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100 Cards in this Set
- Front
- Back
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Accident and health insurance
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Insurance against loss through accident or sickness
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Automobile
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Insurance for the automobile
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Buy-Sell Life Insurance
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Insurance on an owner of a business that will supply enough money for a partner to buy his share of the business in case of death
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Business interruptions Insurance
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An insurance that protects companies during the period necessary to restore property damaged by an insured peril
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Casualty Insurance
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Insurance that provides monetray benefits to a business that has experienced an unfornseen peril such as flood or fire
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Accident and health insurance
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Insurance against loss through accident or sickness
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Automobile
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Insurance for the automobile
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General Liability Insurance
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Insurance covering business liability to customers who might be injured on or off premises or from the product sold to them
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Buy-Sell Life Insurance
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Insurance on an owner of a business that will supply enough money for a partner to buy his share of the business in case of death
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Business interruptions Insurance
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An insurance that protects companies during the period necessary to restore property damaged by an insured peril
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Endowment life Insurance
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life insurance that allows the insured ,rather than the beneficiary , to collect the face value of the policy upon maturity
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Casualty Insurance
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Insurance that provides monetray benefits to a business that has experienced an unfornseen peril such as flood or fire
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Key person life insurance
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Life insurance that protects a firm against losses due to the death of the key employee
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Liability insurance
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Insurance that covers business liability to customers of others who might be injured from the product sold to them
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Life insurance
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Insurance that provides death benefits to the survives o the insured
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Accident and health insurance
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Insurance against loss through accident or sickness
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Automobile
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Insurance for the automobile
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General Liability Insurance
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Insurance covering business liability to customers who might be injured on or off premises or from the product sold to them
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Endowment life Insurance
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life insurance that allows the insured ,rather than the beneficiary , to collect the face value of the policy upon maturity
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Buy-Sell Life Insurance
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Insurance on an owner of a business that will supply enough money for a partner to buy his share of the business in case of death
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Business interruptions Insurance
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An insurance that protects companies during the period necessary to restore property damaged by an insured peril
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Key person life insurance
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Life insurance that protects a firm against losses due to the death of the key employee
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Casualty Insurance
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Insurance that provides monetray benefits to a business that has experienced an unfornseen peril such as flood or fire
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Liability insurance
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Insurance that covers business liability to customers of others who might be injured from the product sold to them
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Life insurance
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Insurance that provides death benefits to the survives o the insured
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Product liability Insurance
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Insurance that protects a firm against claims that its product caused bodily injury or property damage to the user
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Term life Insurance
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Life insurance that has no cash value whenever the policy expires
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Universal Life insurance
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A combanation of life insurance and term life insurance
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Whole Life insurance
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Life insurance that gives lifetime protection to the insured person
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Bona fide occupational qualification
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a qualification that is absolutely necessary for the job; that is an allowed and an approved reason for discrimination
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5 needs according to Maslow's Hierarchy
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1.Physiological 2 Security 3. Belonging and love 4. Esteem 5 Self actualization
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Who developed the hierarchy of needs?
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Abraham Malows
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Human Resource Forcast
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Determining personnel needs in terms of numbers of individuals and their required skills
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Job analysis
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A process for determining the critical components of a job for purposes of selecting, training, and rewarding
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Job Specification
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A document that list the knowledge, skills and abilities, and personal characteristics a job holder MUST possess to perform effectively
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Job description
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a document that list the major responsibilities and tasks for the job
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Civil Rights Act
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Federal legislation that prohibits discrimination on the basis of race, creed, color, sex,
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Age discrimination in employment act
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Outlaws discrimination for those over the age of 40
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Equal Pay Act
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outlaws discrimination in pay based on the sex of the worker
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Rehabilitation Act
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outlaws the discrimination in employment based on hanicaps of workers, with reasonable employer accommodations, could do the job
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Vietnam Era Veterans Readjustment Act
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Outlaws discrimination against any qualified individual with a disability
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Immigration Reform Act
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outlaws non documented persons from employment in the United States.
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Americans with Disabilities Act
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Prohibits discrimination against any qualified individual with disabilities
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Fair Labor Standard Act
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outlaws discriminatory practices in pay; requires employers to pay a mini wage to employees and to pay a min of one and one half of the regular pay rate for any hours beyond 40 a week.
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. 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.
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Fixed expense
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A cost which is uniform per unit, but fluctuates in total in direct proportion to change in the related total activity or volume
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Variable
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A reduction of the price given for payment of an account within the time limits established by the sales contract
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Cash Discount
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The point at which total sales revenue equals total costs
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Break-Even Analysis
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Reduction in the amount of a bill when a minimum quantity of merchandise has been ordered
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Quantity Discount
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A return of a portion of a payment-
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rebate
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The merchandising agreement whereby merchandise is given to the funeral director to sell, but the funeral director does not have to pay for the merchandise that will be displayed until it is sold
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Consignment
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Consumer Credit
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A type of credit granted by retailers that is used by individuals or families for satisfaction of their own wants.
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Trade Credit
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A form of credit that is extended by one business to another business to help finance distribution of producer's goods.
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Consumer Credit Protection Act
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An act which requires a seller to disclose terms of sale and give facts of actual interest rate and other charges.
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Equal Credit Opportunity Act.-
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The absence of discrimination based on race, color, religion, sex, or national origin.
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Truth in Lending Act
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An act which requires lenders to inform borrowers of all direct, indirect and true costs of credit.
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the Fair Credit Reporting Act
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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.
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Those goods or stock which are held for resale.
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Inventory (merch)
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The number of times the average inventory has been sold or used up during a period-
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Inventory Turnover
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A method of classifying inventory items with categories which are of high-value, less costly, and/or low-cost items. The funeral director will have a large quantity of low-cost items on hand, very few high-cost items and a moderate number of the middle items
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ABC inventory
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What is usually done with those slow moving items which do not sell in a reasonable amount of time
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Marked down until the merchandise is sold
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The quantity to be purchased which minimizes total cost
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.- Economic Order Quantity (EOQ)
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Installment Credit
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Balance of costly goods paid for in small monthly (fractional) payments over a period of (closed end credit)
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Revolving credit
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A line of credit that may be used over and over again up to a certain borrowing limit. (opened end credit)
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Another name for Installment Credit
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Closed end credit
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Reduction of selling price
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Markdown price
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Another name for Revolving credit
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Open ended credit
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Factoring
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Obtaining cash before payments are received from customers by selling off one's accounts receivables to a third party.
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Overhead
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Expenses incurred in the normal operation of a business.
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Making the public aware of services or a commodity that a business has for sale
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Advertisement
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Sales Promotion
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A plan which provides inducements to potential purchases of products and/or services.
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Public Relations
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Inducing the public to have a positive feeling about a particular business.
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Census of Business
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. A source of market data that explains where certain businesses are located
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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.
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Census of Housing
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A source of market data that explains where certain manufacturers are located
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Census of Manufacturers
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A source of market data that compiles population statistics with regard to distribution of population by region, area, etc.
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Census of Population
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The statistical study of human populations with respect to their size and density, distribution, composition, and income
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Demographics
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. A group of potential customers possessing purchasing power and unsatisfied needs.
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- Market
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Define the economic base of a community
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The wealth produced in or near a community that provides employment and income to the local population.
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Define Business Policies.
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Fundamental statements that serve as guides to management practice.
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How many employees are required for the Age Discrimination in Employment Act to take effect in a funeral home?
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20
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Job Specification
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A document that lists the knowledge, skills, abilities, and personal characteristics a job holder must possess to perform effectively.
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A document that list the major responsibilities and tasks of the job.
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Job Description
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Who developed the Hierarchy of Needs
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Maslow
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What is a Bona Fide Occupational Qualification?
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A qualification that is absolutely necessary for the job; it is an allowed and approved reason for discrimination.
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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.
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Coinsurance Clause
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Deductible Clause
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Insurance policy provision that makes the insurer liable only for losses in excess of the stated deductible.
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Insurance against loss through accident or sickness
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Accident & Health Insurance
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Buy-Sell Life Insurance
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Insurance on an owner of a business that will supply enough money for a partner to buy his share of the business on death
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An insurance that protects companies during the period necessary to restore property damaged by an insured peril. Coverage pays for lost income and other expenses related to recovery
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Business Interruption Insurance
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Insurance that provides monetary benefits to a business that has experienced an unforeseen peril such as flood, fire, etc.
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- Casualty Insurance
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A form of risk management whereby a part of the firm's earnings is earmarked as a contingency fund for possible future losses, specifically for individual loss categories such as property, medical, or worker's compensation.
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Self-Insurance
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Life insurnace that allos the insured, rather than the beneficiary, to collect the face value of the policy upon maturity or to collect that value in annual payments
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Endowment Life Insurance
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Life insurance that protects a firm against losses due to the death of a key employee.
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Key-Person Life Insurance
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Insurance that covers business liability to customers of others who might be injured from the product sold to them
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Liability Insurance
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Insurance that provides death benefits to the survivors of the insured
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Life Insurance
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Product Liability Insurance
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Insurance that protects a firm against claims that its product caused bodily injury or property damage to the user
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Insurance that protects non-retailing businesses from abnormal bad-debt losses
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Credit Insurance
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Insurance covering business liability to customers who might be injured on or off premises or from the product sold to them
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General Liability Insurance
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Life insurance that gives lifetime protection to the insured person, but which must be continually paid throughout the lifetime of the insured
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whole life insurance
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