Access all Math assignments contributing to the Budget through the Math IT website
|
Building Block: Budget
Sound financial management is one of the best ways for your business to remain profitable and solvent. Each year thousands of potentially successful businesses fail because of poor financial management. As the business owner, you need to learn how to ensure that you will meet your financial obligations.
Outcomes: what your group needs to turn in to complete this building block
- Budget Plan spreadsheet with graphic visuals using Numbers
- Pricing plan spreadsheet with graphic visuals using Numbers
- A statement about your Business loan choice
- A statement of purpose for your potential profits
- Budget Plan spreadsheet with graphic visuals using Numbers
Step 1: How much money will you and your partners need to borrow for your business?
1) Using the supplies table provided choose the materials you will need for production and evaluate a total cost.
2) Include business income tax for partnership proprietor business type.
3) Using the Numbers application's budget spreadsheet input all of your budget details.
1) Using the supplies table provided choose the materials you will need for production and evaluate a total cost.
2) Include business income tax for partnership proprietor business type.
3) Using the Numbers application's budget spreadsheet input all of your budget details.
Step 2: How will you price your product?
1) Using the break even analysis Numbers spreadsheet come up with 3 price models:
one to maximize profits, one to insure loan repayment, and one to maximize product sales.
2) Decide on your preferred model, but include all three models in your final business plan.
Step 3: What type of business loan will you and your partners choose?
- Figure out every possible loan option and provide your calculations
- Choose a loan option and provide a statement explaining why you chose it and how you can guarantee repayment in due time.
1) Using the break even analysis Numbers spreadsheet come up with 3 price models:
one to maximize profits, one to insure loan repayment, and one to maximize product sales.
2) Decide on your preferred model, but include all three models in your final business plan.
Step 3: What type of business loan will you and your partners choose?
- Figure out every possible loan option and provide your calculations
- Choose a loan option and provide a statement explaining why you chose it and how you can guarantee repayment in due time.
Loan Option #1 4 weeks Secured Term Loan
- Interest 6.75%*
- *If your loan is not paid within the 4 weeks the interest will increase by 5% for every week that it is late.
Loan Option #2 6 weeks Secured Term Loan
- Interest 9.75%*
- *If your loan is not paid within the 8 weeks the interest will increase by 5% for every week that it is late.
- Interest 6.75%*
- *If your loan is not paid within the 4 weeks the interest will increase by 5% for every week that it is late.
Loan Option #2 6 weeks Secured Term Loan
- Interest 9.75%*
- *If your loan is not paid within the 8 weeks the interest will increase by 5% for every week that it is late.
Step 4: How will you allocate your potential profits?
1) Decide who will be receiving the potential profits from your business.
2) Provide a written statement that explains what you will do with your potential profits,
to be signed and dated by all business partners.
3) If your profits are to be donated to another organization,
research how you will get the funds to them.
1) Decide who will be receiving the potential profits from your business.
2) Provide a written statement that explains what you will do with your potential profits,
to be signed and dated by all business partners.
3) If your profits are to be donated to another organization,
research how you will get the funds to them.
- Sign off by Dijoux
- Add to your Business Plan
- Add to your Business Plan