A step-by-step guide to build a personal financial plan

Running head: MANAGE BUDGET AND FINANCIAL PLAN
Manage Budget and Financial Plan
Name of the Student
Name of the University
Authors Note
Course ID

MANAGE BUDGET AND FINANCIAL PLAN1
Table of Contents
Answer to Activity 1A:..............................................................................................................2
Answer to Activity 1B:..............................................................................................................2
Answer to 2A:............................................................................................................................2
Answer to 2B:............................................................................................................................3
Answer to 2C:............................................................................................................................3
Answer to 3A:............................................................................................................................4
Answer 3B:.................................................................................................................................4
Answer 3C:.................................................................................................................................5
Answer 3D:................................................................................................................................5
Answer activity 4A:...................................................................................................................6
Answer activity 4B:....................................................................................................................7
Answer 4B 2:..............................................................................................................................8
Answer 4C:.................................................................................................................................8
Summative Assessments............................................................................................................9
Section A:...............................................................................................................................9
Answer 1:...............................................................................................................................9
Answer 2:...............................................................................................................................9
Answer 3:.............................................................................................................................10
Answer 4:.............................................................................................................................11
Answer 5:.............................................................................................................................12

MANAGE BUDGET AND FINANCIAL PLAN2
Section B:.................................................................................................................................13
Answer 1:.............................................................................................................................13
Answer 2:.............................................................................................................................13
Answer 3:.............................................................................................................................13
Answer to 4:.........................................................................................................................14
Section C:.............................................................................................................................14
Bibliography:............................................................................................................................15

MANAGE BUDGET AND FINANCIAL PLAN3
Answer to Activity 1A:
Guidelines that are helpful in preparing the line of work are as follows
a. Performing a risk assessment
b. Recognizing the critical operations of business
c. Identifying the threats
d. Defining the responsibilities for each element of plan that are in charge of every stage.
Answer to Activity 1B:
The purpose of contingency plan is to enable the organization to return back to its
regular business operations as soon as possible due to an unforeseen event. The five possible
contingency plans that can be implemented are as follows;
a. Contracting out or subcontracting the human resources and other purposes of the tasks
b. Finding the inexpensive or inferior quality “raw materials and consumables”
c. Restructuring the organizations to lower the labor costs
d. Strategies for lowering the “costs, wastage, stock and consumables”
e. “Succession planning”
Answer to 2A:
Person who may be informed for budget/financial plans in the organization are as
follows;
a. Senior management: They will be required to see the entire details regarding the
budget plans
b. Accounts department: They can enter the figures in the appropriate software and
develop the necessary lines of budget.