Management Midterm

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Divarza
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143389
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Management Midterm
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2012-03-23 23:11:26
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Mortuary Management
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Management Midterm
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  1. Funeral Service Management
    the admisistration of a funeral service enterprise, the activities of which encompass marketing, office, personnel, facilities, and financial management
  2. funeral home management
    acheiving the goals of the funeral home through the use of people and resources
  3. management
    the art and science of motivating people toward the achievement of a goal
  4. expenses
    a decrease in assets, other than withdrawals by the owner, which result from efforts to produce revenues
  5. planning
    that function of determining in advance what needs to be accomplished in order to achieve a particular goal
  6. business policies
    fundamental statements that serve as guides to management practice
  7. objectives
    specific statements of ends, the achievement of which are contemplated within a specific time period. Objectives are used in the management control process, and provide a quantative and time framework to the organization's goals. objectives are intended to be accomplished by a specific date and are stated in specific terms, preferably in such a way that there is some measurable basis for determining the extent to which they have been achieved.
  8. goals
    broad statements about what an organization wants to achieve; developed in the strategic planning process; they from the basic plan or direction toward which decisions and activities are focused. goals are motivational in nature and are usually stated in broad, general terms without reference to a time period.
  9. human resource planning
    developing a comprehensive strategy for meeting future human resource needs.
  10. organizing
    to arrange or constitute in interdependent parts, each having a specific function or relation with respect to the whole; the arrangement and distribution of work among members of an organization
  11. motivating
    energizing, channeling, and sustaining popls behaviors
  12. aka for directing
    actuating
  13. define directing
    regulating the activities or course of activities of an organization; to guide and/or supervise the activities of an organization
  14. staffing
    a management function dealing witht the recruitment, selection, placement, training, development, and appraisal of the employees of the firm
  15. aka for controlling
    evaluating
  16. define controlling
    a management function which compares organizational and individual performance with predetermined standards or expected results.
  17. caveat venditor
    let the seller beware
  18. human relations
    motivating people in organizations to develop teamwork which effectively fulfills their needs and achieves organizational objectives
  19. total quality management
    the efforts of all members of an organization directed to ensure that quality in the production of goods and servies is achieved
  20. delegation of authority
    a superiors act of granting to subordinates, on the basis of competence, the right to act or decide
  21. chain of command
    the superior subordinate relationship that serves as a channel for two way communication
  22. Better business bureau
    association of business firms that promotes ethical conduct by all business firms in a community
  23. chamber of commerce
    an association of business people who attempt to protect and promote the commercial interests in a community
  24. what is an aka for human resource management
    personnel management
  25. define human resource management
    the process of acquiring, training, developing, motivating, and appraising a sufficient quantity of qualified employees to perform necessary activities; and developing activities and an organizational climate conducive to maximum efficiency and worker satisfaction
  26. resume
    a written summary of ones personal, educational, and professional achievements
  27. job description
    a document that lists the major responsibilities and tasks of the job
  28. job analysis
    a process for determining the critical components of a job for purposes of selecting, training, and rewarding personnel
  29. interviewing
    a job analysis technique in which individuals currently holding a particular job are asked questions concerning the requirements of the job
  30. job specification
    a documentthat lists the knowledge, skills, abilities, and personal characteristicds of a job holder must possess to perform effectively
  31. recruitment
    the process of forming a pool of qualified applicants for tasks that need to be filled
  32. demographics
    the statistical study of human populations with respect to their size, density, distribution, composition, and income
  33. employment application
    a record of statements made at the time the applicant first seeks employment
  34. equal employment opportunity
    the absence of employment discrimination based on race, color, religion, sex, or national origin
  35. bona fide occupational qualification
    a qualification that is absolutely necessary for the job; it is an allowable and approved reason for discriminatino
  36. civil rights act of 1964
    federal legislation that prohibits iscrimination on the basis of race, color, religion, sex, or national origin
  37. age discrimination in employment act of 1967
    federal legislation that requires employers to treat applicants and employees equally regardles of age
  38. equal pay act of 1963
    outlaws discrimination in pay based on the sex of the worker
  39. immigration reform act of 1987
    federal legislation requiring employers to check job applicants papers to be sure they are either us citizens or authorized to work in the us
  40. americans with disabilities act of 1990
    legislation that guarantees disabled people equal access to employment, as well as access to public access
  41. fair labor standards act aka
    wage and hour law of 1938
  42. what is the fair labor standards act/2 of the regular wage rate for any hours beyond forty worked in a week
    outlaws discriminattory practice in pay; requires employers to pay a minimum wage to employees and to pay a minimim of one and 1
  43. Occupational safety and health act of 1970
    a governmental agency with the responsibility for regulatory and enforcement of safety and health matters for most us employees; an individual state osha agency may supercede the us department of labor osha regulations
  44. equal employment opportunity act of 1972
    he absence of employment discrimination based on race, color, religion, sex, or national origin
  45. financial management
    the efficient utilization and adequate regulation of assets, revenue, expenditures, and capital rights
  46. accounting
    a language of business employed to communicate financial informaiton based upon analyzing, recording, classificatoin, summaization, reporting, and interpretation of financial data
  47. accounting
    recording in each fiscal period applicable expenses, whether paid or not, and income earned, whether collected or not
  48. cash basis accounting
    an accounting practice in which revenue is not recognized in the accounting records until received and in which expenses are not recognized until paid
  49. budgeting
    a formal written statement, which may be based upon adjusted historical data, of management's plans for the future expressed in financial terms
  50. finance
    the business function of effectively obtaining and using funds
  51. capital net worth/ proprietorship/ owner's equity
    an owners financial interest in a business
  52. working capital aka
    circulating capital
  53. define working capital
    difference between current assets and current liabilities
  54. fixed capital
    long term capital invested in the business; also, funds invested in such long term assets as: land, building, machinery, furniture, fixtures, and other equipment
  55. personal capital aka
    equity capital
  56. define personal capital
    capital invested in the business by the owner
  57. debt equity aka
    debt capital, borrowed capital
  58. define debt equity
    any borrowed or loaned capital invested in the business that must be repaid to creditors
  59. angels
    private investors who are willing to supply financing for new and or risky small venture startups
  60. venture capitalists
    anyone that invests in, or financially sponsors a new business
  61. line of credit
    an understanding between a bank and he business indicating the maximum amount the bank is willing to loan the borrower
  62. open end credit aka
    revolving credit
  63. define open end credit
    a line of credi that may be used over and over agian up to a certain borrowing limit
  64. mortgage loans
    a loan secured by the mortgage on property
  65. mortgage
    a claim given by the borrower to the lender against the borrowers property in return for a loan
  66. small business administration loan
    the principal government agency concerned with the financing, operation, and management of small businesses
  67. factoring
    obtaining cash before payments are received from customers by selling off ones accounts receivables to a third party
  68. assets
    property of monetary value owned by the business
  69. liabilities
    any debts that a business owes
  70. cash
    coins, currency (paper money), checks, credit card receipts, and money orders received from others, as well as money deposited in the bank
  71. account receivable
    an unwritten promis by a customer to pay at a later date, for goods sold or services redered
  72. note receivable
    a written promise of a customer to pay the business a sum of money at a future date
  73. fixed assets aka
    long term assets
  74. fixed assets defined
    property of a relatively permanent nature used in the operation of a business and not intended for resale
  75. break even analysis aka
    break even point
  76. break even analysis defined
    the point at which total sales revenue equals total costs
  77. fixed expenses
    a csots that for a given period of time and range of activity called the relevant rane, 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 the y decrease with declining business activity
  78. salary
    generally considered to be compensation for managerial or administrative services, expressed in terms of a month or year
  79. depreciation
    the loss in value of a fixed asset due to wear and tear and the passage of time; or a method of matching the costs of a fixed asset against the revenues that the fixed asset will help produce during its useful life
  80. variable expenses
    a cost which is uniform per unit but fluctuates in total in direct proportion to change in the related activity or volume
  81. wages
    a form of compensation for skilled and unskilled labor, expressed in terms of hours, weeks, or pieces completed
  82. federal uemployment tax act(futa)
    a federal act imposed on each employer for the purpose of financing the administration costs of federal and state unemployment compensation programs
  83. suta
    state unemployment tax act
  84. federal insurance contributions act
    a federal act which requires most employers and employees to pay taxes to support the federal social security program
  85. income tax
    a tax levied on individuals and businesses by federal, state, and local governments
  86. retail sales tax
    a tax imposed on tangible personal property sold at retail
  87. operating expenses aka
    overhead
  88. define operating expenses
    any cost not specifically associated with production of identifiable products and services; expenses incurred in the normal operation of a business
  89. operating ratios
    a comparison of profit and each item of expense in the income statement expressed as a percentage of sales income; the operating ratios can be compared to the industry standard in rehards to measuring the possible growth of the business
  90. income statement analysis
    a formal financial statement which presents the income, expenses, and resulting net profit or net loss for a given period
  91. balance sheet
    a formal financial statement illustrating the assets, liabilities, and owners equity of a business as of a specific date
  92. liquidity analysis
    measures the ability of the firm to meet its current obligations
  93. current asset ratio
    the current assets divided by the current liabilitites and a measure of the liquidity of the business
  94. current assets
    cash or other assets that will be converted to cash or consumed withing one year
  95. current liablitities
    debts of a business that are generally paid within one year
  96. acid test ratio aka
    quick ratio
  97. acid test ratio
    quick assets divided by current liabilities
  98. quick assets
    cash ,marketable securities, accounts and notes receivable
  99. return on investment
    the ratio of net income to owners equity in the business
  100. net income aka
    net profit
  101. net income
    the difference between gross profit and expenses when gross profit is larger
  102. activity analysis
    measures how efficiantly a firm is utilizing its assets
  103. accounts receivable turnover
    measures how many times per year accounts receivable are collected
  104. age of accounts receivable
    measures the average time required to collect acounts receivables
  105. inventory turnover
    the number of times the average inventory has been sold or used up(turned over) during a period
  106. age of inventory
    measures the average time required to sell inventory
  107. profitability analysis
    provides evedence concerning the earnings potential of a company and how effectively the firms is being managed
  108. profit margin
    net income divided by net sales
  109. net sales
    sales minus sales returns and allowances minus sales discounts
  110. gross profit aka
    gross margin
  111. gross profit defined
    net sales minus the cost of goods sold
  112. gross profit percentage
    gross profit divided by net sales
  113. marketing management
    the process of planning and executing the development, pricing, promotion, and distribution of an organizations goods and or services
  114. marketing
    the process of planning and executing the develpment, pricing, promotion, and distribution of an organizations goods or services
  115. market
    a group of potential customers having purchasing power and unsatisfied needs
  116. market survey
    a study that is used by a business to determine where the portential customers are located
  117. economic base
    wealth produced in or near a community that provides employment and income to the local population
  118. competition
    practice of trying to obtain something that is being sought by other under similar circumstances at the same time
  119. the census of population
    a source of market data that compiles population statistics with regard to distribution of population by region, area, etc
  120. the census of business
    a source of market data that explains where certain businesses are located
  121. the census of housing
    a 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
  122. the census of manufacture
    a source of market data that explains where certain manufactures are located
  123. advertising
    the art of making the public aware of the services or commodities that a business has for sale
  124. sales promotion
    a plan which provides inducements to potential purchasers of products or services
  125. public relations
    is generally defined as indusing the public to have a poritive feeling about a particular business
  126. Merchandising
    the purchase, pricing, display and sale of merchandise
  127. cash discounts
    discounts from quoted prices as an inducement for prompt payment of invoices
  128. quantity discounts
    the amount by which the bill or invoice will be reduced when a minimum quantity of merchandis has been ordered
  129. rebates
    the return of a portion of a payment
  130. consignment
    to give an agent to be cared for or sold
  131. direct approach presentation
    the method of selling merchandis whereby the funeral director remains in the selection room throughout the selection process
  132. indirect approach presentation
    the method of selling merchandise whereby the funeral director does not stay in the selection room druing the selection process
  133. caskets
    a rigid container which is designed for the encasement of human remains and which is usually contructed of wood, metal, fiberglass, plastic or like material and ornamented and lined with fabric
  134. outer burial containers
    any container which is designed for placement in the grave around the casket including but not limited to, containers commonly known as burial vaults, grave boxes, and grave liners
  135. urns
    a container for cremeated remains; a vase with a foot or pedestal
  136. sundry items
    the various miscellaneous items provided or used to complement the services of a funeral director
  137. funeral ceremony
    a service commemorating the deceased with the body present
  138. visitation akas
    calling hours , visiting hours
  139. define visitation
    time set aside for friends and relatives to pay respect for the deceased prior to the funeral service
  140. memorial service
    a cereony commemorating the deceased without the body present
  141. graveside servie
    a service to commemorate the deceased held at the cemetery prior to burial
  142. direct cremation
    a dispositionof human remains by cremation, without formal viwing , visitation, or ceremony with the body present
  143. immediate burial
    a disposition of human remains by burial, without formal viewing , visitation, or ceremony with the body present, except for a graveside service.
  144. aka for inventory
    merchandise
  145. define inventory
    those goods or stock of goods which are held for resale; goodspurchased for resale at a profit
  146. cash discount
    a reduction of the price given for payment of an account within the time limits established by the sales contract
  147. discount period
    a specific number of days during which as discount is available if the account is paid
  148. economic order quantity
    a quantity to be purchased which minimizes total costs
  149. purchase discounts
    the amount of any discounts granted by suppliets to encourage prompt payment of their invoices
  150. invoice
    a source document showing quantity, description, prices of items, total amount of purchase and the terms of payment

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