• What are the reasons that causing your budget to be rejected or cut to some extent? List at least five reasons.
• Reaching a consensus is the goal with any negotiation whether it be internally or externally. What should you consider when entering the negotiation process? Describe at least eight considerations.
• You have been asked to prepare the annual budget for a small business, however, the review process results in your draft budget plan being rejected due to your management's desire to cut costs. They have targeted discretionary costs such as travel, conference and advertising costs because the fixed costs cannot be changed. In addition, they also ask you to explore areas of opportunity to cut costs in both goods and/or the freighting of goods. What should you do? (Hint: You may need to consider which departmental managers you may negotiate, and what matters you should negotiate with them.)

. What is the benefit of effective negotiation?

What is a milestone in budgets?

What is the difference between horizontal trend analysis and vertical trend analysis?

List at least five controllable factors that may affect revenue forecasting.

List at least five uncontrollable factors that may affect revenue forecasting.

List at least five factors that are expected to impact organisation's future operations and may be considered in the budget.

In order to identify the appropriate assumptions, it is necessary to collect the proper raw data from the company's financial statements, notes to the financial statements, external reports and business plans. List at least eight types of raw data you may need to collect to identify assumptions. (8 marks)

What are the implications of forecasting to the business operation and management? (5 marks)

What are the differences between qualitative forecasting methods and quantitative forecasting methods? (2 marks)

a. Describe cash flow risk

b. Describe at least three strategies to reduce cash flow risk

c. Describe interest risk

d. What are the purposes of a contingency plan?