13. List (3) taxation provisions that the business will need to budget for on a yearly basis? 14. How can the business plan to meet these financial obligations? 15. . If the business enables sellers to pay the advertising expenses after the property has sold; a) how could the business introduce a credit policy for the properties that do not sell or are taken off the market; b) Outline debt collection procedures or strategies to recover the outstanding marketing costs. 16. Outline how you will monitor and assess key performance indicators in your budget? 17. hat can financial reports be used for? 18. Explain the importance of why a business should regularly monitor and report on its financial performance and review its financial plan? 19. Provide (3) options that the business could undertake to improve its financial position in a downturned market in the Real Estate agency? 20. Managing the finances of a small business is challenging, whilst there are both internal and external people providing advice what role and position in the company has the ultimate control and decision making? 21. Explain the purpose of profit and loss P&L statements, and how they are calculated what are the main principles for preparing a P&L statement? 22. Explain the purpose of a balance sheet and how they are calculated, what are the main principles for preparing a balance sheet? 23. Within a real estate business stock and stock control can vary, including anything from stationary through to marketing material list (5) stock items that may need to be managed within an agency