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F.A.Qs
Frequently asked questions
What is strategic management?
- Answer: Strategic management involves the formulation and implementation of major goals and initiatives taken by a company’s top management on behalf of owners. It is based on consideration of resources and an assessment of the internal and external environments in which the organization competes.
What are the three main financial statements?
- Answer: The three main financial statements are the balance sheet, income statement, and cash flow statement. The balance sheet shows a company’s assets, liabilities, and shareholders’ equity. The income statement outlines the company’s revenues, expenses, and net income. The cash flow statement provides a summary of the company’s cash inflows and outflows over a period.
What is the difference between gross profit and net profit?
- Answer: Gross profit is the revenue from sales minus the cost of goods sold (COGS). Net profit is the gross profit minus all other expenses, including operating expenses, interest, taxes, and other costs.
What is working capital and why is it important?
- Answer: Working capital is the difference between a company’s current assets and current liabilities. It is important because it measures a company’s short-term liquidity and operational efficiency. Positive working capital indicates that a company can cover its short-term liabilities with its short-term assets.
What is the time value of money?
- Answer: The time value of money is the concept that money available today is worth more than the same amount in the future due to its potential earning capacity. This principle underlies the concepts of interest rates, present value, and future value.
What is risk management in business?
- Answer: Risk management is the process of identifying, assessing, and controlling threats to an organization’s capital and earnings. These risks could stem from various sources including financial uncertainties, legal liabilities, strategic management errors, accidents, and natural disasters.
What are the key components of a business plan?
- Answer: The key components of a business plan include the executive summary, company description, market analysis, organization and management structure, product line or services, marketing and sales strategy, funding request, financial projections, and an appendix.
