EXAM STUDY MATERIALS July 24, 2024 1:33:58 PM Certified Legal Manager – ALA Questions And Answers. Verified and Updated. Statutory Fringe Benefits - answer✔✔Benefits that have been exempted from income taxation by law to encourage employers to provide these benefits the their employees, such as medical insurance, disability and group -term life insurance . Situational Judgment Tests - answer✔✔Tests that measure a person's judgment in work settings. Situational Leadership - answer✔✔A management theory stating that different situations call for different leadership styles and that essentially there is no one best way to lead. Skill -Based Pay - answer✔✔A salary differentiation system that bases compensation on an individual's education, experience, knowledge, skills or specialized training. Soft Disbursements - answer✔✔Internal costs that have a predetermined billing value such as copy and facsimile. Special Form Coverage - answer✔✔Insurance that typically covers all risks, including theft, unless specifically excluded from the policy. Spreadsheet - answer✔✔Computer software used to create worksheets consisting of columns and rows. Claim - answer✔✔A demand made by the insured, or the insured's beneficiary for payment of the benefits provided by the contract. Claims Made Coverage - answer✔✔Form of insurance that pays claims presented to the insurer during the ter m of the policy or within a specific term after its expiration. It limits liability insurers' exposure to unknown future liabilities. Civil Rights Act of 1991 - answer✔✔Enacted to strengthen and improve federal civil rights laws by providing for damages in cases of intentional employment discrimination, clarifying provisions regarding disparate impact actions and for other purposes. Chronological Filing - answer✔✔Filing in sequence according to date. Chronological Files - answer✔✔Copies of outgoing correspo ndence arranged in chronological order. Certified Destruction - answer✔✔Shredding of paper or media by a bonded company. EXAM STUDY MATERIALS July 24, 2024 1:33:58 PM Central Tendency Error - answer✔✔Occurs when a rater gives all employees a score within a narrow range in the middle of the scale. Cash Flow - answer✔✔The overall amount of cash generated by the company that is available to the company to manage the business. Cash Basis Accounting - answer✔✔Revenue is recorded when the cash is received and expenses are recorded when the bills are actually paid. Case Files - answer✔✔Groupings of records that pertain to a specific person, place, thing, event or program. Carryovers - answer✔✔Provision of tax law that allows current losses or certain tax credits to be utilized in the tax returns of future peri ods. Capped Fees - answer✔✔Client pays law firm up to a specified maximum amount, but no more. Capital Gain - answer✔✔Portion of the total gain recognized on the sale or exchange of a non -
inventory asset which is not taxed as ordinary income. Capital Budge t - answer✔✔The portion of the budget process in which management focuses specifically on the company's fixed asset needs. Capital Assets - answer✔✔Usually synonymous with fixed or tangible assets including land, buildings, machinery and equipment, furnitu re and fixtures and vehicles. Cafeteria Plan - answer✔✔A benefit plan maintained by an employer for the benefit of the employees under which each participant has the opportunity to select the benefits they desire. Certain minimum choices and nondiscriminat ory rules apply. Byte - answer✔✔Eight bits and the required amount of computer storage needed for one keyboard stroke; KB = ~ 1K bytes; MG = ~ 1M bytes; GB = ~ 1B bytes Business Interruption Insurance - answer✔✔Protection for a business owner against losse s resulting from a temporary shutdown because of fire or other insured peril. Provides reimbursement for lost net profits and necessary continuing expenses. Business Continuity Planning - answer✔✔Broadly defined as a management process that seeks to identi fy potential threats and impacts to the organization and provide a strategic and operational framework for ensuring the organization is able to withstand any disruption, interruption or loss to normal business functions or operation. Building Rentable Area - answer✔✔The sum of all the floor rentable areas. The portion of the inside finished surface of the permanent outer building wall which is 50% or more of the vertical floor -to-ceiling dimension, at the given point being measured as one moves horizontally along the wall.
inventory asset which is not taxed as ordinary income. Capital Budge t - answer✔✔The portion of the budget process in which management focuses specifically on the company's fixed asset needs. Capital Assets - answer✔✔Usually synonymous with fixed or tangible assets including land, buildings, machinery and equipment, furnitu re and fixtures and vehicles. Cafeteria Plan - answer✔✔A benefit plan maintained by an employer for the benefit of the employees under which each participant has the opportunity to select the benefits they desire. Certain minimum choices and nondiscriminat ory rules apply. Byte - answer✔✔Eight bits and the required amount of computer storage needed for one keyboard stroke; KB = ~ 1K bytes; MG = ~ 1M bytes; GB = ~ 1B bytes Business Interruption Insurance - answer✔✔Protection for a business owner against losse s resulting from a temporary shutdown because of fire or other insured peril. Provides reimbursement for lost net profits and necessary continuing expenses. Business Continuity Planning - answer✔✔Broadly defined as a management process that seeks to identi fy potential threats and impacts to the organization and provide a strategic and operational framework for ensuring the organization is able to withstand any disruption, interruption or loss to normal business functions or operation. Building Rentable Area - answer✔✔The sum of all the floor rentable areas. The portion of the inside finished surface of the permanent outer building wall which is 50% or more of the vertical floor -to-ceiling dimension, at the given point being measured as one moves horizontally along the wall.
