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Flashcards in Glossary Deck (56):
1

An agreement to an offer resulting in a contract

Acceptance

2

Those drivers under the directions and control of a funeral director who is liable for their actions

Agent Driver

3

The party to whom the assignment is made

Assignee

4

A means whereby one party conveys rights to another person who is not a party to the original contract

Assignment

5

The party making the assignment

Assignor

6

Recipient of the proceeds of a life insurance policy

Beneficiary

7

Having no words other than the signature of the endorser

Blank Endorsement

8

The signature or statement of purpose by the owner on the back of the negotiable instrument which indicates the future control of the instrument

Endorsement

9

An endorsement which limits the liability of the endorser; i.e. "For Deposit only"

Qualified Endorsement

10

An endorsement which prevents the use of the instrument for anything except the stated use

Restrictive Endorsement

11

An endorsement which designates a particular person to whom payment is to be made

Special endorsement

12

A check drawn on a bank's own funds and signed by a responsible bank official

Cashier's Check

13

An order by depositer on the bank to pay a sum to a payee

Check

14

A check for which the bank assures that the drawer has sufficient funds to make payment

Certified Check

15

The person who executes any draft

Drawer

16

The person, company, or financial institution ordered to pay a draft

Drawee

17

The person hired to perform work and who is obligated both as to the work to be done and as to the manner in which it is done

Employee

18

One who contracts to perform certain tasks for a set fee but who is independent of the control of the contracting party as a means by which the contract is executed except for specifications established in the contract

Independent Contractor

19

One to whom goods are shipped by common carrier

Consignee

20

One who ships goods by common carrier

Consignor

21

A wage in tax statement given to an employee at the end of the year

W2

22

A form that allows an employer to withhold the correct federal income tax from your pay, as well as state income tax, social security, and medicare

W4

23

A person who deals in goods of the kind, or otherwise by occupation purports to have the knowledge or skill peculiar to the practice or goods involved in the transaction

Merchant

24

A value in an ordered set of values which represents the midpoint, whereby there are an equal number of values above and below the midpoint value

Median

25

The value that occurs most frequently in a group of numbers

Mode

26

A line of credit that may be used over and over again up to a certain borrowing limit

Open End Credit
Revolving Credit

27

The voluntary association of two or more people who have combined their resources to carry on as co-owners of a lawful enterprise for their joint profit

Partnership

28

A negotiable instrument containing a promise to pay

Promissory Note

29

The return of a portion of a payment

Rebate

30

A business owned by one person

Sole Proprietorship

31

An agreement between two or more competent persons which is enforceable by law

Contract

32

Those goods which are, at the time of the contract, in existence and owned by the seller

Existing Goods

33

Moveable, tangible personal property

Goods

34

The good specified by the buyer and seller

Identified Goods

35

Automotive equipment made available for hire

Livery

36

Funeral goods consumers purchase from a source other than the price list/funeral provider

Third Party Merchandise

37

Those drivers not under the direct control of the funeral director

Volunteer Driver

38

A reduction of the price given for payment of an account within the time limits established by the sales contract
2/10, n30-2% discount if paid 10 days from day of invoice/net amount must be paid within 30 days of invoice

Cash Discount

39

The difference between current assets and current liabilities

Circulating Capital
Working Capital

40

Balance of costly goods paid for in small monthly (fractional) payments over a period of time

Closed End Credit
Installment Credit

41

Assets=Liabilities + Owner's Equity

Basic Accounting Equation

42

A type of credit granted by retailers that is used by individuals or families for satisfaction of their own wants

Consumer Credit

43

The emphasis placed on providing to customers products and services that are safe, reliable, and honestly advertised; also a social movement that seeks to strengthen the rights of consumers relative to sellers

Consumerism

44

An artificial being, invisible, intangible, and existing only in contemplation of law, an entity that is distinct, separate and apart from the existence of its individual members

Corporation

45

An agreement that payment for a product or service will be made at some later date

Credit

46

A written order signed by one person requiring the person to whom it is addressed to pay a particular sum of money to the bearer, either on demand or at a certain time

Draft

47

The party who hires employees to do certain work

Employer

48

A relationship of trust and confidence, such as that which exists between partners in a partnership

Fiduciary

49

An inflow of assets as a result of selling a product or providing a service

Income
Revenue

50

A source document showing quantity, description, prices of items, total amount of purchase, and the terms of payment

Invoice

51

Those goods or stock of good which are held for resale at a profit

Inventory
Merchandise

52

The number of times the average inventory has been sold or used up during a period

Inventory turnover

53

A reduction of selling price below the original selling price

Markdown

54

The difference between merchandise cost and selling price

Markup

55

The process of planning and executing the development, pricing, promotion, and distribution of an organization's goods and services

Marketing

56

The systematic recording, reporting, and analysis of financial transactions of a business

Accounting