Professional Documents
Culture Documents
Table of Contents
Brief Chapter Outline ................................................................................................................................ 2
Chapter Outline and Lecture notes ......................................................................................................... 4
Key Terms ............................................................................................... Error! Bookmark not defined.
Bonus Internet Exercise 6-1: Financial Resources and the New Entrepreneur ................................. 20
Bonus Internet Exercise 6-2: Entrepreneurs Establish Business Ethics for Financial Decisions ...... 22
Bonus Internet Exercise 6-3: The Balance Sheet: Balances for the New Entrepreneur ...................... 24
Critical Thinking Exercises ..................................................................................................................... 26
Critical Thinking Exercise 6-1: Budgeting for the Entrepreneur ....................................................... 26
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Chapter Six: Analyzing Cash Flow and Other Financial Information
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Chapter Six: Analyzing Cash Flow and Other Financial Information
.
Recognize the fundamental importance of cash flow analysis.
Prepare a cash flow statement and a budget.
Identify other financial tools.
III. Developing Cash Flow Statements and Budgets (text page 106)
Learning Objective 6-2: Prepare a cash flow statement and a budget.
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Chapter Six: Analyzing Cash Flow and Other Financial Information
3. Developing Cash Flow Statements and Budgets (text pages 106 through 110)
a. The cash flow statement for a new business is different than a cash flow
statement for a publicly traded annual report (text page 106)
i. No finance activity for new business
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Chapter Six: Analyzing Cash Flow and Other Financial Information
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Chapter Six: Analyzing Cash Flow and Other Financial Information
b. Gas
c. Phone service provider
17. All other expenses
c. Revenues (text page 107)
i. Type of revenue may differ depending in the business.
d. Sensitivity Analysis (text page 108)
i. An analysis or examination by the small business person of the
best and worst-case scenarios
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Chapter Six: Analyzing Cash Flow and Other Financial Information
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Chapter Six: Analyzing Cash Flow and Other Financial Information
Key Terms
Balance sheet: A summary of the assets and liabilities of the entrepreneurial business.
(LO 6.3)
Break-even analysis: Tool for the estimation of when a business’s income exceeds its
expenses. (LO 6.3)
Budget: Statement that projects all the costs that will be incurred by the organization
over a period of time and allocates the expenses evenly over the relevant time period.
(LO 6.1)
Cash flow: Actual cash that flows into the firm, minus the cash that goes out of the firm.
(LO 6.1)
Current assets: Assets such as cash or those assets that can easily be converted to
cash, such as accounts receivable and notes receivable. (LO 6.3)
Current liabilities: Liabilities or debts that the entrepreneurial business has to pay
within one year. These include accounts payable, notes payable such as bank notes,
and accrued payroll. (LO 6.3)
Deviation analysis: Analysis of the differences between the predicted and the actual
performance. (LO 6.1)
Entrepreneurial breakeven: When a new venture’s net cash flow exceeds the initial
investment plus the time value of the money invested. (LO 6.3)
Equity: Investment into the entrepreneurial business by the owners of the firm. (LO 6.1)
Fixed assets: Those assets that have a physical presence, including land, buildings,
office equipment, machinery, and vehicles. (LO 6.3)
Fixed costs: Costs that must be paid no matter how many goods are sold, such as rent
for the building. (LO 6.3)
Float: The difference between when the money goes out and when it comes in. For
example, if you deposit a check or receive an electronic transfer today in payment for
some good, you typically do not receive cash when you deposit it. Instead, there is a
period of float before it is credited to your account. (LO 6.1)
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Chapter Six: Analyzing Cash Flow and Other Financial Information
Long-term liabilities: Liabilities that are owned by the business and are ultimately due
more than a year from the current date. These include mortgages payable, owners’
equity, and stockholders’ equity (the latter two are the investment by these individuals in
the business. (LO 6.3)
Pro forma: A term describing estimates of what the balance sheets and income
statements will look like in the future. (LO 6.3)
Time value of money: The value of money over time at a given rate of inflation or other
type of return. Calculated as the value of your investment in time and money if you did
not do the proposed venture. (LO 6.3)
Variable costs: Costs that vary according to how many goods are produced. (LO 6.3)
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Chapter Six: Analyzing Cash Flow and Other Financial Information
2. The siblings are very creative and socially conscious. They use organic and Fair
Trade Certified teas in their products.
Exercise 1 – p. 100
Exercise 2 – p. 108
1. Why is cash flow so important for a new business? Without cash a business
cannot continue. Not having a positive cash flow is a leading cause of failure for the
entrepreneurial business.
2. How are cash flow and profit related? Generating profit does not put cash in the
bank and without cash the business cannot survive.
3. What are the basic elements of a cash flow statement for an entrepreneurial
business? The basic cash flow statement itemized the beginning cash balance plus
cash in less cash out. Cash in includes sales receipts, bank loans and investor’s
capital. Cash out is the payment of all expenses.
4. Why is a budget statement not a cash flow statement? How do they differ? A
budget projects all the costs that will incurred by the organization and allocates them
evenly over a period of time. A cash flow statement projects cash as it is received and
payments as they are made.
5. How does float affect a cash flow statement? A business owner may deposit a
check but the bank may not allow the business the use of the funds from that check for
a period of time. In state checks usually clear within 24 hours but out of state checks
may be held for a few days.
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Chapter Six: Analyzing Cash Flow and Other Financial Information
6. How does the balance sheet relate to a cash flow statement? The balance sheet
will include the cash balance plus the balances of bank loans and investor equity. The
cash flow statement reflects the changes in cash, loan payments, and cash paid back to
the investors.
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Chapter Six: Analyzing Cash Flow and Other Financial Information
1. In groups, ask students to discuss the role of the cash flow statement. Next, ask
students to discuss the advantages to a new entrepreneurial business that has a
positive cash flow versus the disadvantages of a business that has a negative cash
flow. Next, discuss the difference between cash flow and revenue. (LO 6.1)
2. Ask students to discuss the time value of money. Next, ask students to describe how
inflation affects the time value of money. Also discuss the expected future returns of
the investments that you make in the new business now. What can new small
business owners do to assure they account for the time value of money? (LO 6.3)
3. Divide the students into groups. Ask each group of students to create a hypothetical
business. Next, ask students to list the expenses they would anticipate if they started
a new small business. Ask students to compare those expenses to those of a large
established organization. How do the expenses differ? List them on a flip chart or the
blackboard. (LO 6.2)
4. Ask students to discuss the differences between a budget and a cash flow
statement. Next, ask students to discuss how small business owners can develop a
budget over a period of one year. Discuss the components of a budget as it relates
to a new small business owner. List the possible categories on a flip chart or the
blackboard. (LO 6.1)
5. Ask students to discuss the different sections in a cash flow statement. Next, ask the
students to list the components and different categories within each section. Ask the
students why entrepreneurs develop a sensitivity analysis. What does it reveal? (LO
6.2)
6. In groups, ask the students to discuss the components of the balance sheet. Next,
ask the students to discuss the differences between fixed assets and current assets;
and the differences between current liabilities and long-term liabilities. Provide
specific examples of each and list them on the blackboard or a flip chart. (LO 6.3)
7. Ask the students to discuss the income statement. Ask students to research the
income statement of an existing firm and report their findings. The students can
present their data in a written report or a formal report to the class. (LO 6.3)
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Chapter Six: Analyzing Cash Flow and Other Financial Information
1. What is the time value of money? Why is it important that an entrepreneur consider
it? (LO 6.3)
2. Explain the similarities and differences between fixed costs and variable costs.
Provide specific examples of each and explain how they relate to the break-even
analysis calculations. (LO 6.3)
3. Discuss the differences between cash flow and profit. When does a firm obtain a
profit? (LO 6.1)
4. Discuss the purpose of a cash flow statement. What are the key issues associated
with developing a cash flow statement? (LO 6.2)
5. What is a balance sheet? Why is it useful? What is the difference between a pro
forma balance sheet and a balance sheet? (LO 6.3)
6. What is equity? Discuss the advantages and disadvantages to the business owner.
Be specific. (LO 6.1)
8. What is deviation analysis? When is it used? Discuss how it is useful to a new small
business owner. (LO 6.1)
10. What are the categories in a cash flow statement? What are revenues? Summarize
the categories of revenues in a cash flow statement. (LO 6.2)
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Chapter Six: Analyzing Cash Flow and Other Financial Information
2. Explain the similarities and differences between fixed costs and variable
costs. Provide specific examples of each and explain how they relate to the
break-even analysis calculations. (LO 6.3) Fixed costs are costs that must
paid no matter how many goods are sold. Examples of fixed costs are rent,
equipment leases, and insurance. Variable costs are costs that vary according to
how many goods are produced. Examples of variable costs are material and
labor to make the product. The business must sell enough products to cover the
fixed costs after paying for the variable costs to make the product.
3. Discuss the differences between cash flow and profit. When does a firm
obtain a profit? (LO 6.1) Cash flow is the money coming in and out of a firm.
Cash flow includes payments on loans for fixed assets. Profit is sales revenue
less expenses. Including depreciation of assets. A company can have a profit
but may not have cash if products have been sold but not yet paid for.
4. Discuss the purpose of a cash flow statement. What are the key issues
associated with developing a cash flow statement? (LO 6.2) The cash flow
statement describes all the activities that provide and use cash during a period. It
helps the owners keep track of cash and shows the ability of the company to
meet its obligations. It is necessary when applying for loans and credit lines.
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Chapter Six: Analyzing Cash Flow and Other Financial Information
10. What are the categories in a cash flow statement? What are revenues?
Summarize the categories of revenues in a cash flow statement. (LO 6.2)
Simple cash flow statements include receipts, disbursements, equity investments
and end with the ending cash balance.
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Chapter Six: Analyzing Cash Flow and Other Financial Information
Lecture Links
Lecture Link 6-1: Social Responsibility and the Entrepreneur
(LO 6.1, 6.2, 6.3)
2. What is transparency?
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Chapter Six: Analyzing Cash Flow and Other Financial Information
Lecture Link 6-1: Social Responsibility and the Entrepreneur (LO 6.1, 6.2, 6.3) - Notes
1. What topics does this website highlight? Topics include human rights,
transparency, climate leadership, and sustainability across the world.
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Chapter Six: Analyzing Cash Flow and Other Financial Information
Every year, Inc. Magazine comes out with a list of the 500 fastest growing companies.
Find the latest list.
1. How many on the list provide a manufactured good versus a service product?
3. Are any of these companies located in your geographic area? Find more information
on them.
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Chapter Six: Analyzing Cash Flow and Other Financial Information
The Human Development Indexi is a way to measure the standard of living in various
countries. The index is developed by The United Nations Development Program. The
data is based on economic factors and social progress, such as education levels.
1. What factors do you think contribute to high development versus low development?
2. Why do you think the standard of living is better in some countries versus others?
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Chapter Six: Analyzing Cash Flow and Other Financial Information
There is no doubt that one of the most important stakeholders in businesses is the
community in which they operate. For example, when Panamanian Airline ordered
737’s from Boeing, a deal worth $1 billionii, the Chicago based company executives
weren’t the only happy ones. Portions of the plane are built in Gresham, Oregon which
could help keep jobs in this area.
On the other hand, a community can suffer when a company isn’t doing well. When
Harley Davidson, Inc announced lower than expected revenues, it also announced it
would be cutting jobs and closing plants in the York, Pennsylvania area, where some of
the motorcycles are built. While on the surface this would only seem to affect those laid
off workers, it can affect everyone in the community. When workers are laid off, they
don’t have money to spend in stores, restaurants and on entertainment, affecting the
entire community.
“Closing these plants will be the worst thing,” says Liviu Hotea, the manager of the
Round the Clock Diner just down the road from the Harley plant. The diner feeds many
plant workers as they head to or off of their shifts. Even tourists stop in before or after
touring the plant. Other businesses believe they will be affected too, since 70% of their
business comes from the plantiii.
Suppliers will also be affected by the plant closings, as Harley Davidson will not need as
many raw materials to produce their products when the plant closes. The idea of
stakeholders being an important part of business decision rings true, whether the news
is positive or negative.
1. Have any businesses in your area closed? What effect did the closing have on the
community?
2. Describe a business near your college or home. What would be the effect of their
closing on your school?
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Chapter Six: Analyzing Cash Flow and Other Financial Information
In this chapter the authors focused on cash flow, budgets, and other financial tools to
assist the new entrepreneur with the financial planning needs for a new business. It is
important to recognize that cash flow represents the cash that moves into the business
and cash that moves out of the business. You can see why profits and a positive cash
flow are important goals for the new small business.
New small business owners utilize their resources to learn specific details about
finance, financial management, and other beneficial tools to assist them with their
planning needs. Visit the Institute for Management Accountant’s (IMA) website at
http://www.imanet.org/ and review the information that might help a new small business
owner with their financial needs.
Discussion Questions:
1. What information did you discover that might be beneficial to new small business
owners to help them analyze cash flow? List at least three resources that are
available at this website and explain why these resources are important. Be
specific.
2. Summarize the publications that are available on the website. Discuss how they
can assist a new small business owner.
3. Review the Core Values tab on the website. List them and explain how these
values could be relative to the new small business owner.
4. What other resources did you find on the website? Why are they important?
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Chapter Six: Analyzing Cash Flow and Other Financial Information
Bonus Internet Exercise 6-1: Financial Resources and the New Entrepreneur
(LO 6.1, 6.2, 6.3) - Notes
Discussion Questions:
1. What information did you discover that might be beneficial to new small
business owners to help them analyze cash flow? List at least three
resources that are available at this website and explain why these
resources are important. Be specific. The site lists several resources and
publications that may be useful to the new small business owner. There is also a
list of webinars and seminars.
2. Summarize the publications that are available on the website. Discuss how
they can assist a new small business owner. Publications include “The
Strategic Finance Magazine”, “Strategic Finance PowerPacks”, newsletters,
student and educator programs, and an ethics center.
3. Review the Core Values tab on the website. List them and explain how
these values could be relative to the new small business owner. The core
values of this organization are respect for the individual, passion for serving
members, highest standards of integrity and trust, innovation and continuous
improvement and teaming to achieve. All of these values should be part of the
small business owners mission and strategy.
4. What other resources did you find on the website? Why are they
important? Responses will vary.
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Chapter Six: Analyzing Cash Flow and Other Financial Information
Bonus Internet Exercise 6-2: Entrepreneurs Establish Business Ethics for Financial
Decisions
(LO 6.1, 6.2, 6.3)
New entrepreneurs initiate their financial planning and discover the cash flow relative to
their new small business. Founders create equity when they invest their personal assets
in the new small business. In addition, they develop a balance sheet and other financial
tools that assist them with their finance needs.
Sound business practices ensure the future financial functions of the new small
business are in compliance with stakeholders, partners, investors, regulatory agencies,
and, of course, the IRS. As a result, new small business owners must assure they make
honest business decisions that enhance their new small business.
Study the “International Business Ethics (International Business Ethics Institute (IBEI))iv”
website at http://www.business-ethics.org/. and discuss the following questions.
Discussion Questions:
1. Why should new small business owners understand the concept of ethics as it
applies to the financial functions of the new small business?
2. How can a new small business owner utilize this site to learn about ethical
decisions for their new small business when they consider how the new business
will be financed?
3. What professional services can a new small business owner use to assure that
the owner will make ethical business decisions?
4. Review the publication section on the website. What publications can a new
small business owner use to enhance their ethical business practices?
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Chapter Six: Analyzing Cash Flow and Other Financial Information
Bonus Internet Exercise 6-2: Entrepreneurs Establish Business Ethics for Financial
Decisions (LO 6.1, 6.2, 6.3) - Notes
This website is titled “Business Ethics – The Magazine of Corporate Responsibility” has
some very interesting articles. The site also lists several resources for businesses and
ethics. The articles are current and change often. The students should select an article
of interest and see how it relates to the questions.
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Chapter Six: Analyzing Cash Flow and Other Financial Information
Bonus Internet Exercise 6-3: The Balance Sheet: Balances for the New Entrepreneur
(LO 6.1, 6.2, 6.3)
One of the parts of the business environment is the population in a given area. Visit
www.census.gov and answer the following question using the research provided on this
webpage.
1. What is the American Community Survey? How is it different from the Census
survey given every ten years?
3. What are infant mortality rate projections for 2010-2050? How might this data be
useful if you were starting a business?
4. Find the most recent data for the economic census. How many establishments
are involved in oil and gas extraction? How many establishments are involved in
food manufacturing? How many retail bakeries are there?
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Chapter Six: Analyzing Cash Flow and Other Financial Information
Bonus Internet Exercise 6-3: The Balance Sheet: Balances for the New Entrepreneur
(LO 6.1, 6.2, 6.3) – Notes
3. What is infant mortality rate for your state? How might this data be useful
if you were starting a business? If the business is related to infants or
children, the birth rate would be important.
4. Find the most recent data for the economic census. How would you find
the number of establishments that are involved in oil and gas extraction?
In food manufacturing? The economic census provides data for every industry
based on their NAICS code.
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Chapter Six: Analyzing Cash Flow and Other Financial Information
Recall that the authors in the text revealed that the purpose of a budget is to project the
costs that are expected to be incurred over a predetermined period of time. One way a
new entrepreneur can establish new budgeting skills is to evaluate their personal,
individual budgets. Complete the following personal budget and consider how a
personal budget differs from a budget for a new small business.
PERSONAL BUDGET
January February March April May June
Income
Total Income:
Payment/Debt Rent/Mortgage
Automotive
Insurance
Gas
Maintenance
Groceries
Clothing/Shoes
Utilities
Medication
Health Ins.
Taxes
Savings
IRA
401(k)
Misc.
Personal
Total Payments
Ending Cash
1. List your income for each month in the designated column. Be sure to use the
amount you actually receive, not the amount before taxes.
.
2. List your payments and expenses for each month in the designated column.
3. Subtract the expenses from the income and list your remaining cash figure.
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Chapter Six: Analyzing Cash Flow and Other Financial Information
4. How much money do you expect to have left over at the end of each month?
Evaluate your budget to your actual expenditures.
5. Next, discuss how your personal budget will vary from the budget you create for
your new small business. Be specific.
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Chapter Six: Analyzing Cash Flow and Other Financial Information
The purpose of this lesson is to introduce the budgeting process to the students. In this
exercise the students develop skills to assure they understand the concepts related to a
budget. The students analyze their personal income, personal debt, and where their
money is spent during a period of six months. Students learn to develop the personal
budget and apply those skills they learn to the budget of their new small business.
Students are expected to discuss the variances between a personal budget and a
budget for a new small business. Students are encouraged to create a budget for their
new small businesses.
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Chapter Six: Analyzing Cash Flow and Other Financial Information
As we learned in this chapter, cash flow is the actual cash that flows into the business
subtracted from the cash that flows out of the business. It is imperative that the new
entrepreneurial business maintain a positive cash flow to ensure that the business can
operate at an optimal level of efficiency. Imagine you are ready to initiate the business
and apply these questions to your new small business.
Assignment:
1. Evaluate the sources of cash flow that you will use in your new business.
2. Describe the sources of equity that a new business owner might use to invest
into the new small business. List at least three sources of equity.
4. Discuss how the new small business owner benefits from float. List the
advantages and disadvantages of float.
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Chapter Six: Analyzing Cash Flow and Other Financial Information
The purpose of this exercise is to ensure that the students gain those essential skills to
recognize the sources of cash flow that are available to the new small business owner.
In addition, the students discuss the benefits and risks associated with equity as a form
of investment.
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Chapter Six: Analyzing Cash Flow and Other Financial Information
The authors of the text discussed that the balance sheet provides a summary of the
assets, liabilities, and equity associated with the business. You learned that the pro
forma balance sheet provides a comparison for the new small business owner to
evaluate how each asset is utilized in the business.
Discussion Questions:
1. Discuss the two types of assets that are included in the balance sheet. List three
examples of each asset. Why they are important.
2. Discuss the two types of liabilities that are included in the balance sheet. List
three examples of each liability. Why are they important?
3. Why are assets subtracted from liabilities on the balance sheet? Be specific.
4. Why is the estimate of the current assets limited for a new small business?
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Chapter Six: Analyzing Cash Flow and Other Financial Information
The purpose of this exercise is to teach the students the components of the balance
sheet. The students are expected to learn the two types of assets, the two types of
liabilities, and how they are calculated on the balance sheet.
In addition, the students discover that the estimates of the firm’s assets are limited on
the balance sheet because the new small business has not generated any assets from
the operations of the new business.
Students also learn how to calculate working capital and they understand why it is
important to the business.
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Chapter Six: Analyzing Cash Flow and Other Financial Information
Bonus Cases
Bonus Case 6-1: Cash Flow and the New Entrepreneur
(LO 6.1, 6.2)
One the most interesting areas of business is the social aspect. How can companies
provide benefits that meet the needs of single people, single parents and married
couples? One of those ways is to introduce a cafeteria style benefits program. This
program gives each employee a specific dollar amount in which to spend on benefits,
and each family can review their situation and choose the right selection of benefits for
them.
This flexible approach to benefits can address the changing social structure in our
economy. For example a cafeteria style benefits program might provide the following
options:
In other words, an employee would receive X amount per year, and can pick and
choose the benefits he or she can use. For example, let’s say a single female, aged 23
is hired for a job. She doesn’t have kids, so doesn’t care about day-care or life
insurance, but would like more time off. With cafeteria benefits, she would be able to
take that time, while her 35 year old co-worker with 2 kids could enjoy daycare on-site.
Likewise, a 62 year old man whose kids are grown might be most interested in good
healthcare coverage and retirement plans. Remember that as part of the Health Care
Act, all persons must have health insurance.
Some companies are even going to the extreme and for employees to opt not to take
any benefits, they receive an amount back in cash on each paycheck.
2. Do you see your situation changing in the next 10 years? Which benefits might
be important to you then?
3. How do you think cafeteria style benefits might help employee motivation? How
can they help maintain a diverse workforce?
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Chapter Six: Analyzing Cash Flow and Other Financial Information
To illustrate this concept, consider the recent case of Bernie Madoff. According to
recent court documents from the US Department of Justice, Bernard L. Madoff had
extensive charges filed against him in Manhattan Federal Court. These charges
consisted of “eleven felony charges including securities fraud, investment adviser fraud,
mail fraud, wire fraud, three counts of money laundering, false statements, perjury, false
filings with the United States Securities and Exchange Commission ("SEC"), and theft
from an employee benefit plan (Justice)v” (page 1). Recall that case and answer the
following questions.
Discussion Questions:
2. If you were Bernie Madoff’s client, how would you react to these charges? Why?
4. What can a new small business owner do to assure honest reporting in their cash
flow statements, the balance sheet, and other financial documents affiliated with
the new small business? Why?
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Chapter Six: Analyzing Cash Flow and Other Financial Information
The purpose of this lesson is to illustrate how new small business owners can
incorporate ethics into their financial planning process. This is a classic example that
illustrates why the new small business owner should ensure that viable business
decisions are made as they relate to the financial functions in the new small business.
Investors were outraged when they discovered Bernie Madoff’s unethical business
practices.
New small business owners plan the financial tools they will use in their new small
businesses. As a result, they need to learn how to make viable business decisions that
project a practical approach to honesty, integrity, and the concepts of right and wrong
behaviors as they relate to ethics.
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Chapter Six: Analyzing Cash Flow and Other Financial Information
Discussion Questions:
1. A company notices that the gross profit (sales minus cost of goods sold) has
been decreasing. What should the company review to find the problem?
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Chapter Six: Analyzing Cash Flow and Other Financial Information
Developing new cash flow projections is part of each of the scenarios discussed.
Discussion Questions:
1. The company needs to look at the cost per product – has the cost increased if the
product was purchased. If the product was manufactured, the company should
review labor costs and material costs. Even increases in utility costs can
adversely affect cost of goods sold.
2. Will the company lose customers? If they do, will the increase in price make up
for any lost customers? Will the new pricing affect their competitive advantage?
3. What are all the costs of the expansion? Will personnel be tied up in the
expansion and be unable to perform their usual tasks? What is the expected
increase in sales or reduction in costs?
4. What are the costs of the move and the new location? Will the customer base
follow them to the new locations? Will the new location add substantial
customers? Will the company lose sales during the transition?
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Chapter Six: Analyzing Cash Flow and Other Financial Information
In this chapter, we discussed ways in which the government could help businesses be
successful. Among many, government implements standards, such as the UPC code
for retail products (this is the bar code required on products for sale in retail stores).
There are UPC codes on everything that you buy.
1. Go to the web and find out how UPC codes are assigned.
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Chapter Six: Analyzing Cash Flow and Other Financial Information
1. Go to the web and find out how UPC codes are assigned. UPC codes have
four groups of numbers. The first group (2 numbers) is the country code.
Numbers 00 through 13 indicate companies based in the US or Canada. The
next group (5 numbers) is the company code. The next group (5 numbers) is the
article code that is recorded in a centralized database. The last group (1 number)
is a check digit. This is used to verify that the bar code has been scanned
correctly.
3. What criteria is needed to get one? To get a code, you contact GS1 US and
pay a fee. You will be issued a member kit and then follow the directions to obtain
the code.
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Chapter Six: Analyzing Cash Flow and Other Financial Information
Endnotes
i /en/reports/
ii Portland Business Journal. (July 16, 2009). Panamanian Airline Orders 21 737’s. Retrieved July 16,
2009 from Portland Business Journal:
http://www.bizjournals.com/portland/stories/2009/07/13/daily38.html
iii Burfer, T.W. (May 18, 2009). Closing of York County Harley Davidson plant would Impact Entire
vUnited States v. Bernard L. Madoff and Related Cases. (2009). The United States Department of Justice. Southern District of New
York. http://www.justice.gov/usao/nys/madoff.html, Retrieved on October 18, 2009.
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