SOLUTION: SITXFIN004 PREPARE AND MONITOR BUDGETS | My Assignment Tutor

Assessment-1 FINANCE SITXFIN003 MANAGE FINANCES WITHIN A BUDGET SITXFIN004 PREPARE AND MONITOR BUDGETS Student Must Fill this SectionStudent Name: Student ID: Term: Year: Privacy Release Clause:“I give my permission for my assessment material to be used in the auditing, assessment validation & moderation Process”.Authenticity Declaration:“I declare that: The material I have submitted is my own work;I have given references for all sources of information that are not my own, including the words, ideas and images of others”.Student Signature: Date: Assessment Outcome Assessor Name:AttemptCompetent Not Yet CompetentDateAssessor Signature Initial attempt 2nd attempt/Re-assessment Information for Student:All work is to be entirely of the student. General Information for this assessment: Read the instructions for each question very carefully.Be sure to PRINT your FIRST name & LAST name in every place that is provided.Short questions must be answered in the spaces provided.For those activities requesting extra evidence such as: research reports, essay reports, etc. The student must attach its own work formatted in double space, Arial 12 pts. All activities must be addressed correctly in order to obtain a competence for the unit of competency.If the student doesn’t understand the assessment, they can request help from the assessor to interpret the assessment. Re-submission of assessment after the term will incur additional fees. Re-assessment of Result& Academic Appeal procedures: If a student is not happy with his/ her results, that student may appeal against their grade via a written letter, clearly stating the grounds of appeal to the Chief Executive Officer. This should be submitted after completion of the subject and within fourteen days of commencement of the new term. Re-assessment Process: An appeal in writing is made to the Academic Manager providing reasons for re-assessment /appeal. Academic Manager will delegate another member to review the assessment.The student will be advised of the review result done by another assessor.If the student is still not satisfied and further challenges the decision, then a review panel is formed comprising the lecturer/trainer in charge and the Academic Manager or if need be an external assessor.The Institute will advise the student within 14 days from the submission date of the appeal. The decision of the panel will be deemed to be final.If the student is still not satisfied with the result, he / she has the right to seek independent advice or follow external mediation option with nominated mediation agency.Any student who fails a compulsory subject or appeals unsuccessfully will be required to re-enrol in that subject. The cost of reassessment will be borne by the Institute. The external assessor will base his/her judgement based on principles of assessment. These principles require assessment to be reliable, fair, practical and valid. Academic Appeals: · If you are dissatisfied with the outcome of the re-evaluation process, you have a right to appeal through academic appeals handling protocol.To appeal a decision, the person is required to complete the WSC- Request for Appeal of a Decision form with all other supporting documents, if any. This form is available via our website. The completed Request for Appeal form is to be submitted to the Student Support Officer either in hard copy or electronically via the following contact details: Student Support Officer, Western Sydney College (WSC), 55 High St, Parramatta NSW 2150, Email: info@wsc.nsw.edu.au The notice of appeal should be in writing addressed to the Chief Executive Officer and submitted within seven days of notification of the outcome of the re-evaluation process. If the appeal is not lodged in the specified time, the result will stand and you must re-enrol in the unit. In emergency circumstances, such as in cases of serious illness or injury, you must forward a medical certificate in support of a deferred appeal. The notice of appeal must be made within three working days of the concluding date shown on the medical certificate. The decision of Chief Executive Officer will be final.Student would then have the right to pursue the claim through an independent external body as detailed in the students’ complaint / grievance policy. Comments/ feedback to student: Assessment Task 1: Written Questions Task summary Resources and equipment required to complete this task Access to textbooks and other learning materials.Access to a computer, printer, Internet and applicable software (eg Microsoft Office). When and where do I need to complete this task? This task may be done in your own time as homework or you may be given time to do this task in class (where applicable).Your assessor will provide you with the due date for this assessment. What do I need to submit? Your answers to each question in this task. Instructions This is an open book test – you can use your learning materials as reference.You must answer all questions in this task correctly.You must answer the questions by typing your answers in Microsoft Word or a similar program. Ensure the answers are numbered to correspond with the question numbers. Your assessor will advise how to submit this assessment task. Question 1 Question 2 Question 3 Cash/Cash flow budgetDepartmental budgetEvent budgetProject budgetPurchasing budgetSales budgetWage budget. Question 4 Bank deposit documentationBank statementsBanking summariesBusiness Activity StatementsCheque booksCredit card transaction statementsJournal entriesLabour and wages reportsMerchant statementsMerchant summariesTransaction reports. Question 5 Question 6 Question 7 Question 8 Question 9 Question 10 Question 11 Question 12 Question 13 Question 14 Question 15 Question 16 Question 17 Define the following options and approaches to budgeting:Incremental budgetingZero-based budgeting.Why are ‘rolling budgets’ useful in the hospitality industry? Answer (b): Question 18 Question 19 Question 20 Question 21 Question 22 Question 23 Working out how much to charge for food and drink. Calculate the cost of a drink of vodka and soda (before taxes):You will need the following to make one drink – 0.03L of vodka, 0.1L of soda, 0.02 kg of lime and one straw.A litre of vodka costs $12.00, a litre of soda water costs $1.00, a pack of 140 straws costs $3.00 and 1kg of limes is $2.00. If 0.03L of vodka costs $0.36 work out the cost of the soda water, slice of lime and one straw. What is the cost of the drink (ingredients only)?If you wanted to make 500% on the drink how much would it be?What other costs may you have to calculate into the cost of this drink? List three suggestions.If half of the bag of limes were thrown out after being cut and not used, what is the cost of the waste? Question 24 Assessor Checklist Assessment Task 1: Written Questions ¨ Not Satisfactory ¨