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Manage finances within a budget

Assessment 1 - SITXFIN005A Prepare and monitor budgets and SITXFIN004A Manage finances within a budget

What you have to do

This assessment consists of financial questions to be answered adequately to demonstrate your knowledge and understanding of the concepts of Preparing, monitoring and managing budgets in order to be deemed competent in these two units.
The following types of questions have been included:
·         Fill-In-The-Blank
·         Multiple Choice
·         True/False
·         Short answer questions

This quiz is ungraded. Your result is based on the evidence you provide to meet the criteria for competence as specified in the unit of competency and grading criteria.  You will receive a result of Achieved Competency (AC) or Not yet Competent (NC).

Information on how to submit your assignment is located on the OLS OTEN website.




Part A  - TRUE/FALSE

Consider the following statements and answer either true or false to indicate whether you believe these statements to be correct or incorrect.

Question 1:

Is the following statement true or false?
Budgets should be prepared by senior management and implemented without consulting any influencers.

Answer:


Question 2:

Is the following statement true or false?
Employees possess skills and information regarding the business operations, which are vital to the organisation and assist in the preparation of budgets.

Answer:


Question 3:

Is the following statement true or false?
Managers should motivate team members to participate and become involved in the budgeting process.

Answer:


Question 4:

Is the following statement true or false?
If workers are given responsibility in the preparation of budgets, then they will retain a sense of ownership, which will lead to increased efficiency.

Answer:





Question 5:

Is the following statement true or false?
Budget data information is based solely on looking at previous past results.

Answer


Question 6:

Is the following statement true or false?
Shareholders will expect the budget to reflect their interest in the financial outcomes of the business.

Answer:


Question 7:

Is the following statement true or false?
Employees in sales roles should show no interest in the sales team budget and whether it is achievable or not.

Answer:


Question 8:

Is the following statement true or false?
When budgets are NOT prepared cohesively and  properly, the outcome can lead to lack of disciplinary control, ignorance of goals, and unrealistic budgetary data.

Answer:


Question 9:

Is the following statement true or false?
Flexible budgeting calculates budgeted costs on the basis of only one budgeted level of activity.

Answer:



Question 10:

Is the following statement true or false?
When budgeting for a new business or project, much of the budget information will come from your market research.

Answer


Question 11:

Is the following statement true or false?
There are two main types of functional budgets in a business. These are the operational budget and logistics budget.

Answer


Question 12:

Is the following statement true or false?
A cash flow budget is a prediction of future estimated cash flows, whereas a cash flow statement is a summary of past actual cash flow.

Answer

Manage finances within a budget

Assessment 1 – SITXFIN005A Prepare and monitor budgets and SITXFIN004A Manage finances within a budget

What you have to do

This assessment consists of financial questions to be answered adequately to demonstrate your knowledge and understanding of the concepts of Preparing, monitoring and managing budgets in order to be deemed competent in these two units.
The following types of questions have been included:
·         Fill-In-The-Blank
·         Multiple Choice
·         True/False
·         Short answer questions
This quiz is ungraded. Your result is based on the evidence you provide to meet the criteria for competence as specified in the unit of competency and grading criteria.  You will receive a result of Achieved Competency (AC) or Not yet Competent (NC).
Information on how to submit your assignment is located on the OLS OTEN website.

Part A  – TRUE/FALSE

Consider the following statements and answer either true or false to indicate whether you believe these statements to be correct or incorrect.

Question 1:

Is the following statement true or false?
Budgets should be prepared by senior management and implemented without consulting any influencers.

Answer:

Question 2:

Is the following statement true or false?
Employees possess skills and information regarding the business operations, which are vital to the organisation and assist in the preparation of budgets.

Answer:

Question 3:

Is the following statement true or false?
Managers should motivate team members to participate and become involved in the budgeting process.

Answer:

Question 4:

Is the following statement true or false?
If workers are given responsibility in the preparation of budgets, then they will retain a sense of ownership, which will lead to increased efficiency.

Answer:

Question 5:

Is the following statement true or false?
Budget data information is based solely on looking at previous past results.

Answer

Question 6:

Is the following statement true or false?
Shareholders will expect the budget to reflect their interest in the financial outcomes of the business.

Answer:

Question 7:

Is the following statement true or false?
Employees in sales roles should show no interest in the sales team budget and whether it is achievable or not.

Answer:

Question 8:

Is the following statement true or false?
When budgets are NOT prepared cohesively and  properly, the outcome can lead to lack of disciplinary control, ignorance of goals, and unrealistic budgetary data.

Answer:

Question 9:

Is the following statement true or false?
Flexible budgeting calculates budgeted costs on the basis of only one budgeted level of activity.

Answer:

Question 10:

Is the following statement true or false?
When budgeting for a new business or project, much of the budget information will come from your market research.

Answer

Question 11:

Is the following statement true or false?
There are two main types of functional budgets in a business. These are the operational budget and logistics budget.

Answer

Question 12:

Is the following statement true or false?
A cash flow budget is a prediction of future estimated cash flows, whereas a cash flow statement is a summary of past actual cash flow.

Answer