Globe Academy Home Learning Booklet

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1 Globe Academy Home Learning Booklet Name: Term: Autumn 2 Class: Teacher: 1

2 Dear Parents and Carers, Important Message for Parents and Carers The teachers of Globe Academy believe that Home Learning is an integral part of developing every student and ensuring that they reach their academic potential. Home Learning is important because it is point where school and home come together. It serves as a window through which you can observe your children s education and express positive attitudes towards your children about their education and progress. As children grow older, homework and the amount of time engaged in homework, increases in importance. For Globe Academy staff, homework is an opportunity to provide additional academic instruction and further extend your child s learning. The benefits of Home Learning for you and your child are as follows: 1. Practice and participation in home learning tasks can improve your child s achievement. 2. When homework is completed accurately and to a good standard, not only will your child s general knowledge and grades improve but your child will also increase their mastery of basic academic skills, such as reading, writing, spelling and mathematics, something Globe Academy is committed to. 3. Your child s ability to bring an assignment home, gather and organise necessary materials to complete the assignment, return the assignment and receive a level/grade, strengthens his or her sense of personal responsibility for their learning. 4. Time management skills are learned and developed. 5. Further, when homework proceeds smoothly it can become (4) a positive aspect of your relationship with your child. 6. Home Learning offers schools an opportunity to let parents know what their children are learning and keeps parents informed about work being studied and completed in class time. 7. Home Learning helps the Academy achieve their overall mission of improving your child s achievement. 8. Homework is the bridge that joins schools and parents. For parents there is the potential to gain a greater appreciation of your child s education and achievement. 2

3 For these valid reasons we are asking that parents/carers work with us to ensure that your child completes their homework. Your child will receive a homework booklet for each subject and we ask that all parents/carers ensure that the tasks in this booklet are completed on time and to a high standard. Together we can improve your child s progress and attainment. Please sign below to confirm your agreement to support Globe Academy by checking and ensuring your child completes their Home Learning Tasks each week. In addition please sign and comment if necessary, the Homework Record sheets also in this booklet. Thank you in advance for your support. Do not hesitate to contact me with any queries or comments about Home Learning at Globe Academy. Kind Regards Ms. C. Fernandes (Vice Principal) Name of Student: Learning Family: Name of Parent/Carer: I agree to ensure that my child completes all the Home Learning Tasks in this booklet on time and to a high standard. Signature of Parent/Carer: Date: 3

4 Home Learning Record After completing each Home Learning task please complete the record boxes below. Task Details: Student signature/comment: Deadline date: Parent signature/comment: Date completed: Teacher signature/comment: Task Details: Student signature/comment: Deadline date: Parent signature/comment: Date completed: Teacher signature/comment: 4

5 Home Learning Record After completing each Home Learning task please complete the record boxes below. Task Details: Student signature/comment: Deadline date: Parent signature/comment: Date completed: Teacher signature/comment: Task Details: Student signature/comment: Deadline date: Parent signature/comment: Date completed: Teacher signature/comment: 5

6 Home Learning Record After completing each Home Learning task please complete the record boxes below. Task Details: Student signature/comment: Deadline date: Parent signature/comment: Date completed: Teacher signature/comment: 6

7 Unit 2 Finance for Business Learning aims that you will be covering in this homework booklet will be: Learning Aim A: Understand the costs involved in business and how businesses make a profit Learning Aim B: understand how businesses plan for success Introduction You will examine how businesses plan for success and learn about the techniques used to assist the planning process. In particular, you will learn how to calculate the break-even point the point at which sales equal costs (fixed and variable). All sales over the break-even point produce profits, while any drop in sales below that point will produce losses. You will be introduced to the benefits of breakeven analysis to ensure that a business knows how and when to prevent losses. As well as profit, cash is an important factor in business success. It is vital for any business to ensure that it budgets correctly and that it knows what money is coming in to the business and what needs to be paid out, and when. In this unit, you will learn how to use budgets and cash flow forecasts to deal with these important issues. We will begin to touch on the ways in which businesses measure success and identify areas for improvement. You will understand how gross profit and net profit are calculated and you will learn about the relationship between sales, cost of sales and gross profit. You will begin to look at analyse key financial statements (e.g. profit and loss accounts, balance sheets) and review their importance in the successful financial management of a business. Learning aim B. understand how businesses plan for success Topic B.1 Understand the planning tools businesses use to predict when they will start making a profit define breakeven when a business has made enough money through product sales to cover the cost of making the product (no profit and no loss) Checklist of knowledge 1. Very good 2. Needs improvement 3. Need to learn be able to interpret from a break-even chart: o break-even point o profit o loss o variable costs o fixed costs 7

8 o total revenue o total costs o margin of safety calculate the breakeven (formula will be given in the assessment) analyse and explain the value and importance of breakeven analysis to businesses when planning for success analyse and explain the associated risks to businesses of not completing a breakeven Analysis present given information graphically on a break-even chart analyse the effect on the break-even point if sales or (fixed and variable) costs change, and explain the impact of these changes on the business Topic B.2 Understand the tools businesses use to plan for success Budgeting the purpose of budgeting in setting expenditure and revenue budgets the difference between budgeting and budgetary control (checking performance against plan) Cash flow forecasting learners should: know the purpose of a cash flow forecast to identify the money that should be coming into a business (inflows) and the money going out of the business (outflows) over a period of time be able to identify inflows and outflows explain the purpose of a cash flow forecast, including that it identifies the flow of cash through a business over a period of time understand the sources of cash coming into the business (inflows) understand the sources and destination of cash leaving the business (outflows) identify the impact of timings of inflows and outflows What needs to be learnt understand the benefits of using a cash flow forecast to plan for success in a business (e.g. to produce new goods/services, invest in new resources, expand/reduce activities) and explain the associated risks to businesses of not completing a cash flow forecast complete a cash flow forecast from given information, showing individual and total inflows, individual and total outflows, net inflows and outflows, and opening and closing balances analyse a business finances based on cash flow information and identify possible issues for the business from any cash surplus or deficit. 8

9 Week 1 Breakeven Break-even is the level of output when total revenue = total costs. A business MUST understand how many units it needs to sell before it can begin to think about making a profit. You can calculate a break-even point via a break even chart and by using the breakeven formula. Have a look for the break-even formula and add it into the space below: Present the break even as an annotated graph showing breakeven. First, fill in the table. Peter sells DVDs, his Fixed Costs are 100 per week, Variable Costs are 3 and Selling Price is 5. Complete the table and draw a break-even graph for Peter. Output Fixed Variable Total Total Profit Cost Cost Cost Revenue (100)

10 Now plot the break even graph from the table. You must plot the fixed costs line, total costs line and total revenue line shading in where the business is making a profit and a loss). 10

11 Week 2 - Budgeting Budgets are used by business owners to help them understand the potential costs and income that they can expect over a given period of time. Without budgeting, the business will not be able to control its costs and the business could fail. When a business checks it actual performance against its predicted performance it is called budgetary control. Look at the table below and discuss the information in the budgets. If the figures are better than expected (i.e. they either bring more into the business or cost in less), it is call a favourable variance. If the figures are worse than expects or have cost the business more than they thought it would, it is call an adverse variance. What is the difference between budgeting and budgetary control? Look at the table below and identify the adverse and favourable variances: Pick one of the budgets and discuss how you would improve it so that the business is better off. 11

12 Week 3 Cash Flow A cash flow is used to predict how cash will flow through a business over a period of time in the future. The business will need to have an understanding of all of the money coming in to the business (inflows) and all of the money going out of the business (outflows). Identify the inflow and outflows from the table below: Example Outflow? (tick) Inflow? (tick) Sales Turnover Purchase of raw materials Paying dividends Debtors paying Creditors paid Salaries Sale of machinery Bank loan received Grant Injection of owners capital Purchase of machinery Electricity bill Tax Interest on loan Cash flow forecasts The cash flow key terms (Chose the appropriate key term and write them next to the definition) Net cash flow Cash inflows/receipts Cash outflows/payments Closing balance Opening balance 12

13 How much cash is coming into business from product sales, sales of assets, loans from bank, grants from government, and other sources of finance How much cash is going out of business, such as expenses, wages, raw materials, buying new machinery, tax payments and dividend The difference between cash flowing in and out of the business. How much cash a business has at the start of a time period day, week, month. How much money is left at end of that period day, week, month The cash flow forecast for a business is shown in a document similar to the one 13

14 Task: Mr Smith owns a bakery and he initially worked out the cash flow forecast for his business which can be seen below: Mr Smith forgot that he had to make a payment of 1500 in March for equipment that was due for delivery. He also took on one more member of staff which means that his wage bill for March and April should be 1000 not 500.Fill in the shaded blanks below: 14

15 Week 4 Cash Flow Complete the gaps in the Cash Flow Forecast below: 15

16 Analysing Cash Flows Millie s Cheese shop January February March April Sales Revenue 25,000 20,000 30,000 25,000 Other inflows Total Inflows 25,000 20,000 30,000 25,000 Wages and Rent 20,000 20,000 20,000 20,000 Other Outflows 25,000 Total Out Flows 20,000 45,000 20,000 20,000 Net Cash Flows 5,000-25,000 10,000 5,000 Opening Bank Balance Closing Bank Balance 10,000 15,000-10, ,000-10, ,000 Question 1 Why does Millie finish February with negative money in her bank account? Question 2 How could Millie make sure she is prepared for this? 16

17 Billy s butchers September October November December Sales Revenue 25,000 30,000 30,000 35,000 Other inflows 5,000 Total Inflows 25,000 35,000 30,000 35,000 Wages and Rent 20,000 20,000 20,000 30,000 Other Outflows Total Out Flows 20,000 20,000 20,000 30,000 Net Cash Flows 5,000 15,000 10,000 5,000 Opening Bank Balance Closing Bank Balance 10,000 15,000 30,000 40,000 15,000 30,000 40,000 45,000 Question 1 Does Billy have a better cash flow forecast than Millie? Justify your answer Question 3 Billy has a cash surplus, how could he use this money to help him make even more profit? 17

18 Week 5 Making a Profit Mind map what a business can do with its profit What is Gross Profit? What is the formula for Gross Profit? 18

19 Calculate the gross profit What is Net Profit? What is the formula for Net Profit? Complete the following table: 19

20 Week 6 Financial Statements Write these items in the order you would expect to see them on a Profit & Loss Account Wages Gross Profit Rates Net Profit Sales Rent Cost of Sales Total Expenses Complete Profit & Loss Account for the year ending 31 st October You have been given the following figures: 24,000 Sales 15,000 Cost of Sales 1,200 Utility bills 1,000 Business Rates 20

21 Complete Orlando Agudosi s Profit & Loss Account for the year ending 31 st October You have been given the following figures: 24,000 Sales 15,000 Cost of Sales 1,200 Utility bills 1,000 Business Rates 21

Unit 2 Finance for Business

Pupil Name: Learner name: Teacher name: Unit 2 Finance for Business External Assessment Unit introduction All businesses have to spend money before they can make a profit, and when they spend money, they