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Summary: Essentials Of Managerial Finance | 9780321356482 | Lawrence J Gitman
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Read the summary and the most important questions on Essentials of Managerial Finance | 9780321356482 | Lawrence J. Gitman
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1.1 Finance and business
This is a preview. There are 6 more flashcards available for chapter 1.1
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What is financial services
the area of finance concerned with the design and delivery of advice and financial products to individuals, businesses, and governments -
What is managerial Finance
is concerned with the duties of the financial manager working in a business. -
What is a financial manager
administer the financial affairs of all types of businesses, whether private or public, large or small, profit seeking or not for profit -
Why is the choice of a legal form so important for a business
how a business is organized legally influences the risks that the firm's owners must bear, how the firm can raise money, and how the firm's profits will be taxed. -
What are disadvantages of sole proprietorship
- unlimited liability- limited fund-raising power tends to inhibit growth
- proprietor must be jack-of-all-trades
- can't give employees long-run career opp. -
What are the disadvantages for a partnership
- unlimited liability- partnership is dissolved when a partner dies- difficult to liquidate or transfer partnership -
What are advantages of sole proprietorship
- owner receives all money- low organizational costs- independence- secrecy- ease of dissolution -
What are the advantages of partnership
- raise more funds- borrowing power enhanced by more owners- more available brain power and managerial skills -
What are the advantages of corporation
- limited liability- can achieve large size via sale of ownership(stock)- ownership (stock) is readily transferable- long life of firm -
What are the disadvantages of corporation
- more expensive to organize than other business forms- subject to greater government regulation
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