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Unit 2 MFRD Assignment Brief
Assignment
TASK 1 to TASK 4: You are required to follow the instructions as specified towards each task and support with a research by using supportive materials like books, websites, etc., and give a feedback on the findings by relating your arguments to relevant case studies and examples from a business organisation as specified in MRFD Assignment task:
Task 1 and 2
The recession has left many people without jobs. Assuming that you have been laid off by your company and you have personal savings of £50,000. You have been contemplating what to do next and your friend has advised you to start your own business and be your own boss. You decide to carry out research on which business to engage in and how to raise the required finance. You are required to start a new business as a sole trader, or partnership or company with start-up capital of at least £100,000 - £1 million.Using supportive materials like books, websites, etc., and give a feedback of the findings on P1.1, P1.2, P1.3, P2.1, P2.2, P2.3 and P2.4. Answers without application to a specific business or appropriate examples will be referred.
Task 1
LO1 Understand the sources of finance available to a business
P1.1 Identify the sources of finance available to the new business you have chosen
P1.2 Assess the implications of the different sources of finance to your chosen business
P1.3 Select appropriate sources of finance for a business project you have chosen e.g. opening new store, developing IT system, buy new machines etc.
Task 2
LO2 Understand the implications of finance as a resource within a business
Using the same business you have chosen above
P2.1 Analyse the costs of different sources of finance
P2.2 Explain the importance of financial planning to the business organisation you have chosen
P2.3 Assess the information needs of different decision makers in your chosen business
P2.4 Explain the impact of finance on the financial statements of your chosen business