Term
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Definition
| A method of classifying inventory items with categories that are of high value, less costly, and/or low-cost |
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Term
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Definition
| Regulating the activities or course of activities of an organization: to guide and/or supervise the activities of an organization |
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Term
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Definition
| The art of making the public aware of the services or commodity that the business has for sale |
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Term
| Age Discrimination in Employment Act of 1967 |
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Definition
| Federal legislation that requires employers to treat applicants and employees equally regardless of age |
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Term
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Definition
| A grouping of accounts receivable into age categories based upon the length of time they have been outstanding on the company record |
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Term
| Americans with Disabilities Act (ADA) |
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Definition
| Legislation that guarantees disabled people equal access to employment, as well as to access to public places |
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Term
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Definition
| Private investors who are willing to supply financing for new and/or risky small venture start ups |
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Term
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Definition
| A written document that explicitly states the rights and duties of partners in a partnership |
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Term
| Average Collection Period |
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Definition
| A measure of the accounts receivable turnover |
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Term
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Definition
| An association of business firms that promotes ethical conduct by all business firms in a community |
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Definition
| The governing body that is elected by the stockholders of a corporation |
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Term
| Bona Fide Occupational Qualification (BFOQ) |
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Definition
| Qualification that is absolutely necessary for the job; it is an allowed and approved reason for discrimination |
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Term
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Definition
| The cost of a fixed asset less accumulated depreciation |
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Term
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Definition
| The identification of a product |
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Term
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Definition
| The point at which total sales revenue equals total costs |
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Term
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Definition
| The forcible breaking and entering of premises closed for business with the subsequent removal of cash or merchandise |
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Term
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Definition
| An organization that combines inputs of raw materials, capital, labor, and management skills to produce useful goods and services so as to earn a profit |
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Term
| Business interruption insurance |
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Definition
| 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 |
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Term
| Business Plan (New Venture Plan) |
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Definition
| A written description of a new idea that projects marketing, operational, and financial aspects of a proposed business |
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Term
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Definition
| Fundamental statements that serve as guides to management practice |
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Term
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Definition
| 2/10, n/30 - 2% discount if paid 10 days from date of invoice/net amount must be paid within 30 days of date of invoice |
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Term
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Definition
| Insurance that provides monetary benefits to a business that has experienced an unforeseen peril such as flood, fire, etc. |
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Term
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Definition
| A source of market data that explains where certain businesses are located |
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Term
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Definition
| Source of market data that keeps track of new home sales by region and/or the construction of new houses by region and specific area |
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Term
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Definition
| A source of market data that explains where certain manufacturers are located |
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Term
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Definition
| A source of market data that complies population statistics with regard to distribution of population by region, area, etc. |
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Term
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Definition
| Superior/subordinate relationship that serves as a channel for two-way communications |
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Term
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Definition
| The current asset items consisting of cash, inventories, and accounts receivable |
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Term
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Definition
| Superior/subordinate relationship that serves as a channel for two-way communications |
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Term
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Definition
| An association of business people who attempt to protect and promote the commercial interests of a community |
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Term
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Definition
| current asset items consisting of cash, inventories, and accounts receivable |
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Term
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Definition
| Federal legislation that prohibits discrimination on the basis of race, color, religion, sex, or national origin |
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Term
| Closed End Credit (Installment credit) |
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Definition
| Balance of costly goods paid for in small monthly payments over a period of time |
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Term
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Definition
| 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 |
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Term
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Definition
| The practice of trying to obtain something that is being sought by others under similar circumstances at the same time |
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Term
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Definition
| Type of credit granted by retailers that is used by individuals or families for satisfaction of their own wants |
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Term
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Definition
| Emphasis placed on providing to customers products and services that are safe, reliable and honestly advertised. |
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Term
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Definition
| Management function which compares organizational and individual performance with predetermined standards or expected results |
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Term
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Definition
| The registered rights of a creator to reproduce, publish, and sell the work that is the product of the intelligence and skill of that person |
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Term
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Definition
| Legal form of organization whereby a legal entity is authorized by a state to operate a business under the entity's state charter or articles of incorporation |
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Term
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Definition
| Written application for permission to incorporate that is approved by a state official |
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Term
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Definition
| Individuals who flee the bureaucratic environment of big business by going into business for themselves |
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Term
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Definition
| A agreement that payment for a product or service will be made at some later date |
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Term
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Definition
| An organization of retailers and other firms in a given community that serves its members by summarizing their credit experience with particular individuals |
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Term
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Definition
| The current assets divided by the current liabilities; a measure of the liquidity of the business |
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Term
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Definition
| Insurance that protects non-retailing businesses from abnormal bad-debt losses |
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Term
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Definition
| Any borrowed or loaned capital invested in the business that must be repaid to creditors |
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Term
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Definition
| Insurance policy that makes the insurer liable only for losses in excess of the stated deductible |
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Term
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Definition
| A superior's act of granting to subordinates, on the basis of competence, the right to act or decide |
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Term
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Definition
| Statistical study of human populations with respect to their size, density, distribution, composition, and income |
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Term
| Earnings valuation approach |
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Definition
| Business valuation approach which centers on estimating the amount of potential income that may be produced by the business in the next year |
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Term
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Definition
| Wealth produced in or near a community that provides employment and income to the local population |
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Term
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Definition
| The quantity to be purchased which minimizes total costs |
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Term
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Definition
| Unforseen combination of circumstances that results in a need for immediate action. |
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Term
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Definition
| Record of statements made at the time the applicant first seeks employment |
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Term
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Definition
| Primary way of judging the job applicant's appearance, poise, speech, etc. |
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Term
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Definition
| Life insurance that allows the insured, rather than the beneficiary, to collect the face value of the policy upon maturity or to ocllect that value in annual payments |
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Term
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Definition
| One who organizes, manages, and assumes the risk of a business firm or venture |
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Term
| Equal employment opportunity |
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Definition
| Absence of employment discrimination based on race, color, religion, sex, or national origin |
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Term
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Definition
| Outlaws discrimination in pay against those whoa re over 40 years old. |
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Term
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Definition
| Capital that is invested in the business by the owners |
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Term
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Definition
| A management function which compares organizational and individual performance with predetermined standards or expected results |
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Term
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Definition
| Obtaining and maintaining of adequate workspace and equpiment |
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Term
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Definition
| Obtaining cash before payments are received from customers by selling off one's account receivables to a third party |
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Term
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Definition
| Outlaws discrimination practices in pay; requires employers to pay a minimum wage to employees and to pay a minimum of one and one-half times the regular rate for any hours beyond forty worked in one week |
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Term
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Definition
| Business function of effectively obtaining and using funds |
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Term
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Definition
| The efficient utilization and adequate regulation of assets, |
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Term
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Definition
| Long-term capital that is invested in the small business; also, funds invested in such long term assets as: land, building, machinery, furniture, fixtures, etc. |
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Term
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Definition
| A cost that, for a given period of time and range of activity called the relevant range, does not change in total but becomes progressively smaller on a per unit basis as volume increases; these expenses do not increase with increased business, nor do they decrease with declining business activity |
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Term
| Funeral service management |
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Definition
| Administration of funeral service enterprise, the activities of which encompass marketing, office, facilities, and financial management |
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Term
| General Liability Insurance |
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Definition
| Insurance covering business liability to customers who might be injured on or off premises or from the product sold to them |
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Term
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Definition
| Broad statements about what an organization wants to achieve; developed in the strategic planning process; form the basic plan or direction toward which decisions and activities are focused |
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Term
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Definition
| 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 businesses of the same kind |
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Term
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Definition
| Motivating people in organizations to develop teamwork which effectively fulfills their needs and achieves organizational objectives |
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Term
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Definition
| Determining personnel needs in terms of numbers of individuals and their required skills |
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Term
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Definition
| Process of acquiring, training, developing, motivating, and appraising a sufficient quantity of qualified employees to perform necessary activities |
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Term
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Definition
| Developing a comprehensive strategy for meeting future human resource needs |
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Term
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Definition
| Federal legislation requiring employers to check job applicants' papers to be sure they are either US citizens or aliens authorized to work in the US |
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Term
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Definition
| Uneventful protection for the small business owner in regards to monetary compensation in the event that a business and/or personal peril is experienced |
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Term
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Definition
| Those goods or stock of goods that are held for resale |
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Term
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Definition
| The number of times the average inventory has been sold or used up during a period |
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Term
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Definition
| Precess for determining the critical components of a job for purposes of selecting, training, and rewarding personnel |
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Term
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Definition
| Document that lists the major responsibilities and tasks of the job. |
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Term
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Definition
| A document that lists the knowledge, skills, abilities, and personal characteristics a jobholder must possess to perform effectively |
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Term
| Key Person Life Insurance |
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Definition
| Life insurance that protects a firm against losses due to the death of a key employee |
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Term
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Definition
| Insurance that covers business liability to customers or others who might be injured from the product sold to them |
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Term
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Definition
| Insurance that provides death benefits to the survivors of the insured |
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Term
| Limited Liability Company |
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Definition
| New form of business ownership which combines aspects of partnerships with the limited liability of a corporation, owners are known as members |
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Term
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Definition
| An understanding between a bank and the business indicating the maximum amount the bank is willing to loan the borrower |
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Term
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Definition
| The anticipated value of an asset that would be realized in case of liquidation of the business |
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Term
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Definition
| A business that makes finished goods from raw materials by hand or machinery |
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Term
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Definition
| Reduction of selling price below the original selling price |
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Term
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Definition
| Study that's used by a business to determine where the potential customers are |
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Term
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Definition
| An approach used in business valuation that determines the value based upon the previous sales of similar businesses |
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Term
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Definition
| Difference between merchandise cost and selling price |
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Term
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Definition
| Business that purchases finished goods for resale |
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Term
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Definition
| A claim given by the borrower to the lender against the borrower's property in return for a lona |
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Term
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Definition
| A loan secured by a mortgage on property |
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Term
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Definition
| Energizing, channeling, and sustaining people's behavior |
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Term
| Occupational Safety & Health Act |
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Definition
| Federal Legislation that mandates that employers provide a workplace that is free from hazards likely to cause death or serious physical harm |
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Term
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Definition
| Administration and supervision of office duties and functions |
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Term
| Open End (Revolving) Credit |
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Definition
| Line of credit that may be used over and over again up to a certain borrowing limit |
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Term
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Definition
| Comparison of profit and each item of expense in the income statement expressed as a percentage of the sales income |
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Term
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Definition
| The way in which work is arranged and distributed among members of the firm |
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Term
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Definition
| Any cost not specifically associated with production of identifiable products and services |
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Term
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Definition
| Form of legal organization in which a business association made up of two or more persons is formed for the purpose of carrying on as co-owners |
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Term
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Definition
| The registered rights of an inventor to make, use and sell an invention |
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Term
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Definition
| That function of determining in advance what needs to be accomplished in order to achieve a particular goal |
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Term
| Post-Need Service (Aftercare) |
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Definition
| Services provided by a funeral service organization that occur after final disposition |
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Term
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Definition
| Factors which influence prices |
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Term
| Product liability insurance |
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Definition
| Insurance that protects a firm against claims that its product caused bodily injury or property damage to the user |
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Term
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Definition
| Process of forming a pool of qualified applicants for tasks that need to be filled |
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Term
| Replacement Value Approach |
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Definition
| Fair market price to purchase similar assets |
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Term
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Definition
| A written summary of one's personal, educational, and professional achievements |
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Term
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Definition
| A condition in which there is possibility of an adverse deviation from the desired outcome |
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Term
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Definition
| All efforts designed to preserve assets and earning power associated with a business |
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Term
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Definition
| A plan which provides inducements to potential purchasers of products and/or services |
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Term
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Definition
| 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 |
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Term
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Definition
| A business which provides a service rather than a product |
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Term
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Definition
| A business which provides a service rather than a product |
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Term
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Definition
| Business which is independently owned and operated and is not dominant in its field of operations |
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Term
| Small Business Administration |
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Definition
| Principle governmental agency concerned with the financing, operation, and management of small business |
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Term
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Definition
| Legal form of operation whereby the business is owned and operated by one person |
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Term
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Definition
| A management function dealing with the recruitment, selection, placement, training, development and appraisal of the employees of a firm |
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Term
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Definition
| A physical asset that possesses genuine value |
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Term
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Definition
| Life insurance that has no cash value when the policy expires |
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Term
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Definition
| Efforts of all members of an organization directed to ensure that quality in production of goods and services is achieved |
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Term
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Definition
| Form of credit that is extended by one business to another business to help finance distribution of the producer's goods |
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Term
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Definition
| Intangible asset that is a distinct name, sign or symbol for which the Federal government grants exclusive rights to use for a specified time period |
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Term
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Definition
| Combination of whole life insurance and term life insurance |
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Term
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Definition
| Combination of whole life insurance and term life insurance |
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Term
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Definition
| Cost that is uniform per unit, but fluctuates in total in direct proportion to change in the related total activity or volume |
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Term
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Definition
| Anyone who invests in, or financially sponsors, a new business |
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Term
| Vietnam Era Veteras Readjustment Act |
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Definition
| Outlaws discrimination in employment against Vietname era veterans |
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Term
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Definition
| Insurance that gives lifetime protection to the insured person |
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Term
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Definition
| Difference between current assets and current liabilities |
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