Assignment 1 - 3183
For this assignment, go to the trade.gov website and look for the top US Trade Partners.
You should be able to find a table that has the top export and top import trade partners from around the
world. Take a look at the ta
What is it?
What the company actually does
o Make burger and fries
The thing the companies does to make money
Can become a COO
Something you do well enough, other people will pay you to do it (why?)
THE WORLD MARKETPLACE
Business without Borders
AN UNPRECEDENTED OPPORTUNITY
With technology and
booming, and trade barriers
falling, the economic
boundaries between nations
have begun to blur.
What must business
Chapter 2: ECONOMICS
The Framework for Business
WHY ECONOMICS MATTER
Economics represent the flow of resources
Forces that impact your business and personal
The economy is financial and social
Economic systems also d
Chapter 2: Financial Statements and Accounting Transactions September 20, 2010
A description of the relationship between a companys
assets, liabilities and equity; expressed as Assets =
Liabilities + Equity
AcSB Accounting S
Arise from credit sales to customers.
Often referred to as Trade Receivables.
Other receivables include interest receivable,
rent receivable, tax refund receivable.
What is Accounting?
Accounting is a process that involves
collecting information, recording it, and then
reporting it to various decision makers.
So they can make better decisions, and
improve the business outcomes
Chapter 9: Internal Control and Cash
A ratio used to assess a companys ability to cover its
current debts with existing assets calculated as quick assets
(cash, short-term investments, and receivables) divide
Chapter 7: Merchandise Inventory and Cost of Sales
One who receives and holds goods owned by another party
for the purpose of selling the goods for the owner.
An owner of goods who ships them to another party who
will then s
Chapter 6: Accounting for Merchandising Activities
A reduction in the price of merchandise that is granted by a
seller to a purchaser in exchange for the purchaser paying
with in a specified period of time called the discount peri
Chapter 5: Completing the Accounting Cycle and Classifying Accounts
Classified balance sheet
A balance sheet that presents the assets and liabilities in
Journal entries recorded at the end of each accounting
Chapter 4: Adjusting Accounts for Financial Statements
Account form balance sheet A balance sheet that lists assets on the left and liabilities
and equity on the right side of the balance sheet
Time frame covered by financial
Chapter 3: Analyzing and Recording Transactions
A place or location within an accounting system in which
the increases and decreases in a specific asset, liability or
equity are recorded and stored
The difference between
Chapter 1: Accounting the Key to Success
An information system that identifies, measures, records
and communicates understandable, relevant, reliable and
comparable information about an organizations economic
Audit A check
1) Regarding written contracts, disputes are easier to settle when contractual terms are solidified in
writing, the moment of writing allows both parties to reconsider terms and ensure what they desire, in
general, written contracts aid in the
1) Legal assent is absent when a legal mistake occurs.
2. The result in Scott v. Mid Carolina Homes, Inc., the case in the text in which the defendant attempted to
rescind a contract to sell a mobile home because the salesperson was acting unde
1. Capacity is an element of a legally binding contract.
2. A person who has legal capacity to contract is one who has the mental ability to understand his or her
rights and obligations under a contract and, therefore, will presumably be able to
1. Consideration is what a person will receive in return for performing a contractual obligation
2. Consideration consists of something of value given to another party in exchange for something else of
3. A promise to do something, a bene
1. A contractis a promise or set of promises for the breach of which the law gives a remedy or the
performance of which the law in some way recognizes a duty.
2. An agreement consists of an offer by one party and an acceptance of the terms by an
1. Real property is land and everything permanently attached to it.
2. Regarding the extent of real property ownership rights: A landowner's rights to property extend to
airspace. A landowner has water rights consisting of the legal use of water flowing a
1. A tort is a wrong or injury to another, other than a breach of contract.
2. The term "tort" is a French word meaning "wrong".
3. Tort litigation has been declining slightly since 1990.
4. Common classifications of torts are intentional, negli
1. According to the principle of federalism established by the U.S. Constitution, the authority to govern is
allocated to the federal government.
2. According to the tenth Amendment to the Constitution, all powers that the Constitution neither g
1. Appellate courts primarily handle questions of law.
2. An example of a question of fact is whether a vehicle ran a traffic light.
3. A defendant in a lawsuit is to be provided by the plaintiff with a copy of the complaint. That process is
1. Ethics is the study and practice of decisions about what is good, or right?
2. A local Chamber of Commerce plans a seminar on "the social responsibility of business. The seminar
will cover the expectations that the community imposes on firms
1. Business law consists of the enforceable rules of conduct that govern commercial relationships.
2. (p. 2) Six functional areas of business as listed in the text are management, production and
transportation, marketing, research and development, account
1. Terms the parties outline in agreements, custom, and rules outlined by the UCC are terms the parties
outline in agreements and custom, but not rules outlined by the UCC.
2. The UCC requires that buyers are obligated to accept and pay for con
1. When a party's obligations under a contract are terminated, the party is said to be discharged.
2. A party's contractual obligations be terminated by performance, the failure of a condition to occur, or by
operation of law.
3. Contracts cont