Unit six: Principles of budgets in a business environment Assessment You should use this file to complete your Assessment. The first thing you need to do is save a copy of this document, either onto your computer or a USB drive Then work through your Assessment, remembering to save your work regularly When you’ve finished, print out a copy to keep for reference Then, go to www.vision2learn.com and send your completed Assessment to your tutor via your My Study area – make sure it is clearly marked with your name, the course title and the Unit and Assessment number. Please note that this Assessment document has 7 pages and is made up of 3 Sections. Name: Section 1: The purpose of budgets This section will help you to evidence …show more content…
[2.2] 3. Explain two methods that can be used in order to identify realistic estimations when developing a budget. [2.2] Method 1: Method 2: 4. Explain why it is important to identify the following when preparing a budget: [2.3] Timescales: Priorities: Financial resources: 5. How would you identify timescales, priorities and financial resources when preparing a budget? [2.3] 6. Why is it important to negotiate and agree a budget? [2.4] Now that you have completed Section 2 of your Assessment, remember to save the work you have done so far – you will need to send your work to your tutor for marking once you have completed all 3 Sections of this Assessment. Section 3: Managing budgets This section will help you to evidence Learning Outcome 3: Understand how to manage budgets. Learning objective Place in Assessment 3.1 Explain the purpose of monitoring, controlling and recording income and expenditure Question 1 Page 6 3.2 Describe situations in which revisions to the budget and / or plans may be needed Question 2 Page 7 1. Why is it important to monitor, control and record income and expenditure? [3.1] 2. Complete the table below. First of all, describe two situations where you could be required to make revisions to budgets and / or budget plans and then explain why these revisions may be
• The first thing you need to do is save a copy of this document, either onto your computer or a disk
The first thing you need to do is save a copy of this document, either onto your computer or a USB drive
• The first thing you need to do is save a copy of this document, either onto your computer or a disk
• The first thing you need to do is save a copy of this document, either onto your computer or a USB drive
The budget process is a powerful planning tool for government to make important resource decisions. According the Carney and Schoenfeld‘s article on How to read a Budget, an operating budget is a reflection of government’s financial plans. When a budget is
Then, go to www.vision2learn.com and send your completed Assessment to your tutor via your My Study area – make sure it is clearly marked with your name, the course title and the Unit and Assessment number.
• The first thing you need to do is save a copy of this document, either onto your computer or a disk
• The first thing you need to do is save a copy of this document, either onto your computer or a disk
Then, go to www.vision2learn.com and send your completed Assessment to your tutor via your My Study area – make sure it is clearly marked with your name, the course title and the Unit and Assessment number.
• Then, go to www.vision2learn.com and send your completed Assessment to your tutor via your My Study area – make sure it is clearly marked with your name, the course title and the Unit and Assessment number.
• The first thing you need to do is save a copy of this document, either onto your computer or a disk
• The first thing you need to do is save a copy of this document, either onto your computer or a disk
1-Describe the company that you currently work for, have previously worked for, or would like to work for in the future. Determine at least two (2) compelling reasons that this company should prepare and manage a budget. Predict the two (2) most likely positive and negative financial outcomes for this company if it properly or improperly performs effective budgeting.
The first thing you need to do is save a copy of this document, either onto your computer or a disk
Then, go to www.vision2learn.com and send your completed Assessment to your tutor via your My Study area – make sure it is clearly marked with your name, the course title and the Unit and Assessment number.