1. Why should everyone have a basic understanding of finance, regardless of the careers they pursue? 2. Why do most firms form as proprietorships or partnerships when they first start doing business and then change to the corporate form of business when they grow larger? What are the advantages and disadvantages of each of the three forms of business mentioned in this question? Would the management of a firm in an oligopolistic industry or in a competitive one be more likely to engage in what might be called "socially conscious" practices? Why? Describe the goal of wealth maximization. Can a firm sustain its operations by maximizing stockholders' wealth at the expense of other stakeholders? Is wealth maximization the same as maximizing net income each year? 5. What are the basic differences between the ownership structures of U.S. firms and non-U.S. (foreign) firms? 3. Teaser