Discuss the importance of credit

Assignment Help Accounting Basics

Reference no: EM131952151

Assignment: Suppose that you are an entrepreneur who recently formed a small business. Your business exchanges goods and services directly with individual customers for money. Money collected from the customers is deposited into a checking account at a commercial bank. Your business uses the money deposited in the checking account to pay business expenses. When your business needed to purchase a delivery truck you were able to secure a loan using the vehicle itself as collateral. You understand the role of money, banking, and credit as it relates to your business and personal finances.

Prepare a one to two-page report summarizing the following points:

a. Identify the three functions that money serves in our society?

b. Briefly describe the function or purpose of a commercial bank?

c. Discuss the importance of credit?

Additional requirements: Submit your word-processed report electronically using BLACKBOARD. Follow the instructions provided in the Assignment folder within the Course Content section of Blackboard.

Your submitted work must conform to or contain all of the following.

• A single computer file that opens on any campus computer (recommend Microsoft WORD)

• Filename that starts with your last name, for example, "Smith_Essay1.doc"

• Structured as a written report having multiple paragraphs with complete sentences (including an introductory paragraph which includes a thesis statement offering a concise summary of the main point or claim of the essay), appropriate language, grammar, and mechanics

• Use MLA Style formatting guidelines (general information on MLA is provided in the Assignment section of Blackboard, additional information may be obtained by visiting The Writing Center located on the Owens Toledo Campus in Founders Hall - FH 1123), specifically your report should include:

i. right-aligned in the header of every page is page numbers that include your name

ii. left-aligned at the top of first page is your name, instructor name, course name, and date

iii. title of your paper centered above first paragraph

iv. proper citation, including a works cited page, of any works discussed within your essay

v. text is double-spaced and font size is 11 or 12-point

Reference no: EM131952151

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