Balancing the Budget for a Free Festival
- 1. Creative and Media: Level 2 Higher Diploma Unit 6: Festival
Level 2 Higher Diploma Creative and MediaUnit 1: Scene
6.2.7 Budget C
Student Book
pp 186–95
Balancing the budget
It is important that your budget balances and that your estimated income is realistic and
will cover all the costs the festival is likely to incur and includes a contingency for
unforeseen costs.
You should now try to balance your budget. Begin by subtracting the figure you calculated
for the total expenditure of the festival from the total estimated income. Are you left with
a positive amount of money, or is your expenditure more than your estimated income?
Examine both tables created in exercise A and consider the following questions.
1 Is your estimated income realistic?
- We won’t be having any income because everything in the festival is free.
2 If it includes ticket sales, have you been realistic about the number of people who are
likely to attend the festival?
- The number of people that are likely to attend our festival are about 300 people. We
won’t be selling tickets in our festival.
3 Is the price of your tickets reasonable?
- We won’t sell tickets.
4 Are all your items of expenditure essential or could you do without some items if
necessary?
- We could do without some of the items for the festival like the popcorn machine.
Make any adjustments you need to and draw up your festival budget in the table below.
Income Expenditure
Item Amount Item Amount
Bouncy castle rental £50
Security £180
Face painters £120
Balloon maker £120
Popcorn machine £19.99
Nail salon £120
Flyers/ Promotional £250
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- 2. Unit 1: Scene Creative and Media: Level 2 Higher Diploma
Unit 1: Scene
costs
Total income £0 Total expenditure £609.99
Diploma Level 2 Information Technology
2 © Pearson Education Ltd 2008. Copying permitted for purchasing institution only. This material is not copyright free.