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Why are slow-moving items dangerous to the small business? What can be done to liquidate them from inventory?
Why are small companies more susceptible to business crime than large companies?
Why is employee theft a problem for many small businesses? Briefly describe the reasons for employee theft.
Construct a profile of the employee most likely to steal goods or money from an employer. What four elements must be present for employee theft to occur?
Briefly outline a program that could help the typical small business owner minimize losses due to employee theft.
List and briefly describe the major types of shoplifters.
Outline the characteristics of a typical shoplifter that should arouse a small business manager's suspicions. What tools and tactics is a shoplifter likely to use?
Describe the major elements of a program designed to deter shoplifters.
How can proper planning of store layout reduce shoplifting losses?
What is a perpetual inventory system? How does it operate? What are the advantages and disadvantages of using such a system?
What must an owner do to have a good case against a shoplifter? How should a suspected shoplifter be apprehended?
What advantages and disadvantages does a visual inventory control system have over other methods?
For what type of business product line is a visual control system most effective?
What is the 80/20 rule, and why is it important in controlling inventory?
Outline the ABC inventory control procedure. What is the purpose of classifying inventory items using this procedure?
Briefly describe the types of control techniques that should be used for A, B, and C items.
What is the basis for the JIT philosophy? Under what condition does a JIT system work best?
What is JIT II? What is its underlying philosophy? What risks does it present to businesses?
What is leadership? What is the difference between leadership and management?
Explain the differences among job simplification, job enlargement, job rotation, and job enrichment. What impact do these different job designs have on workers?
Is money the "best" motivator? How do pay-for-performance compensation systems work? What other rewards are available to small business managers to use as motivators? How effective are they?
Suppose that a café and a coffee shop that sells organic, mostly locally grown foods and fair trade coffee identifies its performance as a socially responsible company as a "critical number" in its success. Suggest some ways for the owner to measure this company's "social responsibility index."
What is a performance appraisal? What are the most common mistakes managers make in performance appraisals? What should small business managers do to avoid making those mistakes?
What behaviors do effective leaders exhibit?
Why is it so important for small companies to hire the right employees? What can small business owners do to avoid making hiring mistakes?
What is a job description? A job specification? What functions do they serve in the hiring process?
Outline the procedure for conducting an effective interview.
What are some alternative techniques to traditional interviews?
What is company culture? What role does it play in a small company's success? What threats does rapid growth pose for a company's culture?
What mistakes do companies make when switching to team-based management? What can they do to avoid these mistakes? Explain the four phases teams typically go through.
What is empowerment? What benefits does it offer workers? The company? What must a small business manager do to make empowerment work in a company?
What factors must be present for a strong family business?
Describe the requirements for insurability.
Briefly describe the various types of insurance coverage available to small business owners.
What kinds of insurance coverage would you recommend for the following businesses?
a. A manufacturer of steel beams
b. A retail gift shop
c. A small accounting firm
d. A limited liability partnership involving three dentists (LO 6: Discuss the basics of insurance for a small business; AACSB: Application of knowledge)
What can business owners do to keep their insurance costs under control?
Discuss the stages of management succession in a family business.
What steps are involved in building a successful management succession plan?
What exit strategies are available to entrepreneurs wanting to step down from their business?
What strategies can business owners employ to reduce estate and gift taxes?
Can insurance eliminate risk? Why or why not?
Outline the four basic risk management strategies and give an example of each.
What problems occur most frequently with a risk-anticipating strategy?
What is insurance? How can insurance companies bear such a large risk burden and still be profitable?
What is a contract? List and describe the four elements required for a valid contract. Must a contract be in writing to be valid?
What is product liability? Explain the charges that most often form the basis for product liability claims. What must a customer prove under these charges?
What is intellectual property? What tools do entrepreneurs have to protect their intellectual property?
Explain the differences among patents, trademarks, and copyrights. What does each protect? How long does each last?
What must an inventor prove to receive a patent?
Briefly explain the patent application process.
What is an agent? What duties does an agent have to a principal? What duties does a principal have to an agent?
Explain the differences among the three major forms of bankruptcy: Chapter 7, Chapter 11, and Chapter 13.
Explain the statement "For each benefit gained by regulation, there is a cost."
What are the benefits and costs of the Affordable Care Act? Explain from both the perspective of the small business and that of an employee.
What constitutes an agreement?
What groups of people lack contractual capacity? How do the courts view contracts created by minors? By intoxicated people? By insane people?
What circumstances eliminate genuineness of assent in the parties' agreement?
What is breach of contract? What remedies are available to a party injured by a breach?
What is the Uniform Commercial Code? To which kinds of contracts does the UCC apply? How do its requirements for a sale contract differ from the common law requirements?
Under the UCC, what remedies does a seller have when a buyer breaches a sales contract? What remedies does a buyer have when a seller breaches a contract?
What is a sales warranty? Explain the different kinds of warranties sellers offer.
Explain the different kinds of implied warranties the UCC imposes on sellers of goods. Can sellers disclaim these implied warranties? If so, how?
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