onle text if u can finish in next 1 hour

Assessment 1

1. List the major components of a business plan. What components are of primarily concerned to you, and why?

2. What is the significance of a business succession plan?

3. What is the importance of liquidity?

4. Carry Yoki’s Lounge consists of the following. Carry, the owner believed that people would come to hear a band play on Friday, Saturday, and Sunday evening. During the remainder of the week, she believed her customers would watch sporting events on several television sets located throughout the lounge. Carry employed two bartenders, three servers, two assistant servers, two cooks, one dishwasher and a clean-up person. She had a bar, 15 barstools, 4 tables, 40 chairs, 4 television sets, and one satellite dish. She had an oven, stove, grill, refrigerator, sinks, dishes, and glassware. Carry started this business with $50,000 of her own money, and she borrowed $150,000 from the bank. From this description, list each of the scarce resources that are used in Carry Yoki’s Lounge.

5. Carol Jones wanted her business to increase sales by 50 percent over the next five years. To do this, she must hire three more people. She wanted to determine how to evaluate these people, so she lists their job specifications and develops job descriptions. She also listed where these employees would work and what training they would require. What management functions is Carol performing, and how do they apply to this scenario?

6. Sam Jones, Mary Adams, and Larry Brown have been talking about starting their own business for several years. Sam is an electronic repairman, Mary is a partner in a large law firm, and Larry is an excellent sales person. Sam and Larry will work in the business on an equal basis. It will cost $100,000 to start this business. Sam has no money, Mary has $60,000 and Larry has $40,000. If they form a partnership, how would you recommend that they organize?

7. Joe Latte has completed a business plan and determined that it will take $120,000 to open the coffee and gelato shop. He has $30,000 of his own money and will have to obtain $90,000 in loans or grants. How should Joe go about getting financing? What is the probability that he can obtain a grant to start an Italian ice cream shop?

8. Construct an income statement using the following information: net sales, $500,000; salaries, $100,000; rent, $24,000; COGS, $250,000; utilities, $25,000; payroll taxes, $25,000; insurance, $12,000; and interest expense, $5,450. Make sure that you include gross profit, operating expenses, and net profit.

Assessment Mapping Checklist Learner Name/ID: ___________________________________
Performance & Knowledge Evidence	C/NYC	Comments
Performance Evidence
· access clients’ needs and analyse their financial data
prepare and document appropriate advice for clients that: · complies with financial legislation and accounting standards, practices and principles
· assesses taxation, compliance and business viability issues faced by clients
· assesses risk management options and practices
Knowledge Evidence
· explain the key requirements of taxation legislation relating to deductions, allowances and charges
· list the key areas that can cause significant taxation issues
· compare and contrast forecasting techniques
· identify and explain the key features of government financial policy and secretary’s financial management instructions
· explain the key requirements of relevant corporations and consumer legislation
· describe a range of methods for presenting and formatting financial data
· identify and explain the key principles of cash flow and budgetary control
· identify and categorise sources of information on financial products and markets
· outline a range of risks and contingencies and risk management options relating to financial and business performance
· outline client rights and responsibilities.
· explain the security procedures for handling cheques, vouchers and cash
· describe the key features of a range of reports.
Comments:
Signed by Learner: Date:	Signed by Assessor: Date: