SITXFIN004 Assessment Pack v3 2019

UNIT SUMMARY RECORD – Student Copy
SITXFIN004 Prepare and monitor budgets
Note: To be removed by the Assessor and returned to the student
Student Name:
Student ID No:
Result
(Please Circle)
S = Satisfactory
NS = Not Satisfactory
Assessment Task 1 Written questions S | NS
Assessment Task 2 Project/ Assignment S | NS
Assessment Task 3 Demonstration S | NS

Final Assessment Result for this unit
C - Competent, NYC – Not yet Competent (Please Circle) C / NYC
Assessor Feedback:
.......................................................................................................................................................................
.......................................................................................................................................................................
.......................................................................................................................................................................
Assessor Declaration: I declare that I have conducted a fair, valid, reliable and flexible assessment with
this student, and I have provided appropriate feedback
Signature: ____________________________
Date: ____/_____/_____
..........................................................................................................................................................
please cut here
Assessor Declaration: (to be filled out and given to the student when assessment is handed in)
Student Name:
Student ID No:
Student has submitted this assessment on ____/_____/_____
Trainer Signature: ____________________________
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Ashton College Pty Ltd Assessment Pack SITXFIN004
Current Version: 03:07/2019 RTO: 22234
This page is left intentionally blank
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UNIT SUMMARY SHEET - TRAINER COPY
This form is to be completed by the assessor and used as a final record of student competency.
All student submissions are to be attached to this summary sheet before placing on the students file.
Student Name:
Student ID No:
Result
Please attach the following documentation to this form (Please Circle)
S = Satisfactory
NS = Not Satisfactory
Assessment Task 1 Written questions S | NS
Assessment Task 2 Project/ Assignment S | NS
Assessment Task 3 Demonstration S | NS

Final Assessment Result for this unit
C - Competent, NYC – Not yet Competent (Please Circle) C / NYC
Marking Criteria – Student must demonstrate satisfactory performance in each assessment task to be deemed
competent in this unit
Assessor Feedback:
...........................................................................................................................................................................................
...........................................................................................................................................................................................
...........................................................................................................................................................................................
Assessor Declaration: I declare that I have conducted a fair, valid, reliable and flexible assessment with this
student, and I have provided appropriate feedback
Signature: ____________________________
Date: ____/_____/_____
3
This page is left intentionally blank
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Assessment Task 1
Unit Code: SITXFIN004
Unit Title: Prepare and monitor budgets
STUDENT DECLARATION: I declare that no part of this assessment has been copied from any other person's work, except where due
acknowledgment is made in the text, and no part of this assessment has been written for me by any other person except where such
collaboration has been authorised by the assessor concerned.
Student Signature: _________________________________________ Date: ____/____/_______
Student Name:
Student ID:
Trainer/Assessor Name:
Result Result
(Please Circle)
S = Satisfactory NS = Not Satisfactory
Marking criteria – Student must demonstrate satisfactory performance in each task to be deemed S | NS
Satisfactory.
Assessor’s feedback / date for re-assessment if required:
Assessors signature: Date:
5
Unit code and Title SITXFIN004 Prepare and monitor budgets
Written questions
Assessment Task 1 This is a summative assessment activity and is used to assess what you have
learnt during this unit. This assessment will contribute towards the assessment
of your overall competency.
The purpose of this assessment activity is for you to demonstrate an

understanding required to analyse financial and other business information to
Purpose of assessment prepare and monitor budgets. It requires the ability to draft and negotiate
budgets, identify deviations, and manage the delivery of successful budgetary
performance.
This assessment activity requires you to answer a series of questions, in a written

format, using the space provided for each question or statement. Please write
clearly and answer all sections. Use a pen. Assessments written in pencil will not
be accepted. Please do not use white out on your assessments. If you need to
make changes please cross out and initial the changes.
Assessment methods and
instructions Cheating and plagiarism is considered academic misconduct and will not be
tolerated at Ashton College. Refer to the Client Information Handbook for more
information
Trainers can apply reasonable adjustment to assessments. Reasonable
adjustment is the process of adjusting or changing the assessment to meet the
needs and characteristics of the student(s) being assessed, and taking into
account any equity requirements.
Resources Futura Learning Materials
Assessment environment Classroom
Assessment must be completed by the scheduled unit end date as per the
Timeframe for assessment student timetable. Timeframe can be negotiated based upon student’s
individual needs and requirements.
Marking criteria Standard

To be assessed as satisfactory for this assessment activity each question or
statement must have the correct response.
Reassessment
If you do not answer every question correctly, then your assessor will give you
the opportunity to go over the incorrect answers or ask you a similar multiple
choice question.
If you still do not answer all questions correctly then your assessor will arrange
for you to re sit the entire assessment. Your trainer will provide guidance as to
6
the areas of the learning materials that you need to review.
You will receive up to two (2) attempts at this assessment task. Should your 1st
attempt be unsatisfactory (U), your Trainer/Assessor will provide feedback and
will arrange a date for your 2nd attempt. If your 2nd attempt is unsatisfactory
(U), or you fail to attend of date scheduled for the 2nd attempt, you will receive
an overall unsatisfactory result for this assessment task. Only one re-assessment
attempt may be granted for each assessment task
You must satisfactorily complete all assessment tasks to be deemed competent
in this unit.
Assessment Appeals
If you wish to appeal an assessment decision you should initially talk with your
trainer/assessor and see if the situation can be resolved. If you are not satisfied
with the outcome you may then lodge a formal complaint. Formal complaints are
to be made to the Clients service manager.
Complaints and appeals are actioned within 5 days of receipt of a complaint or
appeal. The College will act upon the outcome of any complaint found to be
substantiated. Appeals must be lodged within 20 working days of the decision of
a complaint process or assessment result.
For further information on this procedure refer to the Complaints and Appeals
Policy and Procedure.
7
Question 1
Name 4 business considerations you might consider when researching a budget.
1. ___________________________________________________________________________
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2. ___________________________________________________________________________
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3. ___________________________________________________________________________
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4. ___________________________________________________________________________
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Question 2
Describe how the following sources of data can be used for budget preparation.
Competitor research –
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Customer or supplier research –

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Declared commitments in areas of operation –

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Financial information from suppliers –

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Financial proposals from key stakeholders –

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Performance data/information from previous time periods –

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Departmental, event or project budgets –

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Grant funding guidelines or limitations –

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Management policies and procedures –
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Organisational budget preparation guidelines –

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Question 3
Explain how the following internal¬ factors can impact on budgets.
Management restructure –
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Human resources requirements –

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New projects and business objectives –

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Changes in commodity or service prices –

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Question 4
Explain how the following external factors can impact on budgets.
Legislation and regulations –
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Changes in the global economy –
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Market trends –
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Question 5
How does involving staff “from the bottom up” in the budgeting process, help the business?
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Question 6
What does the process of preparing a draft budget usually involve?
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Question 7
How does breaking the budget down into groups, departments, or income and expense categories help
colleagues?
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Question
Name 3 people (job roles) you would circulate the draft budget to for feedback or approval:
1. ___________________________________________________________________________
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2. ___________________________________________________________________________
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3. ___________________________________________________________________________
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Question 9
The budgeting process requires strong negotiation skills. Why is it important to convince staff of the
achievability of the budget?
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Question 10
A staff member suggests a change or alteration to the budget. List 3 aspects you need to consider to
ensure any changes would have no negative impacts:
1. ___________________________________________________________________________
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2. ___________________________________________________________________________
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3. ___________________________________________________________________________
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Question 11
In most businesses/industries, when must the budget be complete?
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Question 12
What information should department managers include in their monthly reports?
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Question 13
How often should the budget be compared to the actual accounting results?
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Question 14
Name and describe 5 financial reports you might generate from your accounting system to check your
budget against actual income or expenditure.
1. ___________________________________________________________________________
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2. ___________________________________________________________________________
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3. ___________________________________________________________________________
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4. ___________________________________________________________________________
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5. ___________________________________________________________________________
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Question 15
Every revenue and expense item on the Profit and Loss Statement should be compared to what?
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Question 16
When revenue variances occur, why is talking to staff a good way to help identify and find options to
address the issue?
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Question 17
List 3 factors that can cause variances in staff budgets.
1. ___________________________________________________________________________
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2. ___________________________________________________________________________
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3. ___________________________________________________________________________
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Question 18
Why is monitoring your budget progressively throughout the year so important?
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Question 19
How can you collect information to help create future budget plans?
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Question 20
Name an accounting program you can use to help manage budgets.
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Question 21
Explain each of the following types of budgets:
Cash budget/Cashflow budget –

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Departmental budget –
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Event budget –
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Project budget –
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_______________________________________________________________________________
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Purchasing budget –
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Sales budget –
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Wage budget –
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Master budget –
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Assessment Task 2
Student Name:
Student ID:
Result Result
(Please Circle)
Satisfactory.
15
Project/Assignment
Assessment Task 2 This is a summative assessment activity. This is an assessment of what you have
learnt and is used towards the assessment of your overall competency.

performance.
This assessment activity requires you to complete a project.

You need to complete the project in a written format, using the space provided for
each question or statement. Please write clearly and answer all sections. Use a
pen. Assessments written in pencil will not be accepted. Please do not use white
out on your assessments. If you need to make changes please cross out and initial
the changes.
Assessment methods and
instructions Cheating and plagiarism is considered academic misconduct and will not be
tolerated at Ashton College. Refer to the Client Information Handbook for more
information
Trainers can apply reasonable adjustment to assessments. Reasonable adjustment
is the process of adjusting or changing the assessment to meet the needs and
characteristics of the student(s) being assessed, and taking into account any equity
requirements. .
Assessment environment Classroom
Assessment must be completed by the scheduled unit end date as per the student
Timeframe for assessment timetable. Timeframe can be negotiated based upon student’s individual needs
and requirements.

Reassessment
If you do not answer every question correctly, then your assessor will give you the
opportunity to go over the incorrect answers or ask you a similar multiple choice
question.
If you still do not answer all questions correctly then your assessor will arrange for
16
you to re sit the entire assessment. Your trainer will provide guidance as to the
areas of the learning materials that you need to review.
attempt be unsatisfactory (U), your Trainer/Assessor will provide feedback and will
arrange a date for your 2nd attempt. If your 2nd attempt is unsatisfactory (U), or
you fail to attend of date scheduled for the 2nd attempt, you will receive an
overall unsatisfactory result for this assessment task. Only one re-assessment
You must satisfactorily complete all assessment tasks to be deemed competent in
this unit.
Assessment Appeals
substantiated. Appeals must be lodged within 20 working days of the decision of a
complaint process or assessment result.
17
Task 1
Your Tasks:
You are required to complete a draft budget based on information and factors that were determined
during an executive meeting at Hotel Futura.
A. Access the excel spreadsheet named “Task 1-Hotel Futura Budget_Forecast”. The first tab on
this spreadsheet is labelled “Departments Small” and shows the existing budget figures for the
2016 financial year.
B. Use the template “Draft Budget” on the second tab of the spreadsheet and perform the
calculations below using basic formulas.
Your forecast needs to include the Dollar Figures and the % values for these affected by changes
outlined below.
The % values must be listed for each expense item shown in the Expenses Analysis for each
department.
You have met with the department heads of Hotel Futura and the following details have been
discussed to prepare your draft budget for 2017:
1. Rooms Division:
a. Due to renovations the rooms available have been reduced to 96%.

b. The forecasted occupancy rate has been adjusted to 80%.
c. The revenue per available room needs to be increased to $150.00
d. The COGS will increase to 15% of total room revenue
e. Staff costs need to be increased to 20% of total room revenue to allow for increases in
superannuation and awards.
f. Other Expenses need to increase to 8% of total room revenue to cover electricity price rises.
2. Catering:
a. The food revenue will be increased by 15% due to a new marketing campaign and specialty
menus
b. The beverage revenue will increase by 8%.
c. Staff costs need to be adjusted to 44% of the food budget.
d. Other Expenses will need to be increased to 7%.
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3. Banquet:
The Banquet Division will be directly affected by the new marketing campaign which has been directed
at daytime seminars and corporate functions. For this purpose the kitchen has received specialised
equipment including multiple combi steamers, hold-o-mats and sous-vide equipment.
a. The new food revenue budget was set at $ 2,000,000.00 ($2 Million) and the beverage revenue was
increased by 75%.
b. The COGS will increase to 26%.
c. The staff costs have been reduced to 19%.
d. Other Expenses will need to increase to 14%.
4. Room Service:
a. The room service revenue from food needs to be increased by 15%.

b. Due to a different system to clear floors and organise delivery, the staff costs will be reduced to
34%.
5. Mini Bar:
The mini bar budget remains unchanged and increased staff costs are absorbed through different
processes.
6. Bar Budget:
a. The food revenue budget has been increased by 25% with the implementation of a Tapas Menu.
b. The Beverage Revenue budget has been increased 20% with the introduction of a new cocktail bar
and happy hour specials.
c. Staff costs will need to be adjusted to 36%.
d. Other Expenses need to be increased to 18%.
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Task 2
Your Tasks:
You have provided the chief financial controller with the draft budget for 2017. Following the recent
executive meeting where the draft budget was discussed, you are now required to establish the final
budget reflecting the changes based on the latest actuals and variances as well as major road works
which will affect Futura Restaurant and Bar during 2017.
A. Access the excel spread sheet named “Task 2-Budget Futura_Rest.&Bar”. The first tab on this
spreadsheet is labelled “Futura Restaurant and Bar” and shows the Draft budget figures for the
2017 financial year.
B. Use the template “Revised Budget” on the second tab of the spreadsheet and perform the
calculations below using basic formulas based on the following changes:
Month Customer numbers Average Spend (Food) Average Spend (Beverage)
January 1850 $ 45.00 $ 9.70

February 2000 $ 37.00 $ 9.70
March 700 $ 42.00 $ 9.70
April 1200 $ 48.00 $ 9.70
May 1200 $ 36.50 $ 9.70
June 600 $ 35.00 $ 9.70
July 950 $ 34.00 $ 9.70
August 800 $ 38.00 $ 9.70
September 900 $ 29.00 $ 9.70
October 650 $ 29.50 $ 9.70
November 980 $ 35.50 $ 9.70
December 2200 $ 48.00 $ 9.70
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1. Calculate the anticipated Food revenue for each month and the yearly total.
2. Calculate the anticipated Beverage revenue per month and the yearly total.
3. Calculate the Total Revenue for each month and the yearly total.
4. Calculate the overheads total for each month (at 90% of turnover for each for each month with
1000 or more customers and at 96% for each month with less than 1000 customers) and the yearly
total.
5. Calculate the profit for each month and the yearly total.
6. Calculate the Cost of Goods Sold for food and beverages, given a combined percentage of 32%.
7. Calculate the staff costs for each month at 31% for each month with 1000 or more customers and
at 35% for each month with less than 1000 customers.
8. Calculate the ‘Other overheads” for the operation.
9. Print a copy of the revised budget.
10. Print the revised budget showing all formulae used.
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Task 3
Your Tasks:
Read the following 3 scenarios and answer the questions attached for each scenario.
Scenario 1:
The finance team has created budget forecasts for Hotel Futura based on carefully researched factors for
the last 3 years and these were always very accurate. The recent budget which included all departments
of the hotel was implemented 3 months ago and the forecasted figures for Food Cost and
COGS/Beverages in both the Restaurant and the Bar Operations have blown out by nearly 4.5 percent.
What could be the reasons for this? List 5 examples of areas you would investigate and explain why.
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Scenario 2:
Hotel Futura has successfully operated for 7 years. During this period, overall turnover has doubled, and
during the past 3 budget periods annual budgets have been increased by 15% each year which was
exceeded each time. During the last 6 months however, management has noticed that the opposite trend
seems to be occurring now.
List 5 external factors which could contribute to this and explain which methods you would use to
determine this.
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Scenario 3:
You have successfully negotiated the draft budget with each department head of the Hotel which has
now been approved by the director and implemented 6 weeks ago.
You have finalised the financial data of the Hotel for the next management meeting and noticed the
following:
a.
Department Budget Actual Variance
Kitchen/Food Cost 28% 32% (-)$ 13467
b. The recently appointed F&B Manager has purchased 240 bottles of Hill of Blessings @ $90 each
which represents a saving of $30 per bottle. However this exceeds the par stock level by 220 bottles
and has created a cashflow problem, given the negative performance of the kitchen during this
period as well.
1. Which reports would you need to prepare for these issues?

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2. Who is it essential to involve when these matters need to be discussed?

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3. Suggest options to address and rectify these issues.
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4. How could the cashflow issue be addressed?

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5.
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Assessment Task 3
Student Name:
Student ID:
Result Result
(Please Circle)
Satisfactory.
28
Demonstration
Assessment Task 3 You need to demonstrate what you have learnt during this unit. This assessment
will contribute towards the assessment of your overall competency

performance.
This assessment activity requires you to undertake a demonstration. Your trainer

will complete an ‘Assessor Checklist’ during this assessment task. Please ensure
that you review this checklist prior to undertaking the assessment task. If you are
unsure of any task or question please ask your trainer for clarification
Cheating and plagiarism is considered academic misconduct and will not be
Assessment methods and tolerated at Ashton College. Refer to the Client Information Handbook for more
instructions information
Trainers can apply reasonable adjustment to assessments. Reasonable adjustment
is the process of adjusting or changing the assessment to meet the needs and
characteristics of the student(s) being assessed, and taking into account any equity
requirements.
Assessment environment Classroom or simulated work environment
Assessment must be completed by the scheduled unit end date as per the student
Timeframe for assessment timetable. Timeframe can be negotiated based upon student’s individual needs
and requirements.

Reassessment
If you do not answer every question correctly, then your assessor will give you the
opportunity to go over the incorrect answers or ask you a similar multiple choice
question.
If you still do not answer all questions correctly then your assessor will arrange for
you to re sit the entire assessment. Your trainer will provide guidance as to the
areas of the learning materials that you need to review.
attempt be unsatisfactory (U), your Trainer/Assessor will provide feedback and will
29
arrange a date for your 2nd attempt. If your 2nd attempt is unsatisfactory (U), or
you fail to attend of date scheduled for the 2nd attempt, you will receive an
overall unsatisfactory result for this assessment task. Only one re-assessment
You must satisfactorily complete all assessment tasks to be deemed competent in
this unit.
Assessment Appeals
substantiated. Appeals must be lodged within 20 working days of the decision of a
complaint process or assessment result.
30
Part A
Learner assessment guide and evidence

This assessment requires you to calculate costs and prepare budgets for an event.
You are required to do the following.
 Read the scenario information provided in each task.

 Complete Tasks 1, 2 and 3 in Part A
 Answer all the questions.
 You can use accounting software to complete budget preparation tasks.
Scenario
You’ve been appointed the project manager for organising and running a charity ball. The ball will be
held in the local town hall, a beautiful historic building in the centre of the shopping and business
district. The not-for-profit (NFP) organisation running the ball want a black tie, gala event with a three-
or four-course meal, music, dancing and entertainment. They plan to hold a charity auction throughout
the evening to raise more money for their cause. The ball will be held on the last Saturday in October
and they hope to sell 500 tickets.
You are responsible for organising the provision of all food and beverages, a MC, entertainment and
music. The charity will source all items for the auction.
The charity organisation has two main goals: to hold a successful event and make a reasonable profit
from the ball and the auction. They hope to make this an annual event as money raised can significantly
boost their ability to provide aid to others.
As part of the planning process, you must prepare a number of budgets to help achieve these goals. The
first stage of your planning process is to calculate expenses to determine the final selling price for the
ball tickets. An initial estimated figure of $150 to $200 has been discussed. You must confirm if this is an
appropriate price and determine anticipated profits for the organisation. You will report your initial
budgets to an event sub-committee of representatives from the NFP organisation.
Task 1: Source information question and answer

 Answer all questions.
1. What are two of the charity organisation’s goals and objectives for this event?
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2. What budgets do you need to prepare to help you achieve these goals?
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3. What are four external and internal factors that might affect the event and therefore your
budgets?
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4. What type(s) of data or information will assist you in the preparation of your budgets? Where
could you find it?
Information/data required Sources
5. The event committee want to be involved in the planning process. What techniques can you use
to enable them to contribute to budget planning processes, negotiate changes and inform them
of budget decisions?
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32
Task 2: Prepare budgets
 Read the scenario information provided.
After conducting extensive research, you’ve obtained quotes from suppliers for the following items.
Expense item Quote ($) Comments

Venue hire 3,500.00 Main hall and stage
Postage/stationery 350.00
Telephone 350.00
Event uniforms (F&B only) 750.00 Printed event t-shirt for service staff
Floral arrangements 3,900.00 6 x large stands, 42 x table centres
Lighting and stage hire 6,900.00 Stage, spot, dance floor
Microphones, data projector, screens, sound systems
Audiovisual equipment hire 4,500.00
for entertainment
Equipment hire 1,790.00 Food preparation and service equipment
MC 800.00 Six hours including auction
Consultant fees 3,500.00
Task 2.1: Calculate linen expenses

 Use Attachment 1_Documents and complete Task 2.1: Calculate linen expenses.
 One of the expenses incurred will be for the hire of linen for the event. Using the information
provided, calculate the linen hire costs.
Task 2.2: Prepare an expense budget

 Using the same Attachment 1_Documents, complete Task 2.2: Prepare an expense budget.
 Based on the quotes provided by suppliers and your calculations, prepare an expense budget for the
event.
Task 2.3: Calculate F&B labour costs

 Using the same Attachment 1_Documents, complete Task 2.3: Calculate F&B labour costs.
 Based on the information provided, calculate the total food and beverage wage costs incurred from
the labour hire company for the event.
All cooks, kitchen assistants and food and beverage service staff will be hired through a hospitality
labour hire company for the duration of the event only. The costs quoted by the company include all
penalties, workers’ compensation, WorkCover and other on-costs. However, there is an additional
overtime penalty of $10 per hour for all hours worked after the first eight hours of any given day.
33
You need staff over a two-day period:
 Friday – room setup and food preparation
 Saturday – setup and delivery of service on the day of the event.
Job role No. of staff Rostered hours per person Pay rate per hour
Friday Saturday
Friday Saturday
$ $
Cook A 2 8 8 30.00 35.00
Cook B 2 8 10 30.00 35.00
Kitchen assistant 2 6 8 20.00 25.00
Kitchen hand 2 8 20.00 25.00
F&B waiter A 7 8 8 25.00 30.00
F&B waiter B 16 8 25.00 30.00
Bar attendant 2 6 6 25.00 30.00
Bar attendant 1 9 25.00 30.00
Task 2.4: Calculate total labour costs

 Using the same Attachment 1_Documents, complete Task 2.4: Calculate total labour costs.
 Based on the information provided, calculate the total food and beverage wage costs incurred from
the labour hire company for the event.
In addition to labour hire costs, you employ two supervisors for the event. These are staff you have
recruited personally and you pay a flat rate for the two days of $40.00 per hour. You anticipate they will
both work 12 hours each day.
Security is also required on the night, with two crowd controller/security staff employed through
another staffing agency. You will need 24-hour security from 3 pm Friday due to some of the charity
auction items being stored at the venue overnight. Their hourly rate is $40.00 on Friday and $50.00 on
Saturday and Sunday. All rates are from midnight to midnight.
No. of
Job role Rostered hours per person Pay rate per hour
staff
Friday Sat/Sun
Friday Saturday
$ $
Security A 1 3 pm to 11 pm 3 pm to 11 pm 40.00 50.00
11 pm to 7 am
Security B 1 6 pm to 2 am (Sun) 40.00 50.00
(Sat)
Security C 1 7 am to 3 pm 40.00 50.00
34
Task 2.5: Calculate food costs
 Using the same Attachment 1_Documents, complete Task 2.5: Calculate food costs.
 Based on the information provided, calculate the total food costs and cost per head for the event.
 Calculate food cost per head against anticipated sales of 500 tickets.
A four-course meal with wine, beer, soft drinks and juices is included in the ticket price.
Meals will be served on a 50/50 basis except for the tapas appetiser, which is a shared platter. An
additional 60 main meals are required to cover staff and entertainers’ meals. These meals are
complimentary and their cost must be included in ticket sales.
Standard recipes have been costed for each course and an individual cost per serve determined.
Task 2.6: Calculate beverage costs

 Using the same Attachment 1_Documents, complete Task 2.6: Calculate beverage costs.
 Based on the information provided, calculate the total beverage costs and cost per head for the
event.
 Calculate beverage cost per head against anticipated sales of 500 tickets.
Beverages for the gala dinner include a variety of red and white wines to match each course, bottled
light and heavy beer, post-mix soft drinks and orange juice.
Task 2.7: Prepare event budgets

 Using the same Attachment 1_Documents, complete Task 2.7: Prepare event budgets.
 Based on the information provided and the results of the previous tasks, prepare event budgets for
the event.
The event committee has asked you to prepare two alternative event budgets based on two different
ticket selling prices: $175.00 or $200.00. They want to determine the most feasible and profitable
alternative for their organisation.
Costs for additional expenses need to be included in the revenue statement budgets. They are
calculated as a fixed percentage of total revenue from ticket sales.
Additional expenses % of revenue

Advertising 1%
Printing 0.25%
Room decoration 3%
Entertainment 5%
35
Task 2.8: Adjust financial commitments
 Using the same Attachment 1_Documents, complete Task 2.8: Adjust financial commitments.
 Based on the information provided, recalculate linen and beverage expenses.
After meeting with the event committee and discussing potential methods of reducing expenses and
maximising profits, the following decisions have been made.
 Linen hire expenses are to be reduced because chair covers and overlays will not be used for the
event.
 The committee accepted an offer from a major liquor supplier to supply all wine for the event in
return for acknowledgement on printed materials, such as menus, posters and banners.
Task 2.9: Prepare adjusted event budget

 Using the same Course file, Attachment 1_Documents, complete Task 2.9: Prepare adjusted event
budget.
 Based on the information provided and the results of the previous tasks, prepare an adjusted event
budget for the gala ball that reflects all new calculations and decisions made by the event committee.
The event committee has made the following decisions.
 Ticket prices are set at $175.00 per person unless profits are below $25,000 in the final budget.
 The advertising allowance is to be raised to 3% and printing to 0.5%.
 Entertainment expenses will remain the same at 5%. The band contracted to play during the meal
has offered its services for free as a donation to the charity.
 Room decoration expenses will be increased to $3,000.
 Lighting and audiovisual expenses are to be decreased by $1,000 each.
 The supplier who provided costs for the hire of catering equipment for the event is supplying all
equipment free of charge for the same acknowledgements as the liquor supplier.
Task 3: Question and answer

Base your responses to questions 1 to 4 on the results of Task 2.7: Prepare events budgets.
1. How can you present the draft revenue budgets to the event committee and other relevant
parties?
________________________________________________________________________________
________________________________________________________________________________
________________________________________________________________________________
________________________________________________________________________________
2. Why should you circulate a draft budget to the members of the events committee?
________________________________________________________________________________
________________________________________________________________________________
36
________________________________________________________________________________
3. Do you think either of the budget options presented meets the charity organisation’s stated
goals? Why/why not?
________________________________________________________________________________
________________________________________________________________________________
________________________________________________________________________________
________________________________________________________________________________
________________________________________________________________________________
4. What recommendations would you make to the event committee to help them achieve their
goals?
________________________________________________________________________________
________________________________________________________________________________
________________________________________________________________________________
________________________________________________________________________________
________________________________________________________________________________
5. Once the final budget has been approved, what information do you need to communicate to your
team, the event committee, internal ticket sales staff and external agencies about the final
budget?
________________________________________________________________________________
________________________________________________________________________________
________________________________________________________________________________
________________________________________________________________________________
________________________________________________________________________________
6. After the event, you have to prepare a report to the event committee on the outcomes of the gala
ball. What should your report include?
________________________________________________________________________________
________________________________________________________________________________
________________________________________________________________________________
________________________________________________________________________________
________________________________________________________________________________
7. The NFP organisation are very happy with the outcomes from the gala ball and want to hold it
again next year. What information would you collect and record to assist in preparing budgets for
next year’s event?
________________________________________________________________________________
________________________________________________________________________________
________________________________________________________________________________
________________________________________________________________________________
37
________________________________________________________________________________
38
Assessor checklist
To be completed by the assessor.
Learner’s name:
Did the learner successfully demonstrate Completed

evidence of their ability to do the Assessor comments/ Date/ Sign.
following? Yes No
Identified, accessed and interpreted data
and data sources required for budget
preparation.
Prepared a draft budget based on

analysis of all available information
within designated timelines.
Estimated income and expenditure and

support with valid, reliable and relevant
information.
Reflected organisational objectives within

draft budget.
Assessed and presented options and

recommendations in a clear format.
Negotiated budget according to

organisational policy and procedures.
Agreed on and incorporated

modifications.
Completed final budget in a clear format

within designated timelines.
Prepared a budget for a business that

meets the specific business needs.
39
Part B
Learner assessment guide and evidence
This assessment requires you to monitor and review budgets.
You are required to do the following.
 Complete Tasks 1, 2 and 3 in Part B.

 You can use accounting software to prepare your budgets for all tasks.
Scenario
Mario’s Delicatessen is situated in a major shopping centre between two well-known supermarket
chains and is open seven days a week from 8.30 am to 6 pm. The delicatessen offers an international
range of fresh, frozen and pre-packaged products and specialty breads. It sells a range of whole roasted
coffee beans and has a small café that makes the best espresso coffees in the shopping centre.
Three brothers are equal partners in the business and share the workload, with all other staff employed
as casuals.
The business has been operating at a food cost of 20% and beverage cost of 18% for the past 12 months.
However, in this budget, the brothers want to reduce their cost of goods and bring food costs down to
16% and beverage costs to 14%. They plan to source new suppliers for their products, reduce wastage
with better stock rotation and careful attention to use-by dates, and possibly discontinue some of their
more expensive product lines.
The expense budget includes an increase in utilities costs of around 12%. New procedures are going to
be put into place to reduce electrical and gas usage to try to reduce the impact of the price rise.
Casual wage rates are also expected to rise and this has been factored into the budget.
One of the supermarkets will undergo a major renovation from September to November. As the
supermarket will still be operating during the renovation period, the brothers believe this should have
no effect on sales in the deli, so no adjustments to the sales budget have been made.
Mario’s Delicatessen Sales budget 3 rd quarter 20XX

July Aug Sept TOTAL
Revenue
$ $ $ $
Food 22,500.00 $26,875.00 27,930.00 77,305.00
Beverage 8,050.00 9,060.00 11,090.00 28,200.00
TOTAL 30,550.00 35,935.00 39,020.00 105,505.00
Mario’s Delicatessen Expense budget 3 rd quarter 20XX
40
July Aug Sept TOTAL
$ $ $ $
Wages 16,250.00 16,250.00 16,250.00 48,750.00
Rent 2,840.00 2,840.00 2,840.00 8,520.00
Gas & electricity 1,830.00 1,830.00 1,830.00 5,490.00
Accounting 1,250.00 1,250.00 1,250.00 3,750.00
Insurance 1,500.00 1,500.00 1,500.00 4,500.00
Other overhead expenses 1,900.00 1,900.00 1,900.00 5,700.00
TOTAL EXPENSES 25,570.00 25,570.00 25,570.00 76,710.00
Task 1: Prepare a revenue budget

 Use Attachment 2_Documents and complete Task 1: Prepare a revenue budget.
 Based on the information provided, complete the revenue budget for Mario’s delicatessen.
Task 2: Prepare an income statement

 Using the same Attachment 2_Documents complete Task 2: Prepare an income statement.
 Based on the information provided and the results of Task 1, prepare an income statement for
Mario’s delicatessen.
Task 3: Question and answer

 Base your responses on the outcomes from Tasks 1 and 2.
1. What information contained in the income statement are important performance indicators for
the business?
________________________________________________________________________________
________________________________________________________________________________
________________________________________________________________________________
________________________________________________________________________________
2. Which variances are favourable and unfavourable results for the business? Give three examples of
each.
 Favourable
________________________________________________________________________________
________________________________________________________________________________
________________________________________________________________________________
________________________________________________________________________________
 Unfavourable
41
________________________________________________________________________________
________________________________________________________________________________
________________________________________________________________________________
________________________________________________________________________________
3. What could be the possible causes of the budget variances? Consider what changes to the internal
or external environment might have contributed to the deviations.
________________________________________________________________________________
________________________________________________________________________________
________________________________________________________________________________
________________________________________________________________________________
________________________________________________________________________________
4. What actions (if any) could the brothers take to reduce the possibility of the unfavourable
variances occurring again?
________________________________________________________________________________
________________________________________________________________________________
________________________________________________________________________________
________________________________________________________________________________
________________________________________________________________________________
5. What adjustments might need to be made when preparing future budgets as a result of the
outcomes of this budget?
________________________________________________________________________________
________________________________________________________________________________
________________________________________________________________________________
________________________________________________________________________________
________________________________________________________________________________
42
Assessor checklist
To be completed by the assessor.
Learner’s name:
Did the learner successfully demonstrate Completed

evidence of their ability to do the Assessor comments/ Date/ Sign.
following? Yes No
Prepared a budget for a business that
meets the specific business needs.
Monitored and reviewed the budget

against performance over its life cycle.
Identified budget deviations and

deficiencies and developed options for
their resolution to meet budgetary
requirements.
Regularly reviewed budget to assess
actual performance against estimated
performance and prepared accurate
financial reports.
Incorporated all financial commitments
into budget and budget reports.
Investigated and took appropriate action

on significant deviations.
Analysed changes in internal and external

environment and made necessary
adjustments.
43
Attachment 1_Documents
Complete the shaded fields in all tables.
Task 2.1: Calculate linen expenses

Linen type Price per item $ Quantity Cost $
Round tablecloths 16.50 42
Trestle tablecloths 16.50 10
Table overlays 11.50 42
Napkins 1.80 500
Chair covers 6.00 500
Total linen hire costs
Task 2.2: Prepare an expense budget

Expense budget
Expense item $
Venue hire
Postage/stationery
Telephone
Event uniforms (F&B only)
Floral arrangements
Lighting hire
Audiovisual equipment hire
Equipment hire
MC
Consultant fees
Linen hire
Total expenses
44
Task 2.3: Calculate F&B labour costs
F&B labour costs
Wages per No. Total wages
Job role Wages
person staff
Friday Saturday Overtime $ $
$ $ $
Cook A 2
Cook B 2
Kitchen assistant 2
Kitchen hand 2
F&B waiter A 7
F&B waiter B 16
Bar attendant 2
Bar attendant 1
Total F&B wages
Task 2.4: Calculate total labour costs

Job role Wages Total wages
Friday $ Saturday $ Overtime $
Supervisor A
Supervisor B
Security A
Security B
Security C
Total F&B wages
Total event wages
45
Task 2.5: Calculate food costs
Cost per No. serves

Menu item Food cost $
platter $ required
3 per table x 42
Tapas platter
9.76 tables
Warm tandoori beef salad 5.84 250
Stuffed agnolotti parcels 3.96 250
Mediterranean chicken breast 8.23 280
Mustard and macadamia rack of lamb 9.21 280
White and dark chocolate torte 3.25 250
Marinated strawberry roulade 2.95 250
Tea/coffee 0.30 500
Petits fours 0.40 500
Total food costs
Food cost per head
(Round your figures to two decimal places.)
Task 2.6: Calculate beverage costs

Forecasted Beverage cost
Beverage item Cost per item
requirements $
Sparkling wine $12.62 per bottle 90
Sauvignon blanc $14.67 per bottle 100
Chardonnay $13.20 per bottle 120
Botrytis riesling $19.59 per half bottle 80
Merlot $9.83 per bottle 80
Shiraz $10.52 per bottle 80
Cabernet sauvignon $13.90 per bottle 110
Light beer (750 ml) $4.59 per bottle 70
Heavy beer (750 ml) $4.79 per bottle 40
Soft drink 0.16 per serve 400
Juice 0.22 per serve 200
Total beverage costs
Beverage cost per head
46
Task 2.7: Prepare event budgets
Alternative 1 % of sales Alternative 2 % of sales
500 tix x $175 500 tix x $200
Sales $ % $ %
Revenue from ticket sales
Cost of goods sold
Food cost
Beverage cost
Total cost of goods
Gross profit
Expenses
Labour costs
Venue hire
Postage/stationery
Telephone
Floral arrangements
Lighting hire
Equipment hire
MC
Consultant fees
Linen hire
Advertising
Printing
Room decor
Entertainment
Total expenses
Profit/loss
47
Task 2.8: Adjust financial commitments
Linen hire
Price per item Cost
Linen type Quantity
$ $
Round tablecloths 16.50 42
Trestle tablecloths 16.50 10
Napkins 1.80 500
Total linen hire costs
Beverage costs
Forecasted Beverage cost
Beverage item Cost per item
requirements $
Light beer (750 ml) $4.59 per bottle 70
Heavy beer (750 ml) $4.79 per bottle 40
Soft drink $0.16 per serve 400
Juice $0.22 per serve 200
Total beverage costs
Beverage cost per head
48
Task 2.9: Prepare adjusted event budget
Budget % of sales
500 tix x $175.00
Sales $ %
Revenue from ticket sales
Cost of goods sold
Food costs
Beverage costs
Total cost of goods
Gross profit
Expenses
Labour costs
Venue hire
Postage/stationery
Telephone
Floral arrangements
Lighting hire
Equipment hire
MC
Consultant fees
Linen hire
Advertising
Printing
Room decorations
Entertainment
Total expenses
Profit/loss
49
Attachment 2_Documents
Complete the shaded fields in all tables.
Task 1: Prepare a revenue budget
Mario’s Delicatessen Revenue budget 3 rd quarter 20XX

July Aug Sept Total
Revenue
$ $ $ $
Food 22,500.00 26,875.00 27,930.00 77,305.00
Beverage 8,050.00 9,060.00 11,090.00 28,200.00
TOTAL REVENUE 30,550.00 35,935.00 39,020.00 105,505.00
Food purchases
Beverage purchases
COST OF GOODS SOLD
GROSS PROFIT
Less expenses
Wages 16,250.00 16,250.00 16,250.00 48,750.00
Rent 2,840.00 2,840.00 2,840.00 8,520.00
Gas & electricity 1,830.00 1,830.00 1,830.00 5,490.00
Accounting 1,250.00 1,250.00 1,250.00 3,750.00
Insurance 1,500.00 1,500.00 1,500.00 4,500.00
Other overhead expenses 1,900.00 1,900.00 1,900.00 5,700.00
TOTAL EXPENSES
PROFIT/LOSS
50
Task 2: Prepare an income statement
Mario’s Delicatessen Income statement analysis 3 rd quarter 20XX

Actual Budget
Variance Variance
Revenue Jul to Sept Jul to Sept
$ %
$ $
Food 73,223.00
Beverage 29,155.00
TOTAL 102,378.00
Less cost of goods sold

Food purchases 14,844.60
Beverage purchases 4,070.93
COST OF GOODS SOLD 18,915.53
GROSS PROFIT 83,462.48
Less expenses
Wages 46,555.00
Rent 8,520.00
Gas & electricity 5,125.00
Accounting 3,777.00
Insurance 4,335.00
Other overhead expenses 7,568.00
TOTAL EXPENSES 75,880.00
PROFIT/LOSS 7,582.48
51

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UNIT SUMMARY RECORD – Student Copy

SITXFIN004 Prepare and monitor budgets

Note: To be removed by the Assessor and returned to the student

Assessment Task 1 Written questions S | NS

Assessment Task 2 Project/ Assignment S | NS

Assessment Task 3 Demonstration S | NS

Trainer Signature: ____________________________

SITXFIN004 Prepare and monitor budgets

Assessment Task 1 Written questions S | NS

Assessment Task 2 Project/ Assignment S | NS

Assessment Task 3 Demonstration S | NS

Unit Code: SITXFIN004

Unit Title: Prepare and monitor budgets

Student Signature: _________________________________________ Date: ____/____/_______

Assessors signature: Date:

The purpose of this assessment activity is for you to demonstrate an

This assessment activity requires you to answer a series of questions, in a written

Resources Futura Learning Materials

Assessment environment Classroom

Marking criteria Standard

Customer or supplier research –

Declared commitments in areas of operation –

Financial information from suppliers –

Financial proposals from key stakeholders –

Performance data/information from previous time periods –

Departmental, event or project budgets –

Grant funding guidelines or limitations –

Organisational budget preparation guidelines –

Human resources requirements –

New projects and business objectives –

Changes in commodity or service prices –

Cash budget/Cashflow budget –

Unit Code: SITXFIN004

Unit Title: Prepare and monitor budgets

Student Signature: _________________________________________ Date: ____/____/_______

Assessors signature: Date:

The purpose of this assessment activity is for you to demonstrate an

This assessment activity requires you to complete a project.

Resources Futura Learning Materials

Assessment environment Classroom

Marking criteria Standard

a. Due to renovations the rooms available have been reduced to 96%.

a. The room service revenue from food needs to be increased by 15%.

Month Customer numbers Average Spend (Food) Average Spend (Beverage)

January 1850 $ 45.00 $ 9.70

8. Calculate the ‘Other overheads” for the operation.

9. Print a copy of the revised budget.

10. Print the revised budget showing all formulae used.

1. Which reports would you need to prepare for these issues?

2. Who is it essential to involve when these matters need to be discussed?

4. How could the cashflow issue be addressed?

Unit Code: SITXFIN004

Unit Title: Prepare and monitor budgets

Student Signature: _________________________________________ Date: ____/____/_______

Assessors signature: Date:

The purpose of this assessment activity is for you to demonstrate an

This assessment activity requires you to undertake a demonstration. Your trainer

Resources Futura Learning Materials

Assessment environment Classroom or simulated work environment

Marking criteria Standard

Learner assessment guide and evidence

You are required to do the following.

 Read the scenario information provided in each task.

Task 1: Source information question and answer

Student Signature: ___________________________________ Date: //_

Student Signature: ___________________________________ Date: //_

Student Signature: ___________________________________ Date: //_