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business
small business management

Questions and Answers of Small Business Management

Compensation will be based on comparable positions held by other employees. LO.1
While the family business is principally agriculture-related, there are many jobs that both men and women can perform equally and safely. LO.1
A family member working in the family business, whether in a temporary or a long-term career position, will be offered work and career counseling by a supervisor or offi cer/family member(depending
While work opportunities and career opportunities with the family business will be communicated to all family members, there will be no guarantee of a job in the family business for any member of the
The Brown family believes that a career with Brown Bros. is only for those who• Believe in working for their success;• Believe that rewards they receive should come from the work they have
Family is an “umbrella” that includes all direct descendants of P. and L. Brown and their spouses. LO.1
A family working together as one unit will always be stronger than individuals or divided units. LO.1
When your plan is complete, make sure that you have covered everything by checking your plan against the recommendations of the Small Business Administration at
Once you have identifi ed a company that interests you, fi nd the template “Business Plan for an Established Business” on the SCORE website, at http://www.score.org/template_gallery.html. Fill
Local businesses are often advertised for sale in the classifi eds of the local paper. You can also fi nd many listings by looking on the Wall Street Journal’s online center for entrepreneurs at
What fi ve features of family fi rms offer unique advantages? Which of these features did Mo’s Chowder possess? LO.1
How could an entrepreneur who does not have a stake in an existing family business re-create for himself or herself the advantages McEntee enjoyed? LO.1
Which of the advantages of buying an existing business, as explained in the textbook, did McEntee enjoy when she bought her grandmother’s diner?Explain. LO.1
How would you characterize the strategy that Biolife is following? Is it a cost-based or differentiation-based strategy?Or is it a focus strategy centered on one of these two fundamental strategies?
Conduct a SWOT analysis of the company. What do you think are Biolife’s most signifi cant strengths, weaknesses, opportunities, and threats? LO.1
Considering what you have learned about this startup and its development, would you say that the founders followed more of an outside-in or an inside-out approach to identify this business
Most new business ideas come from personal experience, hobbies, accidental discoveries, or a deliberate search. From which of these sources did the idea for Biolife’s launch come? LO.1
Chapter 3 discusses three types of startup ideas:Type A, Type B, and Type C. Which of these is illus-Source: Michelle Leder, “The Problem,” Inc., June 2004, pp. 44–46. trated by Biolife’s
Once you have written down your own underlying values, consider ways in which you will act on them. You may fi nd the following list of questions a good starting point for thinking about how your
Now practice writing a mission/values statement for your own business enterprise. Even if you don’t currently have a business concept or plan, you can still organize your thoughts about the values
Review what you learned in Chapter 1 about building an entrepreneurial team and the advantages of doing so. Explain how this relates to the video segment in which Semprevivo says an employee will
Referring to the video and the text, describe the components of a business that constitute a “framework for integrity.” Explain how the framework for integrity on which Joseph’s Lite Cookies is
Based on what you saw in the videos, describe how Semprevivo reveals his underlying values and applies them to building a strong business. LO.1
If you do not have a Duck Tour company in your area, think about what you would need to start one. Is your town or area suited for Duck Tours? If there isn’t a body of water in your city, could you
Here are some examples to get you started:• When did you get the idea for the business?• Why did you want to start this business?• What made you take the plunge into entrepreneurship?• What
Now that you are familiar with Duck Tours, do some research to determine whether there is a Duck Tour company in your city or area. If there is, make an appointment to interview the owner. Draft a
What characteristics of successful entrepreneurs does Andy Wilson embody? LO.1
Describe the competitive advantage of Boston Duck Tours. LO.1
What kind of entrepreneurial venture is Boston Duck Tours? LO.1
What is Andy Wilson’s primary motivation for leading an entrepreneurial life? LO.1
Go to the Inc. magazine website at http://www.inc.com.a. Type “Forecasting” in the Search box. In the search results, locate the article entitled“Action Plan: Forecasting and Cash-Flow
At the American Express website, at http://www133.americanexpress.com/osbn/Tool/collections/manage.asp, choose the article“Manage Your Receivables and Collections.”a. According to the article,
Locate a small company in your community that will allow you to perform a fi nancial ratio analysis on its fi nancial statements. You will need to decide which industry’s data to use for
Find out whether your public or university library subscribes to Robert Morris Associates or Dun& Bradstreet. If the library does not subscribe to either of these fi nancial services, ask whether it
Contact several small businesses and explain your interest in their accounting systems. Report to the class on their level of sophistication—for example, whether they use a single-entry system, a
Interview a local CPA who consults with small fi rms on small business accounting systems.Report to the class on the levels of accounting knowledge the CPA’s clients appear to possess. LO.1
Compare your results across the years, and interpret your fi ndings. LO.1
Compute the various fi nancial ratios presented in the chapter. (An Excel spreadsheet of the fi nancial statements is provided on the website for the text, at http://www.thomsonedu.com/
Evaluate the Baugh Company’s fi nancial performance, given the fi nancial ratios for the industry. LO.1
Why doesn’t Dalton have cash for personal needs? (As part of your analysis, measure cash fl ows, as discussed in Chapter 10.) LO.1
What determines a fi rm’s return on equity? LO.1
What is fi nancial leverage? When should it be used, and when should it be avoided?Why? LO.1
What would be the difference between using operating profi t and using net income when calculating a fi rm’s return on investment? LO.1
Explain the relationship among these ratios:return on assets, operating profi t margin, and total asset turnover. LO.1
Explain the following ratios:a. Operating profi t marginb. Total asset turnoverc. Times interest earned LO.1
What is liquidity? Differentiate between the two approaches given in this chapter to measure liquidity. LO.1
What are the major advantages of a double-entry accounting system over a single-entry system? LO.1
What are the primary types of records required in a sound accounting system? LO.1
Should entrepreneurs have an outside specialist set up an accounting system for their startup or do it themselves? Why? LO.1
Explain the accounting concept that income is realized when earned, whether or not it has been received in cash. LO.1
Go to http://www.inc.com/resources and do a search for the Inc. article “The 10 Absolutely Must-Follow Cash Flow Rules.” Compare what the article discusses with what you learned in this chapter.
Visit the Bank of America’s Web site at http://www.bankofamerica.com. Click on “Small Business,” then “Resource Center” and“Managing Your Finances.” Then go to “Managing Your Cash
Either alone or with a classmate, approach an owner of a small company about getting data on a current problem or one the company encountered at some time in the past, to see whether you would reach
Identify a small business in your community that has recently expanded. Interview the owner of the fi rm about the methods used in evaluating the expansion. LO.1
Interview a small business owner or credit manager regarding the extension of credit and/or the collection of receivables in that fi rm. Summarize your fi ndings in a report. LO.1
Interview the owner of a small company to determine the nature of the fi rm’s working-capital time line. Try to estimate the cash conversion period. LO.1
If the fi rm’s beginning cash balance for the budget period is $7,000, and this is its desired minimum balance, determine when and how much the fi rm will need to borrow during the budget
Prepare a monthly cash budget for the three-month period ending in December. LO.1
What other approaches might be used to improve cash fl ows from receivables? LO.1
What cash discount policy, if any, would you recommend? LO.1
How would a cash discount policy relate to bad debts? LO.1
Is offering a cash discount the equivalent of a bribe? LO.1
There is a saying “If it ain’t broke, don’t fi x it.” In view of the fi rm’s present success in paying bills promptly, should it be encouraged to use a cash budget? Be prepared to support
What are the advantages and weaknesses of the minimum-cash-balance practice? LO.1
Why would owners of small businesses not be inclined to use the net present value or internal rate of return measurements? LO.1
a. Find the accounting return on investment for a project that costs $10,000, will have no salvage value, and has expected annual aftertax profi ts each year of $1,000.b. Determine the payback period
Defi ne internal rate of return. LO.1
What does net present value measure? LO.1
Compare the different techniques that can be used in capital budgeting analysis. LO.1
How do working-capital management and capital budgeting differ? LO.1
Suppose that a small fi rm could successfully shift to a just-in-time inventory system—an arrangement in which inventory is received just as it is needed. How would this affect the fi rm’s
How may a seller speed up the collection of accounts receivable? Give examples that may apply to various stages in the life cycle of receivables. LO.1
What are some examples of cash receipts that are not sales revenue? Explain how expenses and cash disbursements during a month may be different. LO.1
List the events in the working-capital cycle that directly affect cash and those that do not. What determines the length of a fi rm’s cash conversion period? LO.1
Print and complete “Appendix A: Checklist for Insurance Needs.” If you don’t already have a business of your own, base your answers on a business you hope to start. LO.1
What services do insurance companies provide to policyholders? LO.1
List the ways you can limit your exposure to loss.Explain at least two of these methods. LO.1
What employee benefi ts are required by law? What optional benefi ts might you provide to employees to attract the most qualifi ed individuals? LO.1
What are the major categories of loss that a business owner must address to be sure that she or he has adequate insurance coverage for the business? LO.1
Arrange to interview the owner or one of the agents of a local insurance company. Determine in the interview the various types of coverage the company offers for small businesses. Write a report on
Contact a local small business owner and obtain his or her permission to conduct a risk analysis of the business. Report to the class on the business’s situation in regard to risk and what
Log on to Entrepreneur magazine’s website at http://www.entrepreneur.com and fi nd two articles on new small business startups. Select one new fi rm that is marketing a product and another that is
Would you have recommended that Abbe purchase insurance that would have covered the losses in this case? LO.1
What kind of insurance would have helped Abbe cope with the loss resulting from arson? In purchasing this kind of insurance, what questions must be answered about the amount and terms? LO.1
What are the major types of risk faced by a fi rm such as H. Abbe International? What kind of insurance will cover these risks? LO.1
What kinds of insurance coverage should this type of company carry? LO.1
Would a risk-retention insurance program be a good possibility for this company? Why or why not? LO.1
What types of business risk do you think Essman might have overlooked? Be specific. LO.1
What options does Amigo have if it drops all insurance coverage? What is your recommendation? LO.1
In what way, if any, should the outcome of the current litigation affect Amigo’s decision about renewing its insurance coverage? LO.1
Do you agree that the type of customer to whom the Amigo Company sells should infl uence its decision regarding insurance? LO.1
What is the purpose of a coinsurance provision and how does it work? LO.1
Describe a business owner’s policy. List the advantages of this type of policy, and tell what types of insurance coverage are available with a BOP . LO.1
Under what conditions would purchasing life insurance on a business executive provide little protection for a company? When is such life insurance helpful? LO.1
Why might a small business owner decide not to purchase business insurance? LO.1
When is it logical for a small business to utilize self-insurance? LO.1
Can a small company ever safely assume that business risks will never turn into losses suffi -cient to bankrupt it? Why or why not? LO.1
Describe the different sources of legal liability. LO.1
What are the basic ways to manage risk in a business? LO.1
What are the different types of risk that a business may encounter? LO.1

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