no personal liability

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7
Q

Corporations

IDPX

A

An association of individuals created by statutory requirements

* Shareholders are the major owners

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8
Q

Joint Ventures

IDPX

A

Temporary arrangement between TWO or more people/firms for the purpose of completing a project

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9
Q

At projects starting point

Ball Park Budgeting

IDPX

A

Quality Ranges
3-4 quality ranges of manufacturers to do business with

Use of Typical
Typical layouts that they developed for a starting point

SF Estimating
Estimate by square footage

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10
Q

Later in the project

More Detailed View Budgeting

IDPX

A

By Department or Division
Lump sum amounts. Cost center

By Person or Room
Each item in the space is listed, counted + priced.

Floor by Floor
Each floor is budgeted

Life of Cycle
Life cycle cost of item(s).

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11
Q

Accounting Statements

Types

IDPX

A

Balance Sheet
Summary of ALL assets + liabilities and shows financial positions of a business

Profits + Loss (Income Sheet)
Lists ALL the income + expenses of a business for a certain period of time

Cash Flow Statement
Shows the actual inflows + outflows of cash or cash equivalents

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12
Q

Financial Ratios

Types

IDPX

A

Current Ratio
Total Current Assets/Total Current Liabilities

Quick Ratio
Current Assets - Inventory/Current Liabilities

Net Profit Margin
Net Profit Before Tax/Total Annual Revenue

Overhead Rate
Total Overhead Expenses/Direct Labor

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13
Q

Accounts Payable

IDPX

A

Claims from the supplier, goods or services but NOT yet paid for

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14
Q

Accounts Recievable

A

Money that OTHERS OWE to the business through invoices for services

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15
Q

Balance Sheet

Liabilities + Equity

Types

IDPX

A

Current
Obligations that ARE DUEwithin one year or less

Other
Obligations that ARE NOT DUEwithin the next year (long term debt)

Equity: (Discretionary distribution)
Voluntary distribution of profits to owners + non-owners (bonuses, profit sharing, compensation)

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16
Q

Balance Sheet

Assets

Types

IDPX

A

Current
Resources of business that are converted to cash within one year (cash, inventory, supplies, account receivables, etc..)

Fixed
*Resources used by the business and are long term

Other
Misc. resources (copyrights, trademarks, licenses, etc..)

17
Q

Accounting Methods

Accrual Accounting

IDPX

A

Revenue + Expenses are recognized at the time they are earned or incurred

Mandatory for some types of business

18
Q

Owners Insurance

IDPX

A

Owner is required to carry liability + property insurance

19
Q

Accounting Methods

Cash Accounting

A

Revenue + Expenses are recognized at the actual time the business receives the cash or pays a bill

Simple and used by single person or small firms.

20
Q

Workers Comp. Insurance

IDPX

A

Protects employees in the event of a “work related” injury

21
Q

Automobile Insurance

IDPX

A

Covers damage to the vehicle owned by the business

22
Q

General Liability Insurance

IDPX

A

Protects against claims of property damage, liability and personal injury caused by desiner or anyone hired by designer

23
Q

Product Liability Insurance

IDPX

A

Covers injuries caused by products that are designed, sold or specified by the interior designer

24
Q

Property Insurance

IDPX

A

Protects the designers building and supplemental insurance may be needed for its contents

25
Q

Personal Injury Protection Insurance

IDPX

A

Protects the designer against charges of slander, libel, defamation of character, etc..

26
Q
A

NCIDQ: IDPX (22 decks)

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