點揭模式：空白處點一下就顯示該格答案，再點可藏起。適合投影提問。Click mode: tap a blank to reveal that answer; tap again to hide it. Useful when projecting questions.
畫筆已開：可在筆記任何位置書寫。關閉畫筆後才可捲動、放大、點揭或開連結。筆跡會跟住文字，放大縮小都不會走位。寫完請按「分享」，在 iPad 選郵件寄出。Pen is on: write anywhere on the notes. Turn the pen off to scroll, pinch-zoom, tap blanks, or open links. Ink stays glued to the text when you zoom. When finished, tap Share and choose Mail on iPad.
HTMS 企會財科課堂筆記 | 編輯：Mr. Sam Wong | 重要聲明：本課堂筆記僅供已購買課本之學生使用，並僅限內部參考。HTMS BAFS Lesson Notes | Editor: Mr. Sam Wong
Important: These lesson notes are intended only for students who have purchased the textbook and are for internal use only.
對齊中五選修財務管理 502（課堂筆記《預算編製》）。現金預算表逐步編製、融資方式、資本投資評估、營運資金管理、風險管理不在本章，見 503–506。 Aligned with F5 Elective Financial Management 502 (class notes Budgeting). Step-by-step cash-budget worksheets, sources of financing, capital investment appraisal, working capital management and risk management are not in this chapter; see 503–506.
讀完本章，應能：
After this chapter you should be able to:
個人和企業可以透過編製預算來規劃和分配財務資源，以達成計劃所訂立的目標。
Individuals and firms draw up budgets to plan and allocate financial resources so that the goals in the plan can be achieved.
預算是對未來收入和支出的預測。事實上，我們可以將預算視為以數字形式表達的計劃。
A budget is a forecast of future income and expenses. It is a quantitative expression of a plan.
總預算匯集和歸納企業的各項預算，包括營運預算和財務預算。
A master budget links budgets together and summarises all of a firm’s budgets. This includes operating budgets and financial budgets.
樂澄父母在屯門開請茶有限公司。下月預算不是「隨便估一估」，而是用數字寫出計劃：預計賣多少杯、珍珠和奶要花多少、兼職要排多少更。門市那一份屬營運預算；銀行戶口會不會夠付租金屬財務預算。兩類加起來，才是總預算。
Chloe’s parents run Try Tea Limited in Tuen Mun. Next month’s budget is the plan in figures: how many cups they expect to sell, how much tapioca and milk will cost, how many part-time shifts to roster. The shop-floor figures are operating budgets; whether the bank balance can cover rent is a financial budget. Together they form the master budget.
小練習 502.1Quick check 502.1
題 1Q1
預算是用甚麼形式表達的計劃？
In what form is a budget an expression of a plan?
答案：數字／量化
Answer: quantitative / in figures
題 2Q2
總預算歸納哪兩類預算？
Which two types of budgets does a master budget summarise?
答案：營運預算和財務預算
Answer: operating budgets and financial budgets
三個目的都要背；計劃是基本目的。
Learn all three purposes. Planning is the prime purpose.
| 目的Purpose | 核心句Core idea | 課堂例子（請茶）Class example (Try Tea) |
|---|---|---|
| 1. 計劃 ［基本目的］1. Planning [prime purpose] |
預算提供制定行動計畫的方向。 Forecast figures provide directions for formulating an action plan.
|
先寫下月要進多少珍珠、留多少現金付租金，才決定要不要加開週末檔期。Write down how much tapioca to order and how much cash to keep for rent before adding weekend shifts. |
| 2. 協調2. Coordinating |
編製預算的過程有助不同部門互相協調。 Budget information assists resources allocation, cooperation and integration across various functional departments.
|
門市加開夜更，採購部就要多訂珍珠；人事部就要多排兼職。一份預算改了，另外兩份也要改。If the shop adds a night shift, purchasing must order more tapioca and HR must roster more part-timers. Change one budget and the others move. |
| 3. 控制3. Controlling |
預算的數字作為表現的標準。 Budget figures serve as a performance standard.
|
月底把實際珍珠用量對預算：用多了就要查是浪費還是客量真的升了。At month-end, compare actual tapioca used with the budget: extra use may be waste, or a real rise in cups sold. |
正確：題目問「編製預算最主要／基本目的」時寫計劃。易錯：把「控制」當成唯一目的，漏了計劃和協調。
Correct: if the question asks for the prime / basic purpose of budgeting, write planning. Trap: treating controlling as the only purpose and leaving out planning and coordinating.
文諾負責 5A 班會聖誕攤位。先預算曲奇材料 $800、場地 $200（計劃）；班長要跟總務對齊「到底買幾盒餅乾盒」（協調）；活動後對發票，材料超支就要檢討下次少訂（控制）。
Marcus runs the 5A class Christmas stall. He budgets $800 for cookie ingredients and $200 for the stall fee (planning); the class monitor must agree with the treasurer how many biscuit tins to buy (coordinating); after the event they check invoices and cut the next order if ingredients overran (controlling).
小練習 502.2Quick check 502.2
題 1Q1
嘉欣說：「預算最緊要用來罵表現差的部門。」她漏了哪一個基本目的？
Eslyn says: “A budget is mainly for telling off weak departments.” Which prime purpose has she missed?
答案：計劃
Answer: planning
控制是目的之一，但基本／首要目的是計劃：用預測數字訂行動方向。
Controlling is one purpose, but the prime purpose is planning: forecast figures give direction for the action plan.
題 2Q2
請茶改銷售預算後，採購預算和人手預算也要改。這說明預算有甚麼關係？屬哪一目的？
After Try Tea revises the sales budget, the purchases and staffing budgets must change too. What does this show, and which purpose is it?
答案：預算互相關聯；協調
Answer: budgets are interrelated; coordinating
預算控制代表把預算與實際表現作比較，確保公司的計劃按步實行。
Budgetary control refers to the establishment of budgets and the continuous comparison of actual results with budgets to ensure that the firm’s plan is put into practice.
| 用途Usefulness | 要點Point |
|---|---|
| 1. 促使各部門早作規劃1. Encourages all units of a firm to plan ahead |
企業內各管理人員須負責預算中的不同部分，因此每個部門都會積極參與編製預算的工作。有助企業從中發現潛在的問題和未來良機。 Managers are responsible for certain parts of the budgets. Such a planning process helps the firm discover potential problems and opportunities in the future. |
| 2. 改善企業內部的溝通和協調2. Improves communication and coordination within a firm |
不同部門會互相交流，並會齊心協力就如何達成企業的目標取得共識。 The budgets reflect a compromise or consensus among different departments on how to achieve the firm’s goals by working together as a group. |
| 3. 提供標準讓企業評估各部門和員工的表現3. Provides benchmarks to evaluate the performance of business units and employees |
|
| 4. 節省管理層的時間和精力4. Saves management time and efforts |
企業的高級管理層可以透過預算控制，找出哪些部門或員工表現欠佳，然後集中處理這些部門或員工的問題。 The senior management of a firm can easily find out which business units are significantly under-performing. They can focus on the problems of these business units. |
| 限制Limitation | 要點Point |
|---|---|
| 1. 難以預測不斷變化的營商環境1. Difficult to forecast the ever-changing business environment |
|
| 2. 無法取代管理人員的智慧2. Budgetary control is not a substitute for sound management decisions |
|
| 3. 或會阻礙員工追求更好的表現3. Budgets may become a hindrance to achieving excellence |
員工不願意超越目標預算的要求。 Employees would be reluctant to go beyond the expectations of the current budgets. |
| 4. 編製預算的員工須要接受適當的培訓4. Adequate training for budgeting staff is needed |
要確保預算得準確，企業要為編製預算的員工提供適當的培訓。 To ensure that forecasts are accurate, the budgeting staff should be well-trained. |
| 5. 耗時和成本不菲5. Costly to implement budgetary control |
|
達到預算目標不足以證明管理得宜。不要寫「達標＝一定做得好」。也不要把預算控制寫成可以取代管理人員的判斷。
Meeting the budget is not enough to prove sound management. Do not write “on target = well managed”. Budgetary control is not a substitute for managers’ judgement.
正確：「提供標準評估表現」是用途；「阻礙員工追求更好表現」是限制。易錯：把「節省管理層時間」寫成限制，或把「耗時成本不菲」寫成用途。
Correct: “provides benchmarks to evaluate performance” is usefulness; “hindrance to achieving excellence” is a limitation. Trap: calling “saves management time” a limitation, or calling “costly / time consuming” a use.
欣怡說請茶本月銷售「剛剛好達標」，所以一定管理得宜。但其實旁邊新開了一間茶飲店，客量本應更高；達標只是因為對手還沒搶走全部客。預算控制不能取代眼前判斷。
Yan says Try Tea’s sales are “exactly on budget”, so management must be sound. A new drinks shop has just opened next door, so sales should have been higher; hitting the budget only means rivals have not taken all the customers yet. Budgetary control cannot replace judgement of the current situation.
小練習 502.3Quick check 502.3
題 1Q1
梓軒把每週珍珠用量剛好用完預算就收工，不肯想辦法減少浪費。這對應哪一項限制？
Tsz Hin uses exactly the budgeted tapioca each week and will not try to cut waste. Which limitation is this?
答案：阻礙員工追求更好的表現
Answer: budgets may become a hindrance to achieving excellence
員工不願意超越目標預算的要求。
Employees are reluctant to go beyond the expectations of the current budgets.
題 2Q2
高級管理層只集中處理「實際遠差過預算」的分店。這是用途裡的哪一項？
Senior managers only focus on branches that are far off budget. Which usefulness is this?
答案：節省管理層的時間和精力
Answer: saves management time and efforts
七條都要能指出；填空時抓畫線詞。
Be able to state all seven. In blanks mode, the underlined words are the exam points.
正確：目標要可以達成；執行期間必要時可調整。易錯：寫「預算一經訂立就絕不可改」或「目標訂得越高越好」。
Correct: targets must be attainable; adjustments may be allowed during implementation. Trap: writing that a budget must never be changed once set, or that targets should be as high as possible.
小練習 502.4Quick check 502.4
題 1Q1
家欣只把去年珍珠用量原封不動抄進今年預算，沒有理會暑假客量會升。違反哪一條原則？
Eslyn copies last year’s tapioca figures into this year’s budget and ignores the summer rise in customers. Which principle is broken?
答案：分析必須具前瞻性
Answer: the analysis must be forward-looking
題 2Q2
家明把請茶每日銷售目標訂成「全港每一個中學生都來買一杯」。這違反哪一條？
Ka Ming sets Try Tea’s daily sales target as “every secondary student in Hong Kong buys one cup”. Which principle is broken?
答案：目標必須是可以達成的
Answer: the budget must be attainable
預算數額和實際數額都不相同，這兩者之間的差額稱為預算差異。
A budgeting variance is the difference between the budgeted and actual amounts.
| 有利差異 (F)Favourable variance (F) | 不利差異 (U)Unfavourable variance (U) | |
|---|---|---|
| 收入Revenue | 實際 > 預算Actual > Budgeted | 實際 < 預算Actual < Budgeted |
| 成本Cost | 實際 < 預算Actual < Budgeted | 實際 > 預算Actual > Budgeted |
E.g. 預算的銷售金額比實際的銷售金額多 $20,000 → 不利銷售差異 = $20,000 U
E.g. Unfavourable sales variance = $20,000 U
收入和成本的「有利」方向是相反的。實際成本高於預算是不利，不是有利。不要見到「實際較大」就一律寫 F。
Favourable goes the opposite way for revenue and for cost. Actual cost above budget is unfavourable, not favourable. Do not write F whenever “actual is larger”.
正確：銷售額實際 $80,000、預算 $100,000 → $20,000 U。易錯：把「實際較小」當成永遠不利——若是成本實際較小，應為 F。
Correct: actual sales $80,000 against budget $100,000 → $20,000 U. Trap: treating “actual smaller” as always U — if it is a cost, actual smaller is F.
據報，新世界發展（0017）計劃放棄機場城市的 11 SKIES 商場，把零售及餐飲空間交還予機管局。項目以設計—興建—營運（DBO）批出，投資約 $200 億；商場硬件已建成，但零售招租偏弱。合約下新世界由 2028 年起，每年可能要向機管局支付約 $18 億保證租金（或項目年收入的 30%，以較高者為準），直至 2066 年。集團負債與利息開支已重，若入場營運而租金收入趕不上這筆保證金，便會出現預算缺口（budgetary deficiency）：實際成本／現金流出高於可承受的預算，屬不利差異。離場、交還商場，是為免把這條長期不利差異鎖進帳。
Reports say New World Development (0017) plans to give up the airport 11 SKIES mall and return the retail and F&B space to the Airport Authority. The project was let on a design–build–operate (DBO) basis, with about $20 billion invested; the hardware is built, but retail leasing has been weak. Under the contract, from 2028 New World may have to pay the Authority a guaranteed rent of about $1.8 billion a year (or 30% of the project’s annual revenue, whichever is higher) until 2066. The group already carries heavy debt and interest. If it stays and rentals cannot cover that guarantee, a budgetary deficiency appears: actual cost / cash outflow above what the budget can bear — an unfavourable variance. Handing the mall back is a way to avoid locking in that long-run U.
課堂讀法：這是「成本實際將遠高於可預算水平」的不利差異，不是「實際較大就一定有利」。報道為據報磋商，並非已刊憲的最終合約。
Class reading: this is an unfavourable variance — actual cost heading far above what the budget can bear. “Actual larger” is not automatically F. The press describes talks, not a gazetted final contract.
香港01：機管局傳接管 11 SKIES（原文）HK01: AA reported to take over 11 SKIES (original)請茶本月：租金實際 $12,000、預算 $10,000 → 成本多了 $2,000 → $2,000 U。若是週末檔期銷售實際 $22,000、預算 $20,000 → 收入多了 $2,000 → $2,000 F。
Try Tea this month: actual rent $12,000 against budget $10,000 → cost $2,000 over → $2,000 U. Weekend-shift sales actual $22,000 against budget $20,000 → revenue $2,000 over → $2,000 F.
小練習 502.5AQuick check 502.5A
題 1Q1
請茶銷售：預算 $100,000，實際 $80,000。預算差異是多少？有利還是不利？
Try Tea sales: budgeted $100,000, actual $80,000. What is the variance, F or U?
答案：$20,000 U
Answer: $20,000 U
題 2Q2
珍珠成本：預算 $8,000，實際 $6,500。這是有利還是不利？金額？
Tapioca cost: budgeted $8,000, actual $6,500. F or U, and the amount?
答案：$1,500 F
Answer: $1,500 F
成本實際低於預算 → 有利。
Actual cost below budget → favourable.
三類都是「單價 × 數量」。先寫公式，再分 P 與 Q。
All three types are “price × quantity”. Write the formula, then split P from Q.
銷售額差異是實際與預算銷售額之間的差異。
［銷售額 = 銷售價 × 銷售量］
Sales variance refers to the difference between actual and budgeted sales.
[Sales = selling price × sales volume]
| 差異成因Cause of variance | 解釋Explanation |
|---|---|
| 售價差異Selling price |
當銷量保持不變時，售價越高，銷售額便越高。 Sales volume unchanged. A higher selling price than the budgeted one will lead to higher sales than the budgeted one. |
| 銷量差異Sales volume |
當售價保持不變時，銷量越高，銷售額便越高。 Selling price unchanged. A higher sales volume than budgeted one will lead to a higher sales than the budgeted one. |
| 產品組合 （不同售價的產品的比例）Product mix (the proportion of products in different profit margin sold) |
整體銷售量不變。售價低的產品的銷量佔整體銷量的比例高於預算時，那麼即使銷量達到預算目標，實際銷售額也可能低於預算數額。 Total sales volume unchanged. A higher proportion of high profit margin products sold than the budgeted one will lead to higher sales than the budgeted one. |
原因（銷售價 P、銷售量 Q）令實際銷售額 < 預算銷售額：
Reasons (selling price P, sales volume Q) that can make actual P/Q < budgeted P/Q:
→ actual P/Q < budgeted P/Q
正確：產品組合轉向低售價產品時，杯數達標，金額仍可低於預算。易錯：見到「銷量達到預算」就寫「沒有銷售額差異」。
Correct: a higher share of high-margin products (price unchanged, total volume unchanged) raises sales dollars. Trap: writing “no sales variance” just because total units hit the budget.
材料成本差異是實際與預算材料成本之間的差異。
［材料成本 = 材料價錢 × 材料用量］
Material variance refers to the difference between actual and budgeted raw material cost.
[material cost = material price × material usage]
| 成因Cause | 方向Direction | 典型原因Typical reasons |
|---|---|---|
| 材料價格 (P)Material price (P) |
原料價格高於預算時，實際材料成本便會高於預算。 A higher raw material price than the budgeted one will lead to a higher actual cost than the budgeted amount. |
|
| 材料用量 (Q)Material usage (Q) |
當生產每件產品所用的原料多於預算時，材料成本便會增加。 A higher amount of raw materials used per unit of output than budgeted will lead to a higher actual material cost than the budgeted amount. |
以上 → 實際用量 > 預算用量 → 不利差異 Above → actual usage > budgeted usage → unfavourable variance |
人工差異是實際與預算人工之間的差異。
［人工 = 工資水平 × 時間］
Labour variance refers to the difference between actual and budgeted labour costs.
[Labour cost = wage rate × time used]
| 成因Cause | 方向Direction | 典型原因Typical reasons |
|---|---|---|
| 工資水平 (P)Wage rate (P) |
當企業的工資水平高於預算時，人工成本便會增加。 An increase in wage rate will lead to higher labour costs. |
以上 → 實際價格 > 預算價格 → 不利差異 Above → actual P > budgeted P → unfavourable variance |
| 勞工的工作效率 (Q)Labour efficiency (Q) |
當勞工的工作效率低於預算時，生產每件產品便需要更長的工作時間，總人工成本也會隨之增加。 When labour efficiency is lower than expected, longer hours of work are needed to produce a unit of output, leading to higher total labour costs. |
以上 → 實際工時 > 預算工時 → 員工效率低於預期 → 不利差異 Above → actual Q > budgeted Q → labour efficiency is lower than expected → unfavourable variance |
家欣一次過訂兩個月珍珠，拿到折扣，每公斤平了 → 材料價格有利差異。同一週，新兼職倒掉半袋珍珠 → 材料用量不利差異。兩個可以同時出現，不要合成一句「材料差了」。
Eslyn orders two months of tapioca at once and gets a discount, so price per kg falls → favourable material-price variance. The same week a new part-timer tips away half a bag → unfavourable material-usage variance. Both can happen together; do not merge them into “materials were worse”.
小練習 502.5BQuick check 502.5B
題 1Q1
請茶杯數達標，但多賣了平價的「小杯」，少賣了貴的「加料大杯」，銷售額低於預算。屬哪一種銷售差異成因？
Try Tea hits the cup-count target, but sells more cheap small cups and fewer high-margin large cups, so sales dollars are below budget. Which sales-variance cause is this?
答案：產品組合
Answer: product mix
題 2Q2
工會要求加薪後，請茶每小時工資高於預算，工時不變。這是人工差異裡的 P 還是 Q？有利還是不利？
After a union demand, Try Tea’s hourly wage is above budget; hours are unchanged. Is this P or Q in the labour variance, and F or U?
答案：工資水平 (P)；不利
Answer: wage rate (P); unfavourable
題 3Q3
製冰機老化，每杯要用更長時間。這主要影響人工差異的哪一邊？
The ice machine is aging, so each cup takes longer. Which side of the labour variance does this mainly hit?
答案：工作效率／時間 (Q)
Answer: labour efficiency / time used (Q)
先對差異類型，再對部門，最後才寫行動。不要所有問題都寫「加強宣傳」。
Match the variance type, then the department, then the action. Do not write “more advertisements” for every problem.
| 差異Variances | 原因Causes | 補救措施Remedial actions |
|---|---|---|
| 1. 銷量差異1. Sales-volume variance |
企業售出的貨物數量未能達到企業目標。 The firm is unable to sell as many units as it planned. |
市場及銷售部門 marketing and sales department
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| 2. 價格差異2. Price variance |
原料價格的差異；產品售價的差異。 The variance in the price of raw material or the selling price of output. |
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| 3. 用量差異3. Usage variance |
與企業在生產時運用材料的效率有關。 Related to how efficiently inputs are used in production. |
生產部門 production department
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嘉欣的攝影學會旅行預算 40 人，只得 28 人報名（銷量差異：對手學會同日去迪士尼）。補救屬「市場及銷售」那類動作：在早會多宣傳、給提早報名優惠，而不是去「培訓員工」或「收購供應商」。
Eslyn’s photography-club trip was budgeted at 40 students but only 28 signed up (sales-volume variance: another club is going to Disneyland the same day). The remedy is the marketing-and-sales type: more morning-assembly ads and an early-bird discount — not “train workers” or “acquire the supplier”.
小練習 502.5CQuick check 502.5C
題 1Q1
請茶珍珠用量高於預算，因為新兼職不熟練、製冰機又慢。應由哪個部門採取哪兩項補救？
Try Tea’s tapioca usage is above budget because new part-timers are unskilled and the ice machine is slow. Which department, and which two remedies?
答案：生產部門；培訓員工、更換機器
Answer: production department; train workers, use better machines
題 2Q2
原料漲價。寫一項長遠補救，不要只寫「加價賣」。
Raw-material prices have risen. Give one longer-term remedy; do not only write “raise the selling price”.
答案：物色更便宜的原料／收購材料供應商／增加每次採購數量以獲折扣
Answer: source cheaper materials / acquire the supplier / buy in larger quantities for a discount
正確：先檢查預算是否訂錯（例如暑假客量被低估）。易錯：一有差異就罵前線員工。
Correct: first check whether the budget itself was poorly set (e.g. summer demand understated). Trap: blaming front-line staff as soon as a variance appears.
正確：颱風停課、突發疫情、全行通脹，不是單一門市能即時控制。易錯：把所有 U 都寫成「管理不善」。
Correct: a typhoon closing schools, a sudden outbreak of disease, or industry-wide inflation is not something one shop can control at once. Trap: labelling every U as “poor management”.
正確：細微差異可能不值得花兩日去查。易錯：寫「所有差異都必須立刻全面調查」。
Correct: a tiny variance may not be worth two days of investigation. Trap: writing that every variance must be fully investigated at once.
家明發現請茶本週珍珠多用了 $80。若要請會計來店查兩日，人工已遠超 $80。補救前先問：是預算訂錯、是無法控制，還是查下去的成本大於得益？
Ka Ming finds Try Tea used $80 extra tapioca this week. Hiring an accountant for two days would cost far more than $80. Before a remedy, ask: was the budget wrong, was the factor uncontrollable, and is the cost of investigating larger than the benefit?
小練習 502.5DQuick check 502.5D
題 1Q1
颱風日全港停課，請茶學生客跌，銷售低於預算。應否把這寫成「門市管理不善」？應指出哪一項注意事項？
A typhoon closes all schools and Try Tea’s student customers drop, so sales are below budget. Should this be written as “poor shop management”? Which point to note applies?
答案：不應；差異可能由無法控制的因素所致
Answer: no; variances may be due to uncontrollable factors
題 2Q2
預算把暑假客量當成平時，結果實際遠高於預算。這較像哪一項注意事項？
The budget treated summer demand as a normal month, so actual sales far exceed budget. Which point to note is this closer to?
答案：預算失誤
Answer: poor budgeting