Calculate food expenditure you need to determine the cost

Assignment Detail:- SITXFIN004 Prepare and monitor budgets Assessment task: Worksheets TASK A: Prepare Budget Information Q1: The role of budgets is to assist and support an organisation's operations- Explain how they do this- Give two examples- Q2: What are the three different types of ‘year' used when preparing budgets???? List their names and appropriate time period- Q3: What is a fixed -static- budget???? Q4: What is a master budget and what is its purpose???? Q5: What is a revenue statement budget -also known as the ‘profit and loss budget' or ‘income statement budget'-???? Q6: List five different sources of data that is used when preparing budgets- Q7: Describe each of the different categories of expenses- Give one example of each category- Q8: Briefly describe the role of a sales budget- Q9: What are two examples of information used to prepare a labour budget???? Q10: What is a master budget???? Q11: How does a cash flow budget aid business planning???? Q12: List three external factors that can affect budget planning- Q13: Chose one external factor listed in your response to question 12 and briefly explain how it affects budget planning- Q14: List three internal factors that can affect budget planning- Q15: Chose one internal factor listed in your response to question 14 and briefly explain how it affects budget planning- Q16: What level of involvement should colleagues have in the budget planning process???? TASK B: PREPARE BUDGET Q17: You're drafting an incremental budget- What type of information would you look for when analysing previous figures and variances???? List three examples- Q18: You are preparing a draft sales budget- List the five basic steps you would follow- Q19: A business sells 3,685 dolphin tour passes per year- It's one of their bestselling tours and management expects sales to remain strong- They believe sales will increase 10% next year- How many potential tour passes will be sold next year???? Q20: A business wants to calculate food revenue for the month of July based on 75 seats and an average seat turnover rate of 0-75- The average spend per customer is $13-90- What is the total food sales for the 31-day budget period???? Q21: Last month a business spent $23,379 on food purchases and generated $73,059 revenue- Calculate the food cost percentage- Q22: To calculate food expenditure you need to determine the cost of a 1 kg bag of flour- The kitchen purchases 20 kg bags for $48-00 each- How much does it cost for 1 kg???? Q23: What are six costs, other than gross wages or salaries, which should be included when calculating a labour budget???? Q24: List three factors that can affect cash flow in a business- Q25: Why is it important to reflect organisational objectives within the draft budget???? Q26: List two different presentation styles you can use to present options and recommendations to colleagues- Q27: List two things to keep in mind when deciding which presentation style to use- Q28: You've prepared a draft budget based on your analysis of all available information- What action is required next???? Q29: Why is circulating a written draft budget an effective method of presenting recommendations to the management team???? TASK C: FINALISE BUDGET Q30: Why is it important to discuss and negotiate outcomes amongst your team prior to finalising the budget???? Q31: Who is usually responsible for incorporating any modifications to the budget???? Q32: How can you ensure the final budget is completed within designated timelines- Q33: What must you do once the budget is finalised???? Q34: List three examples of the type of information you should provide to colleagues after finalising the budget- TASK D: MONITOR AND REVIEW BUDGET Q35: What are the five steps followed when monitoring and reviewing budgets- Q36: List four questions a manager should ask when assessing their budget performance- Q37: A business forecasted $250,000 sales but actual sales for the period were $235,200- What is the variance and variance percentage???? Q38: What are financial commitments???? Where are they recorded???? Q39: Are the following deviations favourable or unfavourable results???? Q40: A business's laundry costs are $1,450 below budget- What is a possible cause for this deviation???? Q41: A hotel's average room rate is 15% above budget- List two possible causes for this deviation- Q42: List three things you need to assess when deciding if a deviation should be investigated further- Q43: Part of the budget process is reporting on performance, the results from the various budgets used, and analysing the information you've gained from them- List four examples of the type of financial reports you need to prepare after reviewing budget performance- Q44: List three internal or external factors that could change over the budget period, resulting in the need to adjust the budget- Q45: What information should you collect and record for the future???? Q46: Why is it important to collect and record budget performance reports???? Q47: Briefly explain how the features and functions of accounting software programs assist you in managing budgets-

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