Assessment Task 1: Knowledge Test Provide your response to each question in the box below. Q1: What purpose do the following types of financial records serve: a) Bank deposits b) Bank statements c) Banking summaries d) Business activity statements e) Cheque books f) Credit card transaction statements g) Invoices h) Journal entries i) Labour and wages reports j) Merchant statements k) Merchant summaries l) Transaction reports Explain in a single sentence for each. Satisfactory response Yes No Q2: Why is it essential to monitor income and expenditure against budget? What steps would you implement to monitor budget? Write your answer in 100-150 words. Satisfactory response Yes No Q3: What is the importance of promoting awareness of budgetary control in an organisation? Explain in 100-150 words. Satisfactory response Yes No Q4: What are the different approaches that are used to allocate funds in accordance with a budget? Explain in 50-100 words. Satisfactory response