What is defined as projections of how much money you will need for your first year of operation?

The term that describes projections of how much money is needed for the first year of operation is "Start Up Costs." Start up costs encompass all the expenses a new business incurs before it is operational, which may include expenses for equipment, supplies, permits, and initial marketing efforts. This projection is crucial for entrepreneurs as it helps them understand the financial requirements to establish their business successfully.

The other choices refer to different aspects of financial management. An operating budget outlines the expected revenues and expenses over a specific period, typically a year, once the business is operational. Annual expenses detail the ongoing costs associated with running the business on a yearly basis after it has been established. Capital investment refers to the funds invested in physical assets, such as buildings or equipment, which may occur during various phases of a business's life cycle and not just at the start. Understanding these distinctions is vital for effective financial planning and management in the hospitality industry.