1.Prepare a tuition revenue budget for the upcoming academic year. 2. Determine the number of faculty members needed to cover classes.
Master Budget
A master budget can be defined as an estimation of the revenue earned or expenses incurred over a specified period of time in the future and it is generally prepared on a periodic basis which can be either monthly, quarterly, half-yearly, or annually. It helps a business, an organization, or even an individual to manage the money effectively. A budget also helps in monitoring the performance of the people in the organization and helps in better decision-making.
Sales Budget and Selling
A budget is a financial plan designed by an undertaking for a definite period in future which acts as a major contributor towards enhancing the financial success of the business undertaking. The budget generally takes into account both current and future income and expenses.
1.Prepare a tuition revenue budget for the upcoming academic year.
2. Determine the number of faculty members needed to cover classes.
![Western State University (WSU) is preparing its master budget for the upcoming academic year. Currently, 12,500 students are enrolled
on campus; however, the admissions office is forecasting a 6 percent growth in the student body despite a tuition hike to $65 per
credit hour. The following additional information has been gathered from an examination of university records and conversations with
university officials:
• WSU is planning to award 170 tuition-free scholarships.
The average class has 20 students, and the typical student takes 20 credit hours each semester. Each class is four credit hours.
WSU's faculty members are evaluated on the basis of teaching, research, and university and community service. Each faculty
member teaches five classes during the academic year.
Required:
1. Prepare a tuition revenue budget for the upcoming academic year.
2. Determine the number of faculty members needed to cover classes.
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![Prepare a tuition revenue budget for the upcoming academic year.
Tuition revenue budget:
Total student body
Tuition-paying students
Total credit hours
Forecasted tuition revenue](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fb87f551d-3fc5-4766-9e3a-b14ac4833b45%2Ffe0d819e-43d0-481a-a167-a22fecb91100%2Fktc3us7_processed.png&w=3840&q=75)
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