Term
| Brick and mortar business |
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Definition
| require an analysis of the market and competition |
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Term
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Definition
| Includes the broader general market (demographics, psycho graphics) |
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Term
| 4 P's to marketing strategy |
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Definition
1. Product
2. Price
3. Promotion
4. Place |
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Definition
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Definition
| a separate legal entity that shareholders have bought into |
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Term
| What are some adv. and disadvantages to being a corporation? |
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Definition
1. Diverts liability
2. cumbersome to maintain
3. More documentation |
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Term
LCC
what kind of taxi-cation?
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Definition
Limited Liability Company: combines a corporation and partnership
-pass-through taxi cation |
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Definition
| if something goes very badly, clients will not come after personal assets |
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Definition
| Employer Identification Number: like SSC# when submitting taxes or contract |
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Term
| Most states require what kind of permit? |
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Definition
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Term
| If you have a business with more than 5 employees you need what 3 things? |
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Definition
1. worker's comp
2. Unemployment
3. Disability insruance |
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Term
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Definition
| expenses associated with cost of sale |
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Term
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Definition
| expenses that do not vary from month-to-month |
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Term
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Definition
| subtract variable costs from sales revenue |
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Term
| how do you calculate Net Profit (net income) |
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Definition
| calculated by subtracting gross profit from fixed costs |
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Term
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Definition
| Profit and Loss statements: break even income |
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Term
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Definition
· used to project how other income sources and irregular expenses affect the business monthly |
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Term
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Definition
| money owed but not yet paid by the clients |
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Definition
| after time it will lose its value |
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Definition
| many expert reviewers to look at before publishing and determine information |
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Definition
| fabric or sample for client presentations |
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Definition
| entity that purchase large quantities of merchandise from manufacturers that sells them in smaller quantities to designers |
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Term
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Definition
| allows one to immediately order and receive items without advance payment |
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Term
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Definition
(Life cycle cost analysis): examines cost of a building, such as:
disposal costs
utility costs
land, construction, destruction |
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Term
| What are 4 types of bidding documents? |
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Definition
1. Advertisement or invitation to bid
2. General conditions-bonds (so you cant just leave a project)
3. Instruction to bidders
4. Bid form-bid bond |
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Term
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Definition
§ saying they have the money to afford project, ensures that bidders will lose money if they don’t go through with money, security |
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Term
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Definition
(Contract Administration):
built environments are transformed into reality during the CA phase to make sure that everything is done correctly |
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Term
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Definition
General Contractor:
hired to coordinate construction project, including subcontractors |
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Term
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Definition
:specialized (electrical, plumbing, flooring, etc.)
hired by the contractor |
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Term
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Definition
guides for activities required to accomplish goals of the project, such as :
on time, within budget, achieve client requirements, start to end process |
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Term
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Definition
| money put aside in case things go wrong or off the projects’ path/budget |
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Term
Cash Method:
whats the avtg? |
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Definition
revenues recorded when receive cash and expenses when bills paid
advtg: only see the money you have in the account |
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Term
Accrual Method:
avtg and disadv. |
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Definition
revenues and expenses are immediately recorded
o As soon as you bill someone, its immediately recorded
o Show all money but don’t have it yet (disadvtg)
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Term
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Definition
| business classification system used for government work |
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Definition
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Definition
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Term
OSHA:
whats it stand for? |
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Definition
-Occupational safety and health administration
-protects employees with safe standards and conducts inspections, especially on construction sites |
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Term
Security Act:
How does it protect an employee? |
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Definition
delineates requirements for employee benefits
o Protects an employee from money being taken out of paycheck if you own money to the government |
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Term
| What disallows employers to ask personal questions? |
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Definition
| Title VII act: cannot call out race, color, religion, etc. |
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Term
| qual Pay and Age Discrimination Act |
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Definition
| bans discrimination of qualified individuals on the basis of disability |
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Term
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Definition
Uniform commercial code sets procedures for record of individuals and privacy; the body of laws governing commercial transactions in the US.
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Term
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Definition
| determine what tasks need to be completed and what attributes employees should have to perform them |
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Definition
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Term
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Definition
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Term
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Definition
| (project management technique in which) the people who are going to do the work take part in the estimating process. |
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Term
| closed proprietary specification |
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Definition
names, describes, and lists a single product or system
vs open:which describes a single product or system but allows the bidder to suggest an alternate or substitute product |
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Term
CMAR:
what does it stand for? |
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Definition
(Construction management at risk)
is a delivery method which entails a commitment by the Construction Manager (CM) to deliver the project within a Guaranteed Maximum Price (GMP) which is based on the construction documents and specifications at the time of the GMP plus any reasonably inferred items or tasks |
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Term
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Definition
| determines the shortest time possible to complete a project by figuring the project sequencing |
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Term
D-B-B:
what does it stand for? |
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Definition
(Design bid build)
project delivery method in which the agency or owner contracts with separate entities for the design and construction of a project |
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Term
D-B:
what does it stand for? |
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Definition
(Design bid)
method of project delivery in which one entity – the design-build team – works under a single contract with the project owner to provide design and construction services. One entity, one contract, one unified flow of work from initial concept through completion |
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Term
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Definition
| showing activities displayed against time |
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Term
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Definition
| tool that allows a team to identify the presence and strengths of relationships between two or more lists of items |
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Term
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Definition
manager closely observes and/or controls the work of his/her subordinates or employee
-lack of freedom in workplace |
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Term
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Definition
| is a collection of other process activities that are all nested within a parallel activity |
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Term
PMP:
what does it stand for? |
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Definition
(Project Management Plan)
formal, approved document that defines how the project is executed, monitored, and controlled |
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Term
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Definition
| plan or suggestion, especially a formal or written one, put forward for consideration or discussion by others |
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Term
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Definition
| rights that come with ownership of a business or real property |
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Term
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Definition
-areas of possible causes of risk
Strategic, Operational, Compliance and Financial risks |
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Term
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Definition
| determines the importance of risk |
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Term
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Definition
| potential risks and their characteristics |
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Term
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Definition
| the degree of variability in investment returns that an investor is willing to withstand |
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Term
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Definition
| is the process of project planning in waves as the project proceeds and later details become clearer |
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Term
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Definition
| is a technique used in project management to shorten an already developed schedule. This might be done to meet an update delivery date, a new opportunity or schedule delay. It's done without changing the scope of the program. |
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Term
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Definition
| refers to changes, continuous or uncontrolled growth in a project's scope, at any point after the project begins -can occur when the scope of a project is not properly defined, documented, or controlled |
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Term
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Definition
| (strengths, weaknesses, opportunities, threats -used to develop comprehensive risk registers |
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Term
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Definition
| process whereby governments and financial institutions invite bids for large projects that must be submitted within a finite deadline. |
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Term
WBS:
What does it stand for? |
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Definition
(work breakdown structure)
deliverable oriented hierarchical decomposition of the work to be executed by the project team |
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Term
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Definition
| revised set of drawings submitted by a contractor upon completion of a project |
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Term
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Definition
| a detailed list of a shipment of goods in the form of a receipt given by the carrier to the person consigning the goods |
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Term
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Definition
| is a legal contract between the shipper and the carrier. The freight bill includes the necessary details of the transaction and typically is signed by the shipper and the carrier |
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Term
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Definition
| a page cut or torn from a publication to prove to the client that the advertisement was published |
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Term
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Definition
| money owed by a company to its creditors |
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Term
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Definition
| money owed to a company by its debtors |
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Term
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Definition
| property owned by a person or company, regarded as having value and available to meet debts, commitments, or legacies |
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Term
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Definition
| a statement of the assets, liabilities, and capital of a business detailing the balance of income and expenditure |
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Term
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Definition
| is a written description of your business's future, a document that tells what you plan to do and how you plan to do it |
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Term
CGL:
What does it stand for? |
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Definition
(commercial general liability)
standard insurance policy issued to business organizations to protect them against liability claims for bodily injury (BI) and property damage (PD), and personal injury (PI) liability |
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Term
DBA:
What foes it stand for? |
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Definition
(doing business as)
the name under which a company operates their business differs from its legal, registered name |
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Term
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Definition
| arrangement by which two or more persons agree to share in all assets, profits and financial and legal liabilities of a business |
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Term
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Definition
Same thing!
shows you how much money your business earned and lost within a period of time |
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Term
LLC:
What does it stand for? |
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Definition
(limited Liability Company)
corporate structure whereby the members of the company cannot be held personally liable for the company's debts or liabilities |
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Term
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Definition
| is an obligation that is not due within one year of the date of the balance sheet |
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Term
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Definition
| a company's total earnings |
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Term
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Definition
| represents the owner's investment in the business minus the owner's draws or withdrawals from the business plus the net income |
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Term
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Definition
| arrangement by which a company or government agency provides a guarantee of compensation for specified loss, damage, illness, or death in return for payment of a premium |
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Definition
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Term
S Corporation:
What does it stand for? |
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Definition
(sub chapter corporation)
corporation that meets specific Internal Revenue Code requirements, giving a corporation with 100 shareholders or less the benefit of incorporation while being taxed as a partnership |
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Term
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Definition
| records revenues and expenses when they are incurred, regardless of when cash is exchanged |
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Term
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Definition
| payment receipts are recorded during the period they are received, and expenses are recorded in the period in which they are actually paid |
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Term
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Definition
| a book or other collection of financial accounts of a particular type. |
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Term
| Employee at-will doctrine |
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Definition
| the presumption that employment is for an indefinite period of time and may be terminated either by employer or employee |
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Term
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Definition
| extra benefit supplementing an employee's salary, for example, a company car, subsidized meals, health insurance, etc. |
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Term
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Definition
| In the Renaissance, a scholar who studied the languages and cultures of ancient Greece and Rome; today, a scholar of the humanities |
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Term
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Definition
| is a natural person, business, or corporation that provides goods or services to another entity under terms specified in a contract or within a verbal agreement |
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Definition
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Term
IDP:
What does it stand for? |
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Definition
-Integrated design process
-1.Programming
2.Schematic design
3. Design Development
4.Contract documents
5.Contract administration |
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Term
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Definition
| begin with name and logo which s then used on a variety of business-related materials |
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