Question: Define the balance sheet and give two

> Apricot.com is a major software developer that licenses software to be used over the internet. One of its programs, called Match, is a search engine that searches personal ads on the internet and provides a match for users for potential dates and possibl

> BluePeace.org is a new environmental group that has decided that the internet is the best and most efficient way to spend its time and money to advance its environmental causes. To draw attention to its websites, BluePeace .org comes up with catchy inter

> On Halloween Day, Christine Narvaez drove her automobile onto the parking lot of a busy supermarket. Narvaez had her two-year-old grandchild with her. The youngster was riding, unconstrained, in a booster seat. Narvaez saw a friend and decided to stop fo

> The County of Contra Costa, California, held a tax sale in which it offered for sale a vacant piece of property located in the city of El Cerrito. Richard J. Schultz, a carpenter, saw the notice of the pending tax sale and was interested in purchasing th

> Liz Claiborne, Inc. (Claiborne) is a large maker of sportswear in the United States and a well-known name in fashion, with sales of more than $1 billion per year. Claiborne distributes its products through 9,000 retail outlets in the United States. Avon

> Indiana Tri-City Plaza Bowl (Tri-City) leased a building from Charles H. Glueck for use as a bowling alley. The lease provided that Glueck was to provide adequate paved parking for the building. The lease gave TriCity the right to approve the plans for t

> Adolfo Mozzetti, who owned a construction company, orally promised his son, Remo, that if Remo would manage the family business for their mutual benefit and would take care of him for the rest of his life, he would leave the family home to Remo. Section

> Wells Fargo Credit Corporation (Wells Fargo) obtained a judgment of foreclosure on a house owned by Mr. and Mrs. Clevenger. The total indebtedness stated in the judgment was $207,141. The foreclosure sale was scheduled for 11:00 a.m. on a specified day a

> The United Arab Emirates (UAE), a country in the Middle East, held a competition for the architectural design of a new embassy it intended to build in Washington, DC. Elena Sturdza, an architect licensed in Maryland and Texas, entered the competition and

> City Segway Tours of Washington DC, LLC (CST) operated tours where customers used Segway personal transportation vehicle to tour the city. Norman Mero and his significant other signed up for such a tour. The contract they signed prior to beginning the to

> FFP Operating Partners, L.P. (FFP Operating), operates a number of convenience stores and gas stations. FFP Operating executed 31 promissory notes in favor of Franchise Mortgage Acceptance Company (FMAC). In connection with the notes, FFP Marketing Compa

> Murray Walter, Inc. (Walter, Inc.), was a general contractor for the construction of a waste treatment plant in New Hampshire. Walter, Inc., contracted with H. Johnson Electric, Inc. (Johnson Electric), to install the electrical system in the treatment p

> Holly Hill Acres, Ltd. (Holly Hill), purchased land from Rogers and Blythe. As part of its consideration, Holly Hill gave Rogers and Blythe a promissory note and mortgage. The note read, in part, “This note with interest is secured by a mortgage on real

> Mr. Higgins operated a used car dealership in the state of Alabama. Higgins purchased a Chevrolet Corvette. He paid for the car with a draft on his account at the First State Bank of Albertville. Soon after, Higgins resold the car to Mr. Holsonback. To p

> Martha M. Carr suffered from schizophrenia and depression. Schizophrenia is a psychotic disorder that is characterized by disturbances in perception, inferential thinking, delusions, hallucinations, and grossly disorganized behavior. Depression is charac

> William H. Bailey, MD, executed a note payable to California Dreamstreet, a joint venture that solicited investments for a cattle breeding operation. Bailey’s promissory note read, “Dr. William H. Bailey hereby promises to pay to the order of California

> Joseph Mitsch purchased a used Chevrolet Yukon SUV vehicle from Rockenbach Chevrolet. The Yukon was manufactured by General Motors Corporation (GMC) and had been driven over 36,000 miles. The purchase contract with Rockenbach Chevrolet contained the foll

> W. Hayes Daughtrey consulted Sidney Ashe, a jeweler, about the purchase of a diamond bracelet as a Christmas present for his wife. Ashe showed Daughtrey a diamond bracelet that he had for sale for $15,000. When Daughtrey decided to purchase the bracelet,

> Kent Nowlin Construction, Inc. (Nowlin), was awarded a contract by the state of New Mexico to pave a number of roads. After Nowlin was awarded the contract, it entered into an agreement with Concrete Sales & Equipment Rental Company, Inc. (C&E). C&E was

> Dr. and Mrs. Sedmak (Sedmaks) were collectors of Chevrolet Corvettes. The Sedmaks saw an article in Vette Vues magazine concerning a new limited-edition Corvette. The limited edition was designed to commemorate the selection of the Corvette as the offici

> Connie R. Grady purchased a new Chevrolet Chevette from Al Thompson Chevrolet (Thompson). Grady gave Thompson a down payment on the car and financed the remainder of the purchase price through General Motors Acceptance Corporation (GMAC). Grady picked up

> The Jacob Hartz Seed Company, Inc. (Hartz), bought soybeans for use as seed from E. R. Coleman. Coleman certified that the seed had an 80 percent germination rate. Hartz paid for the beans and picked them up from a warehouse in Card, Arkansas. After the

> All America Export-Import Corp. (All America) placed an order for several thousand pounds of yarn with A. M. Knitwear (Knitwear). On June 4, All America sent Knitwear a purchase order. The purchase order stated the terms of the sale, including language t

> Fuqua Homes, Inc. (Fuqua), is a manufacturer of prefabricated houses. MMM, a dealer of prefabricated homes, was a partnership created by two men named Kirk and Underhill. On seven occasions before the disputed transactions occurred MMM had ordered homes

> Big Knob Volunteer Fire Company (Fire Co.) agreed to purchase a fire truck from Hamerly Custom Productions (Hamerly), which was in the business of assembling various component parts into fire trucks. Fire Co. paid Hamerly $10,000 toward the price two day

> Lindsey Stroupes was 16 years old and a sophomore in high school. Anthony Bradley, the manager of a Finish Line, Inc.’s store in a mall, offered Lindsey a position as a sales associate that she accepted. Lindsey signed an employment contract that require

> Numismatic Funding Corporation (Numismatic), with its principal place of business in New York, sells rare and collector coins by mail throughout the United States. Frederick R. Prewitt, a resident of St. Louis, Missouri, responded to Numismatic’s adverti

> Frances Hector entered CedarsSinai Medical Center (Cedars-Sinai), Los Angeles, California, for a surgical operation on her heart. During the operation, a pacemaker was installed in Hector. The pacemaker, which was manufactured by American Technology, Inc

> Alvin Cagle was a potato farmer in Alabama who had had several business dealings with the H. C. Schmieding Produce Co. (Schmieding). Several months before harvest, Cagle entered into an oral sales contract with Schmieding. The contract called for Schmied

> Dan Miller was a commercial photographer who had taken a series of photographs that appeared in The New York Times. Newsweek magazine wanted to use the photographs. When a Newsweek employee named Dwyer phoned Miller, Dwyer was told that 72 images were av

> Mr. Gulash lived in Shelton, Connecticut. He wanted an above-ground swimming pool installed in his backyard. Gulash contacted Stylarama, Inc. (Stylarama), a company specializing in the sale and construction of pools. The two parties entered into a contra

> David Abacus uses the internet to place an order to license software for his computer from Inet.License, Inc. (Inet) through Inet’s electronic website ordering system. Inet’s web page order form asks David to type in his name, mailing address, telephone

> Little Steel Company is a small steel fabricator that makes steel parts for various metal machine shop clients. When Little Steel Company receives an order from a client, it must locate and purchase 10 tons of a certain grade of steel to complete the ord

> Someone secretly took video cameras into the locker room and showers of the Illinois State University football team. Video recordings showing these undressed players were displayed at the website http://univ.youngstuds.com, operated by Franco Productions

> Ernest & Julio Gallo Winery (Gallo) is a famous maker of wines located in California. The company registered the trademark “Ernest & Julio Gallo” in 1964 with the U.S. Patent and Trademark Office. The company has spent more than $500 million promoting it

> Ptarmigan Investment Company (Ptarmigan), a partnership, entered into a contract with Gundersons, Inc. (Gundersons), a South Dakota corporation in the business of golf course construction. The contract provided that Gundersons would construct a golf cour

> Andrew Parente had a criminal record. He and Mario Pirozzoli Jr., formed a partnership to open and operate the Speak Easy Café in Berlin, Connecticut, which was a bar that would serve alcohol. The owners were required to obtain a liquor license from the

> Hawaiian Telephone Company entered into a contract with Microform Data Systems, Inc. (Microform), for Microform to provide a computerized assistance system that would handle 15,000 calls per hour with a one-second response time and with a “nonstop” featu

> California and Hawaiian Sugar Company (C&H), a California corporation, is an agricultural cooperative owned by 14 sugar plantations in Hawaii. It transports raw sugar to its refinery in Crockett, California. Sugar is a seasonal crop, with about 70 percen

> The Trump World Tower is a 72-story luxury condominium building constructed at 845 United Nations Plaza in Manhattan, New York. Before the building was constructed, 845 UN Limited Partnership (845 UN) began selling condominiums at the building. The condo

> Shumann Investments, Inc. (Shumann) hired Pace Construction Corporation (Pace), a general contractor, to build Outlet World of Pasco Country. In turn, Pace hired OBS Company, Inc. (OBS), a subcontractor, to perform the framing, drywall, insulation, and s

> C.W. Milford owned a registered quarter horse named Hired Chico. Milford sold the horse to Norman Stewart. Recognizing that Hired Chico was a good stud, Milford included the following provision in the written contract that was signed by both parties: “I,

> William John Cunningham, a professional basketball player, entered into a contract with Southern Sports Corporation, which owned the Carolina Cougars, a professional basketball team. The contract provided that Cunningham was to play basketball for the Co

> Eugene H. Emmick hired L. S. Hamm, an attorney, to draft his will. The will named Robert Lucas and others (Lucas) as beneficiaries. When Emmick died, it was discovered that the will was improperly drafted, violated state law, and was therefore ineffectiv

> The Phillies, L.P., the owner of the Philadelphia Phillies professional baseball team (Phillies), decided to build a new baseball stadium called Citizens Bank Park (the Project). The Phillies entered into a contract (Agreement) with Driscoll/Hunt Joint V

> Irving Levin and Harold Lipton owned the San Diego Clippers Basketball Club, a professional basketball franchise. Levin and Lipton met with Philip Knight to discuss the sale of the Clippers to Knight. After the meeting, they all initialed a 3-page handwr

> David Brown met with Stan Steele, a loan officer with the Bank of Idaho (now First Interstate Bank), to discuss borrowing money from the bank to start a new business. After learning that he did not qualify for the loan on the basis of his own financial s

> Harun Fountain, a minor, was shot in the back of the head at point-blank range by a playmate. Fountain required extensive lifesaving medical services from a variety of medical service providers, including Yale Diagnostic Radiology. The expense of the ser

> Define the cash-flow statement and explain what it does.

> Give some examples of legal employment rights.

> How does one put a market value on an employee benefit?

> Is college worth the cost? Why or why not?

> Give an example of how inflation affects income and consumption.

> Describe two statistics that help predict the future direction of the economy

> Summarize the phases of the business cycle.

> What is identity theft?

> Distinguish between the APR (annual percentage rate) and the finance charge on a debt.

> The Financial Statements of Harry and Belinda Johnson Suggest Budgeting Problems Harry has worked at a medium-size interior design firm for five years and earns a salary of $4,080 per month. He also receives $3,000 in interest income once a year from a t

> Summarize how financial goals follow from one’s values.

> What is the biggest financial worry of most individuals, and what can they do about it?

> Summarize the content in Figure 3-1, the overview of effective personal financial planning. Figure 3-1: Figure 3-1 Overview of Effective Financial Planning Economic Data Living Еxpenses Advertising Standards of Comparison Earnings Values MANAGERIAL

> What are the building blocks to achieving financial success?

> Summarize what you will accomplish studying personal finance.

> Distinguish among financial success, financial security, and financial happiness

> Explain the five fundamental steps in the financial planning process.

> Summarize your insurance protections when you have funds on deposit in a depository institution as opposed to other financial services providers.

> Give three examples of depository institutions where one could open a checking account.

> Explain the circumstances when it would be appropriate to have funds in a checking account.

> After completing his associate of arts degree four months ago from a community college in Oklahoma City, Oklahoma, Juan Ramirez has answered more than three dozen advertisements and interviewed three times in his effort to get a sales job, but he has had

> Identify the primary goals of monetary asset management.

> Explain why some taxpayers have an effective marginal tax rate as high as 40 percent.

> What is a marginal tax bracket, and how does it impact taxpayers making tax advantaged contributions to their retirement plans?

> Distinguish between a progressive and a regressive tax.

> Is the gig economy, freelancing, or entrepreneurship for you? Why or why not?

> What can be done to enhance your abilities, experiences and education without working in a job situation?

> How do your values and interests impact your life-style trade-offs in career planning?

> What is career planning and why is it important?

> Now that you have read this chapter on building and maintaining good credit, what would you recommend to Julia Grace regarding: 1. How might Julia go about establishing a debt limit? 2. What two or three things can she do help keep her student debt under

> Now that you have read the chapter on the importance of career planning, what do you recommend to Nicole Linkletter in the case at the beginning of the chapter regarding: 1. Clarifying her values and lifestyle trade-offs in career planning? 2. Enhancing

> Victor is somewhat satisfied with his sales career and has always wondered about a career as a teacher in a public school. He would have to take a year off work to go back to college to obtain his teaching certificate, and that would mean giving up his $

> Now that you have read the chapter on managing checking and savings accounts, what would you recommend to Nathan Rosenberg and Avigai Abramovitz in the case at the beginning of the chapter regarding: 1. Where they can obtain the monetary asset managemen

> Now that you have read the chapter on managing income taxes, what advice can you offer Ace and Florence in the case at the beginning of the chapter regarding: 1. Using tax credits to help pay for Ace’s college expenses? 2. Determining how much money Flor

> Now that you have read the chapter on financial planning, what do you recommend to Austin Patterson for his talk with Emily on the subject of financial planning regarding: 1. Setting financial goals? 2. Determining what they own and owe? 3. Using the inf

> Now that you have read the chapter on the importance of personal finance, what do you recommend to Jing Wáng in the case at the beginning of the chapter regarding: Participating in her employer’s 401(k) retirement plan? Understanding the effects of her

> Is it too easy for college students to get credit cards? Who do you know who has gotten into financial difficulty because of overuse of credit cards, and what happened?

> Use the information on pages 185, 186 and 187 to discuss how best to deal with student loan debt Page No. 185, 186,187: CHAPTER 6 Building and Maintaining Good Credit 185 6.2a Method 1: Continuous-Debt Method A useful approach for determining your d

> How might students judge whether they are taking on too high a level of student loan debt?

> What aspects of your financial life make you creditworthy? What aspects might make it difficult for you to obtain credit?

> Have you ever had a disagreement with a friend or family member over a money issue? How might you communicate differently now?

> Lost/Stolen Debit Cards. What should you do if your ATM or debit card is lost or stolen? Why?

> Harry has started out fine in his career as his responsibilities have increased since he began working there about five years ago. Belinda recently attended a conference for those in her stock brokerage field and by chance she dropped in at the “career s

> When might it be appropriate for you to save via a certificate of deposit versus a money market account?

> Many people desire protection from the possibility of overdrawing their checking account. Banks make it easy by allowing you to opt into overdraft protection. Explain how this and other overdraft protections work and why the true cost of opting in may ex

> When would you recommend using an individual account, a joint tenancy with right of survivorship account, and a tenancy by the entirety account for your monetary assets?

> You know someone who recently had $90 in overdraft fees for two small debit card transactions. Explain to him why such high fees resulted from such small transactions and the relative benefits of having an automatic funds transfer agreement versus an aut

> List two examples of checking account transactions that result in assessment of fees that are avoidable?

> Identify three strategies to reduce income tax liability that you may take advantage of in the future.

> Name three tax credits that a college student might take advantage of while still in school or during the first few years after graduation.

> Some college students earn money that is paid to them in cash and then do not include this as income when they file their tax returns. What are the pros and cons of this practice?

> Many college students choose not to file a federal income tax return, assuming that the income taxes withheld by employers “probably” will cover their tax liability. Is such an assumption correct? What are the negatives of this practice if the employers