Business Of Id

Front 1

revenue

Back 1

amount of inflows from sale of goods or services

Front 2

expense

Back 2

amount of outflows of resources

Front 3

accrual accounting method

Back 3

revenue and expenses are recognized at the time they are earned or incurred whether the revenue has actually been collected or the expenses been paid in the time frame

Front 4

cash accounting method

Back 4

revenue and expense are recognized in the period in which the firm actually receives the cash or actually pays the bills

Front 5

net income profit

Back 5

difference between revenues and expenses

Front 6

revenue

Back 6

amount of inflows from sale of goods or services

Front 7

revenue

Back 7

amount of inflows from sale of goods or services

Front 8

expense

Back 8

amount of outfkiws if resources

Front 9

expense

Back 9

amount of outfkiws if resources

Front 10

accrual accounting method

Back 10

revenue and expenses are recognized at the time they are earned or incurred whether the revenue has actually been collected or the expenses been paid in the time frame

Front 11

accrual accounting method

Back 11

revenue and expenses are recognized at the time they are earned or incurred whether the revenue has actually been collected or the expenses been paid in the time frame

Front 12

cash accounting method

Back 12

revenue and expense are recognized in the period in which the firm actually receives the cash or actually pays the bills

Front 13

cash accounting method

Back 13

revenue and expense are recognized in the period in which the firm actually receives the cash or actually pays the bills

Front 14

net income profit

Back 14

difference between revenues and expenses

Front 15

net income profit

Back 15

difference between revenues and expenses

Front 16

current assets

Back 16

convert to cash

Front 17

fixed assets

Back 17

long-lived items

Front 18

other assets

Back 18

intangible

Front 19

liabilities

Back 19

funds owed to others

Front 20

owner's equity

Back 20

amount of funds the owners have invested in company

Front 21

total assets=

Back 21

liabilites + owner's equity

Front 22

journal

Back 22

is a chronological record of all accounting transactions for the firm

Front 23

ledger

Back 23

group of accounts-- cash recepts ledger, cash disbursements ledgerm purchase order ledger, payroll ledger

Front 24

trial balance

Back 24

assets must equal liabilites and debits must equal credits

Front 25

ratio

Back 25

one number over another- the relationship between two or more things

Front 26

percentage

Back 26

divide one number into another

Front 27

how can a business sustain a profit?

Back 27

increase fee base, bill more hours at its design fee, reduce expenses

Front 28

what is marketing?

Back 28

the process of planning and executing, the conception, priving, promotion, and distribution of ideas, goods, and services to create exhanges that satisfy individual and organizational goals

Front 29

what are the four p's of marketing?

Back 29

product, place, promotion, price

Front 30

branding

Back 30

promotion of a particular product or company by means of advertising and distinctive design

Front 31

target marketing

Back 31

method that helps identifu one or more groups of potential customers who are most likely to utilize the services of the firm.

Front 32

market segment

Back 32

a group of customers that has some common characteristics

Front 33

demographics

Back 33

age, gender, occupation, income level

Front 34

psychgraphics

Back 34

lifestyles intersts and attitudes

Front 35

geographic

Back 35

location

Front 36

industry type

Back 36

based on type of service

Front 37

benefits

Back 37

why the client buys

Front 38

product usage

Back 38

how often the service is used

Front 39

marketing plan

Back 39

intro
goals
capabilites
services
clientele
policy decisions
marketing organization
marketing effort
evaluation
forecasts

Front 40

public relations

Back 40

refers to all efforts of the firm to create an image in order to affect the public's opion of the firm

Front 41

press releases

Back 41

a method of providing information about the design firm that might be of interest to the news media

Front 42

4/11 rule

Back 42

positive experience, tell four ppl, neg exp, tell 11

Front 43

promotional methods

Back 43

publications, competitions, direct mail, speaking, premiums

Front 44

request for a proposal

Back 44

not a contract, pre qualifies a firm, commercial contracts, clients controls content and format of proposal in order to treat all equally, identify hot button

Front 45

Letter of interest

Back 45

LOI

Front 46

what is selling?

Back 46

personal, often one on one commuication, to find out what clients want and provide those services and products

Front 47

what are the components of the selling process?

Back 47

prospecting, qualifying, preparation, presentation, overcome objections, close, follow up

Front 48

prospecting

Back 48

locating new clients and obtaining appts., cold calling, warm calling

Front 49

lead

Back 49

when a prospect begins to show interest in a firm

Front 50

prospecting presentation

Back 50

marketing, to gather info. about the client and their needs

Front 51

qualifying

Back 51

determines that there is sufficient reason to pursue a prospect

Front 52

what are some selling techniques?

Back 52

closed probe, open probe, describe features and benefits, interest, enthusiasm

Front 53

features

Back 53

specific aspects of service

Front 54

benefits

Back 54

relate directly to clients nees and provides value

Front 55

client's concerns

Back 55

project management, experience and ability to handle the creative and technical tasks, project costs

Front 56

billing rate

Back 56

the dollar amount charged for each of the design staff member, staff member, or service provided
expressed as hourly
based on salary and overhead

Front 57

multiplier

Back 57

rate calculated by salary to include overhead and profit
traditional: 3 x hourly salary rate

Front 58

direct personal expense (DPE)

Back 58

salary of employee, costs of employee benefits, direct costs, overhead costs, utilization rate

Front 59

contract

Back 59

promise or agreement that is made between two or more parties to perform or not perform some act

Front 60

basic elements of a contract?

Back 60

offer, acceptance, contractual capacity, consideration, mutual assent, legality

Front 61

offer

Back 61

one party proposed to do something or not to do something for another party

Front 62

to be a legally binding contract

Back 62

serious intention, terms must be definite, full termination and acceptance communicated

Front 63

acceptance

Back 63

the party to whom the proposal has been made agrees to accept that offer and is bound exactly by the terms set up in the offer

Front 64

contractual capacity

Back 64

each party to the contract must have the legal ability to enter into the contract

Front 65

mutual assent

Back 65

the fiving of the offer and acceptance of the offer must be done willingly

Front 66

to be fully enforceable contract

Back 66

date, parties involved, what services ar to be provided, how fees are to be charged and the terms of payment, signatures of parties, especially the party being charged (the client)

Front 67

performance

Back 67

completion of the contract (compete, substantial, inferior)

Front 68

damages

Back 68

money awarded

Front 69

incidental

Back 69

cover expenses that have been paid out by the harmed party

Front 70

consequential

Back 70

to cover losses htat could have been foreseen by the party who has breached contract

Front 71

nominal

Back 71

token to indicate that something was done worng, but harm was not great

Front 72

punitive

Back 72

to punish the gulty party

Front 73

gross margin

Back 73

difference in selling price and cost, includes overhead expenses, used to determine commission on sales

Front 74

pro forma credit

Back 74

prepayment

Front 75

deposit

Back 75

money that is part of the purchase price, prepaid by the buyer as security in contracts for sale of goods

Front 76

down payment

Back 76

portion of the otal selling price paid at the time goods are ordered

Front 77

retainer

Back 77

payment to a professional to cover future services or advice by that professional

Front 78

freight

Back 78

shipping

Front 79

FOB

Back 79

freight on board
destination
factory
factory freight prepaid

Front 80

delivery

Back 80

taking tangible goods to the job site and placing them in their correct location

Front 81

installation

Back 81

additional services are involved in the delivery process, sucha s assembly or construction of the products

Front 82

fixtures (capital improvements)

Back 82

a thing which was once personal property but has become attached to real property in such a wy that it takes on the characterisitics of real property and becomes a part of that real property

Front 83

building permit

Back 83

authorization from the city so that the plans and specification submitted for construction meet local codes and refulations. it allows the construction work to proceed

Front 84

permitting priveleges

Back 84

authority is granted to a designer to submit plans to the building dept.

Front 85

plan check

Back 85

building dept reviews the plans to ensure that they meet local building, fire, safety, and accessibility codes

Front 86

red lining

Back 86

plan checkers use a red penscil to make notations and comments on the plans, indicating problem areas

Front 87

building inspectors

Back 87

will inspec the work throughtout the construction process, will check that the project is built according to the plans and specs and appropriate methods

Front 88

progress reports

Back 88

informs client on project progress

Front 89

bill of landing

Back 89

form supplier provides to truck driver to show what is being shipped and who has title to the goods

Front 90

packing slip

Back 90

items list

Front 91

freight bill

Back 91

invoice

Front 92

expediter

Back 92

the person responsible for ordering and managing the product orders

Front 93

delivery

Back 93

includes the activites ocnerned with moveing FFe from the warehouse or showroom to the job site and placing them in their correct locaitons. delivery involves no special activities of assembly, construction, or physical attachment of the products to the building

Front 94

installation

Back 94

involves assembly, construction, or physical attachment of products to the building

Front 95

walk-through- final inspection

Back 95

punch list-site inspection report

Front 96

certificate of occupancy

Back 96

issude by local building dept. certifies that building or space has been inspected, meets codes, and is approved for occupancy

Front 97

certificate of substantial completion

Back 97

clarifies that everything has been done and indicates if somethign is missing. Also, check for the attic stock.

Front 98

record drawings

Back 98

as built drawings

Front 99

certificate for payment

Back 99

designer recommends that client pay supplier

Front 100

postoccupancy (POE) and follow up

Back 100

a thorough review of the project an site visit that is conducted from both the designer's and the clients point of view perhaps a month or more after the project is completed

Front 101

resume

Back 101

summary of qualifications, contact, work, edu, skills

Front 102

ucc article 2

Back 102

primary authority that governs the transfer of title when goods are sold

Front 103

goods

Back 103

tangible-physical existence that can be moved
not real property

Front 104

sale

Back 104

seller transfer ownership of the goods to buyer

Front 105

seller

Back 105

anyone who sells goods

Front 106

merchant

Back 106

having knowledge and skill unique to the practices or goods involved in the transaction

Front 107

buyer

Back 107

someone who contracts to purchase goods

Front 108

price

Back 108

any kind of payment from a buyer to a seller

Front 109

end user

Back 109

the person who ultimately owns and uses goods

Front 110

statue of frauds

Back 110

provides specific req's for certain types of contracts that must be in writing to be enforeable

Front 111

warranty

Back 111

place a burden on the seller that the goods meet certain standards

Front 112

lien

Back 112

buyer is protected from loss if unknowingly buys goods with a lien- somone who has a security interest in goods

Front 113

infringement

Back 113

goods do not have any patent, copyright, or trademark claimed by anyone

Front 114

negligence

Back 114

failure to use care that is expected of a reasonable person, and this failure to use care results in injury to another person or property

Front 115

project mgmt

Back 115

the process of organizing and controlling all teh tasks and resources for an interior design project from beginning to end to satisfactorily solve the client's problems and provide a reasonable profit to the design firm.

Front 116

legal document

Back 116

construction drawings, specs, contracts, modifications

Front 117

construction drawings

Back 117

working drawings-- plans, elevations, detials required for building the structure, schedules

Front 118

schedules

Back 118

tabular chart used to clarify project items

Front 119

specification

Back 119

description of materials, qualities and workmanship, installation reqs, responsibilities of bidders

Front 120

closed specification

Back 120

no subs

Front 121

open specs

Back 121

or equal

Front 122

competitive bidding

Back 122

client has opportunity to obtain comparative prices from a number of contractors and or vendors for construction or supply of the project
actual bid process takes place after all the construction drawings, specs and schedules have been completed

Front 123

bid documents

Back 123

general conditions, invitation to bid, instruction to bidders, bid form

Front 124

bond forms

Back 124

legal documents used to bind the designer or vendor to the contract as assurance that the designer or vendor will perform the reqs of the contract as agreed upon

Front 125

addendum

Back 125

additions or changes, before contract has been awarded

Front 126

change order

Back 126

written permissions or instructions concerning any aspect of the project that modify design conepts, construction designers, or product specs