Funeral Home Mngmt

Cash Discounts

2/10, n/30 - 2% discount if paid in 10 days from date of invoice/net amount must be paid within 30 days of date of invoice.

Earnings Valuation Approach

A business valuation approach which centers on estimating the amount of potential income that may be produced by the business in the next year.

Coinsurance Clause

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.

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;

Budget

A formal written statement, which may be based upon adjusted historical data, of management's plans for the future expressed in financial terms.

Aging Schedule

A grouping of accounts receivable into age categories based upon the length of time they have been outstanding on the company record.

Controlling (Evaluating)

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

Evaluating (Controlling)

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

Average Collection Period

A measure of the accounts receivable turnover.

ABC Method

A method of classifying inventory items with categories which are of high-value, less costly, and/or low-cost items.

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

Artisan Entrepreneur

A person who starts a business with primarily technical skills and little business knowledge.

Bona Fide Occupational Qualification (BFOQ)

A qualification that is absolutely necessary for the job; it is an allowed and approved reason for discrimination.

Employment Application

A record of statements made at the time the applicant first seeks employment.

Census of Population

A source of market data that compiles population statistics with regard to distribution of population by region, area, etc.

Census of Business

A source of market data that explains where certain businesses are located.

Census of Manufacture

A source of market data that explains where certain manufacturers are located.

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.

Disaster

A sudden misfortune, resulting in the loss of life and/or property.

Delegation of Authority

A superior's act of granting to subordinates, on the basis of competence, the right to act or decide.

Consumer Credit

A type of credit granted by retailers that is used by individuals or families for satisfaction of their own wants.

Business Plan (New Venture Plan)

A written description of a new idea that projects marketing, operational, and financial aspects of a proposed business.

Articles of Partnership

A written document that states explicitly the rights and duties of partners in a partnership.

Chamber of Commerce

An accociation of business people who attempt to protect and promote the commercial interest in a community.

Consumer Credit Protection Act

An act which requires a seller to disclose terms of sale and give facts of actual interest rate and other charges.

Fair Credit Reporting Act

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

Credit

An agreement that payment for a product or service will be made at some later date.

Corporation

An artificial being, invisible, intangible, and existing only in contemplation of law; an entity that is something that has a distinct existence separate and apart from the existence of its individual members.

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.

Business Interruption Insurance

An insurance that protects companies during the period necessary to restore property damaged by an insured peril.

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.

Credit Bureau

An organization of retailers and other firms in a given community that serves its members by summarizing their credit experience with particular individuals.

Business

An organization that combines inputs of raw materials, capital, labor, and management skills to produce useful outputs of goods and services so as to earn a profit.

Emergency

An unforeseen combination of circumstances that results in a need for immediate action.

Debt Equity (Debt Capital, Borrowed Capital)

Any borrowed or loaned capital invested in the business that must be repaid to creditors.

Better Business Bureau

Association of business firms that promotes ethical conduct by all business firms in a community.

Closed end credit (Installment credit)

Balance of costly goods paid for in small monthly (fractional) payments over a period of

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.(Goals are motivational in nature and are usually stated in broad, general terms without reference to a time period.) [See also Objectives.]

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.

Immigration Reform Act

Federal legislation requiring employers to check job applicants' papers to be sure they are either U.S. citizens or aliens authorized to work in the U.S.

Civil Rights Act of 1964

Federal legislation that prohibits discrimination on the basis of race, color, religion, sex, or national origin.

Age Discrimination in Employment Act

Federal legislation that requires employers to treat applicants and employees equally regardless of age.

Business Policies

Fundamental statements that serve as guides to management practice.

Accident & Health Insurance

Insurance against loss through accident or sickness

General Liability Insurance

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

Automobile Insurance

Insurance covering motor vehicles

Buy-Sell Life Insurance

Insurance on an owner of a business that will supply enough money for a partner to buy his share of the business on death

Deductible Clause

Insurance policy provision that makes the insurer liable only for losses in excess of the stated deductible.

Credit Insurance

Insurance that protects non-retailing businesses from abnormal bad-debt losses.

Casualty Insurance

Insurance that provides monetary benefits to a business that has experienced an unforeseen peril such as flood, fire, etc.

Caveat Venditor

Let the seller beware.

Endowment Life Insurance

Life insurance that allows the insured, rather than the beneficiary, to collect the face value of the policy upon maturity or to collect that value in annual payments.

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.

Entrepreneur

One who organizes, manages, and assumes the risk of a business firm or venture.

Equal Pay Act

Outlaws discrimination in pay against those who are over forty years old.

Fair Labor Standards Act (Wage and Hour Law)

Outlaws discriminatory 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 worked eyond forty in a week.

Angels

Private investors who are willing to supply financing for new and/or risky small venture start-ups.

Human Resource Management (Personnel 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.

Directing

Refers to those activities which encourage subordinates to work toward the achievement of the company's goals.

Actuating (Directing)

Regulating the activities or course of activities of an organization; to guide and /or supervise the activities of an organization.

Directing (Actuating)

Regulating the activities or course of activities of an organization; to guide and/or supervise the activities of an organization.

After Care

See Post-Need Services.

Follow-up Services

See Post-Need Services.

Equal Credit Opportunity Act

The absence of employment discrimination based on race, color, religion, sex, or national origin.

Equal Employment Opportunity

The absence of employment discrimination based on race, color, religion, sex, or national origin.

Funeral Service Management

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

Capital

The amount by which the total assets exceed the total liabilities of a business; an owner's financial interest in a business.

Advertising

The art of making the public aware of the services or commodities that a business has for sale.

Board of Directors

The governing body that is elected by the stockholders of a corporation.

Brand

The identification for a product.

Consignment

The merchandising agreement whereby merchandise is given to a retailer to sell, but the retailer does not have to pay for the merchandise that will be displayed until it is sold.

Facilities Management

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

Break-Even Analysis

The point at which total sales revenue equals total costs.

Competition

The practice of trying to obtain something that is being sought by others under similar circumstances at the same time.

Employment Interview

The primary way of judging the job applicant's appearance, poise, speech, etc.

Economic Order Quantity (EOQ)

The quantity to be purchased which minimizes total costs.

Copyright

The registered right of a creator to reproduce, publish, and sell the work which is the product of the intelligence and skill of that person.

Demographics

The statistical study of human populations with respect to their size, density, distribution, composition, and income.

Chain of Command

The superior-subordinate relationship that serves as a channel for two-way communication.

Economic Base

The wealth produced in or near a community that provides employment and income to the local population.

Corporation Charter

The written application for permission to incorporate that is approved by a state official.

Corporate Refugees

Those individuals who flee the bureaucratic environment of big business by going into business for themselves.

Fixed Expenses

these expenses do not increase with increased business, nor do they decrease with declining business activity.

Burglary

The forcible breaking and entering of premises closed for business with the subsequent removal of cash or merchandise.

Finance

The business function of effectively obtaining and using funds.

Advisory Board

The business governance board which helps make major decisions for the funeral home, but does not deal with the daily operations.

Book Value

The cost of a fixed asset less accumulated depreciation.

Current Ratio

The current assets divided by the current liabilities and a measure of the liquidity of the business.

Circulating Capital (Working capital)

The difference between current assets and current liabilities.

Financial Management

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

Consumerism

The emphasis placed on providing to customers products and services that are safe, reliable, and honestly advertised; also, a social movement that seeks to strengthen the rights of consumers relative to sellers.

Conflicted familial pattern

The family pattern in which the family members work against one another instead of together.

Collaborative

The family pattern in which the family members work together.

Americans with Disabilities Act (ADA) -

legislation that guarantees disabled people equal access to employment, as well as access to public places