Award in Basic Enterprise Skills II

Course Description

This unit is designed for learners to understand the responsibilities and obligations when setting up and running a business in Malta. The importance of addressing sustainability in a business will be discussed. Learners will be introduced to different types of business organisations, and to a variety of terms relating to business. They will learn about the responsibility and personal liability of the owner/s in different forms of business set ups.

Learners will acquire knowledge relating to basic financial literacy terms. They will learn about different sources of finance and different forms of borrowing. The learners will be introduced to terms relating to information included in basic financial statements of a business (Statement of Profit or Loss and the Statement of Financial Position). They will learn about different VAT rates applicable in Malta. The educator will guide the learners in preparing an invoice, with calculations relating to costs and VAT being clearly shown.

Learners will become familiar with different types of costs and revenues. Throughout this unit learners will learn about the importance of budgeting principles in simple business scenarios. Learners will acquire knowledge relating to the preparation of a personal budget and prepare one or more different types of budgets using appropriate techniques in a given scenario. Learners will learn about the roles of different organisations that may offer support and guidance to existing and potential business owners.

Overall Learning Outcomes

• Outline the responsibilities and obligations when setting up and running a business in Malta.
• Describe different types of business organisations and terms relating to business
• Explain basic financial literacy terms, different sources of finance and forms of borrowing
• Distinguish between different types of costs and revenues
• Explain the importance of budgeting principles in simple business scenarios
• Describe the roles of different organisations that may offer support and guidance to potential and existing business

Assessment Method

Assessments may vary at the discretion of the lecturer/s

• Applicants are required to have a valid EID account
• Certification is obtained upon attending at least 70% of the course