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Q1 The fundamental purpose of a budget is to put in financial terms the strategic objectives of a business including milestones and key performance indicators. Assume your 2 strategic business objectives are sales growth and cost reduction. List and briefly describe 2 business initiatives that could be implemented to achieve each of these objectives listed below. Sales growth - Cost Reduction – Q2 St Jude’s Musical Academy conducts music lessons. The rate charged per lesson last year was: guitar $27; piano $29; woodwind and brass $31. It is proposed to increase all fees by $3 per lesson for the coming year. The number of lessons given during the quarter ended 30 th September last year were: July August September Guitar 160 150 170 Piano 180 160 160 Woodwind and Brass 60 50 65 For the coming year St Jude’s anticipates a 5% increase in guitar lessons, no change for piano, and a 2% increase in wood wind and brass lessons Required: Prepare a fees income budget, month by month and by type of lesson, for the quarter ending 30 th September of the coming year (r ound the calculations to the nearest whole number ) .