Business & Finance Flashcards
(13 cards)
What is a profit margin?
What is a profit margin? Profit / Revenue, expressed as a percentage
What are indirect costs?
Costs not directly tied to a specific job (e.g., rent, office salaries)
What is a change order?
Written amendment to the original contract
What are fixed costs?
Costs that remain constant regardless of business volume.
What is markup?
The amount added to cost to determine selling price.
What is cash flow?
The movement of money in and out of a business.
What is the purpose of a W-9 form?
Provides taxpayer identification for independent contractors.
What is a 1099 form?
IRS form for reporting payments to non-employees.
What is a schedule of values?
Itemized breakdown of project costs used in progress billing.
What is overhead?
Business expenses not tied to a specific job.
What is unit pricing?
Pricing jobs based on standardized cost per task or unit.
What is change order management?
Tracking and approving changes to scope and cost.
What is a contingency fund?
Set-aside money for unexpected job costs.
