Question: Please answer the questions below: 1. Discuss the differences between efficiency and effectiveness. 2. Why is it important for small business owners to understand the

Please answer the questions below:

1. Discuss the differences between efficiency and effectiveness.

2. Why is it important for small business owners to understand the difference between profit and profitability?

3. What financial ratio is used to determine profitability?

4. Discuss the differences between operating and financial leverage.

5. Distinguish between gross working capital and net working capital.

6. Discuss the role that marketable securities play in current asset management.

7. Explain the problems that a firm may encounter when it does not provide for accrued liabilities.

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