FSE 2022- FUNERAL HOME MANAGEMENT - MIDTERM EXAM
QUESTIONS AND ANSWERS WITH COMPLETE SOLUTIONS VERIFIED
Manufactoring Business:
A business that makes finished goods from raw materials by hand or machinery.
500-1500 employees
Merchandising Business:
A business that purchases finished goods for resale.
Business Plan
A written description of a new idea that projects marketing, operational, and financial
aspects of a proposed business.
Entrepreneur
One who organizes, manages, and assumes the risk of a business firm or venture.
Competition
The practice of trying to obtain something that is being sought by others under similar
circumstances at the same time.
Debt Equity
Any borrowed or loaned capital invested in the business that must be repaid to
creditors.
Goodwill
An intangible asset such as the name of a funeral home; also, an intangible asset which
enables a business to earn a profit in excess of the normal rate of profit earned by other
businesses of the same kind.
Intangible Assets
,Those assests that cannot be touched or grasped (examples include patents, copyrights
and goodwill).
Tangible Assets
A physical asset that possesses genuine value.
Copyright
The registered right of a creator to reproduce, publish, and sell the work which is the
product of the intelligence and skill of that person.
Venture Capitalist
An investor or investment group that commits money to new business ventures.
General Manager
An entrepreneur who functions as an administrator of a business.
Consumerism
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.
Partnership
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.
Board of Directors
The governing body that is elected by the stockholders of a corporation.
Sole Proprietorship
A legal form of organization whereby the business is owned and operated by one
person.
, Business Angel
A former entrepreneur or professional who provides starting or growth capital in
promising ventures, and helps with advice and contacts. Angel investors usually operate
alone (or in small groups) and play only an indirect role as advisors in the operations of
the investee firm.
Limited Partner
Can only lose the amount of money they invested in a partnership.
Corporation.
Articles of Partnership
A written document that states the rights and duties of partners in a partnership.
Corporate Charter
Written application for permission to incorporate that is approved by a state official.
Trademark
An intangible asset that is a distinct name, sign, or symbol that the federal government
grants exclusive rights to use for a specified period of time.
Earnings Approach
A business valuation approach, which centers on estimating the amount of potential
income that may be produced by the business in the next year. Income-based small
business valuation. Establishes the business value by dividing the expected financial
benefit (example: seller's cash flow).
Factoring
QUESTIONS AND ANSWERS WITH COMPLETE SOLUTIONS VERIFIED
Manufactoring Business:
A business that makes finished goods from raw materials by hand or machinery.
500-1500 employees
Merchandising Business:
A business that purchases finished goods for resale.
Business Plan
A written description of a new idea that projects marketing, operational, and financial
aspects of a proposed business.
Entrepreneur
One who organizes, manages, and assumes the risk of a business firm or venture.
Competition
The practice of trying to obtain something that is being sought by others under similar
circumstances at the same time.
Debt Equity
Any borrowed or loaned capital invested in the business that must be repaid to
creditors.
Goodwill
An intangible asset such as the name of a funeral home; also, an intangible asset which
enables a business to earn a profit in excess of the normal rate of profit earned by other
businesses of the same kind.
Intangible Assets
,Those assests that cannot be touched or grasped (examples include patents, copyrights
and goodwill).
Tangible Assets
A physical asset that possesses genuine value.
Copyright
The registered right of a creator to reproduce, publish, and sell the work which is the
product of the intelligence and skill of that person.
Venture Capitalist
An investor or investment group that commits money to new business ventures.
General Manager
An entrepreneur who functions as an administrator of a business.
Consumerism
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.
Partnership
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.
Board of Directors
The governing body that is elected by the stockholders of a corporation.
Sole Proprietorship
A legal form of organization whereby the business is owned and operated by one
person.
, Business Angel
A former entrepreneur or professional who provides starting or growth capital in
promising ventures, and helps with advice and contacts. Angel investors usually operate
alone (or in small groups) and play only an indirect role as advisors in the operations of
the investee firm.
Limited Partner
Can only lose the amount of money they invested in a partnership.
Corporation.
Articles of Partnership
A written document that states the rights and duties of partners in a partnership.
Corporate Charter
Written application for permission to incorporate that is approved by a state official.
Trademark
An intangible asset that is a distinct name, sign, or symbol that the federal government
grants exclusive rights to use for a specified period of time.
Earnings Approach
A business valuation approach, which centers on estimating the amount of potential
income that may be produced by the business in the next year. Income-based small
business valuation. Establishes the business value by dividing the expected financial
benefit (example: seller's cash flow).
Factoring
