Questions and Answers of Small Business Management

What would happen to the profit and risk if the firm decides to buy more incentives?
What would happen to the profit and risk if the firm shifts capital from the long-term liability to the current liability?
List and briefly explain three common strategies for the firm to finance its permanent and temporary capital needs.
Can the firm satisfy its needs by only depending on its long-term borrowing while not using any short-term debt? And what would we call such a strategy?
Give a practical example of how a firm can use its balanced approach for financing its capital needs.
What would financial management of working capital aim to?
Why would cash be essential for a business, and particularly a small business? List the four types of cash balances.
Describe the general strategy for cash management and list some of its major objectives.
How would a firm determine its needs of cash? Give an example to illustrate your answer.
List and briefly explain the different types of cash.
List and briefly explain the different types of floats, and explain the float techniques.
What is credit evaluation and what are the five Cs?
What does FICO stand for and for what purpose, and how is it used?
What is account receivable aging and what purpose would it serve?
What is trade discount and what is meant by the successive way of calculating the multiple discount? Give a numerical example to illustrate your answer.
What is inventory and why is it important for the firm?
List and briefly explain the inventory functions.
What would constitute the inventory cost? List three components of the cost.
What is the ABC system of inventory and how did it come about?
What is the ordering cost and what is the carrying cost? Illustrate how they are related on a graph.
How would the quantity discount affect the calculation of the EOQ? Give a numerical example.
How would the EOQ be different for a firm that produces its own inputs internally? Give a numerical example to illustrate the adjustment to the EOQ calculation.
What is the ROP? Explain and give numerical example to calculate it.
What is the safety stock? Show how its calculation can be different when the demand or lead time becomes either constant or variable.
What is JIT-inventory system and how significant is it to reduce inventory cost?
What is project evaluation? And how important is it for the firm?
What are the most common purposes for the firm's investment funds?
Is there a systematic process for the project evaluation and selection? And what are the steps to be taken into this process towards the final project selection?
What is the major difference between the independent project and the mutually exclusive project? And would the evaluation process be different for each?
List the methods of project evaluation that are considered value-adjusted or sophisticated, and explain their major difference from those methods that are not value-adjusted.
Describe the payback technique and give a simple example to illustrate how this technique works.
Briefly describe the Net Present Value, and the Internal Rate of Return methods to evaluate investment project, and explain the major difference between them.
What is the crossover point, crossover rate and where would we use them?
What is the difference between risk and uncertainty? Where would the risk come from? And what are the methods of risk management?
What is the difference between sensitivity analysis and scenario analysis? What is simulation, and the decision tree?
Define business valuation and list its major purposes.
What are the major tools for valuation, and how would they be different from each other?
There are two basic approaches that can be taken to determine a business valuation. What are they and how would the value be calculated under them?
What are the differences between the traditional venture capital method and the first Chicago method?
What is harvesting? And why would the business need to plan for it?
What are the major harvesting strategies? Briefly explain each and every one of them.
Describe at least three forms of business acquisition.
What is meant by going public for business firms, and how would they go about it?
Can any business go public? Or are there certain requirements that have to be met for a business to be able to go public?
List and briefly explain at least five of the reasons why going public is not a good idea.
What is the difference between management and leadership, and what managerial functions would fall under each?
What is the difference between effectiveness and efficiency?Illustrate your definitions with some examples.
Put the following constructs in the right order after giving each a proper definition: plan, policy, goal objective, strategy, and procedure.
What are the systematic steps that should be taken for a proper planning process?
List and explain the important factors that should be considered in the organizing process.
List and briefly explain the types of organizational structure.
List and briefly explain the helpful hints that should be considered for the right communication state between a superior and subordinates?
What are the major types of leaders? List and briefly explain.
What would the function of control really entail? Explain briefly.
List and explain the major business strategies.
What are the key factors to be considered when it comes to making the right choice of business location?
List and explain the subcategories of the general and specific factors that would influence the entrepreneur's decision on location.
List and briefly explain the different types of business outlets and locations.
What are the possibilities for the retail outlet location? And what would make each outlet more appropriate?
List the 10 most important questions on the site selection worksheet.
What is PSS, and for what purpose would it be used? And how?
Explain with an example Reilly's Law of Retail Gravitation.
What are the main objectives of the basic layout in retail business?
List and explain at least four types of retail store interior layout, and give the main purpose for each.
Explain how the wholesale layout is different from both retail layout and manufacturing layout.
What is meant by “operations”? And how would it serve the firm?
What are the considerations that should be taken when a firm decides between making the needed material and buying them ready?
What is product quality? How is it classified? And what is meant by total quality management (TQM)?
List and briefly explain the different types of taxes which any business firm has to deal with.
How would you advise a small business owner on the best way of tax management?
What is target market? And what is target consumer? And what roles do they play in marketing?
How is the target market changing demographically? And how would this change impact marketing?
What are the major steps in the consumer's decision-making process?
What is the post-purchase stage? And how significant is it in marketing strategies?
Briefly explain what marketing research entails.
Briefly explain the product life cycle, and why is it important in marketing?
How would you explain the concept of total products? And what are the necessary conditions in its application?
List and briefly explain at least 10 different pricing strategies.
What are the direct and indirect distributions? Briefly explain.
Briefly explain advertising, publicity, and public relations, pointing out the crucial difference among them.
What would job analysis involve? Briefly explain all the components.
What are the methods by which job satisfaction can be measured?Explain briefly.
List and briefly explain the different sources from which a firm can get its employees.
What are the major do's and don'ts in applicants' interviews?
List at least 10 areas that are considered of a private nature, and must not be brought up in an interview.
What are the objectives of the employee evaluation from the firm's perspective?
List and briefly explain:(a) types of training,(b) methods of training.
When did the bulk of employment legislations pass? List the most important 10 of them.
List and briefly explain:(a) employees' required benefits, (b) employees' optional benefits.
List at least 10 of the good characteristics that the employee evaluation process should demonstrate.
How do you think Alden found out about Revinate? Given all the online companies that might help your business connect with your customers, how would you choose one?
1. What are the major advantages that Mapleis likely to enjoy as the result of operating out of a pop-up store?2. What are the major disadvantages and special challenges that the company is likely to
1. What types of businesses would prosper in China? Why?2. What are the challenges and risks associated with doing business in China?3. What steps should Shippertake to address these challenges and
1. In your opinion, what new country markets would be likely to hold the greatest potential for additional sales for Altmann’s company?2. Of the major strategy options mentioned in this chapter,
Is HyperWear’s executive summary more of a synopsis or a narrative?
What is meant by the term entrepreneur?
1. Given the assumptions that Jantz and Palmer have made, prepare a proforma income statement and balance sheet for 2014. Assume that the line of credit provided by the bank will be needed for the
1. If you were in Fran’s shoes when he was running his own company, what factors might have attracted you to close your business and join Iaccarino& Son? What factors might have discouraged you
1. What customer loyalty techniques would you recommend to Argyle?2. What information would be appropriate to collect about customers in a database?3. What specific computer-based communication could
How important is a careful cultural analysis to a small firm that wishes to enter an international market?

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