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business
business essentials
Questions and Answers of
Business Essentials
Develop specific pricing strategies based on each of the following situations:• A month after introducing the promotion, the competitor increases their daily average price to $13.50• Two of the
Discuss the role that various promotions other than price might play in affecting demand and supply in this market.
How can a company compete on a non-price basis and still retain or grow market share?
What has happened to gasoline prices since the beginning of 2015? You can find monthly average price data from the U.S. Energy Information Administration at www.eia.gov.
What economic indicators are most directly affected by energy prices?
Identify the external environments of business that will affect the success or failure of Apple’s iTunes Radio.
What factors will influence the demand for iTunes Radio?
In terms of degrees of competition, how would you describe the market for Internet radio? Do you think that this will change in the next five years? If so, how?
To customize your listening experience, Internet radio services collect data on your listening habits. Are you comfortable with this use of “big data”? Why or why not?
Do you think that Apple will be successful in this new venture? Do you think that it was a wise decision for them to enter the already crowded market?
Describe the key benefits of businesses. What are the advantages to an economy of having a healthy business climate? Are business profits beneficial to individuals, groups and countries? Are
Stakeholders in businesses often look to economic indicators to determine the health of the economy. These indicators affect the way these stakeholders react to the current economic environment.
Discuss the impacts information technology has had on the business world.
Identify the IT resources businesses have at their disposal and how these resources are used.
Describe the role of information systems, the different types of information systems, and how businesses use such systems.
Identify the threats and risks information technology poses on businesses.
Describe the ways in which businesses protect themselves from the threats and risks information technology poses.
Think about recent spam e-mails you’ve seen on PCs, and scam messages received via cell phone or smartphone. What kinds of information were the intruders seeking?
Continuing with the above question, were you able to identify the e-mails and messages to be “scams” before opening them, or was it later after they were opened that you discovered their real
In what ways might the “opened” message from a scammer be harmful to you?To your IT devices and systems?
What steps can you take (or have you taken) to protect against such intrusions?What costs would be involved for gaining that protection?
Consider the various IT systems you use daily. What kinds of protective devices do they have to protect against invasion by cyber pirates?
How can electronic conferencing increase a company’s productivity and efficiency?
Why do different users in an organization need different kinds of information from the information system?
Why have the BlackBerry® smartphones become a popular tool among business people?
What is the definition of intellectual property? List three examples of intellectual property.Questions for Analysis
Aside from the eBay example in this chapter, describe one or more ways that IT presents new business opportunities for small businesses.
Give three examples (other than those in this chapter) of how a company can become leaner and more efficient by adopting IT.Application Exercises
Describe the computer network at your school. Identify its components and system architecture. What features either promote or inhibit intrusions from hackers? What features either promote or inhibit
Why is it important to learn how to use a search site’s Help function?
How has the web changed the nature of business research?
Given the factors in this situation, what, if any, ethical issues exist?
Would you adopt either of the two “possible solutions”listed above? Why or Why not?
If a friend was confronted with this same situation and asked your opinion, what advice would you offer?
Before hearing any of your group’s comments, and from the perspective of your assigned role, write down the ethical issues, if any, that you see in this situation.
Before hearing any of your group’s comments, what actions do you think your assigned role should have taken in this situation? Write down your recommended actions.
Gather your group together and reveal, in turn, each member’s comments and recommendations.
From an ethical standpoint, what does your group recommend Tracy do?
Understand how information technology has influenced business.
Describe how businesses use information technology to meet the needs of customers and support profitable operations.
Explain the risks, threats, and ethical concerns related to information technology.
The text discusses a number of ways that information technology has influenced business. Discuss how at least three of these relate to ZipCar.
What technologies allow ZipCar to operate?
What type of consumers do you think are most likely to use ZipCar?
How is ZipCar especially well suited to college students?
What are the ethical concerns related to ZipCar’s use of technology?
Explain the role of accountants and distinguish between the kinds of work done by public accountants, private accountants, management accountants, and forensic accountants.
Describe the three basic financial statements and show how they reflect the activity and financial condition of a business.
Describe how computing financial ratios can help users get more information from financial statements to determine the financial strengths of a business.
Discuss the role of ethics in accounting.
Describe the purpose of the International Accounting Standards Board and explain why it exists.
What factors do you think are most important in choosing among various methods to protect against fraud in your firm?
Suppose you are hoping for a career as a certified fraud examiner. How do recent trends in fraud provide new opportunities for such a career?
An external auditor, such as a CPA firm’s accountant, may suspect some irregularities in a client firm’s accounting practices. In what ways might a certified fraud examiner be of assistance?
Consider the anti-fraud training for a company’s employees. Which four (or more) topics should be included in that training?
What ethical issues, if any, are involved in a decision to investigate a suspected case of fraud in a firm’s accounting activities?
Explain how financial ratios allow managers to gain additional information from financial statements.Questions for Analysis
Suppose that you, as the manager of a company, are making changes to fully comply with provisions of the Sarbanes-Oxley Act. Your company traditionally has relied on CPA firms for auditing, tax
Consider possible reasons why it is taking so long for IASB’s international accounting standards to become fully adopted for use in the United States. Using the Internet as your source for
Interview an accountant at a local firm. How does the firm use budgets? How does budgeting help managers plan business activities? How does budgeting help them control activities? Give examples.
Interview the manager of a local retailer, wholesale business, or manufacturing firm about the role of ethics in that company’s accounting practices. Is ethics in accounting an important issue to
What consequences would your decision to adopt an electronic system have on others with whom you do business, including manufacturers of electronic processing equipment, the U.S. Postal Service, and
What do you think of the AICPA’s ruling in this situation?What would you do if you were placed in the role of ethics representative for the AICPA?
Before hearing any of your group’s comments on this situation, and from the perspective of your assigned role, are any ethical issues confronting the head accountant in this situation? If so, write
Return to your group and reveal ethical issues identified by each member. Were the issues the same among all roles or did differences in roles result in different issues?
Among the ethical issues that were identified, decide as a group which one is most important for the head accountant.Which is most important for Turbatron?
What does your group finally recommend be done to resolve the most important ethical issue(s)?
What steps do you think Turbatron might take in advance of such a situation to avoid any difficulties it now faces?
Understand the role of accounting and distinguish between financial and managerial accounting.
Describe the equation underlying the balance sheet and explain each of the components.
Explain the purpose of the income statement and the equation it represents.
Who are the potential users of POPS accounting information?
What is financial accounting? What types of reports are parts of the financial accounting function?
What is managerial accounting and how does it differ from financial accounting? How will managers at POPS use this information?
What is the basic equation underlying the balance sheet?Describe the major components of the balance sheet for POPS Diner.
What does the income statement reveal to users? Explain the major sections of the income statement for POPS Diner.
Define money and identify the different forms that it takes in the nation’s money supply.
Describe the different kinds of financial institutions that compose the U.S. financial system and explain the services they offer.
Explain how financial institutions create money and describe the means by which they are regulated.
Discuss the functions of the Federal Reserve System and describe the tools that it uses to control the money supply.
Identify three important ways in which the money and banking system is changing.
Discuss some of the institutions and activities in international banking and finance.
Under what economic conditions might you expect the Fed to raise interest rates? To lower them? Explain.
With continuing high unemployment, increasing numbers of home buyers are unable to meet home mortgage payments, forcing banks to either foreclose on these properties, or find other ways to handle
Suppose you are a businessperson planning to build a new facility in either the United States or the euro zone. How might your choice of where and when to build be influenced by monetary policies of
Why do economically stressed countries with massive debt have difficulty borrowing outside money needed for economic recovery? Explain.
If banks are required to keep larger cushions of cash on hand rather than loaning out that money (as proposed in the Basel III Requirements), in what ways will the U.S. economy be affected?
What are the components of M-1 and M-2?
Describe the structure of the Federal Reserve System.
Show how the Fed uses the discount rate to manage inflation in the U.S. economy.Questions for Analysis
Should commercial banks be regulated, or should market forces be allowed to determine the kinds of loans and the interest rates for loans and savings deposits? Why?
Customers who deposit their money in online-only checking and savings accounts can often get higher interest rates than at brick-and-mortar banks. Why do you think that online banks can offer these
Consider historical currency exchange rates for the U.S. dollar versus China’s yuan and Japan’s yen. If you had bought those currencies with dollars five years ago, what would be their dollar
Start with a $1,000 deposit and assume a reserve requirement of
percent. Now trace the amount of money created by the banking system after five lending cycles.
Interview the manager of a local commercial bank. Identify the ways in which the bank has implemented requirements of the Bank Secrecy Act and the USA PATRIOT Act.What costs has the bank incurred to
From the standpoint of a commercial bank, can you find any economic justification for ATM access fees?
Before hearing any of your group’s comments on this situation, and from the perspective of your assigned role, do you think there are any ethical issues with Forthright National Bank’s
Before hearing any of your group’s comments, and from the perspective of your assigned role, what do you think are the main problems with the bank’s security-screening program?Write them down.
Return to your group and share the ethical issues and problems identified by each member. Were the issues and problems the same among all roles, or did difference in roles result in different issues
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