Reference no: EM133040608

SITXFIN003 Manage finances within a budget - Duke College

You are required to address all questions to achieve competence.

Assessment 1: Written Test

Question 1

List 8 examples for financial records

Question 2

List 4 different types of budgets.

Question 3

What is the purpose of preparing a draft budget?

Question 4

What should you do with the feedback from the draft budget?

Question 5

List 2 people the final budget might need to be distributed to.

Question 6

Why is it important for each department head to understand their part of the budget?

Question 7

Why should all staff have some knowledge of the budget for their area?

Question 8

Once the final budget has been approved, how often should it be monitored?

Question 9

As well as receiving the final budget the management team should be advised of their reporting duties. What should their report contain?

Question 10

Name 2 financial reports you might generate from your accounting system to check your budget against actual income or expenditure.

Question 11

Every revenue and expense item on the Profit and Loss Statement should be compared to what?

Question 12

When revenue variances occur, why should you talk to the staff to help identify, and find options to Address the issue?

Question 13

List 2 factors that can cause variances in staff budgets.

Question 14

List 3 colleagues you may advise if you noticed that there were deviations between your budget and your targets.

Question 15

List 2 ways you might research new approaches to managing your budget.

Question 16

List 3 things you need to include in your budget report, to give the decision maker enough information to do a clear cost versus benefit analysis of the budget request.

Question 17

If you are cutting expenditure, why must you be careful that the cuts do not cause the level of service and product to fall?

Question 18

Name an accounting program you can use to help manage budgets.

Attachment:- Manage finances within a budget.rar