Table of Contents
Instructions
Complete the four parts of this assignment. The word counts in each part give you a guideline about how detailed your report must be.
Submit the assignment at the end of this module. If you are unsure about what is required in this assignment, contact your Open Learning Faculty Member.
Remember that you will also be using the start-up budget and the cash flow information as parts of the major project.
Part A: Accounting and Financial Functions
- Explain the various categories of a balance sheet (statement of financial position) (600 words)
- What is the purpose of the income statement and (statement of comprehensive income) what does it include? (500 words)
Part B: Start-Up Budget
- Use this “Start-Up Budget” template, the Idea Café worksheet(https://www.businessownersideacafe.com/financing/budget_calculator.html) or a BDC template (https://www.bdc.ca/en/articles-tools/entrepreneur-toolkit/templates-business-guides/pages/business-plan-template.aspx) to determine the start-up costs for your business.
- Write a paragraph outlining the various sources from which you will get your start-up capital. (300 words)
Part C: One-Year Budget—Cash Flow
- Use the One-Year Cash Flow Templateto determine a budget for your first year. Include your start-up expenses, your monthly expenses, your start-up capital, and your projected monthly income.
- Justify in writing, the numbers arrived at in your projections. (How did you arrive at $3,000 in sales, for example, for your first month in business?) Also include this rationale information as part of the template. (250 words)
- Determine whether or not you will be profitable at the end of your first year in business. Explain why or why not. (200 words)
If you used Idea Café’s worksheet, you will have to transfer your numbers over to the One-Year Cash Flow Template or, an Excel spreadsheet, or a budget worksheet from a bookkeeping software package or other source.
Part D: Money and More
The Canadian financial system is well developed, widely respected, and supports the Canadian way of life.
Answer the following four questions regarding money, financial institutions, and securities. Be sure to give examples where relevant.
- What are the basic characteristics and functions of money?
- What are five main differences between Canadian banks and Canadian credit unions?
- Identify and give examplesof five different types of securities available to Canadian investors.
- How has technology changed the way Canadians and small businesses bank and invest? How might these advancements affect your business? Total word count for questions 1–4, (500–800).
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