Master budget

Module 5 Project 2 InstructionsOverview:This project will require students to identify as business that they would like to own or manage, develop a master budget, provide a budget justification / list of assumptions, and identify areas that they would focus on to ensure their success. The budget period must be one year.For this project, students may work alone or in a team of 3 or less. If students choose to work in a team, they must email the instructor identifying all members of the team.Each team will select a business and then develop a master budget for the business. You will also provide a budget justification, which is a breakout that lists the assumptions and resources you used to come up with the numbers in your budget. A good resource to utilize is Biz Stats or another standard cost / benchmarking site.Documentation Required:All sources should be cited using APA formatting.Report Requirements:Each team will submit a report addressing the following:Brief description of your business including: Desired Location, Hours of operation, Services provided, and description of space needs.Master Budget for a one year periodAt minimum, must include:SalesCosts of Sales/ Costs of Good SoldGross ProfitSalary & WagesBenefitsRentAdvertising/ MarketingNet ProfitBudget Justification for the numbers provided in each line itemReflection:Answer the following two questions:As the owner or manager of this business what areas would you keep an eye on to ensure peak performance?What type of analysis would you perform to ensure you are on the right track and how often would you conduct your analysis?Breakout of EffortEach team will list what each team member did to complete this project.This breakout can be ignored for those that elect to do this project alone.