U6 Assessment
Unit six: Principles of budgets in a business environment
Assessment
You should use this file to complete your Assessment.
The first thing you need to do is save a copy of this document, either onto your computer or a USB drive
Then work through your Assessment, remembering to save your work regularly
When you’ve finished, print out a copy to keep for reference
Then, go to www.vision2learn.com and send your completed Assessment to your tutor via your My Study area – make sure it is clearly marked with your name, the course title and the Unit and Assessment number.
Please note that this Assessment document has 7 pages and is made up of 3 Sections.
Name:
Section 1: The purpose of budgets
This section will help you to evidence Learning Outcome 1: Understand the purpose of budgets in a business environment.
Learning objective
Place in Assessment
1.1 Explain the purpose of budgets for managing financial resources to meet business requirements
Question 1 Page 1
1. Why are budgets used to manage financial resources? [1.1]
Now that you have completed Section 1 of your Assessment, remember to save the work you have done so far – you will need to send your work to your tutor for marking once you have completed all 3 Sections of this Assessment.
Section 2: How to develop budgets
This section will help you to evidence Learning Outcome 2: Understand how to develop budgets.
Learning objective
Place in Assessment
2.1 Explain the purpose of agreeing the format in which a budget will be presented
Question 1 Page 2
2.2 Explain the purpose of using estimations when developing a budget and ways of doing so
Question 2 Page 3
Question 3 Page 3
2.3 Explain the purpose of identifying timescales, priorities and financial resources needed when preparing a budget and ways of doing so
Question 4 Page 4
Question 5 Page 4
2.4 Describe the purpose of negotiating and agreeing a budget
Question 6 Page 5
1. Why is it important to agree the format in which a budget
Assessment
You should use this file to complete your Assessment.
The first thing you need to do is save a copy of this document, either onto your computer or a USB drive
Then work through your Assessment, remembering to save your work regularly
When you’ve finished, print out a copy to keep for reference
Then, go to www.vision2learn.com and send your completed Assessment to your tutor via your My Study area – make sure it is clearly marked with your name, the course title and the Unit and Assessment number.
Please note that this Assessment document has 7 pages and is made up of 3 Sections.
Name:
Section 1: The purpose of budgets
This section will help you to evidence Learning Outcome 1: Understand the purpose of budgets in a business environment.
Learning objective
Place in Assessment
1.1 Explain the purpose of budgets for managing financial resources to meet business requirements
Question 1 Page 1
1. Why are budgets used to manage financial resources? [1.1]
Now that you have completed Section 1 of your Assessment, remember to save the work you have done so far – you will need to send your work to your tutor for marking once you have completed all 3 Sections of this Assessment.
Section 2: How to develop budgets
This section will help you to evidence Learning Outcome 2: Understand how to develop budgets.
Learning objective
Place in Assessment
2.1 Explain the purpose of agreeing the format in which a budget will be presented
Question 1 Page 2
2.2 Explain the purpose of using estimations when developing a budget and ways of doing so
Question 2 Page 3
Question 3 Page 3
2.3 Explain the purpose of identifying timescales, priorities and financial resources needed when preparing a budget and ways of doing so
Question 4 Page 4
Question 5 Page 4
2.4 Describe the purpose of negotiating and agreeing a budget
Question 6 Page 5
1. Why is it important to agree the format in which a budget