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SITXFIN003 Manage Finances Assignment_B

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SITXFIN003 Manage Finances Assignment_B

SITXFIN003 Manage Finances Assignment_B

ASSESSMENT B – SHORT ANSWER:-

INSTRUCTIONS:- 

• You are to answer all questions.

• Read each question carefully. Ensure you have provided all required information.

• On completion, submit your assessment to your assessor.

SECTION 1: ALLOCATE BUDGET RESOURCES:-

Q1: What is a budget and how does it help a business achieve its goals?

 Definition

 Purpose

Q2: What determines how business funds are divided amongst different departments and projects?

Q3: What is the difference between a fixed (static) and flexible (variable) budget?

Q4: What is a cash flow budget and what is it used for?  

Q5: What is a profit and loss budget and what is it used for?

Q6: What do the following terms mean?

 Financial viability

 Profitability

 Liquidity

Q7: What is a budget cycle?

Q8: What must you do when budget priorities are changed? Explain why.

Q9: Your budget allows only a limited amount of funding for wages. Who needs to know about these types of resource decisions? Explain why.  

Q10: List two ways you can promote awareness of the importance of budget control.

Q11: How does promoting the importance of budget control help you achieve team or work area goals?

Q12: Why is it important to record resource allocation?

Q13: Budgets are not the only source of information relating to where resources are allocated and controlled within a business. List four other records used to show resource allocation.  

SECTION 2: MONITOR FINANCIAL ACTIVITIES AGAINST BUDGET:-

Q14: Why do we record and compare actual performance figures with budgeted figures?

Q15: How often should you check actual income and expenditure figures against budgets?

Q16: List six types of financial records you can use to check income and expenditure information.

Q17: What is one benefit of using computerised systemsto maintain financial records?

Q18: What are financial commitments in a business?

Q19: List two examples of financial commitments for a business in your industry sector.  

Q20: There are four basic types of expenses you need to record in financial documents to ensure accurate monitoring. Describe and give one example for each type.

 Fixed costs

 Variable costs

 Direct costs

 Indirect costs

Q21: What are the formulas used to calculate a budget variance and a budget variance percentage?

Q22: Check the figures in the sales budget below. Which department’s figures have been calculated correctly?

Q23: Indicate if the following budget results are a favourable or unfavourable result. Actual income is above budget Actual income is below budget Expenses are above budget Expenses are below budget  

Q24: What are the four main reasons budget deviations occur?

Q25: What factors do you need to consider when deciding whether or not a budget deviation should be investigated further?

Q26: List three options you might consider to help manage budget deviationseffectively.

Q27: List four types of information about budget targets you should discuss with staff members.  

SECTION 3: IDENTIFY AND EVALUATE OPTIONS FOR IMPROVED BUDGET PERFORMANCE:-

Q28: How does trend analysis help identify areas for improvement in budget performance?

Q29: What are two questions you should be asking when assessing existing costs and resources?

Q30: When identifying new approaches to budget management, who should you discuss desired budget outcomes with?Give a generic answer or name the appropriate job role/positions in your workplace or training environment.

Q31: What approaches or possible options can you investigate further to control and improve the management of expenses in a business?

Q32: What approaches or possible options can you investigate further to control and improve the management of payroll expenses in a business?

Q33: List three approaches or possible options you can investigate further to control and improve the management of accounts payable in a business.

Q34: List three main methods businesses use to increase their profits.

Q35: You want to make recommendations for improved budget management and set new budget targets. List two people you should present your recommendations to.

Q36: The impact of any changes must be considered when developing new approaches or changes to budget management. List one potential benefit or disadvantage that may occur when implementing changes in the following areas.

 Customer service

 Staff morale

Q37: How should you present your recommendations for improved budget management?  

Q38: List three examples of the type of information you should include when presenting or communicating about recommendations for budget management.  

SECTION 4: COMPLETE FINANCIAL AND STATISTICAL REPORTS:-

Q39: What information might you need to include when preparing a statistical or financial report for the supervisors in a suburban hotel? List five examples.

Q40: What information might you need to include when preparing a formal statistical report for the management team of a large events or reception centre? List five examples.

Q41: How can you present reports to enable informed decision-making?

Q42: How do you know when to complete reports? Q43: Explain how the features of accounting software programs can assist you to manage budgets.

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