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business
understanding business ethics
Understanding Business 13th Edition William Nickels, Jim McHugh, Susan McHugh - Solutions
Lettuce Entertain U is a company needing funding to remodel an old warehouse to house its latest vegan restaurant. Does it meet SBA criteria? Why or why not?
Glory Days is an old-time pinball and jukebox refurbishing company. Its founding partners need funding to buy inventory. Do they meet SBA criteria? Why or why not?
Glamour Galore is a cosmetic company that pays sales commissions based on a system that depends upon salespeople recruiting additional salespeople. It needs funding to build a marketing campaign. Does it meet SBA criteria? Why or why not?
Growing Like a Weed is a lawn care business that needs funding to buy additional equipment in order to expand. Does it meet SBA criteria? Why or why not?
Factoring accounts receivable is a form of financing used since the days of Babylonian King Hammurabi 4,000 years ago. Today it’s still a source of shortterm funds used by small businesses. Visit www.21stfinancialsolutions.com to get more in-depth information about factoring and be prepared to
Contact a lending officer at a local bank in your community, or visit the bank’s website, to check the bank’s policies on providing a business a line of credit and a revolving line of credit. Evaluate the chances that this bank will give a small business either form of short-term loan.
Go online and check the capitalization required to open a franchise of your choice, like Subway or McDonald’s. Does the franchisor offer financial assistance to prospective franchisees? Evaluate the cost of the franchise versus its business potential using the risk/return trade-off discussed in
One of the most difficult concepts to get across to small-business owners is the need to take all the trade credit they can get. For example, the credit terms 2/10, net 30 can save businesses money if they pay their bills in the first 10 days. Work with a group of classmates to build a convincing
Go to your college’s website and see whether its operating budget is online. If not, go to the campus library and see whether the reference librarian has a copy of your college’s operating budget for the current year. Try to identify major capital expenditures your college has planned for the
Why do firms generally prefer to borrow funds to obtain long-term financing rather than issue shares of stock?
Why does a finance manager need to understand accounting information if the firm has a trained accountant on its staff?
What are the primary sources of short-term funds for new business owners? What are their major sources of long-term funds?
What is leverage, and why do firms choose to use it?
What are the three major forms of equity financing available to a firm?
How does debt financing differ from equity financing?
What are the two major forms of debt financing available to a firm?
What is factoring? What are some of the considerations factors consider in establishing their discount rate?
What’s the key difference between a secured and an unsecured loan?
What’s the difference between trade credit and a line of credit?
What does an invoice containing the terms 2/10, net 30 mean?
What’s the difference between debt and equity financing?
What’s the primary reason an organization spends a good deal of its available funds on inventory and capital expenditures?
Why is accounts receivable a financial concern to the firm?
Money has time value. What does this mean?
What is the purpose of preparing budgets in an organization? Can you identify three different types of budgets?
How do short-term and long-term financial forecasts differ?
What three primary financial problems cause firms to fail?
Name three finance functions important to the firm’s overall operations and performance.
What are some of the advantages and disadvantages of expanding a business by franchising?
Why did they seek outside help to improve their business? What sort of help did they receive?
What personal characteristics do you think helped Tselikis and Lomac succeed as entrepreneurs?
Contact the Small Business Administration by visiting a local office or the organization’s website at sba.gov. Write a brief summary of the services the SBA offers.
Select a small business that looks attractive as a career possibility for you. Talk to at least one person who manages such a business. Ask how he or she started it.Ask about financing; human resource management (hiring, firing, training, scheduling); accounting issues; and other managerial
Find issues of Entrepreneur, Black Enterprise, Fast Company, and Inc. magazines online. Read about the entrepreneurs who are heading today’s dynamic new businesses. Write a profile about one.
If you have entrepreneurial traits and decide you would like to start your own business, you’ll need to develop a business plan. Go to bplans.com/sample_business_plans.cfm and click on Restaurant, Cafe, and Bakery. Review the sample business plan for Internet Cafe. Although the plan may not
Go to bizmove.com/other/quiz.htm and take the interactive entrepreneurial quiz to find out whether you have the qualities to be a successful entrepreneur.
Imagine yourself starting a small business. What kind of business would it be? How much competition is there? What could you do to make your business more attractive than those of competitors? Would you be willing to work 60 to 70 hours a week to make the business successful?
Are there any similarities between the characteristics demanded of an entrepreneur and those of a professional athlete? Would an athlete be a good prospect for entrepreneurship? Why or why not? Could teamwork be important in an entrepreneurial effort?Why or why not?
Why don’t more small businesses start trading globally?
What are some advantages small businesses have over large businesses in global markets?
Where can budding entrepreneurs find help in starting their businesses?
What are some of the special problems that small-business owners have in dealing with employees?
What sources of funds should someone wanting to start a new business consider investigating?
What goes into a business plan?
What hints would you give someone who wants to learn about starting a small business?
Why do many small businesses fail?
What does the small in small business mean?
Outline the advantages and disadvantages small businesses have in entering global markets.
Analyze what it takes to start and run a small business.
Summarize ways to learn about how small businesses operate.
Discuss the importance of small business to the American economy, and summarize the major causes of small-business failure.
Explain why people take the risks of entrepreneurship; list the attributes of successful entrepreneurs; and describe entrepreneurial teams, intrapreneurs, and home- and web-based businesses.
What delivery problems could Domino’s face in dealing with various global markets?
Why does Domino’s carefully research supply chain potential before it decides to enter a global market?
What major factors affect Domino’s or any other major company in dealing in global markets?
Form an imaginary joint venture with three classmates and select a product, service, or idea to market to a specific country. Have each team member select a key global market force in that country (sociocultural, economic and financial, legal and regulatory, or physical and environmental) to
Suppose Representative I. M. Wright delivers a passionate speech at your college on tariffs. He argues tariffs are needed toa. Protect our young and struggling industries.b. Encourage consumers to buy U.S.-made products because it’s patriotic.c. Protect U.S. jobs and wages.d. Achieve a favorable
One of the difficulties of engaging in global trade is the constant shift in exchange rates.How much do exchange rates change over a 30-day period? Research this by choosing five currencies (say, the euro, the British pound, the Japanese yen, the Mexican peso, the Saudi Arabian riyal) and looking
Countries like the United States that have a high standard of living are referred to as industrialized nations. Countries with a lower standard of living and quality of life are called developing countries (or sometimes underdeveloped or less-developed countries).What factors often prevent
What is offshore outsourcing? Why is it a major concern for the future?
Why do governments continue such practices?
Is trade protectionism good for domestic producers?
What is an embargo?
What are tariffs?
What is trade protectionism?
What are some of the forces that can discourage participation in global business?
How do multinational corporations differ from other companies that participate in global business?
What are some ways in which a company can engage in global business?
What terms are important in understanding world trade?
What kinds of products can be imported and exported?
What is absolute advantage?
What is the theory of comparative advantage?
Why should nations trade with other nations?
What key challenges must China face before becoming the major global economic leader?
Discuss the changing landscape of the global market and the issue of offshore outsourcing.
Debate the advantages and disadvantages of trade protectionism.
Evaluate the forces that affect trading in global markets.
Illustrate the strategies used in reaching global markets, and explain the role of multinational corporations.
Explain the importance of importing and exporting, and understand key terms used in global business.
Discuss the importance of the global market and the roles of comparative advantage and absolute advantage in global trade.
Why would an entrepreneur in the United States need a microloan from Kiva?
Why do people in developing countries have such a difficult time getting out of poverty?
Discuss why many people believe that capitalism gives entrepreneurs the best opportunity to be successful.
Break into small groups. In your group discuss how the following changes have affected people’s purchasing behavior and attitudes toward the United States and its economy:the wars in Iraq and Afghanistan, the increased amount spent on homeland security, the government involvement in banking and
This exercise will help you understand socialism from different perspectives. Form three groups. Each group should adopt a different role in a socialist economy: One group will be the business owners, another group will be workers, and another will be government leaders. Within your group discuss
In teams, develop a list of the advantages of living in a capitalist society. Then develop lists headed “What are the disadvantages?” and “How could such disadvantages be minimized?” Describe why a person who is poor in a socialist country might reject capitalism and prefer a socialist
Return to the Bureau of Labor Statistics home page (bls.gov) and use the Search feature to find trends in employment for the state of Illinois. Look around the website to see what other information is available. Plot the trend in employment in Illinois over the last four years. On your own, discuss
At the Bureau of Labor Statistics website (bls.gov) under “Industries” in the “Topics”box, click on “Industries at a Glance” to find the information about the manufacturing industry. What is the employment trend in manufacturing over the last four years?
Go to the Bureau of Economic Analysis website (bea.gov) and locate the gross domestic product data. Compare the annual figure for the last four years. What do the figures indicate for the next couple of years?
Many people say that businesspeople do not do enough for society. Some students choose to go into the public sector instead of business because they want to help others.However, businesspeople say that they do more to help others than nonprofit groups do because they provide jobs for people rather
What is the importance of monetary policy to the economy?
What is fiscal policy?
What are the four phases of business cycles?
What is gross output?
What are the key economic indicators in the United States?
What countries have mixed economies?
What is a mixed economy?
How does socialism differ from communism?
What are the advantages and disadvantages of socialism?
What is socialism?
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