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business
small business management
Questions and Answers of
Small Business Management
Is the appendix of a plan necessary? And what would it contain?
What is the milestone chart? Is it necessary to be included in a business plan?
What is meant by critical risks in a business plan?
Briefly explain why a succession plan is necessary.
List at least five common questions which are expected to be asked after a business plan has been presented to a group of potential investors? And what would be the appropriate way to answer them?
What is the significance of financial statements, and who would benefit from them?
What are the most common financial statements? Briefly describe each of them.
What would immediately identify the balance sheet and the income–expense statement?
What is meant by the analysis of financial statements, and who would need it?
List and briefly explain three types of financial statement analysis.
What are the main categories of the financial ratios, and what are their subcategories?
What are the differences between return on investment ratio (ROIR) and return on equity ratio (ROE)?
What is Tobin's Q ratio and what would it refer to?
What is the difference between debt–asset ratio and solvency ratio and how can they be interpreted?
What is the DuPont model? Explain briefly.
What is meant by capital structure, and why is it important?
What is debt capital and equity capital, and how would a firm decide to depend on any of them?
Which capital is often preferred by the owner-manager and why?
What are the criteria to classify types of debt capital?
Is there anything such as an optimal capital structure? And what did the different experts say about that?
Briefly explain the traditional approach on optimality of capital structure.
How is Modigliani–Miller approach different from the traditional approach?
What is leverage? And why would a firm need it?
Briefly explain the difference between operational leverage and financial leverage, and the ways they are measured.
What is combined leverage? And what would it measure?
What is the difference between an accountant's profit and an economist's profit?
What is the difference between profit margin and markup?
Is the markup a percent out of the retailer's cost or the retail price? Illustrate your answers with a numerical example.
List at least four examples of each of the firm's cash inflow and its cash outflow.
What is profitability, and what is earning power? Prove mathematically that they are equal.
What is cost–volume–profit analysis? And how would it help the firm to figure out when it would start collecting profits?
Define both the break-even quantity and the break-even revenue and provide their formulas.
What is the break-even point? Define it conceptually, mathematically, and graphically.
Can an entrepreneur set his desired profit? And how would he do that technically?
How could the non-cash cost such as the depreciation be considered if you want to find out the break-even point? Explain that with a numerical example.
How are the entries in the pro forma statement obtained?
Briefly explain the way by which a firm would know if it needs new financing.
What is the financial forecasting, and why do we need it?
What are the major models of forecasting, and how different are they from each other?
What is market research and how can it be used to forecast sales, for example?
List and briefly explain the different types of the time series data variations.
List and briefly explain the methods by which the data seasonality can be adjusted.
What does the constant x, and (1 – x) signify? Where, and how are they used?
What is the barometric forecasting, and how is it different from other models of forecasting?
Define working capital with an example.
What is gross working capital? And what is net working capital?
What is the difference between permanent and temporary working capital?
What can a firm do to manipulate its risk versus its profits?
What would happen to the profit and risk if a firm shifts some capital from its current assets to its fixed assets?
What would happen to the profit and risk if the firm decides to buy more incentives?
What would happen to the profit and risk if the firm shifts capital from the long-term liability to the current liability?
List and briefly explain three common strategies for the firm to finance its permanent and temporary capital needs.
Can the firm satisfy its needs by only depending on its long-term borrowing while not using any short-term debt? And what would we call such a strategy?
Give a practical example of how a firm can use its balanced approach for financing its capital needs.
What would financial management of working capital aim to?
Why would cash be essential for a business, and particularly a small business? List the four types of cash balances.
Describe the general strategy for cash management and list some of its major objectives.
How would a firm determine its needs of cash? Give an example to illustrate your answer.
List and briefly explain the different types of cash.
List and briefly explain the different types of floats, and explain the float techniques.
What is credit evaluation and what are the five Cs?
What does FICO stand for and for what purpose, and how is it used?
What is account receivable aging and what purpose would it serve?
What is trade discount and what is meant by the successive way of calculating the multiple discount? Give a numerical example to illustrate your answer.
What is inventory and why is it important for the firm?
List and briefly explain the inventory functions.
What would constitute the inventory cost? List three components of the cost.
What is the ABC system of inventory and how did it come about?
What is the ordering cost and what is the carrying cost? Illustrate how they are related on a graph.
How would the quantity discount affect the calculation of the EOQ? Give a numerical example.
How would the EOQ be different for a firm that produces its own inputs internally? Give a numerical example to illustrate the adjustment to the EOQ calculation.
What is the ROP? Explain and give numerical example to calculate it.
What is the safety stock? Show how its calculation can be different when the demand or lead time becomes either constant or variable.
What is JIT-inventory system and how significant is it to reduce inventory cost?
What is project evaluation? And how important is it for the firm?
What are the most common purposes for the firm's investment funds?
Is there a systematic process for the project evaluation and selection? And what are the steps to be taken into this process towards the final project selection?
What is the major difference between the independent project and the mutually exclusive project? And would the evaluation process be different for each?
List the methods of project evaluation that are considered value-adjusted or sophisticated, and explain their major difference from those methods that are not value-adjusted.
Describe the payback technique and give a simple example to illustrate how this technique works.
Briefly describe the Net Present Value, and the Internal Rate of Return methods to evaluate investment project, and explain the major difference between them.
What is the crossover point, crossover rate and where would we use them?
What is the difference between risk and uncertainty? Where would the risk come from? And what are the methods of risk management?
What is the difference between sensitivity analysis and scenario analysis? What is simulation, and the decision tree?
Define business valuation and list its major purposes.
What are the major tools for valuation, and how would they be different from each other?
There are two basic approaches that can be taken to determine a business valuation. What are they and how would the value be calculated under them?
What are the differences between the traditional venture capital method and the first Chicago method?
What is harvesting? And why would the business need to plan for it?
What are the major harvesting strategies? Briefly explain each and every one of them.
Describe at least three forms of business acquisition.
What is meant by going public for business firms, and how would they go about it?
Can any business go public? Or are there certain requirements that have to be met for a business to be able to go public?
List and briefly explain at least five of the reasons why going public is not a good idea.
What is the difference between management and leadership, and what managerial functions would fall under each?
What is the difference between effectiveness and efficiency?Illustrate your definitions with some examples.
Put the following constructs in the right order after giving each a proper definition: plan, policy, goal objective, strategy, and procedure.
What are the systematic steps that should be taken for a proper planning process?
List and explain the important factors that should be considered in the organizing process.
List and briefly explain the types of organizational structure.
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