Reference no: EM132600177
SECTION 1: PLAN FOR FINANCIAL MANAGEMENT
1) List four types of financial data you should review.
2) What type of budget would you refer to if you wanted to analyse revenue, cost of sales and expenses for the business in a specific period?
3) List four possible external factors that could contribute to profit or loss.
4) You're preparing to establish budgets. List three questions you might ask yourself when reviewing the business plan prior to budget preparation.
5) You're preparing to establish budgets. List three questions you might ask yourself when reviewingCash flow trends prior to budget preparation.
6) List four areas of legislation that impact on the preparation of budgets and other financial documents.
7) What is the minimum amount of superannuation that must be paid to comply with statutoryRequirements?
8) What website or department can you refer to for more information about compliance with FBT, CGT and GST requirements?
9) What is SBR software and how does it improve efficiency?
10) Sutherland Resort purchases 12 bottles of 2004 Grange Hermitage wine for $8,470 GST inclusive.Calculate the GST amount.
11) You receive payment for goods and services totalling $882,200 including GST of $80,200. AllExpenses for the same period that required the payment of GST were $23,560 (excluding wages and interest expense.Calculate the GST liability.
12) What are bilateral and regional trade agreements?
13) There are eleven different terms used to indicate different situations regarding the purchase,Movement and shipping of goods internationally. What is the name of this collective group of terms?
14) List four tips for choosing the right financial software for your business.
15) List four questions you might ask yourself when reviewing software.
SECTION 2: ESTABLISH BUDGETS AND ALLOCATE FUNDS
1) List four statutory requirements to consider when preparing budgets.
2) What is a sales budget?
3) What is a profit and loss budget?
4) List three reasons why it is important to record resource allocation.
5) List four sources of data you might use to determine allocations for resources.
6) You've decided to make a new service available at your workplace. This will require an increase in the number of employees. Which areas of your budget are likely to be affected?
SECTION 3: IMPLEMENT BUDGETS
1) Why is it important to circulate budgets to other managers and supervisors?
2) List four financial risk situations that could occur if you don't have an effective risk management
3) List five ways you can prevent misappropriation of funds at your workplace
4) A colleague asks you the following question. ‘What does a positive expense variance mean?' How would you respond?
5) Which of the following situations is favourable?
6) Why is it important to review cash flows?
7) List two operational issues you might develop a contingency plan for.
8) Your budgeted variable costs were $60,000 and the actual variable costs were $50,000. What must you do to analyse the discrepancy?
9) What four principles must you follow to ensure an accurate and reliable audit trail?
10) What is meant by ‘due diligence'?.
11) List four qualities needed to demonstrate financial probity.
SECTION 4: REPORT ON FINANCES
1) List five different report formats you might use for reporting financial information.
2) A colleague asks you the following question. ‘Should I include diagrams with my financial report? I don't know how formal my report should be. Can you tell me what format to use?' How do you respond?
3) Outline the three steps for prioritising significant issues you identify in financial statements.
4) You've identified a cash flow issue. What type of recommendations do you make to senior management?
5) When is an organisation's financial management processes considered effective?