Funeral Hm Mgmt (4)

Fair Credit Reporting Act

An act which requires creditors to notify a potential recipient of credit whenever any adverse action or denial of credit was based on a credit report.

Founder

An entrepreneur who brings a new firm into existence.

General Manager

An entrepreneur who functions as an administrator of a business.

Franchisee

An entrepreneur whose power is limited by a contractual relationship with a franchising organization.

Goodwill

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.

Goals

Broad statements about what an organization wants to achieve; developed in the strategic planning process; they form the basic plan or direction toward which decisions and activities are focused. (Motivational in nature and are usually stated in broad, general terms without reference to a time period.)

Equity capital (Personal capital)

Capital that is invested in the business by the owner(s).

Human Resource Forecast

Determining personnel needs in terms of numbers of individuals and their required skills.

Human Resource Planning

Developing a comprehensive strategy for meeting future human resource needs.

General Liability Insurance

Insurance covering business liability to customers who might be injured on or off premises or from the product sold to them.

Fixed Capital

Long-term capital that is invested in the small business; also, funds invested in such long-term assets as: land, building, machinery, furniture, fixtures, and other equipment.

Human Relations

Motivating people in organizations to develop teamwork which effectively fulfills their needs and achieves organizational objectives.

Factoring

Obtaining cash before payments are received from customers by selling off one's accounts receivables to a third party.

Fair Labor Standards Act

Outlaws discriminatory practices in pay; requires employers to pay a minimum wage to employees,

Human Resource Management

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.

Follow-up Services

See Post-Need Services.

Funeral Service Management

The administration of a funeral service enterprise, the activities of which encompass marketing, office, personnel, facilities, and financial management.

Finance

The business function of effectively obtaining and using funds.

Financial Management

The efficient utilization and adequate regulation of assets, revenue, expenditures, and capital rights.

Facilities Management

The obtaining and maintaining of adequate work space and funeral equipment.

Human Resource Management (Personnel 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.

Fixed Expenses

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.

Evaluating (Controlling)

A management function which compares organizational and individual performance with predetermined standards or expected results.

General Partner

A partner in a limited partnership who has unlimited personal liability. A partner of a partnership who is personally liable for the debts of the business