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SITXFIN004 Prepare Budgets Assignment_D

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SITXFIN004 Prepare Budgets Assignment_D

SITXFIN004 Prepare Budgets Assignment_D

ASSESSMENT D – SCENARIO:-

INSTRUCTIONS (for assessments not embedded within the LMS):-

• The assessment must be written using an industry standard software package such as Microsoft Word, Excel, PowerPoint, etc.

• Name the file using the assessment task number and then save your file.

• Ensure your submission identifies the unit code and title, the assessment task number and the name of the assessment at the top of the page. Alternatively, you may place this information in the document header.

• Add your name and student number to the headeror footer on every page.

• On completion, submit your assessment to your assessor via the LMS.

Learner assessment guide and evidence:-

This assessment requires you tocalculate costs and prepare budgets for an event.

You are required to do the following.

• Read the scenario information provided in each task.

• Complete Tasks 1, 2 and 3 in Assessment D.

• Answer all the questions.

• You can use accounting software to complete budget preparation tasks.

Scenario:- 

You’ve been appointed the project manager for organising and running a charity ball. The ball will be held in the local town hall, a beautiful historic building in the centre of the shopping and business district. The not-for-profit(NFP) organisation running the ball want a black tie, gala event with a three- or four-course meal, music, dancing and entertainment. They plan to hold a charity auction throughout the evening to raise more money for their cause. The ball will be held on the last Saturday in October and they hope to sell 500 tickets.

You are responsible for organising the provision of all food and beverages, a MC, entertainment and music. The charity will source all items for the auction.

The charity organisation has two main goals: to hold a successful event and make a reasonable profit from the ball and the auction. They hope to make this an annual event as money raisedcan significantly boost their ability to provide aid to others.

As part of the planning process, you must prepare a number of budgets to help achieve these goals. The first stage of your planning process is to calculate expenses to determine the final selling price for the ball tickets. An initial estimated figure of $150 to $200 has been discussed. You must confirm if this is an appropriate price and determine anticipated profits for the organisation. You will report your initial budgets to an event sub-committee ofrepresentatives from the NFP organisation.  

Task 1: Source information question and answer:-

• Answer all questions:-

Q1: What are twoof the charity organisation’sgoals and objectives for this event?

Q2: What budgets do you need to prepare to help you achieve these goals?

Q3: What are four external and internal factors that might affect the event and therefore your budgets?  

Q4: What type(s) of data or information will assist you in the preparation of your budgets? Where could you find it?

Q5: The event committee want to be involved in the planning process. What techniques can you use to enable them to contribute to budget planning processes, negotiate changes and inform them of budget decisions?  

Task 2: Prepare budgets:- 

• Read the scenario information provided.

• Answer all the questions.

Task 2.1: Calculatelinen expenses:-

• Go to your Course files, open Assessment D_Documents and complete Task 2.1: Calculate linen expenses.

• One of the expenses incurred will be for the hire of linen for the event. Using the information provided, calculate the linen hire costs.

• Save your document. You don’t have to submit it yet.

Task 3: Question and answer:-

Base your responses to questions 1 to 4 on the results of Task 2.7: Prepare events budgets.

Q1: How can you present the draft revenue budgets to the event committee and other relevant parties?

Q2: Why should you circulate a draft budget to the members of the events committee?

Q3: Do you think either of the budget options presented meets the charity organisation’s stated goals? Why/why not?

Q4: What recommendations would you make to the event committee to help them achieve their goals?  

Q5: Once the final budget has been approved, what information do you need to communicate to your team, the event committee, internal ticket sales staff and externalagencies about the final budget?

Q6: After the event, you have to prepare a report to the event committee on the outcomes of the gala ball. What should your report include?

Q7: The NFP organisation are very happy with the outcomes from the gala ball and want to hold it again next year. What information would you collect and record to assist in preparing budgets for next year’s event?  

Assessor checklist:- 

To be completed by the assessor.

SITXFIN004 Prepare Budgets Assignment_D

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