busines homework

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ESSAYS/SHORT ANSWERS NAME:__________________________________

Question #1 (10 points):

We discussed 4 external environmental factors that we, as a business, cannot specifically control, but that will impact what we can and cannot do in our business. List the 4 factors in the space provided and then briefly explain each and give an example of each.

1. ______________________________________________________

Explanation & Example:

2. ______________________________________________________

Explanation & Example:

3. ______________________________________________________

Explanation & Example:

4. ______________________________________________________

Explanation & Example:

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Question #2 (10 points):

List and briefly define the 5 typical functional areas in a business that we discussed in

class.

1. ______________________________________________________

Explain:

2. _______________________________________________________

Explain:

3. _______________________________________________________

Explain:

4. _______________________________________________________

Explain:

5. _______________________________________________________

Explain:

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Question #3 (10 points):

Match each of the questions with a financial statement which answers the question.

Accounting Question

Answer one:

Income Statement

Balance Sheet

or

Statement of Cash Flows

How much did it cost to produce products?

What is the total amount the stockholders have

invested in the company?

What is the total amount my customers owe me?

What is the amount of executive salaries?

Did the firm generate or use cash for operating

activities?

Question #3 (5 points):

Briefly explain and discuss how the following news media statement can impact a company: “Venture

Furniture failed to meet its second quarter earnings estimates. Venture stock fell by 10% in trading

today.”

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Question #5 (15 points):

a. Reproduce a Balance Sheet and Income Statement in proper format and correct

order of accounts (Note: dollar amounts are not needed)

b. Provide the “Accounting (Balance Sheet) Equation”.