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Homework answers / question archive / FIN5003 Financial Control and Budgeting Assessment Type: Portfolio of Tasks Assignment Tasks Task 1: Learning outcome 1 and 2 – (30 marks) (a) Critically analyse the legal, financial and regulatory environment of health and social care

FIN5003 Financial Control and Budgeting Assessment Type: Portfolio of Tasks Assignment Tasks Task 1: Learning outcome 1 and 2 – (30 marks) (a) Critically analyse the legal, financial and regulatory environment of health and social care

Finance

FIN5003

Financial Control and Budgeting

Assessment Type: Portfolio of Tasks

Assignment Tasks

Task 1: Learning outcome 1 and 2 – (30 marks)

(a) Critically analyse the legal, financial and regulatory environment of health and social care.  

 

(10 marks)

 

(b) Critically evaluate the use of alternative funding options such as Private Finance Initiatives (PFI), agency partnerships, competitive tendering and outsourcing in the health and social care sector.

 

(10 marks)

 

(c) Discuss agency theory in the context of the NHS. Explain the importance of and ways of communicating with stakeholders in the context of budgeting. 

 

 (10 marks)    

                   

(LO 1 & 2, 30 marks – 1500 words)

 

 

             

 

Task 2: Learning outcome 3 and 4 – (35 marks)

 

Write a 2000 word briefing document covering the following points;

 

  1. Critically discuss the impact of financial constraints, costs and budgets on health and social care service managers, their clients and other stakeholders. 
    1. marks)

 

 

  1. Explain the particular challenges of budgeting in public sector organisations 

 

(5 marks)

 

  1. Critically discuss the advantages and disadvantages of incremental and zero-based budgeting. 

 

    1. marks) 

 

 

 

 

  (LO 3 & 4, 35 marks – 2000 words)

           

 

Task 3: Learning outcome 3 – (25 marks)

 

Sams Ltd is specialized in producing and selling washing machines.  In 2018, the manufacturing cost per unit included:

 

  £

Direct material

125

Direct labor (20 minutes per unit)

45/hour

Variable manufacturing overhead

20

Variable selling expenses

15

Variable administrative expenses

10

 

Fixed costs for the year ended 31 December 2018 were:

 

£000

Fixed manufacturing

1,100

Fixed selling and distribution

1,450

Fixed administrative

675

 

The company produced and sold 220,000 units at £225 per unit.

 

In 2019, management has decided to increase the selling price by 25% and to maintain the same contribution margin ratio as last year. This increase in price is to meet an increase of £1,450,000 in fixed costs in 2019. The company has produced and sold the same quantity in 2019 as last year.

 

 

 

Required

 

  1. Calculate the break-even point and margin of safety in both units and revenue for the two years, 2018 and 2019, and briefly comment upon the results. 

 

(10 marks)

 

  1. Critically discuss key assumptions attached to the breakeven model, within the light of the reality of today’s business environments.          

 

(15 marks) 

           

                                                                                         (LO 3, 25 marks – 500

words)

 

             

 

 

 

 

NOTE: Your final submission must include all three questions (with calculations) in a SINGLE document in MS Word or as an Adobe Acrobat pdf document. 

 

Ten additional marks are allocated for presentation, referencing and academic writing

 

Assessment Criteria (Learning objectives covered - all)

Level 5 reflects the continuing development in knowledge, understanding and skills from Level 4. At Level 5, students are not expected to be fully autonomous but are able to take responsibility for their own learning with appropriate guidance and direction. Students are expected to further develop their theoretical knowledge within a more intellectual context and to demonstrate this through more complex forms of expression which move beyond the descriptive or imitative domain. Students are expected to demonstrate skills of analysis in both problem-solving and resolution.

Grade 

Mark  Bands

Generic Assessment Criteria

First   (1)

80%+

 

An exceptional information base exploring and analysing the discipline, its theory and any associated ethical considerations. There is sophisticated use and management of learning resources and a high degree of autonomy is demonstrated. Writing is exceptionally well structured and accurately referenced throughout. Where appropriate, outstanding professional skills are demonstrated. The work is original and with some additional effort could be considered for internal publication.

70-79%

 

An excellent knowledge base within which the discipline is explored and analysed. There is a good degree of originality in the approach. The work demonstrates  confidence and autonomy and extends to consider ethical issues. Learning resources have been managed confidently. Writing is exceptionally well structured and  accurately referenced throughout. Where appropriate, an excellent level of professional skills are demonstrated and the work demonstrates a high level of intellectual and academic skills.

Upper  second 

(2:1)

60-69%

 

A very good knowledge base which explores and analyses the discipline, its theory and any associated ethical issues. There is evidence of some originality and  independence of thought. A very good range of learning resources underpin the work and there is evidence of growing confidence and self-direction. The work  demonstrates the ability to analyse the subject and apply theory with good academic and intellectual skills. Academic writing skills are good, expression is accurate overall  and the work is consistently referenced throughout.

Lower  second 

(2:2)

50-59%

 

A satisfactory understanding of the discipline which begins to analyse the subject and apply some underpinning theory. There may be reference to some of the ethical considerations. The work shows a sound level of competence in managing basic sources and materials. Academic writing skills are good and accurate overall and the work is planned and structured with some though. Professional skills are satisfactory (where appropriate). The work lacks original thought but academic and intellectual  skills are moving into the critical domain. The work is referenced throughout.

Third

(3) 

40-49%

 

Basic level of performance in which there are some omissions in understanding the subject, its underpinning theory and ethical considerations. There is little evidence of independent thought and the work shows a basic use of sources and materials. Academic and intellectual skills are limited. The work may lack structure overall. There are some difficulties in developing professional skills (where appropriate). There is an attempt to reference the work.

Marginal  Fail 

30-39%

 

A limited piece of work in which there are clear gaps in understanding the subject, its underpinning theory and ethical considerations. The work shows a limited use of  sources and materials. Academic and intellectual skills are weak and there are errors in expression and the work may lack structure overall. There are difficulties in  developing professional skills (where appropriate). The work lacks original thought and is largely imitative.

 

29% and below

A poor performance in which there are substantial gaps in knowledge and understanding, underpinning theory and ethical considerations. The work shows little evidence  in the use of appropriate sources and materials. Academic writing skills are very weak and there are numerous errors in expression. The work lacks structure overall. Professional skills (where appropriate) are not developed. The work is imitative.

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