Overview
Extra Credit - OPTIONAL - DUE by May 3, 2026 @ 11:59pm PST - Includes content from Chapters 5, 6, 7, 8 & 9 - worth up to 15 points.This extra-credit assignment is completely optional and is not included in the total points shown in the syllabus. It is extra credit.
Mini-rubric
Points are reduced for typos, grammar errors, not answer each question completely. Be careful, each discussion question is a multi-part question. Proof read your work before you submit it. Points will be reduced if there are less than three sources. No points will be awarded if your sources are not cited.
Instructions
Please read carefully:
- You must use at least 3 different sources and cite each of them separately at the end of your writing.
- AI/Chat GPT cannot be used for this assignment. This needs to be your original work. Do not share or borrow from anyone else. Please see the syllabus and Grossmont Catalog for plagiarism rules.
- The questions are multi-part and will take some thought and research. The prompts provided below cannot be adequately answered in less than at least one paragraph per prompt. It make take more than a paragraph per prompt to answer completely.
- Please use 12 point font. One recommendation is to type this in Google Docs or MS Word then copy and paste it into the discussion board. Editing is sometimes easier that way.
- You do not need to attach anything
- Google links and PDFs will not be accepted.
- Blank submissions are an automatic zero and subsequent submissions will not be graded.
- Please write at least 1 paragraph per prompt, a minimum of 3 paragraphs in total to answer all prompts. (A paragraph is typically 5-8 sentence minimum.) to answer the following prompts:
Prompt 1:
You are an entrepreneur and have decided to open your own company. Please consider whether you are offering product or a product and service. 1a. If you are offering a product, how will you value your inventory? What is your reasoning for this? What are the benefits in using this method to value inventory? What challenges might you face with inventory valuation? 1b. If you are also providing a service, how will you determine the cost of the service provided? What will you include in this calculation? 1c. If you will provide both product and service - please discuss both 1a. and 1b. Be specific! Make sure to use in-text ciations.
Prompt 2:
Considering the product and/or product/service combo you provide to your ideal customer, will you extend credit to them? If so, how do you think this will impact your Balance Sheet? If you do not plan allowing your customers to have credit terms, what impact do you believe that will have on the revenue for your company? Be specific! Make sure to use in-text citations.
Prompt 3:
Describe the type of equipment you would need to run your organization. How will you get the funds to purchase necessary equipment? If you take out a loan to purchase equipment, do you expect the interest to be a heavy financial burden? Explain. How will you depreciate that equipment? What are the pros and cons of the method of depreciation you are choosing and how does it affect your Income Statement and Balance Sheet? Be specific! Remember to use in-text citations and list your references.