FIN 305 Study Guide - Midterm Guide: Barter, Cash Flow
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28 Oct 2015
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Owning a painting franchise summer business and setting a goal for how much you intend to make for the summer. Breaking down week by week how many jobs you need to get each week: organizing: involves critical resources, particularly cash. Involves obtaining these resources, ensuring an adequate supply is available to continue the operation. Recruiting painters, identifying source of paint supplies, negotiating discounts, soliciting neighbourhood residences for jobs, using your savings or borrowing money to purchase basic equipment: directing: allocating resources, particularly cash, to their best uses/activities and resources. Scheduling painters onto different jobs, giving instructions, inspecting their work, collecting money from customers, paying the painters: monitoring: checking progress; measuring, interpreting, analyzing, communicating results, especially financial reports. Keeping track of house calls, job contracts signed, work started, degree of completion, delivering weekly bills to customers, preparing financial reports to summarize revenues, expenses, profits, cash flow, and receivables: controlling: making financial adjustments.
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