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U6 Assessment

Satisfactory Essays
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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

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