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CVPM > Section 5.1 > Flashcards

Section 5.1 Flashcards

1
Q

The cost of borrowing money

A

Interest charges

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2
Q

The amount charged by the lender

A

Interest fees

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3
Q

This rate is typically noted on an annual percentage rate

A

Interest rate

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4
Q

What are processes called to provide assurance that no resources are being lost financial reporting is accurate and that profitability targets are achieved

A

Internal auditing controls

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5
Q

What is internal control?

A

The measures systems and protocols used by a business to prevent errors waste and fraud. To ensure compliance.

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6
Q

In bookkeeping terms, what is the book of entry prior to the ledger?

A

Journal

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7
Q

What is KPI

A

Key performance indicator-a measurement to monitor the evaluation of the practises success, and whether goals have been met

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8
Q

What is a leasehold improvement?

A

Enhancements paid for by a tenant to leased space

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9
Q

What are liabilities?

A

Debts

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10
Q

An assert that can be converted into Cash quickly

A

Liquid assets

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11
Q

The exercise aimed at formulating a long-term plan to meet future needs usually by extrapolation of known needs

A

Long range planning

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12
Q

Definition of profit margin

A

Revenue minus expenses

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13
Q

What would net 10 mean on an invoice?

A

Payment due within 10 days

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14
Q

What is a no lo practice?

A

Veterinary practice with little to no profitability

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15
Q

What is a non-exempt worker?

A

An employee who is not exempt from the minimum wage and overtime requirements of the labour standards act

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16
Q

Revenues, resulting from veterinary activities and veterinary related sales, such as pharmacy sales

A

Operating income

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17
Q

Hours worked in excess of the maximum regular number of hours fixed by contract or law

A

Overtime

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18
Q

What is ownership equity?

A

The portion of a businesses equity, which remains for the owners after all liabilities and creditors have been paid

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19
Q

What is PTO?

A

Paid time off-a benefit the provides a bank of hours where are the employee pools sick days vacation days and personal days

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20
Q

Various methods used to collect payment from a client

A

Payment options

21
Q

The system that calculates the amount you owe employees based on time they worked.

A

Payroll system

22
Q

Imposed on employers, and usually calculated as a percentage of salaries that employers pay

A

Payroll tax

23
Q

Describe perceived value

A

The worth that a product or service has in the mind of the consumer. The consumers perceived value of a goods affects the price they are willing to pay for it.

24
Q

A small fund of cash maintained for incidental expenditures

A

Petty cash

25
Q

What is the healthcare software that deals with the day-to-day operations of a veterinary practice?

A

Practice management software or PMs

26
Q

What is the present value of money?

A

The current monetary value of some defined investment return given a specified rate of return

27
Q

Pretax

A

Calculated before the deduction of taxes

28
Q

Describe production pay

A

Rewards employees based on measurements of the quantity of work and output

29
Q

A financial gain, especially the difference between the amount earned, and the amount spent

A

Profit

30
Q

Summary of the practices, income expenses, and resulting profit or loss for a specified period

A

Profit and loss

31
Q

What are profit centers?

A

A section of the practice that can be assessed in terms of its revenues and expenses

32
Q

What is a pro forma budget?

A

A projection or estimate of what may result in the future, given current assumptions and predictions

33
Q

What is it called when the compensation structure combines a guaranteed salary base with a percentage of an associates production?

A

Pro-Sal

34
Q

A written acknowledgement that something of value has been transferred from one party to another

A

Receipts

35
Q

An accounting process used to compare two sets of records to ensure the figures are in agreement. It is used to determine whether money, leaving an account matches the amount spent.

A

Reconcile

36
Q

Compensating someone for an expense

A

Reimbursement

37
Q

A tenants regular payment to a landlord

A

Rent

38
Q

What is ROI?

A

Return on investment-to a single project and expressed as a ratio

39
Q

All sales of the practice for goods and services

A

Revenue

40
Q

What is salary compression?

A

When employees and lower level jobs are paid almost as much as their colleagues and higher level jobs

41
Q

The tax on the receipts from sales

A

Sales tax

42
Q

What are semi-variable costs?

A

Expenses, which contain both a fixed cost component and a variable cost component

43
Q

What is a service charge?

A

An extra charge assessed for a service

44
Q

An individual that legally owns a share of stock in a public or private corporation

A

Shareholders

45
Q

What is shareholders equity?

A

Practises total assets minus its total liabilities. It represents the amount by which practice is financed through common and preferred shares.

46
Q

Setting smaller intermediate milestones to achieve within closer time frames when moving towards an important overall goal

A

Short range planning

47
Q

Comparing bank account records to an individuals account balance to uncover any discrepancies

A

Statement reconciliation

48
Q

The goods kept on the premises that are available for sale or distribution

A

Stock

49
Q

What is strategic planning?

A

The process of defining our strategy or direction and making decisions on allocating the resources to pursue this strategy

CVPM (10 decks)

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