Skill set details

SITSS00043 - Understanding Financial Concepts for Budgeting (Release 1)


Usage recommendation:
Supersedes SITSS00033 - Understanding Basic Financial ConceptsUpdated to meet Standards for Training Packages 02/Mar/2016
Is superseded by and equivalent to SITSS00096 - Understanding Financial Concepts for BudgetingUnits updated to current versions. 09/Jun/2022

ReleaseRelease date
1 1 (this release) 03/Mar/2016

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Modification History

Not applicable.


A set of skills to understand basic financial concepts in budget preparation and management to equip individuals for work in any sector of the tourism, travel and hospitality industry.

Pathways Information

Achievement of these units provides credit towards qualifications in tourism, travel, hospitality, events, holiday parks and resorts in the SIT Tourism, Travel and Hospitality Training Package.

Licensing/Regulatory Information

No occupational licensing, certification or specific legislative requirements apply to this skill set at the time of publication.

Skill Set Requirements

Unit code 

Unit title 


Interpret financial information


Manage finances within a budget


Prepare and monitor budgets

Target Group

This skill set is for those tourism, travel and hospitality industry personnel who have responsibility for budget preparation and management.

Suggested words for Statement of Attainment

These units of competency from the SIT Tourism, Travel and Hospitality Training Package provide a set of skills to understand basic financial concepts to effectively prepare and manage budgets.