Assignment front sheet Learner name Assessor name Natasha Rorke Date issued Completion date Submitted on w/c beginning 9/9/13 On a task-by-task basis On a task-by-task basis Qualification Unit number and title BTEC First Diploma Business Unit 20 Managing personal finances Assignment title Unit 20 Managing personal finances Assignment 1 of 1 In this assessment you will have opportunities to provide evidence against the following criteria. Indicate the page numbers where the evidence can be found. Criteria reference To achieve the criteria the evidence must show that the student is able to: Task no. Page numbers P1 Outline ways of managing personal financial planning and accurate …show more content…
Copy out the budget planning chart on page 464 in the book, including only the words in bold. Then insert your own personal items under the income, essential expenditure and optional spends heading. Enter an amount against each one, suggesting how much you think you will spend that week. At the end of the day, write down all the items you spent money on, and how much. At the end of the week, use the records you have kept to complete the budget chart by filling in the last column. Then attach a short commentary in which you explain the importance of the different aspects of the budget. (This covers P4). b) Write a report which reviews the format and the structure of your budget. How could you improve this to make it better for your own use? Look at the headings and the items you have entered. Do these clearly give you the accurate information you need? Make any changes you feel would improve your budget and then write a commentary which explains why you have made these decisions. (This covers M1). c) Write a report - Now reconsider each item you have entered in your budget and justify its inclusion. This means saying why you felt each item of essential expenditure is necessary and why there are no alternatives. In your optional spends section, you will need to include the alternatives you have considered and
|2.2 Explain the purpose of using estimations when developing a budget and ways of doing so |Question 2 Page 3 |
1. Describe two examples of important things that financial planning skills can help you do, and explain why these things are important to you personally. (4-6 sentences. 2.0 points)
5. How would you identify timescales, priorities and financial resources when preparing a budget? [2.3]
Auditing I | ACG 4632.591S15 Assignment 1 Landon Graber Maya Pham Melanie Pratt Robin Michael Schneider LILTS BERGER & ASSOCIATES 4-1 Certified Public Accountants CW 11/23/2015 Ocean City, Florida 33140 October 30, 2015 Mr. Donald Phillips, President 36 Clearwater Lake Road Ocean City, Florida 33140 Dear Mr. Phillips: This letter is to confirm our understanding of the terms of our engagement as the auditors of Ocean view Marine Company for the year ended December 31, 2015. Services and Related Report As you have requested, we will audit the financial statements of Oceanview Marine Company, which comprise the balance sheet for December 31, 2015, and the related statements of income, changes in stockholders’ equity, and cash flows
This research paper is a brief discussion of budget management analysis. Budgeting is the key to financial management, and is the key to translates an organization goals or plan into money. Budgeting is a rough estimate of how much a company will need to get their work done, and provides the basis for evaluating performance, a source of motivation, coordinating business activities, a tool for management communication and instructions to employees. Without a budget an organization would be like a driver, driving blinded without instructions or any sense of direction, that’s how important a budget is to every organization and individual likewise (Clark, 2005).
In outlining a budget there are two phases that must be determined to create a budget, an operating phase and a financial phase. “Developing a new operating budget starts with examining budgets from previous years and identifying what components are going to change, by how much and if any new components need to be added or existing ones reduced or cut” (Budget Challenges, 2012). In the first phase of the budget it needs to be determined how much money is going to be needed to operate the day to day activities of the business.
Type of pension plan would be a hybrid plan. Can you elaborate/provide some information about why you chose a hybrid plan for Plan A? What were the features of the employee group that led you to this plan type?
Case II is a continuation of Case I. In this case you will convert the line-item budget developed in Case I into a functional budget. Then you will employ further information to create a flexible budget. Refer to the Case I Solution for data.
Read the following short essay, and then write a 3-5 page response (12-point font, double-spaced, normal margins, no cover page, no binders). Your response should do the following three things: (1) state what the main conclusion of the essay is; (2) state what the most important premises (including sub-conclusions) are—i.e., state which premises are most important if the argument is to rationally convince its audience; (3) evaluate the quality of the argument, giving detailed reasons to justify your evaluation. For purposes of evaluation, assume that the speaker is a contemporary Canadian philosopher and the audience is a group of students in Introduction to Philosophy.
Task 7For M4, you should show an awareness of the problems that can arise if costs are not controlled to budget. This can be demonstrated by looking at a given scenario and breaking down the various elements of the budget to determine why it is overspent and by identifying the problems that this will create for the selected organisation.This provides evidence for M4
This assessment is about the requirements to undertake budgeting and forecasting the finances of an organization. After reviewing the case study I have prepared a budget statement.
A budget, as defined by Hilton (2009 pg 348), is a detailed plan, expressed in quantitative terms that specifies how resources will be acquired and used during a specific period of time. A budget is a financial document utilized to project future income and expenses. A budget is based on how much you make in income and what your monthly expenses are. Budgets evaluate performances while the plan is what is going to happen or refine what you want to accomplish by thinking ahead. The purpose of having a budget is it improves efficiency, assigns responsibility, provides direction, and helps businesses plans and control finances. Managers use the budget as a
Budget formulation and use are tools that guide many decision making strategies in business. The measures that are least effective could create an avalanche of catastrophic events that can negatively impact the decision making strategies. It is in the best interest of the pertinent parties to draft an operating budget based on a collective set of information relating to organizational vision and mission. Ineffective measures can be catastrophic based on the foundation for measures used in creating the budget. Among the many issues organizations face that relates to creating an effective operating budget results from poor
Budgeting is crucial in the well-being of a company especially the financial health status of a company. In fact, no professionally managed firm would fail to budget, since the budget establishes what is authorized, how to plan for purchasing contracts and hiring, and indicates how much financing is needed to support planned activity. It is routine for a company to budget for its expenses. Expense budgets act as a guideline of how much revenue a company would require keeping the activities running. It is used to set the company’s targets for a certain period.
Budget and budgetary control practices are undeniably indispensable as organizations routinely go about their business activities and operations. These organizations are constantly on the alert on how actual levels of performance agree with planned or budgeted performance. A budget expresses a plan in monetary terms. It is prepared and approved prior to a particular budgeted period and explicitly may show the income, expenditure and the capital to be employed by organizations in achieving their goals and objectives.