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DECA > Financial Services > Flashcards

Financial Services Flashcards

(57 cards)

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1
Q

Ponzi Scheme

A

similar to a pyramid scheme but new investors’ funds are distributed

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2
Q

Estate allocation

A

dividing or designating a person’s assets among his or her beneficiaries

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3
Q

Debtor-creditor relationship

A

When someone owes someone money, e.g. when interest is charged

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4
Q

Tax-deferred investments

A

financial products that are taxed at time of disbursement, or purchase

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5
Q

Continous-inspection compliance technology

A

this must have access to transactional information at its source

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6
Q

Graphics

A

these explain complex information or highlight the most important info

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7
Q

Contract law

A

law that recognizes contracts as voluntary promises that must be fulfilled

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8
Q

Trade law

A

law that deals with international trade

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9
Q

Property law

A

law that deals with real property

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10
Q

Pyramid scheme

A

an illegal form of multi-level marketing where emphasis is placed on collecting initial fees from as many people as possible

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11
Q

Tax deduction

A

charitable contributions are not taxed

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12
Q

Collection letter

A

persuasive message that businesses write to encourage late payments

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13
Q

Downward vs. upward communication

A

communication down from management vs. communication up to management

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14
Q

Lateral vs. grapevine communication

A

Communication among employees vs. informal person-to-person communication

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15
Q

Customer Relationship Management (CRM) date

A

addresses, phone numbers, etc.; perishable data because it may change over time

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16
Q

Economic resources

A

the inputs of production; they are ALL LIMITED

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17
Q

Price discrimination

A

charging people different prices for similar products

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18
Q

Income tax

A

tax on profit

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19
Q

Property tax

A

tax on material goods

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20
Q

Excise tax

A

hidden tax on specific items, like gasoline; may not be uniform throughout all states

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21
Q

Purchasing power

A

a customer’s ability to purchase goods and services

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22
Q

Export quota

A

limitation on the quantity of goods that can move out of a country

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23
Q

High vs. low context culture

Study These Flashcards
A

High-context cultures communicate more nonverballly, while low-context cultures communicate more verbally

24
Q

Net asset value

Study These Flashcards
A

dollar value for one share of a stock

25
Business cycle
periods of expansions, where employment, personal incomes, and production increase; and recessions, where they decrease. Stocks risk fluctuating prices as the cycle goes on.
26
Cash receipt
total of all sources of income that a business lists under cash receipts, including cash sales, but not credit sales. Losses are not reported here.
27
Accounts receivable
money to be paid to a supplier for their goods
28
Accouns payable
money a company needs to pay the invoices of the supplier
29
Master data management
collection, storage, accessibility, and maintenance of a business's nontransactional data for all employees who use it. Consistency is important.
30
Data mining
Searching computer databases to look for patterns and correlations among information to make business decisions such as analyzing and determining customers who possess the highest buying potential
31
Industry forecasting
Making predictions of future prospects for entire industries, like housing and retailing.
32
Artificial neural network
Data mining technique to review financial records to identify possible errors and questionable entries
33
Decision trees
data are categorized or segmented into meaningful, related groups based on certain characteristics that are defined by the set of rules that the business establishes
34
Dashboard
data mining technique that summarizes a business's financial data and presents that data in simple charts and tables
35
Nearest-neighbor method
data mining technique that classifies data records according to similar historical data
36
Chartered financial analyst
designation offered by CFA institute; experts on securities and investments
37
Whistleblower policy
promotes ethical work environment; go tell on bad employees
38
Accrual accounting system
records transactions at the time they occur even if no money changes hands at the time
39
Join
type of database query that combines rows from multiple tables
40
Office memorandum
a memo; the most commonly used method of in-house communication in many businesses
41
Utility and marketing concept
considers the consumer's point of view; function as a gauge of satisfaction
42
Data query
command to extract data from a database in a readable format
43
Data-definition (data query)
create, delete, or modify other database objects
44
Select and crosstab (data query)
Retrieve data
45
Pass-through (data query)
send data to remote database for processing
46
Managerial accounting system
useful for internal planning and decision making; helps managers plan, control resources, make decisions, like producing more or hiring more
47
Financial accounting system
government-mandated; applies GAAP to present financial info to external users
48
General accepted accounting principles (GAAP)
standards of accounting that publicly-traded companies required to abide by to provide accurate info to investors
49
Big Q
focuses on exceeding customer expectations
50
Express contract
terms of the contract are presented orally or in writing at the time of the agreement
51
Implied contract
an agreement created by actions of the parties involved, but is not written or spoken; ex. a vet will treat your cat and you will pay, but none of this is expressly stated
52
Unilateral vs. Bilateral contract
Bilateral= I'll pay you $100 for that dog; one person does something in exchange for something else Unilateral= I'll pay anyone $100 if they can find my dog; one person offers something but ther is no other side/there is no promise made by the other side to fulfill
53
Executed vs. Executory contract
Executed= completed contract Executory= yet to be completed
54
Fiduciary
a person to whom property or power is entrusted for the benefit of another; authorizing your accountant, attorney, and life-insurance agent to make your financial decisions for you
55
Bookkeeper
the recording of financial transactions, part of the process of accounting. Transactions include purchases, sales, receipts, and payments by an individual person or an organization/corporation
56
Tax shelter
a legal method of minimizing or decreasing an investor's taxable income and, therefore, his or her tax liability. Tax shelters can range from investments or investment accounts that provide favorable tax treatment, to activities or transactions that lower taxable income. Ex. retirement plans (401k) and real estate (mortgage interest is tax-deductible)
57
Certified Public Accountant
a member of an officially accredited professional body of accountants; if they screw up your federal tax returns, you aren't held accountable, but they are

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