Introduction to Business
OER 2018 Edition
ISBN: 9781947172548
Author: OpenStax
Publisher: OpenStax College
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Textbook Question
Chapter 5, Problem 1CTC
What characteristic made Vic Ahmed a successful entrepreneurs?
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1. Discuss the elements of the mission and vision statements and their importance to new entrepreneurial ventures.
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Action innovations for entrepreneurial venture types include; Invention, Extension, Duplication, and Synthesis. What is an idea that you believe would qualify as a good entrepreneurial venture, identify the type of action innovation the idea is, and provide a product or service (or a revolutionary product or service) that would fit the type of innovation you have chosen to discuss as a possible venture. Financial planning company is the venture.
Suppose you take out a five-year car loan for $14000, paying an annual interest rate of 4%. You make
monthly payments of $258 for this loan.
Complete the table below as you pay off the loan.
Months
Amount still owed
4% Interest on
amount still owed
(Remember to divide
by 12 for monthly
interest)
Amount of monthly
payment that goes
toward paying off the
loan (after paying
interest)
0
14000
1
2
3
+
LO
5
6
7
8
9
10
10
11
12
What is the total amount paid in interest over this first year of the loan?
Chapter 5 Solutions
Introduction to Business
Ch. 5.1 - Describe several types of entrepreneurs.Ch. 5.1 - What differentiates an entrepreneur from a...Ch. 5.1 - What are some major factors that motivate...Ch. 5.2 - Describe the personality traits and skills...Ch. 5.2 - What does it mean when we say that an entrepreneur...Ch. 5.3 - What are three ways small businesses can be...Ch. 5.3 - What social and economic factors have prompted the...Ch. 5.4 - How can potential business owners find new...Ch. 5.4 - Why is it important to develop a business plan?...Ch. 5.4 - What financing options do small-business owners...
Ch. 5.5 - How does the small-business owner's role change...Ch. 5.5 - How does managing a small business contribute to...Ch. 5.5 - What are the benefits to small firms of doing...Ch. 5.6 - Why are small businesses becoming so popular?Ch. 5.6 - Discuss the major advantages and disadvantages of...Ch. 5.7 - What is the Small Business Administration (SBA)?Ch. 5.7 - Describe the financial and management assistance...Ch. 5.8 - What significant trends are occurring in the...Ch. 5.8 - How is entrepreneurial diversity impacting small...Ch. 5.8 - How do ethics impact decision-making with...Ch. 5 - As the owner of a small factory that makes plastic...Ch. 5 - What characteristic made Vic Ahmed a successful...Ch. 5 - How did their Ahmed and Steven Case's partnership...Ch. 5 - Is focusing on smaller cities rather than areas...
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Similar questions
- Suppose you take out a five-year car loan for $12000, paying an annual interest rate of 3%. You make monthly payments of $216 for this loan. mocars Getting started (month 0): Here is how the process works. When you buy the car, right at month 0, you owe the full $12000. Applying the 3% interest to this (3% is "3 per $100" or "0.03 per $1"), you would owe 0.03*$12000 = $360 for the year. Since this is a monthly loan, we divide this by 12 to find the interest payment of $30 for the month. You pay $216 for the month, so $30 of your payment goes toward interest (and is never seen again...), and (216-30) = $186 pays down your loan. (Month 1): You just paid down $186 off your loan, so you now owe $11814 for the car. Using a similar process, you would owe 0.03* $11814 = $354.42 for the year, so (dividing by 12), you owe $29.54 in interest for the month. This means that of your $216 monthly payment, $29.54 goes toward interest and $186.46 pays down your loan. The values from above are included…arrow_forwardSuppose you have an investment account that earns an annual 9% interest rate, compounded monthly. It took $500 to open the account, so your opening balance is $500. You choose to make fixed monthly payments of $230 to the account each month. Complete the table below to track your savings growth. Months Amount in account (Principal) 9% Interest gained (Remember to divide by 12 for monthly interest) Monthly Payment 1 2 3 $500 $230 $230 $230 $230 + $230 $230 10 6 $230 $230 8 9 $230 $230 10 $230 11 $230 12 What is the total amount gained in interest over this first year of this investment plan?arrow_forwardPlease show work / explain how you get answer as well. Thank you!arrow_forward
- Please show work / explain how you get answer as well. Thank you!arrow_forwardOn 1st May, 2024 you are engaged to audit the financial statement of Giant Pharmacy for the period ending 30th December 2023. The Pharmacy is located at Mgeni Nani at the outskirts of Mtoni Kijichi in Dar es Salaam City. Materiality is judged to be TZS. 200,000/=. During the audit you found that all tests produced clean results. As a matter of procedures you drafted an audit report with an unmodified opinion to be signed by the engagement partner. The audit partner reviewed your file in October, 2024 and concluded that your audit complied with all requirements of the international standards on auditing and that; sufficient appropriate audit evidence was in the file to support a clean audit opinion. Subsequently, an audit report with an unmodified opinion was issued on 1st November, 2024. On 18th January 2025, you receive a letter from Dr. Fatma Shemweta, the Executive Director of the pharmacy informing you that their cashier who has just absconded has been arrested in Kigoma with TZS.…arrow_forwardPlease show work / explain how you get answer as well. Thank you!arrow_forward
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