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Student Number 4417

Student Name Hiep Nam Le
Email [email protected]
Course Title Diploma of hospitality of management
Unit Code and Title SITXFIN004 Prepare and Monitor Budgets
☐ 1. Unit Knowledge Assessment (UKA)
Assessment Task No. / Title
☐ 2. Unit Skills Assessment (USA)
Trainer Name Anil Dahiya

DECLARATION

√ I hold a copy of this work which can be produced if the original is lost / damaged.
This work is my original work and no part of it has been copied from any other student’s work or
√ from another source except where due acknowledgement is made.
No part of this work has been written for me by any other person except where such collaboration
√ has been authorised by the instructor / teacher concerned.

√ I have not previously submitted this work for this or any other course / unit.
I give permission for this work to be reproduced, communicated, compared and archived for the
√ purpose of detecting plagiarism.
I give permission for a copy of my marked work to be retained by the college for review and
√ comparison, including review by external examiners.
I understand that:
Plagiarism is the presentation of the work, idea or creation of another person as though it is
my/our own. It is a form of cheating and is a very serious academic offence that may lead to
√ exclusion from the college. Plagiarised material can be drawn from, and presented in, written,
graphic and visual form, including electronic data and oral presentations. Plagiarism occurs
when the origin of the material used is not appropriately cited. Plagiarism includes the act of
assisting or allowing another person to plagiarise or to copy my/our work.

Student Signature
I declare that I have read and understood the above declaration.
Student ID:4417 Student Name: Hiep Nam Le Date:14/09/2020

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Student Instructions:

 All questions must be answered correctly to be completed satisfactorily.

 All knowledge assessments are untimed and are conducted as open book (this means
student can refer to textbooks or any resources).

 Student may handwrite/use computers to answer the questions.

 This assessment task may be completed in a classroom, at home, learning management

system (i.e. Moodle), or independent learning environment.

 You must complete all questions unassisted by the assessor or other personnel but may
refer to reference material as needed.

Submission details

 The Assessment Task is due on the date specified by your trainer. Any variations to this
arrangement must be approved in writing by your trainer.

 Fill out the Assessment Submission form to the documents you are submitting to be
marked.

 Please answer each question on a separate page provided and clearly indicate the
question number at the top of the page.

 The Trainer/Assessor may further prompt and question in order to receive answers
of appropriate quality or if further clarification is required and to validate authenticity
of your submitted work.

Page 2 of 12
UNIT ASSESSMENT PART 1
Q1.
Response

1. Actual sale order

2. Projected sale order
3.Market Research
4.Economic condition

Q2.
Response
Competitor research – A research method that helps identify business opportunities and
identify the threats your business faces.

Customer or supplier research – Identifies each type of customer requirement and satisfies the
customer.

Declared commitments in areas of operation – when preparing the budget, we prohibit other
tasks that the department can perform.

Financial information from suppliers – A useful way to choose the best supplier.

Financial proposals from key stakeholders – You should consult with your manager to ensure
that your prepared budget reflects your company's needs.

Performance data/information from previous time periods – Historical data is an important part
of budget research because it represents business performance.

Departmental, event or project budgets – when preparing a budget, you need to consider
certain budgets, etc.

Grant funding guidelines or limitations – Grant funds should be considered when preparing a
budget.

Management policies and procedures – You should consult with appropriate managers to
implement procedures and policies for budget preparation..

Organisational budget preparation guidelines – Employees must adhere to the guidelines that
specify how to prepare the budget..

Page 3 of 12
Q3.
Response
Management restructuring – Management teams can impact budgets as they operate in
different ways and priorities change spending.

Human resource requirements- Since a new employee of the company is required, this
includes wages and other expenses such as pensions and workers' compensation.

New Projects and Business Objectives – Affect budgets because you need to shift funds based
on project scope.

Changes in commodity or service prices – changes in suppliers, etc. affect the budget, which
can affect the company's return.

Q4.
Response
Legislation and regulations – Companies can adjust their budgets because they affect
business operations and finances.

Changes in the global economy – As the economy shrinks, it has a big impact on business
profits. So adjust your budget.

Market Trends – Market trends can affect the number of customers. This raises static
considerations in the TH & E business, allowing the company to adjust its budget.

Q5.
Response
Start with a plan or schedule and then pay the total budget.
The bottom-up approach involves all employees involved in budget preparation and reflects
their opinions.

Q6.
Response
It takes time to review strategic plans, determine annual targets, identify project and operating
costs, gross revenue benefits, and readjust numbers.

Q7.
Response
1. It's easier to analyze budget information.
2. Retrieve budget information and save time.
3. Set goals to help employees achieve their budget and company goals.

Page 4 of 12
Question8
Response
1.Front-line managers
2.Financial Controllers
3.The owners.

Question9
Response
Negotiations will help finalize the responsibilities of each department and the resources
available for the implementation of the budget plan.
Therefore, the budgeting process requires negotiation skills.
It is important to convince employees of the feasibility of the budget.
Negotiation is the process of reaching a mutual agreement, which proceeds until it agrees at
some point with employees and executives.

Question10
Response
1. Whether the additional costs are justified.
2. The effect of the costs on the bottom line.
3. Potential service provision issues.

Question11
Response
The end the financial year.

Question12
Response
Small businesses include only profit and loss reports, balance sheets and cash flow
statements.
Large businesses include departmental reports, sales reports, and many other reports.

Question13
Response
Usually monthly.

Question14
Page 5 of 12
 Response
1.Profit and Loss Statement – Whether the entity generated losses and profits
2.Balance Sheet – Display Assets and Liabilities
3.Cash flow Report- Flow of Bank Account Transfers to Businesses
4.Departmental Reports – Displaying Income and Expenditure Budget by Department
5.Sales Report – Shows the difference between actual revenue and budget in each
monetization department within your business.

Question15
Response
Must be compared with the company's actual budget figures

Question16
Response
Employees are familiar with certain decisions made by management to achieve realistic goals /
budgets. Therefore, gathering information from employees is the best way to bridge the gap
between improvements.

Question17
Response
1.Using too much casual labor
2.Staff on unplanned leave, sick leave etc.
3.Skills of the manager in rostering

Question18
Response
If you can't quickly identify the problem early, you can't adjust your compensation strategy,
because it helps you see the difference in time.

Question19
Response
It is important to have procedures and systems in place for your organization to use when it
needs to store sensitive information, data records, and so on.

Question20
Response
MYOB
Xero

Page 6 of 12
Question21
Response
Cash budget/Cashflow budget – The cash flow statement displays the actual cash flow.

Departmental budget – The budget for each department in your business. Include only
spending budget.

Event budget – This budget is used for a single event.

Project budget – Analyze the costs and benefits of new projects and make sure management
is worth it.

Purchasing budget – Shows estimated purchase units and business spend..

Sales budget – The first budget includes all sales generated from sales, service fees,
investment income, grants, and donations.

Wage budget – Appears in each department's budget and shows the total wage for the
business.
Master budget – Overall Business Budget.

Page 7 of 12
UNIT ASSESSMENT PART 2
UNIT SKILLS ASSESSMENT (USA)
Part 1
Task 1
a)
From: [email protected]
To: [email protected]
Dear George,
 
Hello
 
I have checked your email.
 
Adding 50 rooms to expand your hotel will incur high rental costs.
And we need to select new employees.
 
To expand your hotel, you will need to reduce unnecessary expenses and quickly budget
your budget.
Therefore, I want your opinion.
 
Thank you.
 
Sincerely,
Hiep Nam Le

b)

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As businesses continue to grow, change and improve, budgets must constantly change
and change. Therefore, we must consider the various internal and external impacts that
will create our business budget.
In particular, we will spend a lot of variable costs from 2018 to 2019.
The following is a discussion of the 2019 and 2020 drafts of the fluctuating and fixed costs
of John and Aldin.
As you can see in the Excel file, there was an opinion to pay a reasonable variable cost.

c)
*Internal factors
Human resource requirements – New employees are required, so you need to add costs
to your budget.

Changes in service prices – Influences the budget for new projects.

  
*External factors
Laws and Regulations – Allow businesses to adjust their budgets while affecting business
operations.

Market Trends – Market trends can affect customers who visit your facility. This creates
financial considerations for the TH & E business, which can lead to budget adjustments.
d)
From: [email protected]
To: [email protected]

Dear. Stanley
Hello

We had a meeting for the budget.

Budget drafting is a situation where many budget changes are required, especially with the
expansion of 50 rooms.

Many budgets are required, including labour, operation, and maintenance costs.

Therefore, because of meetings, meetings reduce variable costs.

James proposed to do a Room Furnishing supplier.
Alvin commented that maintenance costs should be kept to a minimum.

I ask you for feedback on what we have discussed next year's budget.

Thank you.

Sincerely,
Hiep Nam Le

Page 9 of 12
Part 2,
a) Attached files (4417 HIEP NAM LE Part 2 NBH Budget 2019,2020)

b) The biggest cost-changing list is 50 room rentals.

Estimated revenue for 2019 is $ 187.250.

But by 2020, an increase in income is expected to result in a fixed income of $ 3,132,500.

It will change to a surplus due to room profit increase.

c)
From [email protected]
To: [email protected] / [email protected] /
[email protected]

Dear. Stanley / Colleague,

Hello
Based on the 2018 budget, I created a draft budget in 2019 and 2020.
Many cost fluctuations are expected in 2019.
However, deficits are expected in 2019 and will be surplus by 2020. Therefore, a fixed
income of $ 3,132,500 is expected.

Attach draft file for budget.

Check the file.
We are looking forward to hearing from you.

Thank you.

Sincerely,
Hiep Nam Le

Page 10 of 12
Part 3
a)Roleplay
b) Attach a separate file about budget changes. (4417 HIEP NAM LE, Part
3 – NBH Budget 2019)

The NBH decided to get a loan through ANZ Bank.

The amount is $ 100.000.

c)
The meeting is the result of communication with the final budget.
After reviewing the 2019 budget, gross profit recorded a deficit.
So I talked to the ANZ representative about the loan. Also, if you get a
loan, there is information about 4% interest payment terms for one year.
The hotel operates 50 additional rooms and offers a total of 150 guest
rooms. Therefore, if you are considering more hotel profits in the future,
you should get a loan.
The hotel can repay the loan in full within one year.
The financial management team consulted with the bank enough to prepare
the budget and had a clear opinion.

Page 11 of 12
Part 4
a) Attach a separate file about budget changes. (4417 Hiep Nam Le Part4 - NBH Budget
2019,2020)
b)
From: [email protected]
To: [email protected]

Dear. Stanley / Colleague,

We are checking the year-end budget and found that 2019 achieved the following results.

I have the following results for the 2019 year-end budget:

Profit was lower than expected due to low share of added rooms.
We also hired more new employees and incurred additional unexpected costs.
 As a result, there were more losses than previously anticipated.
The total amount is $ 946,000 loss.

To increase the occupancy rate for the hotel room, you need other plans.

We are looking forward to hearing from you.

Thank you.

Sincerely,
Hiep Nam Le
c)
The total revenue in 2019 is deficit over $ 873,000.
Shareholders did not benefit in 2019.
There was no cash flow from 2019 to 2020. Because of the expansion of 50 rooms, the
deficit continued.
There are no loans to pay back in 2020. Because we aimed to pay back the bank in a
short time in a year.

Page 12 of 12