Untitled Deck Flashcards
(185 cards)
1
Q
What is an Accountant?
A
An individual who has had specialized training in accounting procedures.
2
Q
What is Accounting?
A
The process of keeping and interpreting financial records.
3
Q
What is an Accounting department?
A
A special department responsible for the firm’s accounting needs.
4
Q
What is an Accounting system?
A
The methods and procedures used in handling a business’s financial information.
5
Q
What are Accounts receivable?
A
Monies owed to a business by its customers.
6
Q
What is the Accrual accounting method?
A
A method of accounting that records transactions at the time they occur even if no money changes hands at the time.
7
Q
What are Assets?
A
Anything of value that a business or individual owns.
8
Q
What is a Balance sheet?
A
A financial statement that captures the financial condition of the business at that particular moment.
9
Q
What is Bookkeeping?
A
The step in the accounting process that actually records the business’s financial information.
10
Q
What is Cash?
A
Currency and coins.
11
Q
What is the Cash accounting method?
A
An accounting method in which income and expenditures are recorded at the time the money changes hands.
12
Q
What is the Cost of goods?
A
The amount of money a business pays for the products it sells or for the raw materials from which it produces goods to sell.
13
Q
What is Credit?
A
The arrangement by which businesses or individuals can purchase now and pay later.
14
Q
Who are Creditors?
A
Individuals or businesses to whom a business owes money or from whom it wants to borrow money.
15
Q
What are Current liabilities?
A
Debts that must be paid within a year.
16
Q
What are Debts?
A
Amounts of money businesses or individuals owe to others.
17
Q
What is a Disbursement journal?
A
An accounting record for recording daily expenditures.
18
Q
What is an Economic forecast?
A
A prediction of what may happen in the nation’s economy.
19
Q
What are Expenses?
A
The monies that a business spends.
20
Q
What is a Financial statement?
A
A summary of accounting information.
21
Q
What are Fixed assets?
A
Items of value a business owns that are not expected to change (e.g., buildings).
22
Q
What is Income?
A
Money received by a business or an individual from outside sources for supplying goods and services to customers.
23
Q
What is an Income statement?
A
A financial summary that shows how much money the business has made or has lost; also called the profit-and-loss statement.
24
Q
Who are Investors?
A
Those who invest their funds in a business, may be owners or stockholders.
25
What is a Journal?
A special book or computer program in which a business's transactions are recorded in the order in which they occur.
26
What is a Ledger?
The accounting record for a specific department or area of the business.
27
What are Liabilities?
Debts that the business owes.
28
What are Long-term liabilities?
Debts that will take longer than a year to pay (e.g., mortgage).
29
Who are Managers?
Individuals whose jobs involve carrying out management functions.
30
What is Net worth?
The total value of the business.
31
What are Operating expenses?
All of the expenses involved in running a business.
32
What is Owner's equity?
The amount an owner has invested in the business plus or minus profits and losses.
33
What is Posting?
Transferring accounting information from a daily journal to the appropriate ledger.
34
What is Product mix?
The particular assortment of goods and services that a business offers in order to meet the needs of its markets and its company goals.
35
What is Profit?
Monetary reward a business owner receives for taking the risk of investing in business; income left after all expenses are paid.
36
What is a Profit-and-loss statement?
Another name for an income statement.
37
What is Return on investment?
Income received from an investment in a business.
38
What is a Sales journal?
An accounting record used to record the business's daily receipts.
39
What are Sales revenues?
Money that comes into the business from the sale of goods and services.
40
What are Sales trends?
The direction in which sales are moving, i.e., increasing or decreasing.
41
Who are Stockholders?
Owners of stock, also known as shareholders.
42
What is a Transaction?
A business activity such as a sale, a purchase, or a return.
43
What is a Benchmark?
Something that provides a basis for comparison or evaluation.
44
What is a Budget?
An estimate of income and expense for a specific period of time.
45
What is a Chamber of commerce?
A local organization of businesses and companies that make known to the government the recommendations of the business community on issues and problems affecting the local economy.
46
What is an Expense?
The money that a business spends.
47
What is a Fiscal Year?
The 12-month period chosen by a business as its operating year that may or may not coincide with the calendar year.
48
What is Income?
The money received by resource owners and by producers for supplying goods and services to customers.
49
What does Interrelated mean?
Having an effect on or depending upon one another.
50
What is a Manufacturer?
A type of product that changes the shapes or forms of materials so that they will be useful to consumers.
51
What is a Master budget?
The overall budget of a company, made up of information from specialized budgets that are generated by individual departments.
52
What is a Retailer?
A business that buys consumer goods or services and sells them to the ultimate consumer.
53
What is a Rolling budget?
Also called a continuous budget, this replaces each passing month with a new month added to the end of the budget, so that there is always a year-long budget in place.
54
What is a Sales forecast?
A prediction of future sales over a specific period of time.
55
What is a Service business?
A type of business that performs intangible activities that satisfy the wants of consumers or industrial users.
56
What is a Specialized budget?
A budget that reflects a particular department or activity of a company; interrelated, often relying on one another for estimates of future activity.
57
What is a Trade association?
A group of persons in the same industry or geographic area who form a society to serve their common interests.
58
What is the U.S. Department of Commerce?
A federal agency that works in partnership with businesses, universities, communities, and workers to promote job creation and economic growth.
59
What is the U.S. Small Business Administration?
A federal agency whose mission is to maintain and strengthen the nation's economy by aiding, counseling, assisting, and protecting the interests of small businesses and by helping families and businesses recover from national disasters.
60
What is Variance?
The difference between a budgeted amount and an actual amount.
61
What is Zero-based budgeting?
A method of budgeting that requires a manager to demonstrate the need for every expense instead of relying on figures from a previous period; in effect, each new budget begins at zero.
62
What are Accounts payable?
All monies owed by the business to others.
63
What is Acquisition of funds?
Finance activity involving making decisions about financing.
64
What is Administration of assets?
Finance activity involving making decisions about a firm's investment.
65
What is Capital budgeting?
A process in which a firm's financial managers determine which projects should invest in.
66
What are Capital investment decisions?
Decisions that determine which projects a business will invest in; how the investments will be financed and whether or not to pay dividends to shareholders.
67
What is Capital structure?
A firm's mix of financing, usually some combination of debt and equity.
68
What is the Cash conversion cycle?
A ratio that refers to the number of days between a company's paying for raw materials and receiving cash from selling the products made from those raw materials.
69
What is a Dividend?
A sum of money paid to an investor or stockholder as earnings on an investment.
70
What is Equity?
Assets minus liabilities; also known as stockholders' equity, book value, and net worth.
71
What is Finance?
In business, the function that involves all money and money management matters.
72
What is Financing?
Funding a business activity or project through debt, equity, or venture capital.
73
What is Return on capital?
A measure of how well a business generates cash flow in relation to the capital it has already invested into itself.
74
What is Venture capital?
Invested money used for new business opportunities.
75
What is Working capital management?
Management of a firm's current balance of assets and liabilities; involves accounts payable and receivable, inventory, and cash.
76
What is the Break-even point?
The level of sales at which revenues equal total costs.
77
What are Fixed Costs?
Business costs that are not affected by changes in sales volume.
78
What is Sales Revenue?
Money that comes in to a business from the sale of goods and services; also called income from sales.
79
What is Selling Price?
The amount a seller charges the purchaser for a good or service.
80
What are Semivariable Costs?
Business costs that vary to some extent in response to sales.
81
What are Total Costs?
All of a business's costs, both fixed and variable.
82
What is Variable-Cost Margin?
The amount of variable costs that apply to one unit; also called fixed-cost contribution.
83
What are Variable Costs?
Business costs that change according to changes in sales volume.
84
What is the Beginning cash balance?
The amount of money a business has available at the beginning of each month.
85
What are Benefits?
Advantages or payments employees receive in addition to their wages (e.g., sick time, holiday pay, health insurance).
86
What is a Business license?
A document that grants permission to operate a business.
87
What is Cash flow?
The movement of funds into and out of a business; determines the amount of cash the business has to work with at any given time.
88
What is a Cash flow statement?
A financial summary with estimates as to when, where, and how much money will flow into and out of a business.
89
What are Cash payments?
The money that a business spends (business expenses).
90
What are Cash receipts?
The money that a business collects (business income).
91
What is a Cash shortage?
The situation that exists when more money flows out of a business than flows in.
92
What is a Cash surplus?
The situation that exists when more money flows into a business than flows out.
93
What are Contracts/agreements?
Legal agreements between two or more businesses stating that one party is to do something in return for something provided by the other party.
94
What is the Cost of goods to be sold?
The amount of money a business pays for the product it will sell.
95
What is the Ending cash balance?
The amount of cash a business has left at the end of the month.
96
What are Fixed expenses?
Business costs that are not affected by changes in sales volume.
97
What is an Industry trend?
The direction in which a particular industry is moving; sales in particular may be increasing or decreasing.
98
What is Interest?
Money payments for the use of borrowed money.
99
What is a Loan?
Money lent to individuals or businesses in exchange for the promise of repayment plus interest.
100
What is Marketing research?
The systematic gathering, recording, and analyzing of data about problems relating to the marketing of goods and services.
101
What is a Patent?
Legal protection of an invention or a process granted by government to its owners for a certain number of years.
102
What is Payroll?
The sum of money paid to employees in a given period.
103
What is a Permit?
A document that grants permission to do something.
104
What are Raw materials?
Items in their natural state or condition.
105
What is Rent?
Money payments for the use of land or property.
106
What is Start-up money?
Funds used to bring a business into operation.
107
What are Taxes?
Monies that individuals or businesses must pay to the government.
108
What is Total cash value?
The amount of cash a business must pay to the government.
109
What is a Trademark?
A symbol, design, or word used by a producer to identify a good service and registered with the government to prevent use by others.
110
What are Utility costs?
Charges for the use of electrical, gas, and water services.
111
What are Variable expenses?
Business costs that change according to changes in sales volume.
112
What does Accommodating mean?
A negotiating style involving a person who agrees to a certain course of action that benefits someone else, even though s/he does not equally benefit from the transaction.
113
What is an Agreement?
A negotiation outcome.
114
What is Alternative planning?
The process of anticipating others' possible negotiation strategies and preparing appropriate responses.
115
What does Avoidant mean?
A conscious effort to withdraw or stay away from a situation; a negotiating style that is used when relationships and outcomes are not important or when one party has another plan to meet his/her needs or wants.
116
What is Bargaining?
A negotiating technique that involves giving another party something s/he wants, and receiving something desired in return.
117
What is BATNA?
The best alternate to a negotiated agreement; determining which issues are non-negotiable and which issues are open to compromise before entering a negotiation.
118
What does Collaborative mean?
A negotiating style in which two parties work together to reach a mutually beneficial agreement.
119
What does Combative mean?
A negotiating style in which one or both parties consider only their interests and fight to achieve a desired outcome at any cost.
120
What does Competitive mean?
A negotiating style in which one or both parties view the negotiation as a game-like challenge or rivalry; one or both parties consider only their interests to achieve a desired outcome.
121
What is Compromise?
Giving in to another's wishes so that an agreement may be reached.
122
What is a Concession?
Something that is given up during a negotiation.
123
What is Give-and-take?
A negotiating technique that involves giving another party something s/he wants and receiving something desired in return; also called bargaining or compromise.
124
What is Good Cop/Bad Cop?
A negotiating technique involving at least two people on one side of the negotiation; of the two, one is reasonable and agrees with the opposing party, while the other is unreasonable and disagrees with the opposing party.
125
What are Interests?
A person's wants or needs.
126
What is Leverage?
The amount of power one person holds during a negotiation.
127
What does Limited authority mean?
A negotiating strategy in which one person claims that s/he does not have the authority to make a decision and must consult another person who is not present during the negotiation process.
128
What is a Lose-Lose outcome?
A negotiation outcome in which both people do not receive what they want; often a result when using the avoidance negotiating style.
129
What is a Lose-Win outcome?
A negotiation outcome in which one person gives up or accommodates the other person with the hope of gaining something in a future negotiation; often a result when using the accommodating negotiating style.
130
What is a Negotiating strategy?
The plan or technique a person uses to reach a goal or achieve a desired outcome.
131
What is a Negotiating style?
Personal characteristics that influence the manner in which a person behaves during the negotiation process.
132
What is Negotiation?
The process of one party reaching an agreement with another party to meet specific needs or wants; the process of persuading or influencing someone to take a certain course of action in order to achieve a desired outcome.
133
What is a Position?
What someone believes or how s/he feels about an idea or issue.
134
What is Power?
A person's ability to give another person or specific need or want.
135
What is Silence?
A negotiating strategy that involves listening but not speaking; often used when a situation becomes emotionally heated or when the other person does not like a specific message.
136
What are Terms?
Specific points that reveal each person's expectations and responsibilities in a negotiation agreement.
137
What is a Win-Lose outcome?
A negotiation outcome that results from the use of a combative or competitive negotiating style; one party gets everything s/he wants while the other party does not.
138
What is a Win-Win outcome?
A negotiation outcome in which both people benefit; often a result when using the collaborative negotiating style.
139
What is the Bottom line?
Net outcome.
140
What is Competitive analysis?
The process of comparing a business's income statement with that of its competitors to see how it is doing by industry standards.
141
What is Cost of goods sold/Cost of sales?
The amount of money a business pays for the product it will sell.
142
What is an Earnings statement?
Another name for an income statement.
143
What is a Financial ratio?
The comparison of two numbers from a business's financial statement; used as a tool by businesses to see relationships between numbers.
144
What is Gross profit?
Money left after the cost of goods expense is subtracted from total income.
145
What is an income statement?
A summary of a business's income and expenses over a period of time.
146
What is Net income/profit?
Money remaining after operating expenses are subtracted from gross profit.
147
What is an Operating statement?
Another name for an income statement.
148
What is a Ratio?
A comparison created when one number is divided into another.
149
What is Revenue?
The total amount of money earned by a business; income.
150
What is an Accounting record?
A document that presents or interprets the specifics of the monetary transactions of a business.
151
What is an Asset record?
A document about something of value that a business owns.
152
What is a Brand name?
That part of brand identity which can be spoken, including words, phrases, letters, numbers, or any combination.
153
What is a Business record?
A document containing information about a business's operations and its finances.
154
What is a Copyright?
Legal protection of books and other artistic works granted by government and giving their creators sole rights to them for a certain period of years.
155
What is Data processing?
Handling information, especially facts.
156
What is a Database?
Computerized storage for information and facts.
157
What is Depreciation?
Reduction in value of assets occurring over a period of time.
158
What is a Digital record?
A document preserved electronically.
159
What is Document processing?
Handling information, especially concepts.
160
What is Enterprise resource planning (ERP)?
Software applications using database technology that enables a business to manage its information about customers, products, employees, and finances.
161
What is Federal income tax?
A U.S. tax (based on earnings) that is paid by employees and corporations.
162
What is a Financial record?
A document containing information related to the overall income and expenses of a business.
163
What are Financial statements?
Summaries of accounting information.
164
What is Intellectual property?
Intangible business assets resulting from thinking processes.
165
What is an Inventory record?
Documents containing information related to the goods that a business has on hand or on order.
166
What is a Legal record?
Documents containing information relating to or concerned with the law.
167
What is Medicare?
Government-supplied health care for seniors.
168
What is Outsourcing?
Acquiring assistance from outside organizations/consultants to obtain goods or services to accomplish business objectives.
169
What is a Payroll record?
A document about the sum of money paid to an employee in a given period.
170
What is a Perpetual inventory system?
An inventory method that updates inventory information on a continuous basis.
171
What is a Personnel record?
A document containing information about an employee.
172
What is a Promotional record?
A document containing information about the various types of communications that businesses use to inform, persuade, or remind customers of their products, images, or ideas.
173
What is a Public business/company?
A business.
174
What is outsourcing?
Acquiring assistance from outside organizations/consultants to obtain goods or services to accomplish business objectives.
175
What is a payroll record?
A document about the sum of money paid to an employee in a given period.
176
What is a perpetual inventory system?
An inventory method that updates inventory information on a continuous basis.
177
What is a personnel record?
A document containing information about an employee.
178
What is a promotional record?
A document containing information about the various types of communications that businesses use to inform, persuade, or remind customers of their products, images, or ideas.
179
What is a public business/company?
A business owned by investors who trade its shares via a stock exchange.
180
What is record keeping?
The process of systematically recording, organizing, and destroying all the types of information necessary for a business's operational and financial decision-making.
181
What is the Sarbanes-Oxley Act?
A U.S. regulation mandating that public businesses comply with specific accounting requirements.
182
What is Social Security (FICA)?
A U.S. payroll tax paid into equally by employees and employers to fund federal programs for retirees, the disabled, and children of deceased workers.
183
What is a tax record?
A document about monies that individuals or businesses must pay to the government.
184
What is a trade secret?
Undisclosed information within a particular business or industry.
185
What is a work order?
A written description of tasks that are to be completed by a specified time.
