Assignment Instructions

SITXFIN004 Unit name: Prepare & monitor budgets.

ASSESSMENT 3– ASSESSMENT ACTIVITY
Purpose:
This is to be used for assessing students via the method of Question and Answer using a number of methods.
One or more tasks may be used also.
Unit Code : SITXFIN004
Unit name: Prepare & monitor budgets
Elements assessed : 1.1, 1.2 ,2.1, 2.2, 2.3, 2.4, 2.5, 4.5
Lecturer/Trainer :
Student Name :
Student No : Date Due : Date Received :
INSTRUCTION:
Students are required to complete all calculations, save the file and print a copy of the completed Budget
sheet and attach this to this assessment as evidence. (Please ensure to put your name, assessment date, unit
title and unit code task number on the print out.)
• The electronic copy may be submitted to your trainer as instructed.
Background information:
1. Read the instructions below to perform the calculation for all the budgets.
Need Assignments Hel…
4/30/2021 64724 – ASSESSMENT 3– ASSESSMENT ACTIVITYPurpose:This is to be
https://www.bestchoicewriters.com/Recent_Question/64724/ASSESSMENT-3-ASSESSMENT-ACTIVITYPurpose-This-is-to 3/11
Task
Using information from the scenario and perform the calculations below using basic formulas on the budget
calculations document. (at bottom of this document)
You have to complete task 1, 2 and 3 for this assessment.
Scenario
You’ve been appointed as the event manager for the local football club and you have been tasked for
organising and running a charity ball. The ball will be held at the local community centre, a historic building
in the centre of the town. The management of the Football club want a black tie, gala event with a four course
meal. Music, dancing and entertainment. They plan to hold a charity auction throughout the evening to raise
money for the football club community’s activities. The ball will be held on the last Saturday in September
and are planning to sell 500 tickets.
As event manager, you are responsible for organising the provision of all food and beverages, a Master of
Ceremony (MC), entertainment and music (DJ). The club will source all items required for the auction such
as ‘signed player shirts’, resort stay and others.
The two main goals for the organisation of the charity: 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 develop more community activities
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 $200 has been discussed. You must confirm if this is an appropriate
price and determine anticipated profits for the organisation. You will report your initial budgets to an event
sub-committee of representatives from the club.
Task 1: Source information question and answer
• Answer all questions.
Q1: What are two of the club’s goals and objectives for this event?
Q2: What budgets do you need to prepare to help you achieve these goals?
Q3: What are four external and internal factors that might affect the event and therefore your budgets?
Q4: What type(s) of data or information will assist you in the preparation of your budgets? Where could you
find it? “e.g.: price of food: from suppliers”
Information/data required Sources
1
2
3
4
5
6
7
8
9
Q5: The event committee want to be involved in the planning process. What techniques can you use to enable
them to contribute to budget planning processes, negotiate changes and inform them of budget decisions?
Task 2: Prepare budgets
• Read the scenario information provided.
• Answer all the questions.
After conducting extensive research, you’ve obtained quotes from suppliers for the following items.
Expense item Quote ($) 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 centers
Lighting and stage hire 6,900.00 Stage, spot, dance floor
Need Assignments Hel…
4/30/2021 64724 – ASSESSMENT 3– ASSESSMENT ACTIVITYPurpose:This is to be
https://www.bestchoicewriters.com/Recent_Question/64724/ASSESSMENT-3-ASSESSMENT-ACTIVITYPurpose-This-is-to 4/11
Audiovisual equipment hire 4,500.00 Microphones, data projector, screens, sound systems 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
• Using the same file “Football Club Budget Calculation” (at bottom of this document) 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.
• Save your document. You don’t have to submit it yet.
Task 2.2: Prepare an expense budget
• Go to the file “Football Club Budget Calculation” (at bottom of this document) and 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.
• Save your document. You do not have to submit it yet.
Task 2.3: Calculate F&B labour costs
• Go to the file “Football Club Budget Calculation” (at bottom of this document) and 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.
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
$
Prep Cook 2 8 8 30.00 35.00
Section Cook 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 Setup staff 7 8 8 25.00 30.00
F&B waiter 16 8 25.00 30.00
Bar attendant (setup) 2 6 6 25.00 30.00
Bar attendant 1 9 25.00 30.00
• Save your document. You don’t have to submit it yet.
Task 2.4: Calculate total labour costs
• Using the same file “Football Club Budget Calculation” and 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.
Job role No. of staff Rostered hours per person Pay rate per hour
Friday Saturday Friday
Need Assignments Hel…
4/30/2021 64724 – ASSESSMENT 3– ASSESSMENT ACTIVITYPurpose:This is to be
https://www.bestchoicewriters.com/Recent_Question/64724/ASSESSMENT-3-ASSESSMENT-ACTIVITYPurpose-This-is-to 5/11
$ Sat/Sun
$
Security (afternoon shift) 1 3 pm to 11 pm 3 pm to 11 pm 40.00 50.00
Security (evening shift) 1 11 pm to 7 am (Sat) 6 pm to 2 am (Sun) 40.00 50.00
Security (morning shift 1 7 am to 3 pm 40.00 50.00
• Save your document. You don’t have to submit it yet.
Task 2.5: Calculate food costs
• Using the same file “Football Club Budget Calculation” (at the bottom of this document) and 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 (alternate drop) 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.
• Save your document. You don’t have to submit it yet.
Task 2.6: Calculate beverage costs
• Using the same file “Football Club Budget Calculation” and 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.
• Save your document. You don’t have to submit it yet.
Task 2.7: Prepare event budgets
• Using the same file “Football Club Budget Calculation” and 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%
• Save your document. You don’t have to submit it yet.
Task 2.8: Adjust financial commitments
• Using the same file “Football Club Budget Calculation” and 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.
• Save your document. You don’t have to submit it yet.
Task 2.9: Prepare adjusted event budget
• Using the same file “Budget Calculations” and complete 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.
Need Assignments Hel…
4/30/2021 64724 – ASSESSMENT 3– ASSESSMENT ACTIVITYPurpose:This is to be
https://www.bestchoicewriters.com/Recent_Question/64724/ASSESSMENT-3-ASSESSMENT-ACTIVITYPurpose-This-is-to 6/11
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.
• Save and submit your completed Assessment.
Task 3: Question and answer
Base your responses to questions 1 to 4 on the results of Task 2.7: Prepare events budgets.
Q1: How can you present the draft revenue budgets to the event committee and other relevant parties?
Q2: Why should you circulate a draft budget to the members of the events committee?
Q3: Do you think either of the budget options presented meets the charity organisation’s stated goals?
Why/why not?
Q4: What recommendations would you make to the event committee to help them achieve their goals?
Q5: 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?
Q6: 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?
Q7: The Football club 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?
INSTRUCTION:
Students are required to complete all calculations, save the file and print a copy of the completed Budget
sheet and attach this to this assessment as evidence. (Please ensure to put your name, assessment date, unit
title and unit code task number on the print out.)
• The electronic copy may be submitted to your trainer as instructed.
Task- Please complete all tasks below
Task 1 Using information from the scenario and perform the calculations below using basic formulas.
Task 2 Once you have completed your calculations Use figures in Scenario an create two draft budgets on
EXCEL.
1 at $150 per ticket and 1 at $200 per ticket
Task 3 Once you have completed your draft budgets, email Draft budgets to your trainer and ask for
consultation. Keep this email and attach it to your Submission.
Task 4When trainer has provided feedback, use trainers feedback to create a Final Budget. Keep trainers
feedback and Add to Submission (This is required to show consultation)
Task 5Allow trainer to review final budget in class
Task 6Provide an in-depth description of which would be the best option for the Football club and your
reasons for your decision. That is which option would meet the requirements of the Club as described in the
scenario. This description should be a minimum of 2 paragraphs.
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
Need Assignments Hel…
4/30/2021 64724 – ASSESSMENT 3– ASSESSMENT ACTIVITYPurpose:This is to be
https://www.bestchoicewriters.com/Recent_Question/64724/ASSESSMENT-3-ASSESSMENT-ACTIVITYPurpose-This-is-to 7/11
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
Task 2.3: Calculate F&B labour costs
F&B labour costs
Job role Wages Wages per person No. staff Total wages
Friday
$ Saturday
$ Overtime
$ $ $
Prep Cook 2
Section Cook 2
Kitchen assistant 2
Kitchen hand 2
F&B Setup staff 7
F&B waiter 16
Bar attendant (setup) 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 (afternoon)
Security (evening)
Security (Morning)
Total F&B wages
Total event wages
Task 2.5: Calculate food costs
Menu item Cost per platter $ No. serves required Food cost $
Tapas platter 9.76 3 per table x 42 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.)
Need Assignments Hel…
4/30/2021 64724 – ASSESSMENT 3– ASSESSMENT ACTIVITYPurpose:This is to be
https://www.bestchoicewriters.com/Recent_Question/64724/ASSESSMENT-3-ASSESSMENT-ACTIVITYPurpose-This-is-to 8/11
Task 2.6: Calculate beverage costs
Beverage item Cost per item Forecasted requirements Beverage cost
$
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
(Round your figures to two decimal places.)
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
Event uniforms (F&B only)
Floral arrangements
Lighting hire
Audiovisual equipment hire
Equipment hire
MC
Consultant fees
Linen hire
Advertising
Printing
Room decor
Entertainment
Total expenses
Profit/loss
(Round your figures to two decimal places.)
Task 2.8: Adjust financial commitments
Linen hire
Linen type Price per item
$ Quantity Cost
$
Need Assignments Hel…
4/30/2021 64724 – ASSESSMENT 3– ASSESSMENT ACTIVITYPurpose:This is to be
https://www.bestchoicewriters.com/Recent_Question/64724/ASSESSMENT-3-ASSESSMENT-ACTIVITYPurpose-This-is-to 9/11
Round tablecloths 16.50 42
Trestle tablecloths 16.50 10
Napkins 1.80 500
Total linen hire costs
Beverage costs
Beverage item Cost per item Forecasted requirements Beverage cost
$
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
(Round your figures to two decimal places.)
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
Event uniforms (F&B only)
Floral arrangements
Lighting hire
Audiovisual equipment hire
Equipment hire
MC
Consultant fees
Linen hire
Advertising
Printing
Room decorations
Entertainment
Total expenses
Profit/loss

SITXFIN004 Unit name: Prepare & monitor budgets

Calculate Price


Price (USD)
$

Why Choose Us For Your Assignment?

Privacy

We value all our customers' privacy. For that reason, all information stays private and confidential and will never be shared with third parties.

Punctuality

With our service you will never miss a deadline. We use strict follow-ups with our writers to ensure that all papers are submitted on time.

Authenticity

We have no tolerance for plagiarism. All papers go through thorough checking to ensure that no assignments contain plagiarism.

Money Back

You feel unsatisfied with your results? No worries. We offer refunds to our customers if any paper is not written according to the instructions.

Clients Love Us

Client #121678
Client #121678
Read More
This is by far the best I have ever scored in a custom essay. I am surprised the writer handled this assignment so well despite the short notice. I will definitely use your service next time.
Client #21702
Client #21702
Read More
When I was recommended to you by my friends, I wasn't sure you could deliver excellent results for Masters research papers until I submitted my first order. I am all yours now.
Client #20730
Client #20730
Read More
Excellent Services! You are the only assignment helper I can rely on. I have worked with many before and your services are exceptional. I have recommended you to my friends and the results are similar.
Client #20387
Client #20387
Read More
I rarely write reviews online but your services are worth promoting. My paper was so urgent I was sure I was gonna miss the deadline but you turned things around. You are awesome!
Client #20189
Client #20189
Read More
I am a satisfied customer. I know I should have given a 5 star because you deserve it but I will give 4.6 because I almost missed a deadline because of a revision. Luckily it was minor and the writer acted promptly.
Client #20187
Client #20187
Read More
Great paper but there is still some room for improvement. I am impressed by your fast responses and how you tacked my concerns professionally. Thank you for being among the few genuine essay writing service providers.
Client #19783
Client #19783
Read More
I can't thank you enough for being a great part of my college life. I recommended you to two more of my friends. I am sure they will be making their orders soon. I love the fact that you offer free pages for referrals. I will be referring a few more and maybe I won't have to pay for my next two paper, LOL.
Previous
Next