Explain the importance of financial planning to a business

Unit 2 Managing Financial Resources and Decisions - Level 5 Diploma in Business

MFRD Hardwood Ltd

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Task 1:

Question 1.1: Identify the sources of finance available to Hardwood Ltd (AC1.1)

Question 1.2: Assess the implications of difference sources of finance on a business (AC1.2)

Question 1.3: Evaluate appropriate sources of finance for a business project (AC1.3)

Task 2:

Question 2.1: Analyse the costs of the different sources of finance identified in task 1.1 above (AC2.1)

Question 2.2: Explain the importance of financial planning to a business (AC2.2)

Question 2.3: Assess the information needs of different decisions makers. (AC2.3)

Question 2.4: Explain the impacts of finance on the financial statements of a business (AC2.4)

Task 3:

Question 3.1 Using the information in Section A prepare and analyze the cash budget for Hardwood for the 6 months April - Sep 2015. (AC3.1)

Question 3.2 Explain the calculation of unit cost and make pricing decisions using the information in Section A.(AC3.2)

Question 3.3 Assess the viability of the project identified in Section B using the Investment Appraisal techniques of Payback [P/B], Net Present Value [NPV], Internal Rate of Return [IRR] and Accounting Rate of Return [ARR]. To do this you should perform the relevant calculations and explain the results. (AC3.3)

Task 4:

Question 4.1 Discuss the main financial statements of a company by outlining the purpose, structure and main sections of the Income statement, Balance Sheet and cash flow statement (AC4.1)

Question 4.2 Compare appropriate formats of financial statements for different types of business (AC4.2)

Question 4.3 Interpret the Financial Statements of Hardwood Ltd [presented in Section C] by calculating and commenting on the nine ratios listed below for 2014 and 2013 and compares these with Industry averages shown in the table below.

Unit 2 Managing Financial Resources and Decisions is a core unit in the Level 5 Diploma in Business. This unit covers the essential knowledge and skills required to manage the financial resources of a business effectively.

This assignment requires students to demonstrate their understanding of the following key areas:

• The different sources of finance available to businesses
• The factors to consider when choosing a source of finance
• The implications of different sources of finance for the business
• Financial planning and budgeting
• Financial decision-making

The assignment is typically divided into two parts:

Part 1: This part requires students to identify and assess the sources of finance available to a particular business. Students need to consider the specific needs of the business and the pros and cons of different sources of finance.
Part 2: This part requires students to develop a financial plan for the business. The plan should include a budget and a forecast of the business's future financial performance. Students also need to demonstrate their understanding of financial decision-making by analyzing a financial scenario and making a recommendation.

To complete this assignment successfully, students need to have a good understanding of the following topics:

• Financial statements
• Financial ratios
• Risk assessment
• Cost-benefit analysis
• Capital budgeting

Students should also be able to research and gather relevant information from a variety of sources, such as business journals, websites, and academic papers.

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