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23 Cards in this Set
- Front
- Back
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Accounting
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A system for keeping track of the financial status of an organization and the financial results of its activities
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Capital Campaign
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A fund raising effort aimed at attracting donations to be used to acquire long-term resources such as buildings and equipment
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charitable remainder trust
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A trust from which a donor gets income that is earned on the resources in the trust, but at the donor's death, the charity gets the money remaining in the trust.
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creditors
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individuals or other organizations to whom the organization owes money
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deficit
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the excess of spending over receipts
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effectiveness
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a measure of the degree to which the organization accomplishes its desired goals
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efficiency
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a measure of how close an organization comes to minimizing the amount of resources used to accomplish a result
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externality
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an impact (either negative or positive) that one individual or organization's actions have on others. a product or service may be over- or under- produced because of failure of the free market to consider such impacts in the absence of government intervention
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finance
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a field that focuses on hte alternative sources and uses of an organization's resources.
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financial accounting
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a system that records historical financial information, summarizes it, and provides reports of what financial events have occurred and of the financial impact of those events.
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financial management
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the subset of management that focuses on generating financial information that can be used to improve decision making.
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fiscal
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financial. often used to refer to a financial year that differs from a calendar year.
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managerial accounting
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a subset of accounting related to generating financial information that managers can use to improve the future results of the organization.
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national debt
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the total cumulative amount that has a primary mission related to providing a public service rather than maximizing profit
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not-for-profit
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an organization that has a primary mission related to providing a public service rather than maximizing profit.
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off-budget
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items that are not included int he normal federal government budget process
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on-budget
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items that are included in the normal federal government budget process
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proprietary
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for profit
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public finance
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government policies related to spending, taxing, and borrowing decisions, and the study and implementation of those policies
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public goods
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goods or services that the free market fails to produce or underproduces, which if provided by the government will create aggregate benefits that exceed their cost.
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surplus
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an excess of receipts over spending
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tax-exempt
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exempt from federal income taxes. tax-exempt organizations are often also exempt from state and local property, sales, and income taxes.
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vendor
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supplier who sells things to the organization.
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