5.1.1 The need for business finance: • The main reasons why businesses need finance, e.g. start-up capital, capital for expansion and additional working capital
• Understand the difference between short-term and long-term finance needs
5.1.2 The main sources of finance: • Internal sources and external sources with
examples
• Short-term and long-term sources with examples, e.g. overdraft for short-term finance and debt or equity for long-term finance
• Importance of alternative sources of capital, e.g. micro-finance, crowd-funding
• The main factors considered in making the financial choice, e.g. size and legal form of business, amount required, length of time, existing loans
• Recommend and justify appropriate source(s) of finance in given circumstances
questions and suggested answers
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