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Chapter 7 Review Questions

1.Review the benefits an entrepreneur might seek in starting a new business. Which benefits are most appealing to you? Why?

There are many benefits people seek when they start a new business. In this economy the idea of an income stream that one manages and controls holds great motivation. The idea of doing work that one enjoys is also a benefit people seek, as is the ability to be in charge of one’s time, efforts, and the structure of the organization. Many entrepreneurs may have visions of making great fortunes, but must simply want to do something they love, have more control over their careers, fulfill visions and goals they have, or create new products or services they believe there is a good market for.

For me personally, the idea of controlling my own schedule is the greatest benefit to starting a new business. With a family and children the standard 8 AM to 5 PM work schedule does not work well. In fact, having a better work-life balance is the top reason many people often start their own businesses (Kenny, 2010). Further, the ability to work out of my home, particularly as the work I would do could easily be done using only a computer and my knowledge, would help me be available for my children’s school productions, meetings, and other needs. These factors are very important and are the most appealing benefits I would find from starting a new business.

References

Kenny, M. (2010). 10 Benefits Of Having Your Own Home-Based Internet Business. Retrieved November 4, 2010, from

2.Do you think it's possible for a person to develop entrepreneurial characteristics that he or she lacks? Why or why not?

It is always possible for a person to develop and improve characteristics he or she does not have. No one person may ever possess all of the characteristics that he or she will need to be a success in their chosen career path. When a person becomes an entrepreneur, however, he or she often needs to have multiple characteristics. Entrepreneurial characteristics include motivation, budgeting, planning, customer service, sales ability, marketing, promotion, and creativity (Stephenson, 2010). However, people who have some of these characteristics often do not have the others.

Persons who can plan and budget well, for example, tend to be viewed as “doers,” people who get things done, but those who are creative, inventive, and easily excited or motivated tend to be viewed as “feelers,” who are great with interpersonal skills and people tend to be either doers or feelers, but not both (Huling, 2005). Because so many people can develop effective businesses, however, this means that doers and feelers must be able to balance out their strong skills with their weaker skills. This means that they need to improve and strengthen those characteristics that are difficult for them to master, such as people skills or budgeting skills. Only in this way can most people develop a new business in many cases.

References

Huling, E. (2005). The psychology of getting work done. Rough Notes. Retrieved November 4, 2010, from

Stephenson, J. (2010). 25 Common Characteristics of Successful Entrepreneurs. Entreprenuer. Retrieved November 4, 2010, from

3.What role does failure sometimes play in entrepreneurial success? What can an entrepreneur gain from failure?

Experience is a great teacher. Painful lessons, in particular, often provide the best learning experiences because people remember them in specific detail. A 2007 study at the University of North Carolina at Chapel Hill found that painful memories are the hardest for people to forget (Painful, 2007). When one fails, therefore, one often recalls exactly how the failure began and the decisions one made which helped lead to failure. This provides important information one can then rely on in the future to avoid repeating the same fate.

Although ultimately known as a successful entrepreneur and donor, Milton Hershey failed so often that before he founded the Hershey company he was seen as a failure (If at first, 2008). Henry Ford had his first two companies fail, L.L. Bean nearly went bankrupt the first year of business, Walt Disney’s first film company did fail due to bankruptcy, and the H.J. Heinz company, famous for its ketchup and other products, also failed six years after it was first started (If at first, 2008). Each of the businesses either survived past their failures or their founders went on to create very successful, and long lasting, businesses. The lessons they obtained during their failures helped them avoid mistakes later in life. Business experts have found that “repeat entrepreneurs' business plans are typically more focused and better written,” proving that failure provides important lessons that help entrepreneur’s avoid failure in the future (Second-time, 2002).

References

"If at first ... failures of seven famous businessmen.(2008). Intelligencer Journal. Retrieved November 4, 2010 from HighBeam Research:

Painful memories are the hardest to erase. (2007). The Hindustan Times. Retrieved November 4, 2010, from HighBeam Research:

Second-time successes: entrepreneurs dig deep, learn from failures. (2002). The Post-Standard. Retrieved November 4, 2010 from HighBeam Research:

4.Beyond personal resources, what are other funding options for small businesses? Why don't more entrepreneurs tap into these resources?

Although self financing may be the preferred method of most small business owners, it is not always possible. Further, it may not even be the best. The United States government’s Small Business Administration offers entrepreneur’s guaranteed loans to help them build businesses (For borrowers, 2010). Entrepreneurs can go to local banks to obtain SBA guaranteed loans. Government grants also exist to help business owners develop their businesses and even private enterprise offers grants to new business owners. There are also investors, venture capitalists, who often fund small businesses to help them develop. Small businesses can also turn to more creative funding sources.

Accounts receivable financing, for example, helps provide instant cash to a business that sells its rights to collect accounts receivable to the finance company (McCrea, 2009). There are also charitable organizations that offer grants for business proposals that they deem likely to lead to strong businesses (McCrea, 2009). These resources are not easy to find and many business owners are unaware they exist. This is why so many business owners are unaware they can take advantage of these programs to help them develop their businesses. Many small business owners who have tried to go to banks for loans, for example, are often turned down but few of them are aware of the SBA guarantees and many banks do not inform them such loans are available. For these reasons small business owners should contact local chambers of commerce so they can learn about all resources that may be available to them.

References

For borrowers. (2010). Small Business Administration. Retrieved November 4, 2010, from

McCrea, B. (2009). Money matters: unusual places to find small business funding in a challenging environment. Black Enterprise. Retrieved November 4, 2010, from

pare the opportunities and threats that small businesses face. Which opportunities are most compelling? Which threats are most intimidating? Why?

Small businesses offer many opportunities. In many communities small businesses provide the only source of jobs and income and in others they bring new industries to an area. For example, new business owners often bring new services or products to the market that greatly develop an area and help turn it into a growth industry (McCrea, 2009). Small businesses also have great opportunities to create new business structures, such as Google, and others, have done. These opportunities are the most compelling because they provide the ability to create and develop strong organizations.

The threats a small business faces are as great as the potential opportunities a small business faces. Developing a small business presents a great unknown for most persons who start a small business. This often means that these entrepreneurs need to work while learning how to work, which can create many challenges. Proper management of operations, financing, employees, and marketing, for example, are very difficult for a small business owner who may lack the ability to afford experts to help him or her. Many small business owners often fail or are unable to hire legal help and many, as a result, may face legal difficulties that are expensive to correct.

References

McCrea, B. (2009). Money matters: unusual places to find small business funding in a challenging environment. Black Enterprise. Retrieved November 4, 2010, from

6.Review the definition of niche marketer, and cite three examples of niche marketers. How has technology affected niche marketing?

Niche marketers are persons who target a small segment of the market and then create promotions, advertisements, and other marketing functions to specifically reach that small segment (Schwart et al., 2000). Niche markets are those that involve persons with food allergies or preferences, such as Kosher or gluten free foods, organic foods are another niche market, and persons who are concerned with the environment, green products, offer another, and growing, niche market. These markets may be only a segment of the overall market, but they are large enough to provide strong sales and growth for those companies who target them.

Technology has been a great help to niche marketing. Because technology is readily available, from the Internet to cell phones, Tweeter, Facebook, and others, it offers niche marketing professionals and companies the ability to reach the millions of person who are part of their niche easily instead of having to individually target each one across the country. In addition, technology makes reaching all members in a niche market, regardless of physical location, cheaply and with a universal message (Gordon, 2002). Without the Internet a niche marketer may have had to create uniquely tailored messages for each community, but the Internet allows the same message to be distributed.

References

Gordon, K.T. (2002). 3 rules for niche marketing. Entrepreneur. Retrieved November 4, 2010, from

Schwart, R.B., McCorkle, D., & Anderson, D. (2000). Niche marketing. Texas A& M University. Retrieved November 4, 2010 from

7.What are the key contributions of small business to the U.S. economy? Rank the benefits in terms of importance, and provide the reasons for your ranking.

The majority of business discussions in America center around multi-national or at least national corporations. People are cheered or discouraged on the basis of how strong the quarterly profits of the nation’s public companies are. These large businesses, however, are not the most important in the nation. Small businesses have been said to “drive” the United States economy. Indeed, in 2005 “small businesses represented 99.7 percent of all the nation's employer businesses ... [and] employed 50.6 percent of the non-farm private sector workforce” (Small, 2006). In addition, small businesses also provide innovation, creativity, and invention that helps, in the long term, drive American business and economic success in the world. Small businesses also point out new areas of need in the marketplace that helps build new industries.

Although the current economy indicates that jobs and income are very important, the most important benefit small businesses can provide the economy and the nation are the creativity, innovation, and invention they provide the nation. The United States would never have achieved its world power had its entrepreneurs not developed many of the inventions that help run the world today. This is a long term benefit that the nation must have or it will lose its power in the global world economy. The next area of importance of course, is employment. One need only look at the state of the current economy to understand that when people are unemployed the economy stalls. The development of new industries is related to this, but also to the long tern success of the nation’s economy. For example, the current switch to environmentally save products is building a new market and industry that will shape the American economy for generations to come.

References

Small business drives the U.S. economy. (2006). U.S. Small Business Administration. Retrieved November 4, 2010, from

Application question

1.The Small Business Administration (SBA) maintains a rich, vibrant website, and supports a number of high impact programs to support small business growth. In fact, every state has at least one local SBA office. Log onto the SBA website at , and spend a few moments browsing. Be sure to check out the sections on business opportunities and training. Then find the page for the SBA office nearest your school. How would this information be helpful for local small businesses? If you started a business, would you personally be likely to use any of the SBA resources? If so, which ones? Why do you think the government spends so much money supporting small business growth by providing this array of resources?

The value of small businesses to the United States economy, the fact that over half of the nation’s labor force is employed by small businesses, is the reason small business support is vital for the United States government (Small, 2006). Through the Small Business Administration (SBA) the United States government provides multiple resources to help businesses and those planning to start businesses. These resources help maintain active investment by entrepreneurs and provides potential entrepreneurs the help they need to open and develop the new businesses that drive the American economy.

The SBA’s website offers multiple resources. It provides legal, operational, and financial information. Of these sources the ones I would be most likely to use are those that discuss how to develop a business plan and I would visit their offices to obtain guidance on how to do this and to get a review of the plans I create. In addition, the legal information about how to structure a business and the tax and legal consequences of different business formation also is very important to ensure proper business development and asset protection. The resources about how to obtain financing for a business also provides vital information I would use and would need to review to help better plan for the business.

References

Small business drives the U.S. economy. (2006). U.S. Small Business Administration. Retrieved November 4, 2010, from

Chapter 8 Review Questions

1.How does accounting differ from bookkeeping? Who are the key users of the reports generated by accountants? What type of information do these stakeholders need?

Accounting is the process of recording, reporting, and analyzing all of the financial transactions of a business. Accounting involves the use of this information to develop both internal and external financial and operational management documents. In contrast, bookkeeping involves the recording and reporting of financial transactions or accounts but it does not involve the development of strategic or budgeting reports nor the development of internal or external documents to be used for proper business management.

Accountants’ reports are used by both internal and external parties and are very important for many reasons. Internally, for example, managers use financial statements prepared by accountants to help them plan for business investments, improve business operations, determine costs that must be reduced, and evaluate current performance in comparison to competitors. External users include current and potential lenders, current and potential investors, government regulators (such as the SEC) to ensure a company complies with proper accounting and financial requirements, and others who seek to know the financial performance and health of a business. Investors, for example, seek to learn how profitable their investments are, the dividends they are likely to earn and the revenues the company earns. Lenders are interested in cash flows, investments, revenues, and other information to learn whether they will be repaid as well as other debts to learn if a company has too many loans.

References

Daks, M. C. (2009). Cutting CPA's role may invite audits. NJBIZ. Retrieved November 4, 2010, from

2.State the “accounting equation” and define each of its terms. What is the logic behind this equation?

The accounting equation indicates that assets = liabilities + owners’ equity. This means that the left side of the balance sheet, where assets, debits, are normally listed must be equal to the right side of the balance sheet, where liabilities and owners’ equity, credits, are normally placed for a financial statement to be accurate and properly balanced. A financial statement’s balance sheet is only balanced when debits are exactly equal to credits. Assets are financial instruments owned by an organization or used to provide financial income or revenues to the organization. Liabilities, in turn, are debts owed by the organization to outside parties that must be repaid. Owners’ equity refers to the financial contributions made by owners to an organization and the revenues earned by the organization that increase owners’ equity throughout time.

The dual column system of accounting is used to ensure proper entry of all debits and credits. This method of accounting helps validate the financial information of a corporation because only when information is accurately entered (barring outright fraud) will the accounting equation be in balance (Yu & Tomas, 2004). Because so many persons rely on the accuracy of financial statements it is imperative that financial statements be accurate. Accounting has developed to ensure such accuracy, as much as possible, through the methods employed to complete financial statements. The accounting equation is part of this system of verification.

References

Yu, L., Tomas, R. (2004). Inventory is not cash. Industrial Management. Retrieved November 4, 2010, from

3.You have a company's balance sheet, its income statement, and its statement of cash flows. Which would you refer to if you wanted to know if a company made or lost money last year? If you wanted to find out how much debt the firm had used to finance its assets? If you wanted to know why its cash balance had changed over the past year?

Financial statements should not be used individually for anything but quick reviews. When financial statements, such as balance sheets, income statements, and cash flow statements are looked at in isolation a person only obtains partial information. For example, to know whether a company made or lost money last year, a quick look at the income statement will reveal whether the company had a net profit (made money) or a net loss (lost money). That information, however, does not fully answer whether a company made or lost money last year. Ultimately money is cash. Income statements are prepared on an accrual basis, meaning that they indicate profits and losses not on the basis of what money was actually earned or lost, but on the timing principles in accounting that indicate when revenues must be recognized and expenses expensed (Rujoub et al., 1995). To know whether a company actually made or lost money, therefore, a review of the cash flow statement is required.

Likewise, while increases in debt may be seen on a balance sheet’s short and long term liabilities, a cash flow statement will indicate the precise change in financing a company underwent during a year. Finally, a cash flow statement is also where one can see the sources of change for a company’s cash account during a year.

References

Rujoub, M. A., Cook, D.M., & Hay, L.E. (1995). Using cash flow ratios to predict business failures. Journal of Managerial Issues. Retrieved November 4, 2010, from

4.Every publicly traded corporation is required to have an external audit of its financial statements performed by an independent CPA firm every year. What is the purpose of this audit? What kind of opinions can an auditor issue, and what is the significance of each?

The Securities and Exchange Acts of 1933 and 1934 require publicly traded companies to have external audits by independent CPA firms for several reasons. The most important reason for this is to ensure that financial statements accurately represent the financial condition of a company. This helps prevent investor fraud and helps lenders and others who rely on the financial statements trust that the information they see is accurate (Green, 2005). This is one of the reasons the Enron fraud led to immediate passage of additional fraud prevention laws such as the Sarbanes Oxley Act, because the ability to trust financial statements is paramount in the financial industry and the stock market.

Accountants may issue any of four types of opinions on financial statements and each has a significant consequence for an organization. Auditors may issue unqualified opinions, qualified opinions, adverse opinions, or a disclaimer of opinion (Smith, 2010). An unqualified opinion indicates “the financial statements are presented fairly in conformity with GAAP” (Smith, 2010). These opinions indicate to the financial industry and others that they can fully rely on the information the statements provide. A qualified opinion indicates that “the financial statements present the entity's financial position, results of operations, and cash flows in conformity with GAAP but that a scope limitation or a departure from GAAP exists” (Smith, 2010). This indicates the statements are reliable but users should identity the specific non-GAAP conformity to fully understand the financial condition of the firm.

An adverse opinion indicates that “the financial statements do not present the entity's financial position, results of operations, and cash flows in conformity with GAAP” (Smith, 2010). It is an opinion that alerts all parties to the fact that they cannot rely on the information provided by the financial statements and will result in a loss of investors and a lack of lenders. Lastly, a disclaimer of opinion indicates that “the auditor is unable to form an opinion on an entity's financial statements” and is issued when “(1) the auditor is not independent with respect to the entity under audit, (2) a material scope limitation exists, or (3) a significant uncertainty exists” (Smith, 2010). This final opinion will have a similar consequence of view as an adverse opinion as the information presented cannot be fully trusted.

References

Green, P. L. (2005). Costly compliance. Global Finance. Retrieved November 4, 2010, from

Smith, L.M. (2010). Audit Reporting. Texas A& M University. Retrieved November 4, 2010, from

5.Identify and describe the basic elements of an income statement. Explain how the accrual basis of accounting guides the way the information on the income statement is reported.

An income statement reports the revenues and expenses over a period of time such as a week, a month, a quarter, or a year. It tracks the income earned and the expenses paid by an organization in its efforts to earn the income. The elements in the income statement include revenues, the costs of goods sold (the inventory purchased to obtain the revenues), operating expenses, including things such as the costs of machinery, rents or leases, employees, salaries, benefits, utilities, and other amounts used to operate the business, and shows deductions for depreciation, amortization, and taxes before arriving at a final net income or loss figure.

Income statements are prepared using the accrual basis of accounting, meaning that revenues are recorded when sales are made, not when payments for sales are collected and expenses are recorded when incurred, not when paid. This means that the income statement does not properly track the inflow and outflow of cash into or out of the business. Therefore, while income statements provide an accrual basis report on profits and losses those amounts do not coincide with the real movement of money through the business. It is possible for an income statement to indicate a large net profit yet the business to fail due to a lack of cash flow (Rojuob et al., 1995).

References

Rujoub, M. A., Cook, D.M., & Hay, L.E. (1995). Using cash flow ratios to predict business failures. Journal of Managerial Issues. Retrieved November 4, 2010, from

6.What is budgeting? How does a top down budgeting process differ from a bottom up

approach, and what are the advantages and disadvantages of each?

Budgeting is a process through which a person or an organization determines what financial resources he or she has, what financial needs he or she has, and the best method to meet all required needs while maximizing all required resources. It may include methods to reduce needs or to increase resources. A budgeting process normally begins with a goal that helps inform the direction taken and the priorities set for the budget. Budgets, however, must be created that properly predict good goals and that are in place for positive reasons in order to properly guide profitable and positive action (Jensen, 2001).

The two major budgeting processes used are referred to as bottom-up and top-down. In a bottom-up process, as the name implies, a budgetary process starts with a goal and then the steps to achieve the goal, and their costs, are added together to arrive at a final budget need. This process helps ensure that each cost and requirement is built into the plan, however, if any steps are missed, and this can happen to anyone, the budget will be wrong and the project will likely need to be quickly paid for through new budgetary processes. In a top-down budgetary process an estimate for a budget (project) will first be made and then all stages and departments involved will have an amount of that total budget set aside for them to help complete the project. The benefit of this method is that a full cap on the costs, with a well prepared estimate, can help keeps costs down. However, if estimates at any stage are based on poor assumptions or a lack of knowledge about real time and costs involved, the entire project may be greatly underestimated.

References

Jensen, M.C. (2001). Why corporate budgeting needs to be fixed. Working Knowledge, Harvard Business School. Retrieved November 4, 2010, from

Little, H. B. (2003). Nonprofit recovery: starts during budget season. Catalyst, Ohio Society of Certified Public Accountants. Retrieved November 4, 2010, from

Chapter 8 Application Question

1.Check out the most recent financial statements for a major U.S. corporation, i.e. WalMart, IBM, Microsoft, The Gap, etc. Go to the company's website and find the link to investor relations. [This may take a bit of searching. Not all corporate websites are laid out the same way, but almost all of them contain a link to investor relations or investor information. It is often at the top of the home page.] From the investor relations page, look for a link to the company's annual report. The financial statements will be presented in this report, along with a lot of other information. Use information from these financial statements to answer the following questions:

a. What amount of revenue did the firm earn in the most recent year?

$408,214,000,000

b. What was its net income? Did it earn a profit or a loss?

Net income, net profit was $14,335.000,000.

c. How much cash did the company have?

$7,907,000,000

d. What was the value of its accounts receivable—and what does this number represent?

Net accounts receivable were $4,144,000,000, indicating that it had sold merchandise for this amount but had not yet received payment for these goods.

e. What was the total amount of current liabilities? What does this value represent?

Current liabilities were $55,561,000,000, indicating that the company owed vendors, short term portions of debt, and other amounts that had to be paid within one year’s time in this amount.

f. What was the company's net cash flow from investing activities?

($11,620,000,000).

References

Walmart 2010 Annual Report. (2010). Retrieved November 4, 2010, from

Chapter 9 Questions for Review

1.List the four basic types of financial ratios used to measure a company's performance, give an example of each type of ratio and explain its significance.

Company performance is often measured through the use of liquidity ratios, debt ratios, profitability ratios, and performance ratios. Liquidity ratios are used to determine a firm’s ability to pay off its short term liabilities through the use of its short term assets. It indicates the short term financial health of a business. The current ratio measures exactly how much of each short term liability short term assets can cover, with ratios amounts at 1 or greater than 1 considered healthy (O’Connell, 2005). Debt ratios measure the amount of debt an organization has taken on and point to its ability to take on more debt, pay off current debt, and continue to operate given its debt load. The debt ratio, total liabilities divided by total assets, for example, indicates how much of the company’s assets are needed to pay off all of its debts and suggests the long term health of a business (O’Connell, 2005).

Profitability ratios indicate how effectively the company operates and how well it controls expenses to earn revenues (O’Connell, 2005). Return on assets, for example, indicates how much revenue a corporation earns for each dollar of assets it employs to earn such revenue, with the higher the better. Performance ratios indicate how efficiently and effectively an organization employs its resources. The fixed asset ratio, for example, illustrates how effectively an organization uses its assets by determining their level of productivity (O’Connell, 2005).

References

O'Connell, B. (2005). Core concepts of financial analysis: a user approach. Journal of Applied Management Accounting Research. Retrieved November 4, 2010, from HighBeam Research:

2.Why is the $1,000 you receive today worth more than $1,000 you receive next year? What concept does this illustrate? Why is this concept particularly important when firms evaluate capital budgeting proposals?

Money is both a measure of value and a commodity. Because money is a commodity this means that, like gems, precious metals, oil, and other commodities its price will alter on the basis of supply and demand factors. Moreover, factors such as inflation and interest rates also increase or decrease the value of money over time. The fact that supply and demand as well as inflation and interest rates can alter the value, or purchasing power, of money is the reason that $1,000 today is worth more than $1,000 received next year. This change in value is referred to as the time value of money, or TVM.

When organizations evaluate capital budgeting proposals they need to determine which proposals will provide the greatest stream of income and offer the lowest costs to determine which offers the greatest profitability. Because the costs and income streams from these proposals will be spent and earned over a period of time, however, organizations need a way to compare to the proposals so that they can see which will truly provide the best profitability. By understanding that money’s value alters over time and including this factor in their calculations organizations can best measure true profitability over time (Saving, 2007).

References

Saving early holds key to security. (2007). New Straits Times. Retrieved November 4, 2010, from

3.What is the net present value (NPV) of a long-term investment project? Describe how managers use NPVs when evaluating capital budget proposals.

The net present value, or NPV, of a long-term investment project will be equal to the present value of all of the income streams earned, over time, adjusted for time, inflation, and interest rates. Although the income earned in the future will have value in the future, the present value of that future income must deduct anticipated inflation and interest rates that will apply to the money obtained in the future to properly understand what the true profit of the income will be. This factor is particularly important when managers are reviewing different capital budgeting proposals (Money, 2010).

Capital budgeting proposals all involve the current expenditure of a particular amount. The value of that amount can be easily compared across proposals to determine which is the most expensive and the least expensive. The value of a project, however, is based on more than this factor. The value of a capital budgeting project will depend on the income stream involved and the length of time that income stream will be earned (Money, 2010). To properly compare capital budgeting proposals, therefore, managers must consider the present value of those proposed future income streams. Once that is done the project with the best return, including calculations for the time value of money, can truly be determined.

References

Money: what it is, how it works. (2010). Retrieved November 4, 2010, from

4.Explain the difference between debt and equity financing. What are the advantages and disadvantages of each?

Financing provides entrepreneurs the ability to invest, expand, and grow their businesses. Businesses may self finance or, when the business lacks the resources to take these actions, they can rely on debt financing or equity financing. Debt financing is money obtained from outside lender who charge interest rates for the use of their money and set a specific date for repayment. Equity financing obtains funds from new owners or increased investment from current owners in exchange for a percentage ownership in the organization. Both types of financing have their advantages and disadvantages.

Equity financing does not need to be repaid, which is a great advantage in that it does not increase leverage and does not divert future income to pay debt. However, equity financing will dilute ownership and will require the organization to meet costly legal requirements in order to sell equity holdings in its business (Debt, 2010). Debt increase leverage but can be budgeted for and will not dilute current ownership interests (Debt, 2010). However, debt interest rates may increase, particularly if a business has a variable rate, which many small businesses have and, if not paid, can result in the sale of assets or loss of collateral that secures the loan balance.

References

Debt vs. equity -- advantages and disadvantages. (2010). . Retrieved November 4, 2010, from

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