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Budgets can only be expressed in dollars and cents.

Portfolio Tasks Session 1
Once you have completed your studies from Session 1 guide material you are to:
Step 1: complete the activities below . (type your answers directly into the text boxes)
Step 2: You may need to refer back to the session guide and downloaded material.
Step 3: Where you see a group activity you will need to seek support from work or within your on line community doing the same unit
Step 4: Save to a folder on your desktop to keep all your completed Portfolio Tasks together until you upload them. You can upload then individually or wait until you have done two or three activities.
Step 5. The tutor then looks at your work and provides feedback. You can then read the feedback and keep track of your progress through Blackboard Grade Book

Group Activity 1.1
Plans can be made to cover different time periods. Describe four types of plans and the period of time in which they relate to. Illustrate your answers with an example for each based on your organisation.
TYPES OF PLAN PERIOD OF TIME EXAMPLE FROM WORKPLACE
1.

2.

3.

4.

Group Activity 1.2
Must goals and objectives always have a dollar value? Provide some examples of financial and non-financial objectives.
Financial Non-financial
Sales revenue
Net profit or loss
______________
______________
______________
______________
______________
______________ Client satisfaction
Number of settlements
______________
______________
______________
______________
______________
______________

Briefly discuss and document the validity of the following statements:
(a) Budgets can only be expressed in dollars and cents.

(b) Budgeting is a computational exercise carried out by accountants.

(c) You should NOT let staff become involved in setting goals as they will set levels of performance that are easy to achieve.

(d) A well prepared budget means you will achieve your goals.

(e) Budget control means staff who fail to meet their given targets will be punished.

Individual Activity 1.1
Briefly describe how budgets support the role of financial management.

Individual Activity 1.2
From the financial reporting requirement documentation downloaded above:
1. Identify the financial compliance aspect of licensing for a settlement agent.

2. What financial factors do the department of commerce reviews prior to issuing or renewing settlement agents’ licenses?

3. How do settlement agents ensure that they are able to maintain the factors identified above?

***** End of Session One *****
Once you have completed the group and individual activities, save then to your folder on your Desktop and then upload them into Blackboard.

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