How important was Ian's knowledge of the billing procedures used within the steel industry in his being able to establish his business?Given his cash position when he opened his business, could do you believe he would have been successful without this knowledge?

How much risk did he take?

When providing a product like steel to a customer, how important is experience and knowledge of the industry to business success?

1.What is an ABC analysis with regard to inventory?

In inventory management, ABC analysis is one useful method of inventory analysis

P225

2.How is a line of credit issued by a bank similar to a credit card?

P228 ~ P229

3.If a firm does not provide for accrued liabilities, what problem may the firm face?

P230

Chapter #8 Review and Discussion Questions (P272)

1.What is the relationship between the time value of money and inflation?

P 244