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1. In chapter one, according to the authors, what is the result of all the

assumptions and estimates in accounting?

2. In chapter three, what are the four roadblocks identified by the authors to

attaining financial savvy?

3. In chapter six, according to the authors, what is the “one big rule”?

4. In chapter seven, how do the authors describe revenue considering their

description of accounting as more art than science and the inherent bias in the


5. In chapter eight, what do the authors state is the yellow flag associated with

costs and expenses?

6. In chapter nine, what forms of profit do the authors identify?

7. In chapter ten, according to the authors, what is the balance sheet?

8. In chapter eleven, according to the authors, what question related to valuing

assets is still under debate?

9. In chapter twelve. according to the authors, does owner’s equity represent

what shareholders would receive if a company was sold?

10. In chapter thirteen, what is the fundamental fact that one must remember

regarding balance sheets?

11. In chapter 14, which of the financial statements do the authors seem to

believe is most important and why?

12. In chapters 15 and 16, explain “why cash is king” according to the authors.

13. In chapter 17, the authors describe the statement of cash flows. Identify and

explain briefly the three sections in a statement of cash flows.

14. In chapter 18, according to the authors, what do you need to calculate a cash

flow statement?

15. In chapter 20, the authors identify four categories of ratios that managers

and other stakeholders use to analyze a company’s performance. What are they?

16. In chapter 25, what do the authors identify as the “big five”?

17. In chapters 26 and 27 the authors mention “cost of capital.” What is it and

how is it determined?

18. In chapter 28, how do the authors indicate working capital is calculated?

What is working capital?

19. In chapter 30, explain the cash conversion cycle?

20. In chapter 32, how do the authors suggest company’s increase financial

literacy of their members?