Assignment 6 EL5732

Topics: Finance, Debits and credits, Bookkeeping Pages: 2 (309 words) Published: March 30, 2015
Assignment 6
(20 points)

Assignment 6: Business Finance
Instructions

!Save this file in your course folder, and name it with Assignment, the section number, and your first initial and last name. For example, Jessie Robinson's assignment for Section 1 would be named Assignment1JRobinson.

!Type the answers to the assignment questions below. Use complete sentences unless the question

says otherwise. You will have more than one day to complete an assignment. At the end of each day, be sure to save your progress.

!Review Lesson 4 of the Course Overview for instructions about turning in your assignments. !
Assignment Questions
!
In Section 6, you learned about business finance. Now, you'll apply what you learned. !

1. For this assignment, choose a type of company that you could imagine yourself starting. Describe the type of company. (1-4 sentences. 1.0 points)

!
I imagine myself building a skate shop
!

2. Describe at least two sources you would use for funding your company. (1-2 sentences. 2.0 points)
I would use a co-op bank account with my friends

!

3. Would you rather fund your company using mostly debt funding, or mostly equity funding? Why? (1-5 sentences. 3.0 points)

!
equity funding because debt catches up faster
!

4. Make a list of at least 3 startup costs this company would have. (Complete sentences are not necessary. 3.0 points)

!
Rental, equipment, and payroll
!

5. Will your company use cash-basis or accrual-basis accounting? Explain why. (1-3 sentences. 2.0 points)

!
Cash-basis
!

6. Will you use single-entry bookkeeping or double-entry bookkeeping? Explain why. (1-3 sentences. 3.0 points)

!

Page 1
! | © Edgenuity Inc

Double-entry bookkeeping

!

7. List at least 3 risks your company will face, and explain how you will manage those risks. (1-6 sentences. 6.0 points)

!

Mortgage, payroll funding and the price to buy and make boards

Page 2
! | © Edgenuity Inc

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