Akron Machining Institute Business Management Questions

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Business Finance

Akron Machining Institute

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The assignment's requirements are in the attachment below. Follow the instruction in the file below and let me know if you want further explanation. Please use basic English vocabulary.

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#Question 1 A. One of the major reasons people who own small businesses form corporations is to take advantage of limited liability. Write a paragraph (3-4 sentences) explaining the concept of limited liability. Be sure in your explanation to differentiate between limited liability and unlimited liability. B. In terms of Options for Organizing Business, both advantages and disadvantages of the partnership form of ownership. List and thoroughly explain EITHER three advantages OR three disadvantages concerning the partnership form of ownership. REQ FOR Question 1 Options for Organizing Business Limited vs. Unlimited Liability•Explain, discuss, understand limited liability, the assetsof the business (the company)are separate from the assets of the owners (the stockholders) Corporation• “a legal entity, created by the state, whose assets and liabilities are separate from its owners”• What are “assets” and “liabilities”• Private vs. Public Corporation• Stocks and Dividends (dividends vs. retained earnings) Corporation Advantages •Limited Liability•Ease of Transfer of Ownership •Perpetual Life •External Sources of Funds •Expansion Potentia lDisadvantages •Double Taxation •Forming a Corporation •Disclosure of Information •Potential for Less Committed Employees Partnership •“any association of two or more persons who carry on as co-owners of a business for profit” •However, these partners have not created a corporation•General Partner vs. Limited Partner; what’s the difference? Partnership Advantages •Ease of Formation •Availability of Capital and Credit •Combined Knowledge and Skills •Quick Decision Making •Government Regulation (similar to sole proprietorship) Disadvantages •Unlimited Liability •Business Responsibility •Life of Partnership•Distribution of Profits •Limited Sources of Funds •Taxation (however, new tax law, discuss) #Question 2 six Characteristics of High Performance Teams. A. First, simply list these six characteristics? B. Which two of these characteristic are, from your perspective, most important for a team to perform at a high level. Write a few sentences to explain each of the two characteristics. Your answer should illustrate a thorough understanding of the characteristic but also should put forth a thoughtful rationale as to why this characteristic is so important? C. And finally concerning teams, you watched a video discussing “Successful Work Teams at Google.” What were the two characteristics of a successful work team at Google? Write a few sentences for each as explanation? REQ FOR Question 2 Characteristics of High Performance Teams (In business, or in other aspects of life, as compared to groups, high performance teams often:) 1 Have shared leadership roles 2 Have individual and group accountability 3 Create collective work products 4 Encourage open ended discussion and active problem solving meetings 5 Measure performance directly by assessing collective work products 6 Discuss, decide, and do real work together Study on Successful Work Teams at Google https://www.youtube.com/watch?v=hHIikHJV9fI #Question 3 A. Simply list the three Functions of Money ? B. Concerning the Characteristics of Money, let’s assume you’re traveling to a country that you’ve never been before, that country is in remote South America, and businesses in that country don’t allow you to pay with credit or debit cards, only local cash. Of the six Characteristics of Money we discussed, which two would be most important to you concerning this trip. Fully explain the rationale for your answer. C. During this COVID-19 Pandemic, “The Fed” is the United States has been increasing the money supply. In a few sentences, explain why. REQ FOR Question 3 Money in the Financial System Functions of Money –Medium of Exchange –Measure of Value –Store of Value Money in the Financial System •Characteristics of Money –Acceptability –Divisibility –Portability –Stability –Durability –Difficult to Counterfeit #Question 4 A. What’s the definition of International Business ? B. Someone tells you that for each of the last 20 years the U.S. has had a Balance of Trade surplus. Is this true? Explain your answer and be sure to include specific data from 2018 as part of your justification. C. Explain in a few sentences the message of the Wall Street Journal article I shared with you concerning COVID-19 and Globalization. REQ FOR Question 4 International Business: the buying, selling, and trading of goods and services across national boundaries. For each of the last 30 years, has the US imported more than exported OR exported more than imported? –2018 Imports: $3.1 Trillion ($3,100 Billion) –2018 Exports: $2.5 Trillion ($2,500 Billion) –2018 US Trade Deficit: $600 Billion How big is a trillion? So, how long would it take to count to a trillion? 31 years! The article COVID-19 and Globalization https://www.wsj.com/articles/will-the-coronavirus-bringthe-end-of-globalization-dont-count-on-it-11584716305
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Explanation & Answer

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Question 1:
Limited liability is a business structure where investors of a company are only liable to the total
amount of money initially invested. When a limited liability business is registered, the owners will
be responsible for specific shares that a business owner is holding. It is the case in corporations as
owners are the shareholders. In case there is a bankruptcy for the business the owners will only
lose their contribution. In an unlimited liability business, the liability is not limited to their
investment. These investments have higher risk with higher rate of return. There is a legal
obligation of the owners to payback the company debts with whatever resources they own.
Partnership consists of 2 or more owners in the business. Hence, partnerships can be a small
business or big firms with multiple partners. These partners will be sharing the loss or the profit
and their resources. They can be as general partnership, limited or limited liability partnerships.
Basic difference is the varying amount of personal liability or management control. Some of the
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