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How Self-Made Forbes 400 Billionaires Earned Their Money
Making Money Off the Poor
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Business term of the day - Term for September 18, 2013: "counting house"
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A counting house, or compting house, literally is the building, room, office or suite in which a business firm carries on operations, particularly accounting. By a synecdoche, it has come to mean the accounting operations of a firm, however housed. The term is British in origin and is primarily used in the context of the 19th century or earlier periods.
The term occurs in the well-known English nursery rhyme "Sing a Song of Sixpence". It also appears in A Christmas Carol and "David Copperfield", by Charles Dickens and Deadeye Dick, by Kurt Vonnegut.
Counting House also the name given to early businesses which safely stored public and private money and loaned money.
The royal Counting House in the time of Henry VIII of England is described in the "Eltham Ordinance" of 1526 and could be constructed wherever the king was. A green cloth was to be laid daily over a table or board, and at this at least one clerk of the green cloth and the clerks' comptroller were to sit for at least one hour every morning from 8am. The Cofferer of the Household was also to sit at the table and to lay on it his Journal and Memoranda. Clerks were to record each claim approved by the clerks' comptroller in the parchment docket called the "Main Docquet" and record payments of a wage, pension, expense or debenture in a ledger. The comptroller was to ensure that amounts claimed or paid tallied with approved rates, and the Cofferer was supervisor and controlled the coffer from which payments were made. Clerks and comptrollers were to go out into the household, check the quality of supplied goods and ensure that no unauthorised person was making use of household supplies. The Lord Steward of the household, Treasurer of the Household and Comptroller of the Household were to attend at the Counting House when convenient and could summon the Cofferer and other household officers before them to agree the appointment of purveyors, and regulations and instructions regarding household supplies. Counting House officials were later known as the Board of Green Cloth.
Management! What?
The Meaning Of Management: The Great Awakening
Management matters. What happens in management determines—for better or worse—the quality of life for most people for most of their waking hours. Without management, no people are clothed or fed or housed, no children are educated, no health services are delivered, no communications take place, no travel happens, no entertainment or ballet or drama or movie is presented, no museums are run, no books get published, no science is possible, no firms make money and no government can be run. In any society, management is the biggest single determinant of the quality of life of the people in that society. Read more...
JPMorgan may pay $750M fine for 'whale' losses
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Business term of the day - Term for September 17, 2013: "Counterproductive Norms"
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Business term of the day - Term for September 16, 2013: "cost-plus contract"
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A cost-plus contract, also termed a cost reimbursement contract, is a contract where a contractor is paid for all of its allowed expenses to a set limit plus additional payment to allow for a profit. Cost-reimbursement contracts contrast with fixed-price contract, in which the contractor is paid a negotiated amount regardless of incurred expenses. Cost-plus contracts first came into use in the United States during the World Wars to encourage wartime production by large American companies.
Types
There are four general types of cost-reimbursement contracts, all of which pay every allowable, allocatable, and reasonable cost incurred by the contractor, plus a fee or profit which differs by contract type.- Cost plus fixed-fee (CPFF) contracts pay a pre-determined fee that was agreed upon at the time of contract formation.
- Cost-plus-incentive fee (CPIF) contracts have a larger fee awarded for contracts which meet or exceed performance targets, including any cost savings.
- Cost-plus-award fee (CPAF) contracts pay a fee based upon the contractor's work performance. In some contracts, the fee is determined subjectively by an awards fee board whereas in others the fee is based upon objective performance metrics. An aircraft development contract, for example, may pay award fees if the contractor achieves certain speed, range, or payload capacity goals.
- Cost plus percentage of cost pay a fee that rises as the contractor's cost rise. Because this contract type provides no incentive for the contractor to control costs it is rarely utilized. The U.S. Federal Acquisition Regulations specifically prohibit the use of this type for U.S. Federal Government contracting (FAR Part 16.102).
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