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SITXFIN004 Prepare and monitor budgets
Project
1
ANIBT Assessment Tool Version 3.2
Date: Jan 2021 MADC
ASSESSMENT 3 OF 3 –project
SITXFIN004 Prepare and monitor budgets
STUDENT
Student Name
Student Number
Due Date:
Trainer Name:
I …………………………………………(student name) Declare that I have been fully
informed of the assessment and re-assessment processes and the answers to the
questions in this assessment are my own work and are not copied or plagiarised.
Student Signature
ASSESSOR
Assessor Name
Signature of Assessor :
Date assessment submitted:
Candidate submitted assessment after the due date – NOT YET SATISFACTORY
Candidate submitted on or before the due date and was deemed as: (please tick)
SATISFACTORY NOT YET SATISFACTORY
ASSESSOR COMMENTS
RE-ASSESSMENT
Date
Assessor Name
Signature of Assessor
The Candidate was deemed as: (please tick)
SATISFACTORY NOT YET SATISFACTORY
Candidate was still deemed Not Yet Satisfactory – see student services
Office use only: COMMENTS
Student to be re-assessed with charge
Student to be re-assessed without charge
Student to repeat unit at a later date with charge
SITXFIN004 Prepare and monitor budgets
Project
2
ANIBT Assessment Tool Version 3.2
Date: Jan 2021 MADC
Assessment Instructions
This assessment addresses the following elements
ELEMENTS
Prepare budget information.
Prepare budget.
Finalise budget
Monitor and review budget.
Assessment details
• This is assessment three of three for this unit.
• This is a summative assessment.
• This assessment is single sided.
• It is an open book assessment.
• This assessment must be completed individually.
• All questions are to be answered correctly to be deemed Satisfactory in the assessment.
• The cover page must be completed in full when you submit the assessment.
• This assessment must be submitted by the due date or it will be deemed an automatic NYS.
If that is the case the student will be charged a re-assessment fee if the assessors deem it
NYS when they mark it.
Candidate Instructions
Assessment must be word processed and submitted.
You are to use Font Arial 12 for the body of the Project – headings may be in Arial 14.
Ask your assessors if you do not understand a question. Whilst your assessor cannot give you the
answer he/she may be able to re word the question so it is easier for you to understand.
Special Instructions
There are no special instructions for this assessment.
ANIBT’s normal rules of assessment apply for this assessment – please refer to the Delivery and
Assessment Strategy for this unit (given at the commencement of the unit) and your student
Handbook for the following details:
• Access and Equity
• Plagiarism
• Collusion
• Assessment Process
• Assessment Appeals
• Re-Assessment
Assessor Instructions
There are no special instructions for the assessor.
ANIBT’s normal rules of assessment and assessor instructions and guidelines are detailed in the
Trainer and Assessor responsibilities handbook.
SITXFIN004 Prepare and monitor budgets
Project
3
ANIBT Assessment Tool Version 3.2
Date: Jan 2021 MADC
Part 1
Answer the questions below in as much detail as possible, considering an organisations
requirement.
1. Organise a meeting with any staff and discuss the importance of an upcoming budget
and complete the meeting minutes in the template provided. After completing the
Meeting Minutes provide details on points a), b) and c).
Minutes of Meeting
Meeting Objective: discussing the importance of an upcoming budget
Staff Attendees:
Date:
S.No.
Points Discussed
Actions Suggested
SITXFIN004 Prepare and monitor budgets
Project
4
ANIBT Assessment Tool Version 3.2
Date: Jan 2021 MADC
a) One aspect of the budget plan to which you contributed ideas
b) Three things you learned because of the meeting
c) Conclusions of the meeting.
SITXFIN004 Prepare and monitor budgets
Project
5
ANIBT Assessment Tool Version 3.2
Date: Jan 2021 MADC
2. Imagine you own and run a café. In the winter months you anticipate a fall in the number
of customers who frequent your café. Identify and explain:
 Three information sources you would consult to prepare for the winter months
 Three measures you would take to deal with the fall in custom.
3. Address the following points:
a) Three internal factors that could influence an organisations budget for the next year
1
2
3
SITXFIN004 Prepare and monitor budgets
Project
6
ANIBT Assessment Tool Version 3.2
Date: Jan 2021 MADC
b) Three external factors that could influence an organisations budget for the next year
1
2
3
c) Three methods of overcoming the challenges posed by the above factors.
1
2
3
4. Address the following points:
a) Who would you speak to about budget development and what information would you
seek?
SITXFIN004 Prepare and monitor budgets
Project
7
ANIBT Assessment Tool Version 3.2
Date: Jan 2021 MADC
b) What are the duties and responsibilities of a budgeting (Accounts) department?
c) What would you do if there are conflicting views about the budget?
d) How can you encourage teamwork when creating a budget?
e) How would you finalise the budget decisions?
SITXFIN004 Prepare and monitor budgets
Project
8
ANIBT Assessment Tool Version 3.2
Date: Jan 2021 MADC
5. What are the advantages and disadvantages of using different budgeting templates and
techniques?
advantages
disadvantages
.
SITXFIN004 Prepare and monitor budgets
Project
9
ANIBT Assessment Tool Version 3.2
Date: Jan 2021 MADC
Part 2
Answer the activity in as much detail as possible, considering an organisations requirement.
1. Having consulted with the accounts department, prepare a draft profit and loss budget
for a Café/Restaurant for the next two financial quarters. (Jan-Mar + Apr-Jun)
UPLOAD WITH ASSESSMENT
2. Hold three separate meetings:
1) Meeting with Front of House
2) Meeting with Kitchen department
3) Meeting with the CEO of the company
Complete the Meeting Minutes for each and address the points of discussion in each on
the following pages.
SITXFIN004 Prepare and monitor budgets
Project
10
ANIBT Assessment Tool Version 3.2
Date: Jan 2021 MADC
a) Front of House
Minutes of Meeting
Meeting Objective: Front of House Budget Review
Staff Attendees:
Date:
Points Discussed
Actions Suggested
How you would
review the budget to
assess actual
performance against
estimated
performance?
How you would
Investigate and take
appropriate action on
significant budget
deviations?
How you would
report budget
variance analysis?
How you would store
and file the budget
reports?
SITXFIN004 Prepare and monitor budgets
Project
11
ANIBT Assessment Tool Version 3.2
Date: Jan 2021 MADC
b) Kitchen Department
Minutes of Meeting
Meeting Objective: Kitchen Department Budget Review
Staff Attendees:
Date:
Points Discussed
Actions Suggested
How you would
review the budget to
assess actual
performance against
estimated
performance?
How you would
Investigate and take
appropriate action on
significant budget
deviations?
How you would
report budget
variance analysis?
How you would store
and file the budget
reports?
SITXFIN004 Prepare and monitor budgets
Project
12
ANIBT Assessment Tool Version 3.2
Date: Jan 2021 MADC
c) CEO of the company
Minutes of Meeting
Meeting Objective: CEO of the company Budget Review
Staff Attendees:
Date:
Points Discussed
Actions Suggested
How you would
review the budget to
assess actual
performance against
estimated
performance?
How you would
Investigate and take
appropriate action on
significant budget
deviations?
How you would
report budget
variance analysis?
How you would store
and file the budget
reports?
SITXFIN004 Prepare and monitor budgets Project
13
ANIBT Assessment Tool Version 3.2
Date: Jan 2021 MADC
Observation/Demonstration for trainer/assessor to complete
Element /Performance/Skill
Comments
Satisfactory
(Please tick)
Gather information needed to prepare a budget:
• determine and confirm the scope of the budget
• identify, access, and interpret information
• analyse internal and external factors that can
impact the budget
• consult with colleagues
Analyse information and prepare a draft budget:
• estimate income and expenditure
• reflect organisational objectives
• provide a range of options
• circulate draft for comment
Prepare a budget for a business that meets the specific
business’ needs:
• negotiate budget with stakeholders
• incorporate agreed modifications
• complete budget in required format
Demonstrate the following when preparing the budget:
• consultation on components
• analysis of factors that impact on the budget
• completion of draft and final versions of budget
within designated timelines
Review and prepare a report on budget performance in
meeting budget objectives:
• establish review cycles
• incorporate financial commitments into budget
and report
• investigate and take action on significant
deviations
• analyse changes in internal and external
environment and recommend adjustments
Collect and record information for use in future
budgets

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