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Mr. Greenbaum will then shift his duties to marketing & sourcing and a new employee will take over the customer

service department and its related duties

Mr. Rosenbaum will be responsible for initiating new leads with the ASI distributor network and for re-establishing existing

of this department into two positions at approximately the fourteenth month of business

We are projecting the division

run the imprinting department while a second person will be hired to handle both shipping and receiving

A full time production person will

contacts with distributors with whom he has had a previous business relationship

We are projecting the division

many more firms are organised as partnerships or single proprietorships. Legally, a corporation is regarded as a separate entity, while partnerships are considered as extensions of their owners.

A full time production person will

the eleventh month of business

We are projecting the need for this additional labor burden at approximately

run the imprinting department while a second person will be hired to handle both shipping and receiving

In the US and most other countries, the corporate form of organisation is the most important in terms of dollar value of assets owned, although

of this department into two positions at approximately the fourteenth month of business

In the US and most other countries, the corporate form of organisation is the most important in terms of dollar value of assets owned, although

it is received as dividends by holders of the firm’s securities, via personal income tax

The result is shown in Chart

many more firms are organised as partnerships or single proprietorships. Legally, a corporation is regarded as a separate entity, while partnerships are considered as extensions of their owners.

Income earned through proprietorships and partnerships is taxed primarily through the personal tax levied on their owners. Income earned by a corporation may be taxed twice - once when it is earned via corporate income tax and again when

1 above – the top line shows the marginal rate, the bottom line shows the average tax rate

A full time production person will

run the imprinting department while a second person will be hired to handle both shipping and receiving

The marginal rate is more relevant for most decisions. For example,

the higher marginal rate

The most dramatic instance of this difficulty concerns depreciation of assets. If

a corporation buys a computer for $ 1 million, it is entitled to eventually charge off this cost as a deductible expense when computing taxable income

As the figure shows, the larger a corporation’s taxable income, the closer its average tax rate comes to

marginal rate (46 per cent)

Overall such corporations pay taxes equal to virtually the largest

if a corporation were considering an investment that would increase its income from $65,000 to $70,000 each year, the increase in income would be (1 - 0.3) X $5,000

As the figure shows, the larger a corporation’s taxable income, the closer its average tax rate comes to

if a corporation were considering an investment that would increase its income from $65,000 to $70,000 each year, the increase in income would be (1 - 0.3) X $5,000

The marginal rate is more relevant for most decisions. For example,

the higher marginal rate

Automobiles and research equipment are considered three-year property, most business equipment is considered five-year property, buildings are usually considered

fifteen-year property

For tax purposes, corporate income is defined as revenue

minus expenses. The problems arise in measuring these two elements

As the figure shows, the larger a corporation’s taxable income, the closer its average tax rate comes to

a mixture of the two

The question concerns the relevant cost of the 110 boats that were sold and of the 90 that remain. The firm may have sold all the ‘old’ boats first, or all the ‘new’ boats, or

the higher marginal rate

Automobiles and research equipment are considered three-year property, most business equipment is considered five-year property, buildings are usually considered

with the measurement of corporate income concerns the cost of inventory sold during the year. This arises when prices are changing fairly rapidly and a company holds inventory for long periods

Another vexing problem associated

fifteen-year property

The question concerns the relevant cost of the 110 boats that were sold and of the 90 that remain. The firm may have sold all the ‘old’ boats first, or all the ‘new’ boats, or

fifteen-year property

However, before 1970 many

a mixture of the two

Automobiles and research equipment are considered three-year property, most business equipment is considered five-year property, buildings are usually considered

facts of the situation

An accountant may assume any of the above combinations without regard to the actual

companies used the FIFO method, suggesting that in times of moderate inflation many managers were willing to sacrifice some real benefits to improve the appearance of their company’s financial statements

However, before 1970 many

companies used the FIFO method, suggesting that in times of moderate inflation many managers were willing to sacrifice some real benefits to improve the appearance of their company’s financial statements

If a plan has been expressed in financial terms, we speak of a budget. Budgeting is the changing of operational plans (for example, for purchasing, production, research, or sales) into

a mixture of the two

The master budget is prepared from, and consolidates, budgets for separate sub-units of an organization (sales, production, distribution and finance) to give a single budget

for the whole organization

The question concerns the relevant cost of the 110 boats that were sold and of the 90 that remain. The firm may have sold all the ‘old’ boats first, or all the ‘new’ boats, or

financial results

However, before 1970 many

for the whole organization

The master budget is prepared from, and consolidates, budgets for separate sub-units of an organization (sales, production, distribution and finance) to give a single budget

can be controlled

The master budget is the keystone which demonstrates the overall position of the company if the plans are executed. If, on the basis of this projection, undesirable positions come

companies used the FIFO method, suggesting that in times of moderate inflation many managers were willing to sacrifice some real benefits to improve the appearance of their company’s financial statements

A budget fulfils various functions: it is both a tool and a compass for management. By periodically comparing the budget plan with the actual results (‘feedback’) company processes

to light, the management can readjust its policy

The budgeting stages formally determine the internal cohesion and necessary harmonizing of company activities which may be functionally divided between various departments. In this sense, a budget

and feedback as to how well those goals are being met. Budgeting obliges the management to contemplate the future

A budget is also a means of

is an important means of co-ordination

Control requires a set of goals (the budget)

authorization. The staff member responsible for a section of the budget (‘un budget, c’est un monsieur’) is authorized to make expenditures to the extent given in the budget without the further consent of higher management

The master budget is prepared from, and consolidates, budgets for separate sub-units of an organization (sales, production, distribution and finance) to give a single budget

for the whole organization

Such a budget might be given to the head of the Production Department if he or she is not in a position to influence the prices of the materials

can be controlled

Thus, certain authority is delegated, and

management is freed to direct its attention to the future. Intervention in the actual course of business is then only necessary if there are (significant) deviations in the actual results as compared to the plan

A budget fulfils various functions: it is both a tool and a compass for management. By periodically comparing the budget plan with the actual results (‘feedback’) company processes

to be purchased

At some levels and in some situations, wage levels are partially controllable by the personnel management. The most senior management is responsible for ‘the bottom line’, that is, they are accountable

for the end-result, be it profit or loss

Businesses are beginning to recognise that they do not have enough high-quality people for their international activities. They often have problems releasing experienced people from existing operations in order to resource

reported that the proportion of managers with international experience ranges from about 1% in some UK companies to 80% in one Swiss company. In many firms, only 5-10% of managers are likely to have international experience

Indeed, there are signs that a shortage of internationally-skilled people may be an important

constraint on firms’ global ambitions

A recent survey of EU companies

and lead new international ventures

When a company answers “yes” to

reported that the proportion of managers with international experience ranges from about 1% in some UK companies to 80% in one Swiss company. In many firms, only 5-10% of managers are likely to have international experience

To developthe international company’s management

and lead new international ventures

Businesses are beginning to recognise that they do not have enough high-quality people for their international activities. They often have problems releasing experienced people from existing operations in order to resource

the last question, considerable resources and effort must be spent in preparing managers for international assignments

A recent survey of EU companies

resource is a demanding exercise. Should there be an elite group of managers given international experience as part of their grooming for top jobs.

When a company answers “yes” to

the last question, considerable resources and effort must be spent in preparing managers for international assignments

The senior financial manager of a company may be held responsible for costs arising from changes in the general level of interest rates, to the extent that his or her strategic choices are to borrow long or short, to make a share issue, or

to cover risks on the futures market

To developthe international company’s management

resource is a demanding exercise. Should there be an elite group of managers given international experience as part of their grooming for top jobs.

A good rule of thumb

is to include in a budget only those elements which are controllable by the employee or manager concerned (controllability principle)

In other words, the manager should think “world” and not see work responsibilities and needs soley from the perspective of his or her own national background. An international manager must become quickly involved in

to cover risks on the futures market

When a company answers “yes” to

matters affecting several countries

The senior financial manager of a company may be held responsible for costs arising from changes in the general level of interest rates, to the extent that his or her strategic choices are to borrow long or short, to make a share issue, or

a trend for large companies to think globally: producing goods or delivering services and selling them, all over the world

Since the 1980s there has been

the last question, considerable resources and effort must be spent in preparing managers for international assignments

I have made preliminary enquiries with a number of firms, which I contacted while following a marketing

course at Cardiff Polytechnic

My fiancee will help me with administration, book-keeping and telephone enquiries. Her parents have offered us the use of a room in their house as an office, until

was very favourable

Their response

part-time drivers

Our folks shall drive the truck myself and also employ

we can find a small office to rent

I have made preliminary enquiries with a number of firms, which I contacted while following a marketing

course at Cardiff Polytechnic

This assumes a bank loan of Ј15,000 over five years at an annual percentage rate of 18.5t, with interest-only

repayments during the first six months

To finance this venture, I have Ј10,000 capital. My start-up costs will total Ј25,000. I am therefore

seeking a bank loan of Ј15,000

Their response

was very favourable

For example, he or she must be sensitive to, and aware of, the market

requirements of a wide range of countries right from the start

I shall undertake deliveries for chilled food distributors, offering them a service on which they know they can rely at short notice and

repayments during the first six months

Their response

in case of emergency

This assumes a bank loan of Ј15,000 over five years at an annual percentage rate of 18.5t, with interest-only

was very favourable

We must remain on top of the new technologies, because

as possible, we concentrate our purchasing with Hauser, which offers 30-day net terms and overnight shipping from the warehouse in Dayton

I shall undertake deliveries for chilled food distributors, offering them a service on which they know they can rely at short notice and

in case of emergency

In order to hold costs down as much

this is our bread and butter. For networking, we need to provide better knowledge of cross platform technologies

This assumes a bank loan of Ј15,000 over five years at an annual percentage rate of 18.5t, with interest-only

repayments during the first six months

Also, we are under pressure to improve our understanding of direct-connect internet and

in case of emergency

The segmentation allows some

this is our bread and butter. For networking, we need to provide better knowledge of cross platform technologies

We must remain on top of the new technologies, because

room for estimates and nonspecific definitions. We focus on a small-medium level of small business, and it is hard to find information to make an exact classification

I shall undertake deliveries for chilled food distributors, offering them a service on which they know they can rely at short notice and

related communications

The high-end home office business is a business, not a hobby. It generates enough money to merit

this is our bread and butter. For networking, we need to provide better knowledge of cross platform technologies

Our target companies are large enough to need the high-quality information technology management we offer, but too small to have a separate computer management

staff such as an MIS department

We must remain on top of the new technologies, because

room for estimates and nonspecific definitions. We focus on a small-medium level of small business, and it is hard to find information to make an exact classification

The segmentation allows some

the owner’s paying real attention to the quality of information technology management, meaning that there is both budget and concerns that warrant working with our level of quality service and support

We can assume that we aren’t talking about home offices used only part-time by people who work elsewhere during the day, and that our target market home office wants to have powerful technology and a lot of

superstores: these include major chains such as CompUSA, Computer City, Future Shop, etc.

Computer dealers: storefront computer resellers, usually less than 5,000 square

links between computing, telecommunications, and video

Chain stores and computer

feet, often focused on a few main brands of hardware, usually offering only a minimum of software, and variable amounts of service and support

These are usually old-fashioned (1980s-style) computer stores and they usually offer relatively few reasons

for buyers to shop with them. Their service and support is not usually very good and their prices are usually higher than the larger stores

The national chains are a growing presence: CompUSA, Computer

City, Incredible Universe, Babbages, Egghead, and others. They benefit from national advertising, economies of scale, volume buying, and a general trend toward name-brand loyalty for buying in the channels as well as for products

They are almost always more than 10,000 square feet of space, usually offer decent walk-in service, and are often warehouse-like locations where people go to find

products in boxes with very aggressive pricing, and little support

Chain stores and computer

for buyers to shop with them. Their service and support is not usually very good and their prices are usually higher than the larger stores

These are usually old-fashioned (1980s-style) computer stores and they usually offer relatively few reasons

superstores: these include major chains such as CompUSA, Computer City, Future Shop, etc.

Local computer stores are threatened. These tend to be small businesses, owned by people who started them because

writers, or whomever, to visit their office to make their sales

These are usually old-fashioned (1980s-style) computer stores and they usually offer relatively few reasons

products in boxes with very aggressive pricing, and little support

They expect the copy machine vendors, office products vendors, and office furniture vendors, as well as the local graphic artists, freelance

they liked computers

They are almost always more than 10,000 square feet of space, usually offer decent walk-in service, and are often warehouse-like locations where people go to find

for buyers to shop with them. Their service and support is not usually very good and their prices are usually higher than the larger stores

There is usually a lot of leakage in ad-hoc purchasing through local chain stores and mail order. Often the administrators try to discourage

than against other service providers

There is no doubt that we compete much more against all the box pushers

for buyers to shop with them. Their service and support is not usually very good and their prices are usually higher than the larger stores

They expect the copy machine vendors, office products vendors, and office furniture vendors, as well as the local graphic artists, freelance

this, but are only partially successful

These are usually old-fashioned (1980s-style) computer stores and they usually offer relatively few reasons

writers, or whomever, to visit their office to make their sales

Balance

assets

Accounts

receivable

Debt and

sheet

Short-term

equity

Short-term

assets

Balance

capital

Paid in

sheet

Accounts

payable

Paid in

capital

Other

inputs

Short-term

liabilities

Long-term

assets

Receivables

turnover

Payment

days

Company Locations and

on credit

Sales

facilities

Other

costs

Start-up

plan

Paid in

inputs

Design

capital

Interest-free

expences

Short-term

borrowing

Unpaid

start-up

Loss at

short-term loans

Documents

bank

Loss at

required

Opening

start-up

Interest-free

short-term loans

Conditions of

delivery

Loss at

start-up

San

Francisco

Documents

required

Documents

required

Coverage

employees

Conditions of

delivery

leased

enhancements

leased

employees

Waiver

delivery

Conditions of

of deductible

independent

contractors

leased

employees

Waiver

to entry

barriers

of deductible

Continue with a paragraph

defending or justifying market concentration

End with a paragraph

containing arguments both against and in favour of monopoly

Begin with a paragraph

only needs to ensure that there is no monopoly over important inputs

According to this position, the government

arguing that monopolies are always short-lived, and so not a problem

Even the profits made by a natural monopoly

arguing that monopolies are always short-lived, and so not a problem

Continue with a paragraph

defending or justifying market concentration

Although some people argue that

any barrier to competition will inevitably lead to inefficiency

End with a paragraph

will be temporary, because they are an incentive for entrepreneurs to discover and implement new low-cost technologies

Some people even argue

their profits are soon competed away by rivals

For example, although entrepreneurs introduce new products and techniques and open up new markets

arguing that monopolies are always short-lived, and so not a problem

Even the profits made by a natural monopoly

will be temporary, because they are an incentive for entrepreneurs to discover and implement new low-cost technologies

End with a paragraph

that monopolies are always temporary and consequently not a problem

Even the profits made by a natural monopoly

agriculture, and the extraction of raw materials from the earth

The arguments against market concentration, or

that monopolies are always temporary and consequently not a problem

the primary sector:

will be temporary, because they are an incentive for entrepreneurs to discover and implement new low-cost technologies

Some people even argue

at least against monopoly, are obvious

advertising

prices

calculating

products

cutting

metal

digging

iron ore

distributing

metal

cutting

metal

digging

added value

milling

iron ore

milling

coal

digging

oil

pumping

metal

mining

iron ore