Employment is perhaps the largest cost in most businesses. Therefore developing an employment budget and being able to accurately predict employment costs is a fundamentally important aspect of business planning.
This exercise introduces a number of terms associated with employment and the remuneration of workers e.g. superannuation. The following link will provide some assistance with regard to these terms:
It is recommended that you utilise spreadsheet software such as Microsoft Excel to undertake this exercise. Microsoft Excel is the tool of choice for most people responsible for preparing budgets. But if you do not have spreadsheet software you can simply use the tables on the exercise sheet to insert your answers worked out with a calculator.