Unit assessment pack (uap)

Teamwork When each department works together to put together budgets, they work as a team. In a company that has open communication between levels of

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• The budget sets the direction for the business by creating goals and objectives and then assigning responsibility to achieve those goals.

Teamwork When each department works together to put together budgets, they work as a team. In a company that has open communication between levels of staff and departments, the exchange of ideas is encouraged, which leads to more - creative strategies. For example, the accounting department may realize that customers are returning the products at an increasing rate because the ads for the product aren't clear. That needs to be communicated to the marketing department. Competition One of the purposes of a budget is to allocate resources. Those resources are limited, and there's only so much money, staff and time to go around. Departments compete with each other as well as individuals competing with each other. For example, if the receptionist gets a raise, there might not be enough funds for the dock workers to get raises as well. Direction The budget sets the direction for the business by creating goals and objectives and then assigning responsibility to achieve those goals. Employees know what is expected of them for their own particular job and department. The budget preparation encourages employees to become involved and contribute their input. For example, the sales department staff knows what the customer objections are when they decline to buy the product. It could be price, quality or service. Tweaking the price based on the sales department's input improves sales. List the Eight (8) step to draft a budget based on an analysis of all the available data resources or information. Step 1: Note your net income. The first step in creating a budget is to identify the amount of money you have coming in. ... Step 2: Track your spending. ... Step 3: Set your goals. ... Step 4: Make a plan. ... Step 5: Adjust your habits if necessary. ... Step 6: Keep checking in. Step 7: Review What You Have. ... Step 8: Define the Costs. ... Based on the information provided below, estimate the income and expenditure and prepare a basic budget in the template provided. The Melbourne Football club and recreational center has the following income and expenditure. Identify each item as income or expenditure and fill up the template provided to get total income and expenditures for the year. Assume one (1) season of game per year. Sales: The number of opening hours per week: 14 The average sales per hour: $120 Number of open weeks per season: 30 Newspaper advertising: Width of advert: 2 columns Number of lines per columns: 8 Cost per line (per single column): $3 Number of adverts: 4 Canteen Attendant: Wage rate per hour: $30.00 Number of hours worked per week: 25 Weeks per year: 30 Referee fees: Wage rate per game: $100 Total matches per week (all teams): 30 Number of weeks in the season: 30 Cost of Floodlights: Watts per globe: 500W Number of globes: 50 Hours of use: 18 hrs per week Number of weeks in the season: 30 Cost per kilowatt hour: $0.20 Note: 1 Kilowatt = 1000 watts Game Fees: Game fee per player: $6 Total matches per week (all teams): 30 Average number of players in a team: 14 Number of weeks in the season: 30 Pitch Mowing: Hours to mow whole of fields: 6 Number of mows per week: 1 Number of weeks in the season: 30 Wage rate per hour: $25 Fuel cost per hour: $3.5 Team Apparel Cost: Cost per shirt: $20 Cost per shorts: $15 Cost per socks (pair): $6 Number of players: 300 Administrative (Yearly): Management software cost: $1200 Computer expenses: $200 Telephone and postage: $300 Water uses: $1200 Cleaning: The number of hours per week: 10 Wage rete per hour: $22 Weeks per year: 30 Membership Fees: Number of members: 500 Yearly fee per member: $150 Balls, flags and whistles: Balls, flags and whistles per week: $250 Number of weeks in the season: 30 Income Sales $50,400 Membership Fees $75,000 Game Fees $75,600 Download 179.41 Kb. Share with your friends: