The following questions may be answered verbally with your assessor or you may write down your answers. Please discuss this with your assessor before you commence. Short Answers are required which is approximately 4 typed lines = 50 words, or 5 lines of handwritten text.
Your assessor will take down dot points as a minimum if you choose to answer them verbally.
Answer the following questions either verbally with your assessor or in writing.
1. What information will help you to allocate funds?
2. Why is it important to discuss any changes to the priorities and consult with relevant personnel about budgets and resource decisions?
3. Identify three ways you could promote awareness of the importance of budget control with staff.
4. How should you maintain records of resource allocation?
5. Why is it important to use available financial records to check the budgeted values against the actual values?
6. What are the benefits of including financial commits in all documentation?
7. What are the two main types of deviations that will need to be investigated and reported?
8. What methods are commonly used to investigate deviations?
9. Who are the appropriate colleagues that will need to be advised of budget status in relation to targets?
10. What are three examples of existing costs or resources that may be assessed to identify areas for improvement?
11. What steps can you task to ensure you are well positioned when discussing and negotiating desired budget outcomes with relevant colleagues?
12. Outline the four steps in managing the budgeting process.
13. Why is it important to define and communicate any benefits and disadvantages of new approaches?
14. Why should you consider the impact of budget changes on colleagues and customer service levels?
15. How should recommendations for budget management be presented?
16. Briefly identify and discuss the use, contents and formats of financial reports.
17. Briefly identify and discuss the use, contents and formats of statistical reports.
18. What is the information that will need to be presented in your report to inform decision making?
19. Briefly discuss the following types of financial reports:
a. Bank deposit documentation.
b. Bank statements and Banking summaries.
c. Business activity statements.
d. Cheque books.
e. Credit card transaction statements.
g. Journal entries.
h. Labour and wages reports.
i. Merchant statements and summaries.
j. Transaction reports.