Centre Name/logo Programme Title Unit No & Title QCF Level

Essex International College BTEC HND in Business Unit 2 Managing Financial Resources and Decisions 4 Credit: 15 H/601/0548 Subway Mr. Adiku Dr Keith Hoodless To meet LO 1 To meet LO 2 To meet LO 3 To meet LO 4

Assessment method

Written Report not exceeding (excluding financial data/analysis) 2500 words

Key dates: Assignment distribution date to learners Assignment submission date Assignment returns date to learners (if applicable) 23rd September 2013 12th December 2013
Within 4 weeks after submission

NOTE: To save time and effort, all learners should coordinate with their tutors in having draft versions/preliminary versions of their assignments reviewed/checked before officially submitting said work.

Aim The unit aim is to provide learners with an understanding of where and how to access sources of finance for a business, and the skills to use financial information for decision making. Summary of Learning Outcomes To achieve pass learners must demonstrate the ability to deliver sufficient evidence to meet the criteria for assessment and subsequently meet the following learning outcomes. This will be achieved through the methods outlined above. LO1 LO2 LO3 LO4 Understand the sources of finance available to a business Understand the implications of finance as a resource within a business Be able to make financial decisions based on financial information Be able to evaluate the financial performance of a business

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Introduction
The unit aim is to provide learners with an understanding of where and how to access sources of finance for a business, and the skills to use financial information for decision making. The unit is designed to give learners a broad understanding of the sources and availability of finance for a business organisation. Learners will learn how to evaluate these different sources and compare how they are used. They will learn how financial information is recorded and how to use this information to make decisions for example in planning and budgeting. Decisions relating to pricing and investment appraisal are also considered within the unit. Finally, learners will learn and apply techniques used to evaluate financial performance.

Edexcel Grading Criteria
This assignment/portfolio will be assessed according to the following grading criteria: ? ? To attain a ‘PASS’ grade, learners need to achieve all the ‘PASS’ criteria. To attain a ‘MERIT’ grade, learners need to achieve all the ‘MERIT’ criteria, along with all the PASS criteria. To attain a ‘DISTINCTION’ grade, learners need to achieve all the DISTINCTION criteria, along with all the MERIT and PASS criteria.

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This assignment brief contains of the following tasks: ? ? ? ? Task 1 (Learning Outcome 1) Task 2 (Learning Outcome 2) Task 3 (Learning Outcome 3) Task 4 (Learning Outcome 4)

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Scenario or Vocational Context A friend of yours, David Wray, wants to start a Subway fast food outlet in the area. He approached the local business centre to seek some advice relating to franchising, financial requirements, HR planning, marketing etc. He has collected all the information he thinks he needs and is very comfortable with all the other aspects. However, he needs some advice relating to the financial resources and planning. The Franchise with establishment cost, seed capital and working capital is calculating to around £300,000. He has £70, 000 with him for immediate investment. The balance, £230,000 he needs to borrow.

He also needs a new oven, and is considering a double oven, as compared to the normal single oven. The cost of a double oven is £100,000, and the cost of a single oven is £60,000. The residual value of the oven after 6 years will be: Double Oven – £7,000 Single Oven – £6,000 You are his financial advisor. Prepare a report answering the following queries. The report should not exceed 4000 words. *All financial data is in the guidance section

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Learning Outcome Learning Outcome 1 Explore the sources of finance available to a business Task 1

Tasks

Mode of Assessment

a) Identify the sources of finance available to David (AC 1.1) b) Assess the implications David would face from these different sources (AC 1.2) c) Select appropriate sources of finance for him for the business project AC 1.3) Task 2 a) Assess and compare the costs of different sources of finance selected in LO1 (AC 2.1) b) Explain the importance of financial planning and design a financial plan for him (AC 2.2) c) Describe the information needs of different decision makers within the project (AC 2.3) d) Describe the impact of finance on the projected financial statements (AC 2.4) Task 3 a) Prepare a budget and make appropriate decisions (AC 3.1) b) Calculate Unit cost for any two products of your choice and make pricing decisions using relevant information. This will help him to prepare the unit costs for other products (AC 3.2) c) Assess the viability of the oven project to him by using investment appraisal techniques (AC 3.3) Task 4 a) Explain the purpose of the main financial statements (AC 4.1) b) Prepare a trading and profit and loss account with a balance sheet for the project, explaining the purpose for choosing the format by describing the differences between the formats of financial statements for different types of business (AC 4.2) c) Analyse the projected financial statement using appropriate ratios and comparisons, both internal and external (AC 4.3)

Learning Outcome 2 Analyse the implications of finance as a resource within a business

Learning Outcome 3 Make financial decisions based on financial information

Written Report not exceeding (excluding financial data /analysis) 2500 words

Learning Outcome 4 Analyse and advice how to evaluate the financial performance of the business

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What you must hand in for assessment: Task 1&2 For the purpose of this individual report, you need to initially answer Tasks 1 and 2 initially identifying the sources of finance available, then discussing the implications of these sources of finance in how they impact on financial planning, how they meet the needs of different decision makers and finally how they impact through the financial statements of the company. Task 3 You then have to produce, from the given data, a series of financial projections and statements. This includes: 1. Preparation of a budget 2. Unit Costing & 3. Investment Appraisal (for the oven project) Task 4 Lastly, you have to explain the purpose of the main financial statements, and then demonstrate their use by producing a trading and profit and loss account and a balance sheet for the given data. From these financial documents you have to analyse the data by using relevant accounting ratios to show business performance. For the Report As a guide you should aim to use around 2500 words for the written report. ?Preferred writing styles Arial and Times New Roman ?Line spacing 1.5, Font Size 12 ?Consistency in Heading Scheme, bullets and numbering ?Consistency in top, bottom and left, right margins ?Alphabetical Harvard referencing and bibliography

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PASS Criteria LO 1 1.1 1.2 1.3 LO 2 2.1 2.2 2.3 2.4 LO 3 3.1 3.2 3.3 LO 4 4.1 4.2 4.3 Understand the sources of finance available to a business Identify the sources of finance available to a business Assess the implications of the different sources Evaluate appropriate sources of finance for a business project Understand the implications of finance as a resource within a business Analyse the costs of different sources of finance Explain the importance of financial planning Assess the information needs of different decision makers Explain the impact of finance on the financial statements Be able to make financial decisions based on financial information Analyse budgets and make appropriate decisions Explain the calculation of unit costs and make pricing decisions using relevant information Assess the viability of a project using investment appraisal techniques Be able to evaluate the financial performance of a business Discuss the main financial statements Compare appropriate formats of financial statements for different types of business Interpret financial statements using appropriate ratios and comparisons, both internal and external

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Merit and Distinction descriptors: The grade descriptors provide a framework for the creation of grading criteria to be written and set within the context of the assignment. The grade descriptors describe the expected qualities of the learner’s work at Merit and distinction levels. The merit and distinction levels have three descriptors. MERIT Criteria: M1 M2 M3 Identify and apply strategies to find appropriate solutions. Select /Design and apply appropriate methods / techniques Present and communicate appropriate findings

DISTINCTION Criteria: D1 D2 D3 Take responsibility for managing and organizing activities Use Critical reflection to evaluate own work and justify valid conclusions Demonstrate convergent /lateral/creative thinking

Indicative MERIT and DISCTINCTION descriptors by individual Learning Outcome are given below.

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LO 1

Understand the sources of finance available to a business
Merit Descriptors Indicative Characteristic

M1

Identify and Apply Strategies to find Appropriate Solutions

? ? ?

M2

Select/Design and Apply Appropriate Methods/Techniques

? ? ? ? ? ? ? ? ? ? ? ?

M3

Present and Communicate Appropriate Findings

Effective judgements have been made in understanding the sources of finance in business. Complex problems with more than one variable have been addressed in understanding the sources of finance in business. An effective approach to study and research has been applied in understanding the sources of finance in business. Relevant theories and techniques have been applied. A range of methods and techniques have been applied. A range of sources of information has been used. The selection of methods and techniques/sources has been justified. The design of methods/techniques has been justified. Complex information has been processed/synthesised. Appropriate learning methods/techniques have been applied. The appropriate structure and approach has been used. There is coherent, logical development of principles/concepts for the intended audience. A range of methods of presentation have been used and technical language has been accurately used. Communication has taken place in familiar and unfamiliar contexts. The communication is appropriate for familiar and unfamiliar audiences and appropriate media have been used.
Indicative Characteristic

Distinction Descriptors

D1

Use Critical Reflection to Evaluate own work and Justify Valid Conclusions

? ? ? ?

D2

Take Responsibility for Managing and Organising Activities

? ? ? ? ? ? ? ? ? ? ? ?

D3

Demonstrate Convergent/Lateral/ Creative Thinking

Conclusions have been arrived at through synthesis of ideas and have been justified by using different but appropriate examples. The validity of results has been evaluated using defined criteria. Self-Criticism of approach has taken place in understanding the sources of finance in business. Realistic Improvements have been proposed against defined characteristics for success. Autonomy/independence has been demonstrated. Substantial activities, projects or investigations have been planned, managed and organised. Activities have been managed. The unforeseen has been accommodated. The importance of interdependence has been recognised and achieved. Ideas have been generated and decisions taken when understanding the sources of finance in business. Self-evaluation has taken place. Convergent and lateral thinking have been applied. Problems have been solved Innovation and creative thought have been applied. Receptiveness to new ideas is evident. Effective thinking has taken place in unfamiliar contexts.

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LO 2

Understand the implications of finance as a resource within a business
Merit Descriptors Indicative Characteristic

M1

Identify and Apply Strategies to find Appropriate Solutions

? ? ? ? ? ? ? ? ? ? ? ? ? ? ?

M2

Select/Design and Apply Appropriate Methods/Techniques

M3

Present and Communicate Appropriate Findings

Effective judgements have been made in understanding the implications of finance as a resource. Complex problems with more than one variable have been addressed in understanding the implications of finance as a resource. An effective approach to study and research has been applied in understanding the implications of finance as a resource. Relevant theories and techniques have been applied. A range of methods and techniques have been applied. A range of sources of information has been used. The selection of methods and techniques/sources has been justified. The design of methods/techniques has been justified. Complex information has been processed/synthesised. Appropriate learning methods/techniques have been applied. The appropriate structure and approach has been used. There is coherent, logical development of principles/concepts for the intended audience. A range of methods of presentation have been used and technical language has been accurately used. Communication has taken place in familiar and unfamiliar contexts. The communication is appropriate for familiar and unfamiliar audiences and appropriate media have been used.
Indicative Characteristic

Distinction Descriptors

D1

Use Critical Reflection to Evaluate own work and Justify Valid Conclusions

? ? ? ?

D2

Take Responsibility for Managing and Organising Activities

? ? ? ? ? ? ? ? ? ? ? ?

D3

Demonstrate Convergent/Lateral/ Creative Thinking

Conclusions have been arrived at through synthesis of ideas and have been justified by using different but appropriate examples. The validity of results has been evaluated using defined criteria. Self-Criticism of approach has taken place during the in understanding the implications of finance as a resource. Realistic Improvements have been proposed against defined characteristics for success. Autonomy/independence has been demonstrated. Substantial activities, projects or investigations have been planned, managed and organised. Activities have been managed. The unforeseen has been accommodated. The importance of interdependence has been recognised and achieved. Ideas have been generated and decisions taken when in understanding the implications of finance as a resource. Self-evaluation has taken place. Convergent and lateral thinking have been applied. Problems have been solved Innovation and creative thought have been applied. Receptiveness to new ideas is evident. Effective thinking has taken place in unfamiliar contexts.

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LO 3

Be able to make financial decisions based on financial information
Merit Descriptors Indicative Characteristic

M1

Identify and Apply Strategies to find Appropriate Solutions

? ? ? ?

M2

Select/Design and Apply Appropriate Methods/Techniques

? ? ? ? ? ? ? ? ? ? ? ?

M3

Present and Communicate Appropriate Findings

Effective judgements have been made when making financial decisions on the information provided. Complex problems with more than one variable have been addressed when making financial decisions on the information provided. An effective approach to study and research has been applied when making financial decisions on the information provided. Relevant theories and techniques have been applied. A range of methods and techniques have been applied. A range of sources of information has been used. The selection of methods and techniques/sources has been justified. The design of methods/techniques has been justified. Complex information has been processed/synthesised. Appropriate learning methods/techniques have been applied. The appropriate structure and approach has been used. There is coherent, logical development of principles/concepts for the intended audience. A range of methods of presentation have been used and technical language has been accurately used. Communication has taken place in familiar and unfamiliar contexts. The communication is appropriate for familiar and unfamiliar audiences and appropriate media have been used.
Indicative Characteristic

Distinction Descriptors

D1

Use Critical Reflection to Evaluate own work and Justify Valid Conclusions

? ? ? ?

D2

Take Responsibility for Managing and Organising Activities

? ? ? ? ? ? ? ? ? ? ? ?

D3

Demonstrate Convergent/Lateral/ Creative Thinking

Conclusions have been arrived at through synthesis of ideas and have been justified by using different but appropriate examples. The validity of results has been evaluated using defined criteria. Self-Criticism of approach has taken place during the evaluation. Realistic Improvements have been proposed against defined characteristics for success. Autonomy/independence has been demonstrated. Substantial activities, projects or investigations have been planned, managed and organised. Activities have been managed. The unforeseen has been accommodated. The importance of interdependence has been recognised and achieved. Ideas have been generated and decisions taken when making financial decisions on the information provided. Self-evaluation has taken place. Convergent and lateral thinking have been applied. Problems have been solved Innovation and creative thought have been applied. Receptiveness to new ideas is evident. Effective thinking has taken place in unfamiliar contexts.

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LO 4

Be able to evaluate the financial performance of a business
Merit Descriptors Indicative Characteristic

M1

Identify and Apply Strategies to find Appropriate Solutions

? ? ? ? ? ? ? ? ? ? ? ? ? ? ?

M2

Select/Design and Apply Appropriate Methods/Techniques

M3

Present and Communicate Appropriate Findings

Effective judgements have been made when evaluating the the financial performance of the business. Complex problems with more than one variable have been addressed when evaluating the financial performance of the business. An effective approach to study and research has been applied when evaluating the financial performance of the business. Relevant theories and techniques have been applied. A range of methods and techniques have been applied. A range of sources of information has been used. The selection of methods and techniques/sources has been justified. The design of methods/techniques has been justified. Complex information has been processed/synthesised. Appropriate learning methods/techniques have been applied. The appropriate structure and approach has been used. There is coherent, logical development of principles/concepts for the intended audience. A range of methods of presentation have been used and technical language has been accurately used. Communication has taken place in familiar and unfamiliar contexts. The communication is appropriate for familiar and unfamiliar audiences and appropriate media have been used.
Indicative Characteristic

Distinction Descriptors

D1

Use Critical Reflection to Evaluate own work and Justify Valid Conclusions

? ? ? ?

D2

Take Responsibility for Managing and Organising Activities

? ? ? ? ? ? ? ? ? ? ? ?

D3

Demonstrate Convergent/Lateral/ Creative Thinking

Conclusions have been arrived at through synthesis of ideas and have been justified by using different but appropriate examples. The validity of results has been evaluated using defined criteria. Self-Criticism of approach has taken place during the evaluation. Realistic Improvements have been proposed against defined characteristics for success. Autonomy/independence has been demonstrated. Substantial activities, projects or investigations have been planned, managed and organised. Activities have been managed. The unforeseen has been accommodated. The importance of interdependence has been recognised and achieved. Ideas have been generated and decisions taken when evaluating the financial performance of the business. Self-evaluation has taken place. Convergent and lateral thinking have been applied. Problems have been solved Innovation and creative thought have been applied. Receptiveness to new ideas is evident. Effective thinking has taken place when evaluating the financial performance of the business.

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Guidance Example Trial Balance (for an existing franchisee)

Debit (£)

Credit (£)

Stock Purchases Sales Returns Inward Returns Outward Discounts Received Discounts Allowed Heat and Light Salaries Post and Packaging Premises Debtors Creditors Bank Capital Drawings Fixtures and Fittings

70,000 280,000 420,000 6,000 4,500 750 500 13,750 35,600 1,400 120,000 55,000 47,000 5,000 195,000 35,000 45,000

Totals

667,250

667,250

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Investment Appraisal Double Oven Single Oven Cost (Purchase Cost) £100,000 £60,000 Year Year Year Year Year Year 1 2 3 4 5 6 £10,000 £20,000 £20,000 £20,000 £20,000 £20,000 £7,000 £4,000 £12,000 £14,000 £14,000 £12,000 £12,000 £6,000

Incomes (extra)

Residual Value

Costs to make a Subway Sandwich Costs are average costs based on output of 500 sandwiches per week Item Ingredients Labour Utilities Packaging Mark up 12” £600 £400 £150 £100 200% 6” £325 £300 £75 £50 200%

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Recommended resources Textbooks Dyson J R – Accounting for Non-Accounting Students (Financial Times/Prentice Hall, 2007) ISBN: 9780273709220 Journals and Newspapers The financial and mainstream press can provide useful background reading, and can also be a useful source of case studies and financial information. Copies of published financial reports are available from companies themselves, or via The Financial Times (a free online ordering service is available). Websites The professional accounting bodies all have websites with lots of useful information and links. www.aat.co.uk The Association of Accounting Technicians

www.bized.co.uk Bized provides a selection of teaching and learning resources www.ft.com The Financial Times

Please also see the Guidance Section of this document

*For Late Submission Policy, please refer to your student course handbook.

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Submission procedures ? ? Learners are to submit an electronic copy of each of their assignments using the TURN IT IN software (per instructions) before due date. For this assignment, the learners are to submit a completed ‘Assignment Front sheet’ (attached with this brief) to ‘Reception’ or the ‘Designated department’ and get a receipt for each submission (to be retained for their own records). Furthermore, the concern department or designated person will log each submitted assignment. Maximum 50% plagiarism or similarity will be tolerated while learners will check their assignments onto Turn-it-in software. Before submission learners must make sure that they have signed on the authentication statement to declare him/her as the original author of the submitted assignment. After submission, learners are advised to get a receipt from the college/campus office for evidence. Without a valid reason (such as serious illness, getting sick or death of close relative), no late submission will be tolerated by the college. For extension of submission deadline or acceptance of late submission, learners must contact college/campus office and submit evidence such as medical certificate/note and photocopy of death certificate in advanced for getting approval. Please note that tutors/lecturers do not have the authority to alter or extend assignment deadline or receive assignment directly from learners. After submission learners will get feedback from the assessors/markers within short time with pass, merit, distinction, refer or fail outcomes. It normally takes three weeks from the submission but it depends on the assessors/markers and college authority. If any learner gets refer, his/her coursework will be returned with feedback. After that the learner will get two weeks’ time to resubmit it. There is no stipulated length for the words but it should not exceed 4000 words for all tasks given. All work must be delivered in hard copy and soft copy to the college/campus office and for your own security, it is important to keep both copies for yourself. All assignments should be properly referenced with Harvard Referencing System.

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Assignment Notes Learners are requested to comply with the following instructions on handing in their written assignment work: ? Learner must put their name, ID, unit name and page number as footer (eg. Aron Jackson/RM1234567/Business Environment……………………………………….. 1/page) ? ? ? ? Work should be comprehensively referenced Sources must be acknowledged fully by reference books, journals used and URL visited Include the Harvard Referencing System (see attached) All work should be word-processed, font size of 12 and font style of Times New Roman or Arial. Subtitles of the assignment should be in the font size of 14 ? ? ? ? ? Pages should be numbered in bottom right hand corner Spell check the document and read thoroughly for grammatical errors 1.5-line spacing is preferable Reference at the end of the assignment All paragraphs should be aligned in justified mode.

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Plagiarism Plagiarism is passing off the work of others as your own. This constitutes academic theft and is a serious matter which is penalised in assignment marking. Plagiarism is the submission of an item of assessment containing elements of work produced by another person(s) in such a way that it could be assumed to be the student’s own work. Examples of plagiarism are: ? ? ? The verbatim copying of another person’s work without acknowledgement The close paraphrasing of another person’s work by simply changing a few words or altering the order of presentation without acknowledgement The unacknowledged quotation of phrases from another person’s work and/or the presentation of another person’s idea(s) as one’s own.

Copying or close paraphrasing with occasional acknowledgement of the source may also be deemed to be plagiarism if the absence of quotation marks implies that the phraseology is the student’s own. Plagiarised work may belong to another student or be from a published source such as a book, report, journal or material available on the internet. What is Turnitin? Turnitin is the software that Essex International College uses to calculate the similarity of your assignment to any other document submitted in the same system all over the world. What happens when you submit an assignment on Turnitin? You submit your assignment on Turnitin where the instructions on how to do it will be emailed to you. Your assignment is then compared with all of the assignments for all the different units submitted as well as assignments submitted by other students in other colleges and books and documents all over the world. The report generated is not the final report. The final report will only be generated after the final deadline which would mean that once the submission date expires only then the final report will be generated. This means that if you have shared your assignment with anybody and they have submitted part of it or the full assignment the initial report your friend got would’ve indicated the similarity, but your report would’ve remained unchanged. This is because the report is refreshed every time that you upload your assignment and then finally after the deadline. After the deadline their plagiarism will be high as well as your own. What can you do to avoid getting a high Turnitin score? ? Do not copy pieces of work from any book or website. It needs to be rewritten in your own words and proper in text citation should be done according to the Harvard referencing method Do not share your assignment with any friend, not even to assist them

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Harvard Referencing System We recommend the use of a Harvard Referencing generator for help with referencing, a good one can be found at www.neilstoolbox.com We expect students to use the alphabetical or name-date method known as the HARVARD system. There are two parts in this system: 1. Citation within text or body of the report: In this the author’s surname and year of publication are cited in the text, e.g. (Bond, 2004). 2. Reference List: A reference list (of these citations) is included at the end of the assignment, in alphabetical order by author. The reference list also includes additional details such as the title and publisher. A bibliography lists relevant items that you have used in the preparation of the assignment but not cited in your text. A bibliography should also be in the Harvard style and the inclusion of such a list shows that you have read widely beyond the items you have cited. Examples of citation within text or body of the report: 1. Cormack (1994, p.32-33) states that……………. 2. ………… This view has been supported in the work of Cormack (1994, p.32-33). 3. Jones (1946) and Smith (1948) have both shown…… 4. Corporate Author: 1st citation: Royal College of Nursing (RCN), 2007 2nd citation: RCN, 2007

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Examples of listings in reference list: 1. Books with one author: Redman, P., 2006. Good essay writing: a social sciences guide. 3rd ed. London: Open University in assoc. with Sage. 2. Books with two, three or four authors: The required elements for a reference are: Authors, Initials, Year. Title of book. Edition. Place: Publisher Kirk, J. & Munday, R.J., 1988. Narrative analysis. 3rd ed. Bloomington: Indiana University Press. 3. Books with more than four authors: For books where there are more than four authors, use the first author only with surname and initials followed by “et al”. The required elements for a reference are: Author, Initials., Year. Title of book. Edition. (only include this if not the first edition) Place: Publisher Grace, B. et al., 1988. A history of the world. Princeton, NJ: Princeton University Press. 4. e-books For e-books the required elements for a reference are : Author, Year, title of book. [type of medium] Place of publication: Publisher Fishman, R., 2005. The rise and fall of suburbia. [e-book]. Chester: Castle Press. If available at website: Fishman, R., 2005. The rise and fall of suburbia. [e-book]. Chester: Castle Press. Available at: www.libweb.anglia.ac.uk/E-books [accessed 5 June 2005].

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5.

Journal articles Author, Initials., Year. Title of article. Full Title of Journal, Volume number (Issue/Part number), Page numbers. Perry, C., 2001. What health care assistants know about clean hands. Nursing Times, 97(22), p.63-64.

6.

Newspaper articles Author, Initials., Year. Title of article. Full Title of Newspaper Day and month before page numbers of article. Slapper, G., 2005. Corporate manslaughter: new issues for lawyers. The Times, 3 Sep. p.4-5.

7.

Journal articles from an electronic source Boughton, J.M., 2002. The Bretton Woods proposal: an indepth look. Political Science

Quarterly, [online]. 42 (6), Available at: http://www.pol.upenn/articles (Blackwell Science
Synergy) [accessed 12 June 2005]. 8. Internet National electronic Library for Health. 2003. Can walking make you slimmer and

healthier? (Hitting the headlines article) [Online]. (Updated 16 Jan 2005) Available at:
http://www.nhs.uk.hth.walking [accessed 10 April 2005]. The title of a web page is normally the main heading on the page. 9. E-version of annual reports Marks & Spencer, 2004. Annual report 2003-2004. [Online]. Available at: http://www-marks-and-spencer.co.uk/corporate/annual2003/ [accessed 4 June 2005].

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Essex International College (Romford Center) Assignment front sheet
Qualification BTEC Higher National Diploma in Business Student name Student ID Unit number and title Unit 2, Managing Financial Resources and Decisions Assessor name

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