Define the concept of finance and other key financial terms associated with this module, such as budgeting and planning.

Module code and title: GBEN3006 Fundamentals of Finance Module leader: Assignment No. and type: Equivalent of 2000 words written assessment on materials covered during the module: a) Preparation of Personal Financial Statement (equivalent to up to 500 words) b) Loan Application from Personal Financial Statement (equivalent to up 1500 words) Assessment weighting: a) Preparation of Personal Financial Statement: 25% of marks b) Business Loan Application from Personal Financial Statement: 75% of marks Submission time and date: Sunday, 11th August 2024, before 23:59 Target feedback time and date: Sunday, 1st September 2024 before 23.59 Assignment task Students are required to produce a personal financial statement and reflection on learning (a). This informs the production of a Loan Application to the bank of their choice (b). This assignment has been designed to provide you with an opportunity to demonstrate your achievement of the following module learning outcomes: LO1 Define the concept of finance and other key financial terms associated with this module, such as budgeting and planning. LO2 Distinguish the different sources of personal finance for entrepreneurs, including advantages and disadvantages LO3 Characterise the basic requirements of personal tax. LO4 Recognise potentials of finance through different case studies of entrepreneurial businesses. Task requirements OVERVIEW: This assignment aims to deepen your understanding of personal financial management by developing a comprehensive personal financial statement and preparing a loan application as a potential entrepreneur. DESCRIPTION OF THE TASK – WHAT YOU ARE BEING ASKED TO DO? Section 1: Hypothetical Personal Financial Statement (500 Words) a) Prepare a hypothetical personal financial statement based on a given template, including assets, liabilities, and net worth. b) The statement should also contain an income statement with details of income and expenditure. c) Ensure proper labeling of each item and calculate total values accurately. d) Describe why these statements are important in personal financial planning and decision-making. e) What have you learnt about the importance of budgeting in business? Note: Please, ensure that you follow the formatting instructions below as well as clarity and organisation of your work. Section 2: Loan Application (1,500 words) Using a hypothetical business scenario of your own choice as an entrepreneur seeking a loan for a new business venture. You are their assistant, using the hypothetical personal financial statement, prepare a loan application that includes: a) An introduction about the business, the business ideas, and why the need for the loan. b) Describe the repayment the capacity to repay the loan and other 5Cs of credits. c) A risk analysis demonstrating your understanding of the potential risks associated with the loan and how they plan to mitigate them. d) Identify the advantages and disadvantages of two other potential funding sources. e) Identify the potential impact on the entrepreneur’s taxation. Please note that while this is a fictional scenario, your financial statement and loan application should be realistic and based on what you’ve learned in the module. A template for the budget can be found on: Budget Template Oct 2024.ods Referencing and research requirements Please reference your work according to the Oxford Brookes Harvard style. Guidance can be found on the university website: https://radar.brookes.ac.uk/radar/file/370e1de4-8ea3-18c5-0eb6-676d7efc9533/1/harvard.pdf

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