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business
foundations of business

Questions and Answers of Foundations of Business

Understand what is meant by business ethics.
If you wanted to open a bagel restaurant in Hong Kong, would you license the Finagle A Bagel brand? Why or why not?Would bagels sell in Hong Kong? Laura Beth Trust and Alan Litchman planned to find
Why would Finagle A Bagel donate bagels to local charities rather than give them away to customers or employees?Would bagels sell in Hong Kong? Laura Beth Trust and Alan Litchman planned to find out.
What is Finagle A Bagel doing to differentiate itself from competitors that want a share of customers’ dining dollars?Would bagels sell in Hong Kong? Laura Beth Trust and Alan Litchman planned to
How has the business cycle affected Finagle A Bagel?Would bagels sell in Hong Kong? Laura Beth Trust and Alan Litchman planned to find out. Trust was in Hong Kong working in the garment manufacturing
Market opportunity. What is the expected size and growth rate of your market, your expected market share, and any relevant market trends?
Company information. What product or service do you provide? What is your competitive advantage? When will the company be formed? What are your company objectives? What is the background of you and
What will you do if there is an erratic supply of products or raw materials?
What will happen if trained workers are not available as predicted?
What will you do if there is an unfavorable industrywide trend?
What will you do if your competitors underprice or make your product obsolete?
What will you do if your market does not develop as quickly as you predicted? What if your market develops too quickly?
How will investors get their money back?
Do you intend to grow the business to the point of an IPO?
Will your children take over the business, or do you intend to sell it later?
How do you intend to get yourself (and your money)out of the business?
Reinforce your fi nal projections by comparing them with industry averages for your chosen industry.
Prepare a breakeven analysis. How many units of your product or service will have to be sold to cover your costs?
Prepare projected balance sheets for each of the fi rst three years of operation.
Prepare a projected income statement by month for the fi rst year of operation and by quarter for the second and third years.
How much money do you have, and how much money will you need to start your business and stay in business?
What is the actual amount of money you need to open your business (start-up budget) and the amount needed to keep it open (operating budget)? Prepare a realistic budget.
Will you hire an accountant to prepare fi nancial statements for your fi rm?The Financial Plan Component Your fi nancial plan should answer at least the following questions about the investment
Who will create and maintain the accounting system that you will use to record routine business transactions for your business?
Will your business have an e-business component? If so, explain how you will sell your products or services online.
Explain how you will develop a management information system to collect, store, update, and process data, and present information.
How will you gather information about competitors, their products, and the prices that they charge for their products and services?
Graeter’s needed to raise several millions of dollars to buy out its franchisee after borrowing to build its new plant. One of the strategies it did not use to raise the needed funds was going
Which of the fi nancial ratios might Graeter’s, as a small privately owned business, want to track especially closely? Why?
Graeter’s uses information to track cash, sales revenue, and expenses on a daily basis. How does this type of accounting system encourage eff ective decision-making and discourage store-level theft?
Prepare a report on your fi ndings.
Find answers to the following questions:a. What skills do fi nancial managers need?b. How much education is required?c. What is the starting salary? Top salary?d. What will the job of fi nancial
Investigate the job of fi nancial manager by searching the library or Internet, by interviewing a fi nancial manager, or both.
Summarize what you learned from participating in this exercise
Discuss how you can overcome any problems that might hamper your current chances of getting a loan and how your business can improve its chances of securing shortterm loans in the future.
Have a classmate write the ideas on the board.
With all class members participating, use brainstorming to identify the following:a. The funds you will need to accomplish your business goalsb. The sources of short-term fi nancing available to
Prepare a report explaining your answers to these questions.
In the next fi ve to ten years, what will the banking industry be like? How will these changes aff ect a small business owner and the way he or she banks in the future?The Internet and the library
How has technology changed the way you handle your money, such as depositing your paychecks, paying your monthly bills, obtaining cash, paying for purchases, and applying for loans? What impact have
Examine the Web sites of several major banks with which you are familiar. Describe their online banking services.Are they worthwhile and could they help a small business owner manage a fi rm’s fi
Why would Nederlander choose to sometimes borrow funds for expansion if it has capital of its own?
The company uses its own arenas and theaters about 90 percent of the time. What are some of the possible disadvantages of owning its own venues?
Here’s what Nederlander’s chief operating offi cer has to say about its business model: “A show has a short lifetime. You go and sell two months out, and the tickets have no value on any day
_________ The primary sources of funds available to a business include all of the following excepta. debt capital.b. equity capital.c. sales revenue.d. government grants.e. sale of assets.
_________ Each of the following causes a cash-fl ow problem excepta. embezzlement of company funds.b. an unexpected slow selling season.c. a large number of credit sales.d. slow-paying customers.e.
_________ A short-term promissory note issued by large corporations is known asa. debenture agreement.b. equity agreement.c. commercial paper.d. draft agreement.e. loan commitment.
_________ The most basic form of corporate ownership that has voting rights isa. preferred stock.b. common stock.c. retained stock.d. deferred value stock.e. treasury stock.
_________ Since prices are extremely low, the Pipeline Supply Company wants to purchase a special line of pipes from a company going out of business. Pipeline, however, will need to borrow money to
_________ Retained earnings, as a form of equity fi nancing, area. gross earnings.b. profi ts before taxes.c. profi ts after taxes.d. undistributed profi ts.e. total owners’ equity.
_________ When a fi rm sells its accounts receivable to raise short-term cash, it is engaging in a strategy calleda. factoring.b. fi nancial planning.c. equity fi nancingd. debt fi nancing.e.
_________ An invoice in the amount of $200 carries cash terms of “2/10, net 30.” If the buyer takes advantage of the discount terms, how much will the buyer pay?a. $100b. $120c. $140d. $160e. $196
_________ Judy Martinez, owner of Judy’s Fashions, received a $12,000 tax refund. She deposited the money in Chase Bank. The terms of the agreement are that she must leave the money on deposit for
_________ A written order for a bank or other fi nancial institution to pay a stated dollar amount to a specifi ed business or person is called aa. checkb. deposit slipc. notes receivabled. receipte.
T F A capital budget estimates a fi rm’s expenditures for labor costs.Multiple-Choice Questions
T F The face value for most corporate bonds is $5,000.
T F Normally, the usual repayment period for a long-term loan is
T F Factoring of accounts receivable typically is the highest cost method of short-term fi nancing.
T F A revolving credit agreement is a guaranteed line of credit.
T F Most lenders do not require collateral for shortterm fi nancing.
T F With a banker’s acceptance, certain conditions, such as delivery of the merchandise, may be specifi ed before payment is made.
T F When you use a debit card to make a purchase, a fi nancial institution is extending credit to you and expects to be paid in the future.
T F A budget is a historical record of the previous year’s fi nancial activities.
T F Long-term fi nancing is generally used to open new businesses.
If you were the fi nancial manager of Stars and Stripes Clothing, what would you do with the excess cash that the fi rm expects in the second and fourth quarters?(See Figure 16-4 .)
During the recent economic crisis, many fi nancial managers and corporate offi cers have been criticized for(a) poor decisions, (b) lack of ethical behavior, (c) large salaries, (d) lucrative
Explain the need for fi nancial management in business.
Summarize your fi ndings in a report.
Answer the following questions based on information obtained from interviews with people employed in accounting, from research in the library or by using the Internet, or from information gained from
Prepare a detailed plan of action to improve the fi nancial health of Park Avenue Furniture over the next 12 months.
Discuss why you think the bank offi cer turned down Park Avenue’s loan request.
In groups of three or four, analyze the fi nancial condition of Park Avenue Furniture.
In a two-page report, summarize your calculations. Be sure to indicate the date you obtained the information and how your calculations could help managers and employees, investors, lenders, and
Look on the left side of the screen and scroll down to the bottom and click on the buttons for “Balance Sheet,” “Income Statement,” or “Cash Flow.” Using this information reported on the
Use the information contained on the Yahoo! Finance Web site to obtain fi nancial information about Target—the parent company of Target and Super Target discount stores. In order to complete this
What are some of the factors that contribute to The Little Guys’ operating expenses?
Do you think The Little Guys is doing a good job of managing its cash fl ow? If so, why, and if not, how can the company improve this function?
Do you think a fairly small company like The Little Guys still needs a professional accountant after its owners have had so much experience running a successful business? Why or why not?
_________ The process of transferring information from source documents to a general journal or specialized journals is referred to asa. posting.b. journalizing.c. constructing a balance sheet.d.
_________ People who purchased stock in Morgan Oil Exploration are most interested in its __________ reports.a. fi nancial accountingb. schedule of accountingc. cost accountingd. managerial
_________ An audit isa. performed by the fi rm’s private bookkeepers.b. not necessary if the fi rm used accepted bookkeeping procedures.c. required by many lenders who are trying to validate a fi
_________ When a company reports fi nancial numbers that are lower than expected, generallya. the company’s stock value will increase.b. the company’s stock value will decrease.c. the company
_________ An income statement is sometimes called thea. statement of fi nancial position.b. owners’ equity statement.c. earnings statement.d. statement of cash infl ow.e. statement of revenues.
_________ A high debt-to-owners’-equity ratioa. reduces the risk for lenders.b. will increase as debts are paid off .c. will increase the owner’s investment.d. makes borrowing money from lenders
_________ The Sarbanes-Oxley Acta. requires the SEC to police the accounting industry.b. requires CEOs to certify periodic fi nancial statements.c. subjects auditors, accountants, and employees to
_________ A fi rm had gross profi ts from sales in the amount of $180,000, operating expenses of $90,000, and federal income taxes of$20,000. What was the fi rm’s net income after taxes?a.
_________ The board of directors decided to pay 50 percent of the fi rm’s $460,000 earnings in dividends to the stockholders. The fi rm has retained earnings of $680,000 on the books.After the
_________ Which statement is not true about a balance sheet?a. It provides proof that assets = liabilities +owners’ equity.b. It lists the current, fi xed, and intangible assets.c. It summarizes
T F Stockholders’ equity represents the total value of a corporation’s stock plus retained earnings that have accumulated to date.Chapter 15: Using Accounting Information 465 Multiple-Choice
T F Marketable securities can be converted into cash in a matter of days.
T F Recording transactions in the general ledger is the fi rst step in the accounting cycle.
T F The debt-to-owners’-equity ratio is used to indicate the degree to which a fi rm’s operations are fi nanced through borrowing.
T F There is added protection for whistle-blowers who report violations of the Sarbanes-Oxley Act.
T F An acid-test ratio is a measure of the fi rm’s ability to pay current liabilities.
T F Return on owners’ equity indicates a measure of the amount earned per share.
T F A cash receipts journal is a specialized journal.
T F The accounting equation is assets + liabilities =owners’ equity.
T F A private accountant is an accountant whose services may be hired on a fee basis by individuals or business fi rms.
Why do you think there have been so many accounting scandals in recent years?
Read and interpret an income statement.

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