chapter 1 questions.docx - Accounting for Decision Making...

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Accounting for Decision Making EXERCISES Exercise 1.1 INFORMATION FOR DECISIONS LO 2 Ian Boardman has been appointed as the loans officer for the local community bank. One day, a person walks into the bank looking for a loan to buy a new car. List six items about that individual that Ian should find out before deciding whether to approve the loan. Classify these items as ‘economic’ or other (specify). Which type of information is more important for the purposes of good decision making? Exercise 1.2 INFORMATION FOR DECISIONS LO 6 Tran Qu’s family lives in Beijing, China. She has been accepted into a university course in Sydney, and has to find accommodation in the city within walking distance of the university, or at least be close to public transport. She searches the Internet to find suitable accommodation and comes across the following apartment: Required A. Discuss how this information may help Tran make a decision. B. List additional information Tran would need before deciding whether to rent this apartment. Exercise 1.3 INFORMATION FOR DECISIONS LO 6 Renee Carter has decided to study medicine at a university in Melbourne. She has arranged to stay with a family on the north side of the city. In order to get to and from the university, she decides across the following at Car City: Required A. Evaluate how useful this information is in arriving at a decision. B. List extra information that Renee should ascertain before deciding whether to buy this car. C. Assume that Renee does purchase the car, and subsequently finds that the car has mechanical problems which will require $2000 to fix. Discuss what she should do, given that she does not have enough money to pay for the repairs. D. Hypothesise as to how ethical the community regards used car salespeople. Exercise 1.4 CHOOSING A UNIVERSITY MAJOR LO 6 You have just enrolled in a course in business at the Western University. There are several specialty areas, one of which you must choose — accounting, business law, economics, finance, management, marketing, information systems. The choice you make is important as it will affect your future; hence, you must give careful thought to this decision. Required A. Identify two possible specialty areas in business that interests you. B. Set down your goals and personal preferences in selecting a business major. Identify the factors which will help you make this decision, and specify the factors which are most important to you.
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