Question 3)

A) Choose one positive factor and explain how it would affect the budget for a hospitality venue. B) Chose one negative factor and explain how it would affect the budget for a hospitality venue. C) Explain the following budget terminology. 1. Cost of goods sold. 2. Net profit before tax 3. Gross profit 4. Owners equity 5. Assets 6. Liabilities

D) What are the three stages in budget preparation? E) Chose one of the three stages identified in QD and explain what needs to be done during it? What are the key points that are covered at this stage?