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Unit Six: Principles of Budgets in a Business Environment

In: Business and Management

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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 |Question 1 Page 1 |
|requirements | |

1. Why are budgets used to manage financial resources? [1.1]

A budget is a plan translated into money and a tool for spread resources and perform strategic plans. Financial management bring planning, organising, controlling and monitoring financial resources in order to achieve organisational objectives.
Financial resources are money to available to spend. You can achieve effective financial management if you have strong organisational plan. A plan is means having set objectives and having agreed, developed, strategies, tactics and actions to achieve

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