IAAP Exam Latest Updated Graded A+

3-1-1 Liquid Rules - ANSWER-all liquids, aerosols, creams, pastes, and gels carried onto the plane must fit into a single quart-sized clear plastic zip lock bag. Abilene Paradox - ANSWER-when a group makes a choice together that none of the group would have made on their own. Accounting Period - ANSWER-the time covered by a relevant set of books, ledgers, and other financial documents and records (usually twelve months). Accounts Payable - ANSWER-a short-term debt the company has to pay back to its creditors. Accounts Receivable - ANSWER-refers to money owed to the company by customers or another financial entity for goods or services that have been used or delivered but are not paid for yet. Accounts Receivable Account - ANSWER-another common account for goods and services sold on credit. Active Voice - ANSWER-the subject of the sentence performs the action. Ad-hoc Meetings - ANSWER-address a specific problem or task and may be called at any time. Adjectives - ANSWER-modify nouns and pronouns, adding information about which, what kind, and how much. Adobe Connect - ANSWER-used for live online meetings using an Internet connection and the appropriate software. Users also can share documents, and meetings can be recorded and edited. Adverbs - ANSWER-describe, limit, or explain verbs, adjectives, or other adverbs and shows time, manner place or degree. Airline Shuttles - ANSWER-transport passengers from one airport terminal to another. Airport Taxi - ANSWER-tend to have a set rate for transportation from the airport that is clearly advertised at the pickup area. Analytical Reports - ANSWER-evaluates the data and provides and provides answers, recommendations or addresses feasibility about trends and operations. ARMA International - ANSWER-(formerly known as the Association of Records Managers and Administrators, Inc.) - the professional organization for records managers and has published a set of filing rules. Asset - ANSWER-a balance sheet item, shows what the firm owns. Asymmetry - ANSWER-the opposite of a symmetrical layout, with text and graphics not matching in proportion or location in the design. ATM - ANSWER-Automated Teller Machine an electronic unit that allows customers basic financial transactions such as deposits, withdrawals, and the ability to check cash balances. Audio-Visual (A/V) Communications - ANSWER-combine two media such as television or film and narration. Autocratic Leadership - ANSWER-the leader gives instructions, makes all of the important decisions, and watches their staff closely to make sure they comply. Automatic Deductions - ANSWER-a convenient way to pay recurring expenses. The bank automatically deducts funds from an account and forwards the money to the creditor. Bad Debt Expense - ANSWER-refers to losses a company incurs when goods are sold without requiring immediate payment. Bad debt expense is recorded as an account receivable because it is an asset that has not been received. Balance Sheet - ANSWER-a major financial document that shows the assets, liabilities, and capitalization (total financial value) of a business at a particular time, detailing the balance of income and expenditure over the preceding period. Bank Fees - ANSWER-are the nominal fees charged by banks for various services such as notarizing a document, a stop order on a check, and other services Bank Reconciliation - ANSWER-analyzing and adjusting the cash balance shown on the bank's records and the account holder's records at a particular point of time. Body Copy - ANSWER-the meat of the document and gives readers the information they need about the subject. Bonds - ANSWER-a debt in which an investor loans money to a corporate or governmental entity for a defined period at a variable or fixed rate. Book-side - ANSWER-refers to the company's record of accounts, updated as money flows in or out, and is what is compared with bank records to check for bank fees, interest growth, and errors. Brackets [ ] - ANSWER-used to insert your own words into quotations or enclose a set of words that are already inside parentheses. Brainstorming - ANSWER-an opportunity for everyone on the team to share ideas. Brainstorming Sessions - ANSWER-generate new ideas. Brand - ANSWER-the reputation a company builds that tells a customer what to expect. Branding - ANSWER-promoting of a product or service by identifying it with a particular brand. Business Class - ANSWER-more expensive than economy but comes with more benefits. Business Letters - ANSWER-a formal way of communicating clearly with clients or company employees. Capitalization - ANSWER-a capital letter indicates a sentence is about to start or the proper name of a person or place is being used. Carrier - ANSWER-an airline company or brand. Cash Disbursement Journal - ANSWER-a journal used to record all expenses. Cash Flow - ANSWER-the amount of cash that flows into and out of a business. Cash Flow Statements - ANSWER-show sources of income as well as describe cash expenses during a certain period of time. Cash Payment Journal - ANSWER-a record of all cash payments except payroll. Cash Receipts Journal - ANSWER-a record of all cash received with entries indicating the source. Cash Short and Over - ANSWER-an account in the income statement that documents the availability of funds in a cash account. Chart of Accounts - ANSWER-a listing of all the different accounts that go in the general ledger of a business. Chronological Résumé - ANSWER-lists experience in order of most recent to oldest and is particularly useful because it shows career growth. Cisco WebEx - ANSWER-has web conferencing and videoconferencing applications and allows users to share screens. CLEAR - ANSWER-privately owned security travel service that allows its members to skip security lines in 12 airports nationwide. Client-Facing Meetings - ANSWER-gain feedback, troubleshoot problems, serve clients, or propose new business partnerships. Cognitive Dissonance Theory - ANSWER-people will avoid hearing views that oppose their own or change their beliefs to match their actions and seek reassurance after making a difficult decision. Collective Rationalization - ANSWER-The group process of creating ideas or reaching decisions that might be unbalanced because the group's methods are faulty and information is restricted by so-called mind guards. Colons (:) - ANSWER-are placed after independent clauses to emphasize what is coming next and are used between two independent clauses. Combined Journal - ANSWER-captures a single financial transaction that affects multiple journal entries when it cannot be recorded in one journal alone. Commas (,) - ANSWER-used to join two independent clauses with a coordinating conjunction. Committee Meetings - ANSWER-review specific projects that might involve cross-departmental activity. Communication - ANSWER-two-way process of reaching mutual understanding, in which participants not only exchange (encode-decode) information, news, ideas and feelings but also create and share meaning. Communication Model - ANSWER-shows the process of sending and receiving messages or transferring information from one person (sender) to another (receiver). Companywide Meetings and Events - ANSWER-involve everyone within the organization. Compliance Report - ANSWER-describes the awareness of how an organization is complying with guidelines, regulations, or legislation within their industry or government. Computer-Based Communications - ANSWER-the use of video conferences, websites, and email. Conceptual Skill - ANSWER-the ability to think creatively about, analyze, and understand complicated and abstract ideas. Concierge - ANSWER-experts on area attractions who help guests navigate unfamiliar areas. Concierge or Club Level - ANSWER-a floor where guests have access to complimentary breakfasts, water, snacks, and sometimes evening receptions. Confirmation Number or Code - ANSWER-the number or code connected with an electronic record for every reservation. Conjunctions - ANSWER-join words together to show adding a thought. Content Listening - ANSWER-understanding and retaining the information being said. Contra-Asset Accounts - ANSWER-are specifically designed to offset other transactions and are used to reduce the value of another related accounts. Contra-asset accounts help keep accounting records clean and make tax preparation easier and less time consuming. Copyediting - ANSWER-the process of correcting errors in a text and making it conform to an editorial style which includes spelling, capitalization, and punctuation. Correspondence - ANSWER-any written or digital communication between two or more parties in the form of emails, text messages, voicemails, notes, or postcards used to inform someone about a decision or to solicit information. Credit Terms - ANSWER-terms and schedules when payments are due from sales made on credit. Creditor - ANSWER-any person or entity that allows credit by letting another person or entity borrow money to be repaid at a later date. Critical Listening - ANSWER-gaining a clear understanding and evaluation of the meaning of the speaker's message. Customer Service - ANSWER-the act of assisting consumers with their questions and needs to attract or maintain them as customers. Dangling Modifiers - ANSWER-word or phrase that modifies a word not clearly stated in the sentence. Data Archiving - ANSWER-documents or records stored for the purpose of later or long-term reference. Debit Cards - ANSWER-payment cards that deduct funds from a checking or savings account to pay for goods and services without the need of cash or checks. Debits and credits - ANSWER-are basic entries in financial journals based on the double-entry system. Decision-Making Meetings - ANSWER-set goals and objectives or solve problems and are most effective with just a handful of participants. Deductive Reasoning (top-down reasoning) - ANSWER-is taking a general conclusion or fact and working to a specific conclusion. Deferral - ANSWER-is an asset or a liability that has not yet occurred. Deficiency needs or "D-needs" - ANSWER-the first four levels Maslow's hierarchy of needs self-actualization. Deluxe Room - ANSWER-a step up from a standard category room. Democratic Style - ANSWER-leader's value input from all team members. Departmental Meetings - ANSWER-review policies, procedures, goals, projects, and progress reports Depreciation - ANSWER-an accounting method for allocating the cost of an asset during its useful life. Descriptive Statistics - ANSWER-describe the measures of central tendency or standard deviation of the entire population. DHS Trusted Traveler Programs (Global Entry, NEXUS, SENTRI) - ANSWER-these programs expedite passage through customs and border checkpoints. Digital Watermark - ANSWER-a marker embedded in audio, video, or image data and is typically used to show copyright ownership. Direct Deposit - ANSWER-an electronic transfer from the payer's account directly to the recipient's account. Direct Style - ANSWER-quoting the source exactly and using quotation marks. Dividends - ANSWER-funds paid periodically to shareholders. Disposition - ANSWER-the records retirement or destruction date found in the records retention schedule. Document Readability - ANSWER-the reading level and comprehension of a document. See Gunning Fog Index Documents - ANSWER-written matter that record information to be referenced later. Domain - ANSWER-an organization's unique name on the Internet. Donation Acknowledgement letter - ANSWER-any donation exceeding $250 must be acknowledged in a written letter by the nonprofit receiving the donation so the donor can claim it when filing taxes. Downward Communications - ANSWER-messages sent from management to employees. DPI (dots per inch) - ANSWER-a measure of pixel, or dot, density, the number of individual dots that can be placed in a line within a one-inch span. It is commonly referred to as PPI (pixels per inch). Drawing on account - ANSWER-applies to a sole proprietorship or partnership and records all payments made to the owners. Economy - ANSWER-the least expensive airline category often carrying many restrictions. Editing - ANSWER-the process of reviewing your work to see whether the content is clear. EDRMS (electronic document and records management system) - ANSWER-a content management system that integrates technologies of electronic document and records management. EFT (electronic funds transfer) - ANSWER-involves sending or receiving money electronically without any actual physical transfer of paper money. Electronic Banking - ANSWER-electronically transferring funds from one account to another rather than using paper checks or cash transfers. Electronic File Management - ANSWER-Direct access - records are stored on a device such as a hard disk or USB drive. Electronic File Management - ANSWER-Indirect access - records are stored on a device that is accessed in exact order, such as magnetic tape. Electronic File Management - ANSWER-consists of electronic records and a computer-based records management system used to store records throughout the records' life cycle. En dash (-) - ANSWER-specify any kind of range such as a range in numbers. Equity - ANSWER-a stock or other security that represents an ownership interest. Executive Meetings or Retreats - ANSWER-bring together the organization's high-level leaders. External Customers - ANSWER-are end users of a company's products or services. External Meetings - ANSWER-bring staff or internal stakeholders together with external stakeholders. Facsimile Signature - ANSWER-a reproduction of an actual signature that can be saved and inserted into electronic documents or can be added by imprinting or stamping. FDIC (Federal Deposit Insurance Corporation) - ANSWER-created by the Banking Act of 1933 and operates as an independent agency. It insures deposits against bank failure, maintains public confidence, and ensures stability in the system through the promotion of sound banking practices. Financial Reports - ANSWER-documents and statements about an organization's financial results, condition, and cash flows. Financial Statements - ANSWER-are a road map showing the performance of the company that are required by the Securities and Exchange Commission, a federal agency created to regulate the securities markets and to protect investors. First Class - ANSWER-the most expensive ticket or option comes with benefits that enhance the experience for VIP travelers. Fixed Cost Projections - ANSWER-include payroll, utilities, facility maintenance, and postage. Flyer - ANSWER-a posted announcement about an event, service, or product to employees and potential customers. Footers - ANSWER-area and notation at the bottom of each page in a document. Forecasting Meetings - ANSWER-look at industry trends and predict new market behaviors. Formal Documents - ANSWER-communicate factual information that must be a part of the official record