Term
| What are the 6 typs of business structures? |
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Definition
1. Sole Propietorship
2. Partnerships
3. Corporations
4. Limited Liability Companies and Limited Liability Partnerships
5. Joint Ventures
6. Office Organization |
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Term
| What are the 2 types of partnership? |
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Definition
1. general partnership
2. limited partnership |
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Term
| What are the types of insurance interior designers are required and are optional to have? |
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Definition
1. Professional liability
2. General liability
3. Property
4. Personal injurty protection
5. Automobile
6. Workers' comp
7. Health
8. Life
9. Flood
10. Valubale papers
11. Business life |
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Term
| What is Accounts Payable? |
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Definition
| claims fron the suppliers of good or services (such as consultants) but not yet paid for. |
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Term
| What is Accounts Receivable? |
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Definition
| Money that others owe to the business through invoices of services. |
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Term
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Definition
| Any type of tangible or intangible resource that can be measured in monetary terms. Assets include current assets, fixed assets, and other assets. |
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Term
| What is Chart of Accounts? |
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Definition
| a list of the various accounts a business uses to keep track of money along with corresponding account numbers used for data processing. |
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Term
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Definition
| Resources of a business that are converted into cash within one year. |
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Term
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Definition
| all labor of technical staff, pricipals, and support staff that is directly chareable to projects |
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Term
| what is Direct personal expense? |
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Definition
| the expense of employee alaries plus the cost of mandatory and discretionary expenses and benefits such as payroll taxes, heath insurance, and the like. |
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Term
| WHat is discretionary distribution? |
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Definition
| voluntary distribution of profits to owners and non-owners, such as performance bonuses, profit sharing, incentive compensation, and the like. |
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Term
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Definition
| resources that are used by the business and that are long-term items, such as equipment or property. |
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Term
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Definition
| all the revenue generated by a business for a perior of time stated. |
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Term
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Definition
| all labor not charged to a project or revenue-producing account, such as administration, general office time, and marketing. |
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Term
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Definition
| all labor not charged to a project or revenue-producing account, such as administration, general office time, and marketing. |
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Term
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Definition
| claims by people outside the business and claims by the owners of the business against the total assets of the business. |
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Term
| What are examples of other assets? |
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Definition
| Miscellaneous resources such as securities or copyrights. |
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Term
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Definition
| expenses incurred in order to keep a business operation whether or not any revenue is being generated, such as rent, power, and telephone. |
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Term
| What are the two types of accounty methods used? |
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Definition
1. cash accounting
2. accrual accounting |
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Term
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Definition
| revenue and expenses are recongnized at the actual time the business receives the cash or pays a bill. |
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Term
| What is Accural Accounting? |
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Definition
| revenue and expenses are recognized at he time they are earned or incurred, whether or not cash has changed hands. |
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Term
| What are the most common accounting reports? |
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Definition
1. Balance sheet
2. Profit and loss statement
3. Cash flow statement |
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Term
| What are the most common profit planning and financial management reprots? |
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Definition
1. Project progress report
2. office earnings report
3. aged accounts receivable report
4. time analysis report |
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Term
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Definition
| total current assets divided by total current liabilities. this is a measure of a firm's ability to meet current obligations. the hight the ratio, the better. |
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Term
| What is net profit bfore tax? |
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Definition
| the % of profit based on net revenue: that is, total annual revenue less consultant's fees and reibursable expenses. |
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Term
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Definition
| the ratio of total office overhead to total direct labor. when used to calculate fees, the ratio is multiplied by the estimated cost of direct labor (no fringe benefits, taxes, etc.) and the resulting product is added to the direct labor amount. |
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Term
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Definition
| this is refinement of the current ratio and includes only cash and equivalents, plus accounts receivable, divided by total current liabilities. it is a more coservative measure than the current ratio because it includes onl those assets that are the most liquid. |
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Term
| What is Revenue per technical staff? |
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Definition
| the amount of net revenue produced per technical staff member, that is, those staff members most directly involved with charging direct time and producing jobs. |
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Term
| What is Revenue per total staff? |
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Definition
| the amount of net revenue produced per staff member per year, including part-time people and principals. |
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Term
| What type of licence do you need to have if your firm resells goods? |
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Definition
sales tax licence.
also called: resale license or transaction privilege tax license |
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Term
| What are some of the common components of human resource management? |
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Definition
1. Hiring
2. Work Organization and job descriptions
3. Compensation
4. Evaluations
5. Termination
6. Legal requirements |
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