Deck 8: Manage Finances Within a Budget

Question 1

Variance analysis is:

A) A means of staying on track in terms of timelines
B) One way to monitor the work of employees
C) A means of checking for budget deviations
D) A measure of effective service delivery

Answer 1

C

Question 2

In the context of event budgets, allocating resources includes:

A) Wages expense
B) Sales
C) Income
D) Donations

Answer 2

A

Question 3

A budget is:

A) An end-of-year report
B) A forecast
C) A way to solve business problems after they occur
D) The basis for managing inventory

Answer 3

B

Question 4

if you had 300 people attending an event, paying $120 per head, the income would be:

A) $36,000
B) $46,000
C) $200,000
D) $24,000

Question 5

Benchmarks for event management are more difficult than for hospitality because:

A) They are so diverse in type and thus difficult to compare
B) Incomes are impossible to establish
C) Payments are generally overdue
D) All restaurants have similar ratios, such as food cost and labour

Question 6

If forecast revenue was $45,000 and actual was $39,000 what is the percentage of variance?

A) 13.30%
B) 15.10%
C) No variance
D) 18.00%

Question 7

Which of the following is the most useful budget for a wedding business looking at the profitability of each wedding?

A) Cash flow budget
B) Purchasing budget
C) Wage budget
D) Project budget

Question 8

If your food and beverage to sales ratio was 50% and your sales were $850,000 what would you expect to spend on food and beverage?

A) $546,000
B) $400,000
C) $425,000
D) $286,213

Question 9

A budget is a means of:

A) Control
B) Looking at value for money
C) Managing the workforce
D) Managing VIK

Question 10

GST reporting for goods and services tax is a requirement of:

A) Premiers Department
B) Australian Tax Office
C) State and Territory Tax Office
D) Local government