SITXFIN003 Manage finances within a budget Assessment


SITXFIN003 Manage finances within a budget
Assessment Satisfactory (S) / Not Yet
Satisfactory (NYS) Date Comment
Feedback from the Student:
I have been provided with feedback on this assessment from the assessor for this unit
Student Signature:
Overall competency has been achieved: YES ? NO ?
Assessor’s Name: Paraic Kavanagh Result Date :
Assessor’s Signature:

Course Code SIT50416 Course Name Diploma of Hospitality Management
Unit Code SITXFIN003 Unit Name Manage finances within a budget
Due Date ________________ Assessment Name Questions
Student No. ________________ Student Name _____________________________
Student Phone ________________ Student Email _____________________________
Student Declaration
I declare that this assessment is my own work and where my work is supported by documents from my workplace placement/employer permission has been granted.
Note: This assessment will not be accepted unless all sections have been completed and the front cover has been signed and dated.
Student Signature _________________________ Date: _____________________________
Office Use Only
Date/s Received: ___/___/___ ___/___/___ ___/___/___
Date/s Assessed: ___/___/___ ___/___/___ ___/___/___
Result of Assessment: ___________ ___________ ___________
Entered on Training Plan Moderation Signature
Note for Assessors: Filling out the above Office Use Only section as part of an electronic submission will operate in the same way as physically signing this cover sheet. If not physically signed, Assessor must print their name in signature box.

Course Code and Name: SIT50416 Diploma of Hospitality Management
Unit Code: SITXFIN003
Unit Title: Manage finances within a budget
Assessment 1
Your Task:
Answer the following questions below. All questions must be answered.
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
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.

Course Code and Name: SIT50416 Diploma of Hospitality Management
Unit Code: SITXFIN003
Unit Title: Manage finances within a budget
Assessment 2
Your Tasks:
Task 1
Provide a fortnightly budget report which clearly identifies any under or over performances, and the actual and likely reasons for these. Use the table below as a reference list and attach each budget report together with a variance analysis for each to this project
Date Budget Performance/Area Variance Reason Discussion with supervisor Action
Budget Cycle Start
Week 2
Week 4
Week 6
Week 8
Week 10
Week 12
Budget Cycle End
Task 2
During the monitoring cycle you are required to undertake 2 of the following processes to inform management of the actual budget:
(you clearly need to select these relevant for the performance of your budget; for example if your staffing and rostering performs within the budget and service provisions are being met, then it would be unlikely that you would need to reduce staff or cut rosters; if your budget is created on the best quotes received from suppliers and the quality is perfect, then this aspect is likely not one that would be changed)
1. discussions with existing suppliers 0
2. evaluation of staffing and rostering requirements 0
3. evaluation of impact of potential roster changes 0
4. review of operating procedures 0
5. sourcing new suppliers 0
Attach details for each process you have undertaken clearly marked “TASK 2 – process: __________”.
Details for each process selected must include the following details:
(For example if you changed a roster, you need to provide the information why this was done, what the changes will achieve in $ values for the budget, and attach the old and revised roster to this project)
1. Nature of the problem
2. Reason for undertaking the selected process
3. What did you do? Who was involved? What was discussed? What was agreed on? What was achieved in the process?
4. What was changed?
5. How were any changes implemented?

Task 3
Identify any reports, which you need to complete during the 3-month budget cycle. Set the times these are due in the table below and complete these reports to the set due dates.
Attach each report (or a copy) to this project on completion of the monitoring cycle.
Type of report Frequency Due Date(s) Completed by
e.g. Stock Take report monthly end week 4 (insert date)
end week 8 (insert date)
end week 12 (insert date) student (you)
A. Johns, supervisor
student (you)

Marking Guide S NYS Comments
Task 1
Provides a copy of the opening budget
Provides a copy of the closing budget
Provides a budget report for each fortnight
The performance of each category is identified
The variance for each fortnight is identified
The reasons for variance(s) are identified
Variances are communicated with colleagues/ supervisor
Actions are identified where suitable or applicable
Actions are explored and implemented as applicable
Task 2
2 processes are selected to inform management of budget
The processes are suitable for identified budget variances or operational issues
Details are provided what entailed each process
The details for each process selected are complete
The changes investigated are relevant to improve budget performance
The parties involved are identified
Details for communication are provided
The agreed actions are provided
The changes as a result of undertaking process are outlined
The financial benefit/impact on the budget is explained
Where implementation of changes occurs, each process is explained
Task 3
The type of reports to be completed by the business over the budget cycle are identified
The frequency of reports is identified
The frequency for reports is documented and scheduled
Reports are completed as scheduled
A number of different reports were completed by student relevant to the budget:
1. ______________________________
2. ______________________________
3. ______________________________
4. ______________________________
Reports or copies for reports are attached to the project
List additional criteria as relevant

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