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Please hurry reliable and good work only. DEVELOPING AN ENTERPRISING MINDSET (4GN501) SPRING 2021 Refer guidance CW1 Coursework 1 (60\%) Learning outcome 1: Discuss and demonstrate an enterprising mindset through the application of knowledge and concepts. Individual written Business Plan or Proposal You are required to produce a business plan/business proposal for a new business start-up idea of your choice. You are required to use the Princes Trust abridged template posted on course resources. All answers must be: Between 1,400 and 1,650 words long. Supported with relevant literature using the Harvard Referencing system. This requires citations (references to relevant literature) within the answer itself, which must also be listed in full in a reference list at the end of your work. Work will not be awarded a pass grade at this level of study without a clear demonstration of this skill. REFER submission date: August 18th uploaded to Turnitin by 11.59pm using the upload point labelled REFER CW1 BP. Supplementary Guidance 1. Include at the top of your survey reference to the purpose of your survey and that all responses are confidential and only used for this purpose e.g. This survey is part of my studies at the University of Derby for the module Developing an Enterprising Mindset. All responses are anonymous and confidential and will not be used for any other purposes. YOU MUST NOT UNDER ANY CIRCUMSTANCES SEND OUT A SURVEY WITHOUT THE APPROVAL OF YOUR TUTOR. 2. The Business Plan template contains circa 1300 words (including the header page, contents page and guidance notes) – so to calculate your word count, deduct this from your total. 3. The aim is to identify a realistic business idea; it can be a disruptive innovation and does not have to be unique. It must be something you could potentially run alongside your studies. 4. It must be a sole trader. You can select to be a social enterprise - but it must still be a sole trader and not a company. 5. The word count will start from section 3, section 1 and 2 are not included in the word count but you are still expected to complete them. 6. Tables equate to 150 words for half a page and 300 words for a full page 7. For the financial summary 1.3: include a brief overview of where you are getting the money from and expected profits over a 12-month period. 8. Focus on the process of developing your enterprising mindset and the creation of your business idea. You are not going to actually run this business as part of this module. It is a simulation. Your tutors are interested in the process of using your enterprising mindset and how this has informed your decision making. 9. Include the application of the opportunity map for your business idea under section 3.3. 10. You may use appendices; these will not form part of the word count but must be referred to in the main body of the report. For example: you must include a copy of your survey and all the results in the appendix. This is evidence that you have conducted a survey and used the findings to inform your business plan. You may print screen/screen shot the collated results generated from your survey software. 11. You can write in the first person. 12. Cite the sources used for secondary research e.g. competitor analysis and costings for the cash flow – you may not be able to cost all elements but aim for some. Data bases such as Mintel and FAME available through the library are great and are useful for secondary research along with all the sources listed in the lecture/seminar slides. 13. Online surveys/questionnaires are sufficient for market research for customer analysis. Collect responses from a minimum of 20 people. 14. Secondary research is sufficient for competitor analysis. Aim to examine TWO potential competitors to complete the table on page 8. 15. A simple cash flow is required showing some appreciation of the impact of expenses on the cash flow and forecasted profit/loss over the 12-month period. Do not forget to pay yourself and your staff, if you have staff. 16. Note: if your submission exceeds 12 pages (excluding appendices for the market research results and a reference list) you are writing too much. Be succinct and to the point. 17. Include an end reference list; this is an academic submission and must be referenced and include citations to show evidence of your secondary research. 18. Check spelling, punctuation, and grammar. 19. You should include a minimum of ten (10) academic sources or grey literature (e.g. professional organisations or government websites) in your work. While there is no maximum number, it is not likely to be more than fifteen (15). You may use website sources as long as they are reliable. Do not use blogs, forums, or wikis. Note: please use any feedback received from your original submission to improve your work. SAMPLE HEADER PAGE UNIVERSITY OF DERBY DERBY BUSINESS SCHOOL Developing a Professional Mindset (4IM510) Title of Your Report Student I.D. XXXX1234 Date Submitted: 18th August 2021 Coursework 2 Word Count: 1500 Assessment rubric for CW1 – Business Plan/Proposal Outstanding 90- 100\% Exceptional 80-89\% Excellent 70-79\% Very Good 60-69\% Good 50-59\% Satisfactory 40-49\% Unsatisfactory 39-35\% Very Poor 34-5\% Nothing of merit 4-1\% Knowledge Evidence that the student has: Understood the topic area Supported their work with relevant research and reading Error free. Thorough knowledge and ideas. Evidence of extensive reading Detailed understanding of topic area backed up with relevant references Research beyond scope of module materials Draws links to other modules No further development of answer required Wide topic knowledge from the module Draws different concepts together effectively Strong use of relevant theoretical models and/or research Fully referenced with wide range of sources Strong evidence of independent research Draws together some of the key topics from the module Some use of theoretical models and/or research to support answer Evidence of some independent research but largely guided by references provided in the module Adequate use of module topics Some gaps in knowledge or misunderstanding of concepts Some evidence of research and reading but may be overreliance on core textbooks/overuse of direct quotes etc. Limited use of topic knowledge from the module/lack of detail Some significant gaps in knowledge or misunderstanding Limited or poor evidence of research and reading Overreliance on lecture slides and notes No/ very limited use of topics from the module to answer the question No/very limited supporting literature Number of errors. Virtually no knowledge or ideas. Almost no evidence of any reading and/or research Extremely poor with many errors. No knowledge or ideas. No evidence of any reading and/or research Critical Thinking Evidence that the student has: Questioned their sources, arguments, and solutions Outstanding explanation of all academic concepts Extensive evaluation of arguments and cited literature Fully balanced argument Researched and answered from different angles. Questions some of the research sources used Well balanced argument Explores some alternative arguments, advantages/disadvantages, pros and cons etc. Some evidence different approaches to answering the question are understood Acknowledges a few alternative arguments to the answer e.g. advantages and disadvantages, pros and cons Very limited identification of alternative arguments Accepts reference sources at face value A one-sided answer with no consideration of alternative arguments Lacks explanation of academic concepts Lacks any explanation of academic concepts Application Evidence that the student has: Pulled ideas together effectively to answer the question Provided appropriate examples where necessary/helpful Outstanding application to provide highly realistic, implementable solutions Consistently highly creative, innovative Thoughtful and thorough application of knowledge, theory and research to the question throughout Highly creative, innovative Tailors information to answer the question fully Illustrates answer with range of organisational examples Links in relevant personal examples/experiences Very creative, and innovative Uses some appropriate organisational examples discussed during the module Uses personal examples but may not always link this back to theory/literature Integration of theory/research may still be disjointed Creative and innovative Examples are limited or lack relevance Examples are given but poorly integrated into the answer Some creativity, innovation Lacks examples Very limited reference to examples Limited creativity and innovation No or inappropriate use of examples No/Limited creativity and innovation Makes almost no attempt at application and virtually no solutions offered No creativity and innovation No attempt at application and no solutions offered No creativity and innovation Evaluation Evidence that the student has: Identified strong and relevant information to answer the question Left out weak or unnecessary information All concepts and material fully relevant to the analysis and recommendations including materials sourced from a wide range of relevant independent research All concepts and material fully relevant to the analysis and recommendations including materials sourced from suitable independent research All chosen ideas are relevant to the answer Answers the question fully covering all key concepts No evidence of ‘padding’ with irrelevant information Uses some relevant ideas Chooses appropriate concepts and makes an attempt to answer the question Information is mostly relevant to the question Only minor missing elements Minimal ‘padding’ with irrelevant information Some effort to answer the question Some missing, weak or irrelevant elements Links to answer are unclear in places May ‘pad’ with irrelevant information Key elements of the question remain unanswered/under- developed Confused choice of concepts to answer the question Important concepts may be difficult to pick out Largely irrelevant ideas Does not answer the question that was asked Covers concepts which are not relevant to the answer Irrelevant ideas. Does not answer the question that was asked Covers concepts which are not relevant to the answer Very little or no evidence presented Communication Evidence that the student has: Put their ideas across clearly on paper Outstanding, sophisticated written communication Sophisticated written communication No significant areas for further development Logical organisation and flow of ideas Error free written communication Precise Harvard Referencing An enjoyable read Largely well-structured answer Only minor spelling/grammatical errors Good grasp of Harvard Referencing Mainly easy to read and follow Some spelling/grammatical errors but do not significantly interfere with understanding Some attempt to Harvard Reference Repeated spelling/grammatical issues Weak referencing skills Difficult to read and follow in places Difficult to read and follow Problems with written presentation Incorrect referencing throughout Very difficult to read and follow Extensive problems with written presentation No or incorrect referencing Extremely difficult to read and follow Extensive problems with written presentation No referencing Developing an Enterprising Mindset (4GN501) SPRING 2021 Refer guidance CW2 A proposal for development of an existing organisation Coursework 2 (40\%) Learning outcome 2: Examine the structure of different businesses including their legal identities and potential for value creation and growth. Assessment: Individual written REPORT (1400 – 1650 words) The case study organisation for this assessment is Milspeed. Milspeed have three main product types including manufacturing footwear components with a high (>40\%) recycled content for large footwear brands. They also manufacture lamination films through their extrusion coating line and are increasingly becoming involved in recycling as a separate business. Milspeed are committed to sustainability and this is clearly reflected in both their mission statement, vision and values as seen below: Milspeed’s mission statement “To harness our technical expertise and innovative materials to enhance our customers’ world class products, enabling us to reward the skills and dedication of our workforce and supply chain. Always seeking ways to continue setting the standards in sustainability.” Milspeed’s vision · Partnership: To be more than just a supplier, but a strategic partner you can trust. · One World: To care for the environment in every corner of the globe. · Investment: Investing in world class talent and the latest in extrusion technology. · Presence: A truly global distribution network to assist our customers in their sustainable growth. Milspeed’s values · Forward looking: to stay ahead of the game. · Sustainability: environmental and socially responsible. · Integrity: in dealing with our customers, our workforce, our supply chain. · Quality assured: to give our customers peace of mind. · Innovation: by leading the field in true product creativity. (https://milspeed.com) Task Examine how Milspeed through its value creation contributes to the triple bottom line and how Milspeed can potentially grow the scale of its operations. REFER submission date: August 18th uploaded to Turnitin by 11.59pm using the upload point labelled REFER CW2 Business Development. Considerations in Preparing Your Work: 1. Do not include your name anywhere on the report only use your student number. This is to ensure conformity to the university’s anonymous marking policy. 2. Provide a header page for your work. An example is provided at the end of this document. 3. Write your assignment in Microsoft Sans Serif or Verdana font (use minimum size 12 font). 4. Please use line and half (1.5) margins. 5. Use page numbers on your work. 6. Use the following structure for your work: a. Contents Page with page numbers for each section of the report b. Introduction – this should provide an outline of what your report will cover. It will provide the reader with an indication of the key models or theories that you will use in greater detail in the work itself (this section will be approximately 150 – 200 words). This could include but is not limited to an overview of Milspeed in terms of its legal identity and organisational structure. c. Main Analysis – link how the value creation process creates value in relation to the triple bottom line. Outline potential sources of growth for Milspeed using examples of growth strategies. Link the two parts. Theories for consideration include, but are not limited to, Porters Value Chain, the Ansoff Matrix, Vertical/Horizontal growth, the triple bottom line. d. Conclusions – outlines the key points from the main analysis do not include any new information, academic models or theories (this section will be approximately 150 - 200 words) e. References – please note it is NOT a Bibliography, only include sources cited in the body of the report. 7. Only the sections 6b, 6c and 6d are included in your work count. 8. You should include a minimum of ten (10) academic sources (references) in your work. While there is no maximum number, it is not likely to be more than eighteen (18). This can include a maximum of five (5) web sources . This consequently requires you to read books and journals to supplement your subject knowledge and understanding. 9. Please do not use single sentence paragraphs as they will not help the flow of your ideas. 10. Do not use first or second person narrative (e.g. I think; they said; we believe etc.). Approach in terms of the analysis, the report, the examination, the evaluation etc. (i.e. use third person narrative). 11. Work within the word tolerances shown at the top of page 1. Constructing the Report a. You must include some background on Milspeed including an explanation of its legal identity and it organisational structure. You must examine how Milspeed creates value, how this is measured using the triple bottom line and how this may enable Milspeed to grow in the future. b. You must acknowledge through the use of academic models and theories how that relationship can or does work. Finding practical published examples from books and journals will add value to your work and is more likely to earn higher grades. c. For each point you construct, think about using at least two (2) or ideally three (3) different academic sources to create a more robust argument and appreciation of that working relationship. DO NOT: · Ignore the guidance provided. Doing so is likely to cost you grade points. · Use anything other than Harvard style citing and referencing · Write subjectively about the topic without bringing academic models and theories into the discussion · Write using single sentence paragraphs · Work outside the word tolerances for the assessment (shown on page 1 of this document) SAMPLE HEADER PAGE UNIVERSITY OF DERBY DERBY BUSINESS SCHOOL Developing a Professional Mindset (4IM510) Title of Your Report Student I.D. XXXX1234 Date Submitted: 18th August 2021 Coursework 2 Word Count: 1500 Assessment rubric for CW2 Refer – Report Outstanding 90- 100\% Exceptional 80-89\% Excellent 70-79\% Very Good 60-69\% Good 50-59\% Satisfactory 40-49\% Unsatisfactory 39-35\% Very Poor 34-5\% Nothing of merit 4-1\% Knowledge Evidence that the student has: Understood the topic area Supported their work with relevant research and reading Error free. Thorough knowledge of value creation, growth and the triple bottom line. Evidence of extensive reading Detailed understanding of value creation, growth and the triple bottom line backed up with relevant references Research beyond scope of module materials Draws links to other modules No further development of answer required Wide topic knowledge from the module Draws different concepts together effectively Strong use of relevant theoretical models and/or research on value creation, growth and the triple bottom line Fully referenced with wide range of sources Strong evidence of independent research Draws together some of the key topics from the module on value creation, growth and the triple bottom line Some use of theoretical models and/or research to support answer Evidence of some independent research but largely guided by references provided in the module Adequate use of module topics value creation, growth and the triple bottom line. Some gaps in knowledge or misunderstanding of concepts Some evidence of research and reading but may be overreliance on core textbooks/overuse of direct quotes etc. Limited use of topic knowledge from the module/lack of detail Some significant gaps in knowledge or misunderstanding of value creation, growth or the triple bottom line Limited or poor evidence of research and reading Overreliance on lecture slides and notes No/ very limited use of knowledge of value creation, growth and the triple bottom line or misunderstanding of some concepts. No/very limited supporting literature Number of errors. Virtually no knowledge of value creation, growth and the triple bottom line and or significant understanding. Almost no evidence of any reading and/or research Extremely poor with many errors. No knowledge of value creation, growth and the triple bottom line No evidence of any reading and/or research Critical Thinking Evidence that the student has: Questioned their sources, views, and solutions Outstanding explanation of all academic concepts Extensive evaluation of arguments and cited literature Fully balanced argument Researched and answered from different angles. Questions some of the research sources used Well balanced argument Explores some alternative views and provides some evidence of different approaches to answering the question are understood Acknowledges a few alternative views to the answering the question Very limited identification of alternative views. Accepts sources at face value and shows no evidence of questioning A one-sided answer with no consideration of alternative views A one-sided answer with invalid support A one-sided answer with no support Application Evidence that the student has: Pulled ideas together effectively to answer the question Provided appropriate examples where necessary/helpful Outstanding application to Milspeed providing highly realistic, implementable recommendations. Highly creative, innovative throughout Thoughtful and thorough application of knowledge, theory and research to Milspeed throughout Highly creative, innovative Tailors information to answer the question fully Illustrates answer with examples relevant to Milspeed and relevant theories Very creative, and innovative Uses some appropriate examples relevant to Milspeed but may not always link this back to theory/literature Integration of theory/research may still be disjointed Creative and innovative Examples are limited or lack relevance to Milspeed Theory/literature is generic and not applied to Milspeed Some creativity, innovation Lacks examples Very limited reference to Milspeed and limited evidence of theory/literature applied to Milspeed Limited creativity and innovation No or inappropriate use of examples No theory/literature used to underpin recommendations No/Limited creativity and innovation Makes almost no attempt at application to Milspeed Solutions offered are generic and/or inappropriate No creativity and innovation No attempt at application of theory or literature to Milspeed No solutions offered No creativity and innovation Evaluation Evidence that the student has: Identified strong and relevant information to answer the question Left out weak or unnecessary information All concepts and material fully relevant to the analysis and recommendations including materials sourced from a wide range of relevant independent research All concepts and material fully relevant to the analysis and recommendations including materials sourced from suitable independent research All chosen ideas are relevant to the answer Answers the question fully covering all key concepts No evidence of ‘padding’ with irrelevant information Uses some relevant ideas and appropriate concepts/theories to answer the question Information is mostly relevant to the question Minimal ‘padding’ with irrelevant information Some effort to answer the question Some missing, weak or irrelevant elements Links to answer are unclear in places May ‘pad’ with irrelevant information Key elements of the question remain unanswered/ Under-developed Confused choice of theories/ concepts to answer the question Largely irrelevant ideas Does not answer the question that was asked Covers concepts which are not relevant to the answer Irrelevant ideas. Does not answer the question that was asked Very little or no evidence presented that is relevant to the question asked Communication Evidence that the student has: Put their ideas across clearly on paper Outstanding, sophisticated written communication Sophisticated written communication No significant areas for further development Logical organisation and flow of ideas Error free written communication Precise Harvard Referencing An enjoyable read Largely well-structured answer Only minor spelling/grammatical errors Good grasp of Harvard Referencing Mainly easy to read and follow Some spelling/grammatical errors but do not significantly interfere with understanding Some attempt to Harvard Reference Repeated spelling/grammatical issues Weak referencing skills Difficult to read and follow in places Difficult to read and follow Problems with written presentation Incorrect referencing throughout Very difficult to read and follow Extensive problems with written presentation No or incorrect referencing Extremely difficult to read and follow Extensive problems with written presentation No referencing Developing an Enterprising Mindset (DEM) - 4GN501 Assessment Guidance for Coursework 3 REFER Task Coursework 3 (Pass/Fail) Learning outcome 3: Demonstrate the development of personal and professional skills Task: Individual Reflective Journal and Personal Development Plan You are required to reflect on your learning during this module through the completion of three reflective journal entries and a Personal Development Plan in relation to three skills relevant for developing your enterprising mindset. You must use complete the tables included in this guidance. Facets of an enterprising mindset include areas such as: · opportunity recognition, creation, and evaluation · creativity and innovation · decision making supported by analysis and judgement · implementation of ideas through leadership and negotiation · taking action, and reflecting on that action · interpersonal, communication, and networking skills You are advised to select skills relevant to these facets as they are related to the various activities that have been covered during the seminar activities for this module. All answers must be: Between 1000 – 1200 words long (350-400 words for each skill, this may be allocated between the journal entries and PDP2 as you feel fit but should be evenly divided between each skill). This is a Pass/Fail summative assessment. Reflection is highly personal and should therefore be written in first person. There is no right or wrong way to reflect; you will not be marked specifically on your opinions or reflections but rather on the depth of reflection given. It is useful to refer to the lecture on reflection to help inform your approach. Your focus should be on what you have learnt or gained from the experience rather than a description of what you did. Your reflective entries must be supported with relevant literature using the Harvard Referencing system. This requires citations (references to relevant literature) within the answer itself which then must also be listed in full in a reference list at the end of your work. Work will not be awarded a pass grade at this level of study without a clear demonstration of this skill. Note: References are only needed for the Reflective journal entries e.g. any sources used to inform reflections such as materials used in the completion of formative work. Referencing in the PDP2 is optional. Submission deadline: 18TH August 2021 by 11.59pm uploaded to Turnitin Completing Reflective Journal entries For each enterprising skill selected, complete a reflective journal entry following this three-step approach: Step 1: WHAT – this requires you to provide an outline of the task and what you did. This is the descriptive element. Step 2: SO WHAT – here you are required to explain the outcome/impact of what you did in terms of the development of the particular skill. Focus here on how useful the experience/activity was to you. This is the analytical and reflective element. Step 3: NOW WHAT – this refers to how you can use what you have learnt in the future. For example: if you worked in a team on a group assignment, examine how this experience might inform how you will approach group work in the future. It is here that you can refer to relevant academic underpinning on collaborative working/teamwork. Focus here on how you can use this skill and continue to build on it in the future. This is the feed forward reflective element. Name the skill here What: So What: Now What: Name the skill here What: So What: Now What: Name the skill here What: So What: Now What: Completing the Personal Development Plan 2 (PDP2) Using the same skills as for the reflective journal entries, complete the PDP2. Skill ( be specific) (1) Development opportunity (2) Development completed ( summary of what you did and what you have learned) (3) Performance indicator ( how will you measure your success and level of performance?) (4) Future development opportunities ( what will you do to continue to improve?) (5) What you could do – this could be a number of things; you do not have to complete them all. What you did and what you learned – a brief summary of ‘so what’ What are the measurable outcomes from this experience to demonstrate your learning? This could include items from column 2 that you identified as useful but did not complete or new ideas based on your completed development. You could list opportunities at the university that you have researched. Note: The rows will expand as you make your entries in Pebble Pad. Please use any feedback received from your original submission on your reflective practice to improve your work. CW3 Assessment Rubric Outstanding Exceptional Excellent Very good Good Satisfactory Unsatisfactory Very Poor Nothing of merit Nothing of merit Communication Evidence that the student has: Put their ideas across clearly on paper (10) Outstanding, sophisticated written communication error free with accurate Harvard Referencing Sophisticated written communication, error free with accurate Harvard Referencing Logical organisation and flow of ideas Error free written communication Precise Harvard Referencing An enjoyable read Largely well-structured answer Only minor spelling/grammatical errors Good grasp of Harvard Referencing Mainly easy to read and follow Some spelling/grammatical errors but do not significantly interfere with understanding Some attempt to Harvard Reference Difficult to read and follow in places Repeated spelling/grammatical issues Weak referencing skills Difficult to read and follow Very difficult to read and follow Several problems with written presentation No or incorrect referencing Extremely difficult to read and follow Consistent problems with written presentation No referencing Extremely difficult to read and follow Extensive problems with written presentation No referencing · Reflection Evidence that the student has: Reflected on significant events and related them to their learning (40) As for exceptional plus: outstanding evidence of reflection throughout Significant events are described and reflected on in a deep and significant way by relating the reflections to learning experiences Consideration and evaluation of the reasons behind the event and exploration of alternatives (e.g. I did not do x very well). This was probably because of y but may have also been due to z In subsequent entry(ies) reactions and any improvements made or the reasons why no improvements were made are noted Significant events are described and reflected on in a deep and significant way by relating the reflections to learning experiences Consideration and evaluation of the reasons behind the event and exploration of alternatives (e.g. I did not do x very well). This was probably because of y but may have also been due to z) Significant events are described and reflected on in a significant way by relating the reflections to learning experience Reasons behind the event reported on (e.g. I did not do x very well, because of y), but does not mull over and explore alternatives to a deep and significant extent A limited number of significant events are described and reflected upon by reporting reasons behind the event (e.g.. I did x because of y) There is some evidence of deep reflection using analysis on performance during the significant event nor mulling over and exploring of alternatives Significant events are described but there is no attempt to provide reasons Some analysis is employed to examine the situations described but is mostly at the descriptive level. There is little attempt to relate events during the learning experiences and few attempts to analyse these situations No or limited examination of the reasons why learning experiences did not work out well No evidence of reflection, completely descriptive No evidence of reflection · Outstanding Exceptional Excellent Very good Good Satisfactory Unsatisfactory Very Poor Nothing of merit Use of Documentary evidence Evidence that the student has: Included suitable supporting documents/blogs/ postings (10) As for exceptional plus: an outstanding use of supporting evidence] throughout drawing on an extensive range of relevant, supporting documentation. Exceptional links between personal reflections and relevant evidence An exceptional range of supporting evidence, showing initiative, that have a positive and negative impact on learning Excellent links between personal reflections and relevant evidence An excellent range of supporting evidence, for example: from documents, specific situations in the classroom, or other learning events/ experience that have a positive/ negative impact on learning Very clear links between personal reflections and relevant evidence . A very good range of supporting evidence, for example: from documents, specific situations in the classroom, or other learning events /experiences that have a positive/negative impact on learning Sound links between personal reflections and relevant evidence A good range of supporting evidence, for example: from documents, specific situations in the classroom, or other learning events/ experiences that have either a positive/negative impact on learning Some evidence of attempts to make links between personal reflections Some supporting evidence loosely linked to learning Limited evidence of inks between personal reflections No meaningful use of evidence Inappropriate evidence No evidence presented Identifying learning issues and goals Evidence that the student has: Produced a PDP linked to reflections (40) As for exceptional Plus: appropriate solutions for overcoming any obstacles to achieving goals. Identifies realistic and appropriate learning issues and goals linked to reflections and fully explores and explains how s/he plans on achieving these goals, as well as any obstacles that are needed to be overcome Identifies realistic and appropriate learning issues and goals linked to reflections and explains how s/he plans on achieving these goals, as well as any obstacles that are needed to be overcome Identifies realistic and appropriate learning issues and goals explaining how s/he plans on achieving these goals Some obstacles to improving learning outcomes are included Identifies learning goals appropriate to reflection with some realistic goals Identifies learning goals appropriate to reflection but goals are not realistic or incomplete in presentation Learning issues and goals are unrealistic or not linked to reflection Limited evidence presented that is unrealistic and not linked to reflection No evidence presented FINANCE AND BUSINESS PERFORMANCE MOCK REFERRAL TEST 2021 PLEASE SHOW ALL WORKINGS CLEARLY QUESTION 1 – Objective Test Questions 1.1 A sole trader buys a van for use in his business. He pays the full amount of £3,500 in cash. The double entry is: (a) Debit Cash, Credit Van (b) Debit Van, Credit Cash (c) Debit Purchases, Credit Cash (d) Debit Bank, Credit Van (1 mark) 1.2 True or False? The purchase of the van is capital expenditure. The purchase of fuel is revenue expenditure (2 marks) 1.3 True or False? Preference Shareholders can vote at the AGM (1 marks) 1.4 For each of the four statements below, identify which rule it is trying to explain. You will have unmatched answers! Select from the following: · Prudence · Materiality · Accruals Concept · Realisation · The Measurement Rule · Consistency (i) The idea that only items with a monetary value can be accounted for (ii) A business must account for unpaid items / items which are paid for but not used at the end of the period (iii) You cannot account for revenue transactions until they have actually happened - for example if a customer phones to say they will come and buy £1,000 tomorrow, you cannot account for this until the sale has taken place. (iv) Whilst revenue cannot be reported until it is certain, losses must be reported as soon as they are discovered. For example writing down the value of stock that was purchased for £100 and is now worth only £10. (4 marks) 1.5 A company has receivables of £64,000 at the year end. There is a specific bad debt of £4,000 to be written off. There is to be a provision for bad debts of 5\% of year end receivables. Which of the following statements is correct? (a) The provision for bad debts needs to be £3,200 (b) The provision for bad debts needs to be £3,400 (c) The provision for bad debts needs to be £6,000 (d) The provision for bad debts needs to be £3,000 (e) The provision for bad debts needs to be £32,000 (2 marks) Total for Q1 = 10 marks QUESTION 2 The following balances have been extracted from the books of Parr Ltd on 31.12.19 Using this information, produce an Income Statement and Statement of Financial Position. £’000s £’000s Advertising 6 Bank 22 Payables 24 Receivables 236 Furniture at cost 40 Depreciation on furniture 18 Directors’ fees 12 Retained Profit 1.1.19 16 Purchases 248 Rent 20 Sales 540 Share capital (issued and fully paid) 140 Inventory 1.1.19 32 Telephone 10 Travel expenses 4 Vehicles at cost 80 Depreciation on vehicles 20 Salaries 48 758 758 NOTES 1. Inventory 31.12.19 was valued at £28,000 1. Furniture is to be depreciated at 15\% per annum straight line 1. Vehicles are to be depreciated at 25\% per annum straight line 1. Corporation tax is estimated to be £50,000 1. A dividend of 40p per share is proposed 1. The company has authorised share capital of £200,000 of £1 ordinary shares. Marks are awarded as follows: Income Statement = 21 marks Statement of Financial Position = 24 marks Total for Q2 = 45 marks QUESTION 3 – Objective Test Questions 3.1 A supervisor’s salary of £1,300 per month is an example of which type of cost? (a) Fixed cost (b) Variable cost (c) Stepped cost (d) Semi-Variable cost 1 mark 3.2 Which of the following in an example of a direct cost in the production of bread? (a) Rent (b) Salary (c) Ingredients (d) Research & Development 1 mark 3.3 For each of the following descriptions of costs, match them with the most appropriate classification of cost behaviour. You will have an unmatched answer: Costs · Monthly rent on a factory · The cost of raw materials · Electricity – when there is a fixed charge for connection and an additional charge per unit of electricity used Behaviour types: · Fixed cost · Variable cost · Stepped cost · Semi-Variable cost 3 marks 3.4 Penny Production Company had the following projected information for 2020: Selling price per unit £15 Variable cost per unit £9 Total fixed costs £300 (i) The Contribution per unit is: 2 marks (ii) The Break Even Point, in Units is: 3 marks Total for Q3 = 10 marks QUESTION 4 a) Bolt Ltd manufactures components for the motor industry. The fixed costs for their factory are £12,000. Each component sells for £16 per unit and has variable costs per unit of £12. Given the following levels of production, calculate the level of profit or loss and indicate the break-even point by inserting the number 0 in the profit column. Indicate losses by putting the figure in brackets. Output Sales Revenue (Total) Variable cost (Total) Fixed Cost (Total) Profit/loss 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 20 marks total b) A retail shop has three departments in the same premises. These departments occupy roughly equal –sized areas of the premises. Results for the past year show the following results: Sports equipment Sports clothes General clothes Total £000 £000 £000 £000 Sales 254 183 97 534 Variable cost 167 117 60 344 Fixed cost 46 46 46 138 Profit/Loss 41 20 (9) 52 The Managing Director wants to close the General Clothes department because it is making a loss. Use whatever figures you feel are appropriate to support his argument or disagree with it. State any circumstances in which you would change your decision. Total marks available: 15 5 marks for calculations 10 marks for written work Total for Q4 = 35 marks Sensitivity: Internal ( Business name: Student number: Word count: ) ( The Business Plan ) Contents Business owner details 2 Executive summary 2 1.1 Business summary: 2 1.2 Business aims: 2 1.3 Financial summary: 2 Owner’s background 3 2.1 Why do you want to run your own business? 3 2.2 Previous work experience: 3 2.3 Qualifications and education: 3 2.4 Training: 3 2.5 Hobbies and interests: 3 Products and services 4 3.1 What are you going to sell? 4 3.2 Describe the product(s)/service(s) you are going to sell: 4 3.3 Opportunity map for your business idea 4 The market 5 4.1 Who are your target customers: 5 4.3 Where are your customers based? 5 4.4 What factors influence customer demand for the product/service you intend to sell? 5 4.5 What factors influence which business your potential customers buy from? 5 Market research 6 5.1 Key findings from desk (secondary) research: 6 5.2 Key findings from field (primary) research – customer questionnaires: 6 5.3 Additional information: 6 6. Marketing Mix 7 7. Competitor analysis 8 7.1 Table of competitors 8 7.2 SWOT analysis of your business in comparison to your main competitors 9 7.3 Unique Selling Point (USP): 9 8. Operations and logistics 10 8.1 Production: 10 8.2 Suppliers: 10 8.3 Premises: 10 8.4 Equipment 10 8.5 Transport: 10 8.6 Legal requirements: 10 8.7 Insurance requirements: 10 8.8 Management and staff: 11 8.9 Additional information: 11 9. Costs and pricing strategy 11 Cashflow forecast 12 Reference list 13 Business owner details Owner name: Not required for assessment purposes as the assessment is anonymous Address: Not required for assessment purposes as the assessment is anonymous Executive summary 1.1 Business summary:       1.2 Business aims:       1.3 Financial summary:       Owner’s background 2.1 Why do you want to run your own business?       2.2 Previous work experience:       2.3 Qualifications and education:       2.4 Training: (completed and/or future training courses you want to complete)       2.5 Hobbies and interests:             Products and services 3.1 What are you going to sell? |_| a product |_| a service |_| both 3.2 Describe the product(s)/service(s) you are going to sell:       3.3 Opportunity map for your business idea       The market 4.1 Who are your target customers: |_| individuals |_| businesses |_| both 4.2 Describe your typical customer: (e.g. age, gender, occupational status, home owner/tenant etc. if a business – micro, small, medium, large; sector, type of business activity)       4.3 Where are your customers based?       4.4 What factors influence customer demand for the product/service you intend to sell?       4.5 What factors influence which business your potential customers buy from?       Market research 5.1 Key findings from desk (secondary) research: (this can include an overview of the market/sector in general. Mintel and FAME are useful sources.)       5.2 Key findings from field (primary) research – customer questionnaires:       5.3 Additional information: (e.g. PESTLE and how it may impact the success of your business idea)       6. Marketing Mix Explain the 4 Ps for your product or service as a minimum (you may use the extended marketing mix if you wish) Product (or service) (Overview of key features) Pricing (What price and why)       Promotional mix (Type of promotions and/or advertising) Place (location) (Where will you operate from – physical premises/online/both)       Insert more rows if you wish 2 7. Competitor analysis 7.1 Table of competitors (TWO competitors are required based on secondary research)                               7.2 SWOT analysis of your business in comparison to your main competitors (Strengths and weaknesses are internal; opportunities and threats are external)                         7.3 Unique Selling Point (USP): (What makes your business stand out from the competition?)       8. Operations and logistics Are you making the product or buying it for resale 8.1 Production: (If you are buying finished items for resale, leave this blank)       8.2 Suppliers: 8.3 Premises: (If you are working from your residency, state your premises as personal residence; if you are operating online, you still need to operate from premises, but you may not incur rent)       8.4 Equipment (If you are operating an online business, you will need office equipment and IT equipment; if you are producing products you will need the equipment to make them) If being bought 8.5 Transport: (Method of distribution, can include online distribution) 8.6 Legal requirements: (You are a sole trader, provide details of how to set up as a sole trader)       8.7 Insurance requirements: 8.8 Management and staff:       8.9 Additional information: (This is relevant if your business requires particular licences such as a food and beverage retailer etc.)       9. Costs and pricing strategy Calculate the variable cost of one product or the one service (the variable cost = direct costs of production and not the overheads)                                     Cashflow forecast                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               Reference list FINANCE AND BUSINESS PERFORMANCE MOCK REFERRAL TEST 2021 SHOW ALL WORKINGS CLEARLY QUESTION 1 – Objective Test Questions 1.1 A sole trader buys a van for use in his business. He pays the full amount of £3,500 in cash. The double entry is: (a) Debit Cash, Credit Van (b) Debit Van, Credit Cash (c) Debit Purchases, Credit Cash (d) Debit Bank, Credit Van (1 mark) 1.2 True or False? The purchase of the van is capital expenditure. TRUE The purchase of fuel is revenue expenditure TRUE (2 marks) 1.3 True or False? Preference Shareholders can vote at the AGM FALSE (1 marks) 1.4 For each of the four statements below, identify which rule it is trying to explain. You will have unmatched answers! Select from the following: · Prudence · Materiality · Accruals Concept · Realisation · The Measurement Rule · Consistency (i) The idea that only items with a monetary value can be accounted for The Measurement Rule (ii) A business must account for unpaid items / items which are paid for but not used at the end of the period Accruals Concept (iii) You cannot account for revenue transactions until they have actually happened - for example if a customer phones to say they will come and buy £1,000 tomorrow, you cannot account for this until the sale has taken place. Realisation (iv) Whilst revenue cannot be reported until it is certain, losses must be reported as soon as they are discovered. For example writing down the value of stock that was purchased for £100 and is now worth only £10. Prudence (4 marks) 1.5 A company has receivables of £64,000 at the year end. There is a specific bad debt of £4,000 to be written off. There is to be a provision for bad debts of 5\% of year end receivables. Which of the following statements is correct? (a) The provision for bad debts needs to be £3,200 (b) The provision for bad debts needs to be £3,400 (c) The provision for bad debts needs to be £6,000 (d) The provision for bad debts needs to be £3,000 (e) The provision for bad debts needs to be £32,000 Workings: First write off the bad debt £4,000 Net receivables now £60,000 5\% of £60,000 = £3,000 (2 marks) Total for Q1 = 10 marks QUESTION 2 The following balances have been extracted from the books of Parr Ltd on 31.12.19 Using this information, produce an Income Statement and Statement of Financial Position. £’000s £’000s Advertising 6 Bank 22 Payables 24 Receivables 236 Furniture at cost 40 Depreciation on furniture 18 Directors’ fees 12 Retained Profit 1.1.19 16 Purchases 248 Rent 20 Sales 540 Share capital (issued and fully paid) 140 Inventory 1.1.19 32 Telephone 10 Travel expenses 4 Vehicles at cost 80 Depreciation on vehicles 20 Salaries 48 758 758 NOTES 1. Inventory 31.12.19 was valued at £28,000 1. Furniture is to be depreciated at 15\% per annum straight line 1. Vehicles are to be depreciated at 25\% per annum straight line 1. Corporation tax is estimated to be £50,000 1. A dividend of 40p per share is proposed 1. The company has authorised share capital of £200,000 of £1 ordinary shares. Marks are awarded as follows: Income Statement = 21 marks Statement of Financial Position = 24 marks Total for Q2 = 45 marks Workings: Depreciation on Furniture: Cost = £40,000 15\% = £6,000 = charge to Income Statement New accumulated Depreciation in SoFP = £24,000 Depreciation on Vehicles: Cost = £80,000 25\% = £20,000 = charge to Income Statement New accumulated Depreciation in SoFP = £40,000 Tax = £50,000 Show on IS and show as accrual in SoFP Dividend of 40p Number of Shares = £140,000 £1 shares = 140,000 Dividend = £56,000 Show on IS and show as accrual in SoFP ANSWER INCOME STATEMENT for X for the Year Ended SALES 540 OPENING INVENTORY 32 + PURCHASES 248 - CLOSING INVENTORY 28 COST OF SALES: 252 GROSS PROFIT 288 LESS EXPENSES: ADVERTISING 6 DIRECTORS’ FEES 12 RENT 20 TELEPHONE 10 TRAVEL EXPENSES 4 SALARIES 48 DEPRECIATION(FURNITURE) 6 DEPRECIATION(VEHICLES) 20 126 NET PROFIT BEFORE TAX 162 -TAX 50 NET PROFIT AFTER TAX 112 +RETAINED PROFIT BROUGHT FORWARD 16 -PROPOSED ORDINARY DIVIDEND 56 RETAINED PROFIT CARRIED FORWARD 72 STATEMENT OF FINANCIAL POSITION AS AT …… £ £ £ NON-CURRENT ASSETS Cost Depreciation Net Book Value Furniture 40 24 16 Vehicles 80 40 40 56 CURRENT ASSETS Inventory 28 Receivables 236 Bank 22 Total 286 286 TOTAL ASSETS 342 CURRENT LIABILITIES Payables 24 Taxation 50 Proposed dividend 56 TOTAL LIABILITIES 130 NET ASSETS 212 CAPITAL Issued ordinary share capital 140 +Retained Profit 72 TOTAL CAPITAL 212 QUESTION 3 – Objective Test Questions 3.1 A supervisor’s salary of £1,300 per month is an example of which type of cost? (a) Fixed cost (b) Variable cost (c) Stepped cost (d) Semi-Variable cost 1 mark 3.2 Which of the following in an example of a direct cost in the production of bread? (a) Rent (b) Salary (c) Ingredients (d) Research & Development 1 mark 3.3 For each of the following descriptions of costs, match them with the most appropriate classification of cost behaviour. You will have an unmatched answer: Costs · Monthly rent on a factory Fixed · The cost of raw materials Variable · Electricity – when there is a fixed charge for connection and an additional charge per unit of electricity used Semi-Variable Behaviour types: · Fixed cost · Variable cost · Stepped cost · Semi-Variable cost 3 marks 3.4 Penny Production Company had the following projected information for 2020: Selling price per unit £15 Variable cost per unit £9 Total fixed costs £300 (i) The Contribution per unit is: Contribution = Selling Price less Variable Costs = £15 - £9 = £6 per Unit 2 marks (ii) The Break Even Point, in Units is: Break-Even Point = Fixed Costs divided by Contribution per Unit = £300 / £6 = 50 units 3 marks Total for Q3 = 10 marks QUESTION 4 a) Bolt Ltd manufactures components for the motor industry. The fixed costs for their factory are £12,000. Each component sells for £16 per unit and has variable costs per unit of £12. Given the following levels of production, calculate the level of profit or loss and indicate the break-even point by inserting the number 0 in the profit column. Indicate losses by putting the figure in brackets. Output Sales Revenue (Total) Variable cost (Total) Fixed Cost (Total) Profit/loss 1,000 16,000 12,000 12,000 (8,000) 2,000 32,000 24,000 12,000 (4,000) 3,000 48,000 36,000 12,000 0 4,000 64,000 48,000 12,000 4,000 5,000 80,000 60,000 12,000 8,000 6,000 96,000 72,000 12,000 12,000 7,000 112,000 84,000 12,000 16,000 8,000 128,000 96,000 12,000 20,000 Contribution = Selling Price less Variable Costs = £16 - £12 = £4 per Unit Break-Even Point = Fixed Costs divided by Contribution per Unit = £12,000 / £4 = 3,000 units b) A retail shop has three departments in the same premises. These departments occupy roughly equal –sized areas of the premises. Results for the past year show the following results: Sports equipment Sports clothes General clothes Total £000 £000 £000 £000 Sales 254 183 97 534 Variable cost 167 117 60 344 Fixed cost 46 46 46 138 Profit/Loss 41 20 (9) 52 The Managing Director wants to close the General Clothes department because it is making a loss. Use whatever figures you feel are appropriate to support his argument or disagree with it. State any circumstances in which you would change your decision. Suggested answer: Sports equipment Sports clothes General clothes Total £000 £000 £000 £000 Sales 254 183 97 534 Variable cost 167 117 60 344 CONTRIBUTION 87 66 37 190 Fixed cost 46 46 46 138 Profit/Loss 41 20 (9) 52 Sports equipment Sports clothes Total £000 £000 £000 Sales 254 183 534 Variable cost 167 117 344 Fixed cost 69 69 138 Profit/Loss 18 (3) 15 Calculations: 3 marks for identifying and calculating CONTRIBUTION 2 marks for identifying that if they close General Clothes, costs of £138 become split over only 2 departments = £69 each Written work to support calculations: As above plus: DISAGREE as general clothes has positive contribution Agree IF fixed costs are reduced if closed Total marks available: 15 5 marks for calculations 10 marks for written work Total for Q4 = 35 marks Sensitivity: Internal