The Three Piece Business Prayer Quiz

Answer: Manager

A manager is a person who oversees the daily running of any organisation, group or event. A general manager is in charge of overall aspects of the entity. This in turn can be broken down into other levels within a company if that organisation is large enough to warrant it.

A staff manager, for example, would be in charge of handling issues relating to the firm's employees, or a project manager would be in charge of seeing specific projects through to fruition. Both these managers would report back to the General Manager, and so on.

Answer: Withdrawal

Withdrawal of funds from a company or personal account lessens the amount of cash available in that company's funds or in one's personal account. Its opposite is a deposit where cash is either invested into that company, or placed into a personal account.

In general terms, these dealings are known as debits or credits. For example, an account is debited (lessened) when an amount is withdrawn from it, or credited (increased) when a deposit is put into same.

Answer: Transaction

A transaction is any act that takes part during the normal everyday runnings of an organisation. Selling goods to anyone, for example, is a transaction. Remitting cheques as payment for services rendered is a transaction. Making plans for future events is also a transaction. Transactions usually involve some form of written record to follow their onset, progress and conclusion.

Answer: Bookkeeping

Bookkeeping is the recording of all financial transactions relating to any organisation. When money is received, it is recorded at several levels. When money is paid out or invested or channelled into other areas of the firm, this is also recorded along every step of the way.

At the end of each month, bank statements are reconciled to make sure the firm's records and the bank details balance. Each month may also involve working out profit and loss statements. Once every twelve months usually requires a fully detailed Balance Sheet that clearly states all the firm's assets and liabilities for the entire year.

These transactions are all known as bookkeeping.

Answer: Finance

Finance is the science of money management, assets and decisions relating to any organisation, country or international concern. It contrasts against bookkeeping in that bookkeeping is a written daily record of all monetary events of a firm, whereas finance is related more to decisions and management of those recorded funds and assets.

Answer: Contractor

A contractor is a person (or organisation or partnership) who has put in a tender to perform a certain task for another person, organisation or partnership, within a set time limit, for a specified amount of payment. It is invalid unless an acceptance has been made of the offer.

It works the other way around as well. An amount may be offered to perform a task and a contractor may accept to do that task for that specific amount. Contract Law is quite a fascinating area of work to study.

Answer: Warranty

Briefly speaking, a warranty is a guarantee, agreement or undertaking that a specific area within any contract, purchase or dealing shall involve no loss on the part of the person or organisation making the purchase, or signing an agreement of any kind, in good faith.

It not only protects against loss of some kind, but it also guarantees specific outcomes and assumes responsibility that the transaction will provide satisfaction to all involved.

Answer: Premium

As far as insurance policies go, a premium is the amount paid annually to cover a person or organisation against damages or loss of some kind. A premium can also be a reduced price as an enticement to purchase any goods, or to make investments, or some kind of award, or even an amount by which some commodity has exceeded its original worth.

Answer: Partnership

Generally speaking, a partnership is an agreement between two or more person to form an association to provide goods or services of some kind in exchange for income or goods of some kind. Partners usually share equally, unless otherwise stated, in the profits of that association or service. They are also liable for any losses incurred.

Answer: Business

A business is a specific commercial or industrial or professional establishment of some kind that deals in providing services or goods for monies received as payment for same. It can be as small as a sole trader, or a partnership, or a huge corporation. Business is a very broad term for any financial establishments that operate commercially within a society.