Budgeting test: Pre-employment screening assessment to hire the best candidates
Summary of the Budgeting test
This budgeting test evaluates the candidate’s ability to budget. This screening test will help you hire employees who can understand and apply financial policies and controls and create and analyze budgets.
Covered skills
Reading and interpreting data
Estimating financial resources and needs
Monitoring and controlling the budget
Applying financial policies and controls
Use the Budgeting test to hire
Managers, assistant managers, production managers, warehouse managers, bookkeepers
Type
Time
Languages
Level
About the Budgeting test
Budgeting is a key part of financial management – planning the use of resources, such as people, cash flow, capital spend, and target setting to ensure the financial goals of a business are met. Developing and applying financial controls and procedures is essential to ensuring the budget is adhered to.
This test evaluates the candidate's ability to read and interpret data, such as financial data, estimate the financial resources and needs of a project or organization, monitor and control a budget, and apply financial policies and controls for your organization.
This screening test helps you to identify management that can review profitability and sales data, analyze time sheets and work charts, and analyze income against expenses. This test helps you identify employees who can properly estimate the amount of financial resources needed for a project, work with quotes from other businesses, and estimate expenses. This budgeting test will help you identify candidates who can apply variance analysis, determine budgetary discrepancies, and manage cash flow, and who can apply and enforce your company’s cash management and payment tracking policies.
Candidates who perform well on this test have a strong understanding of the budgeting process and solid experience in financial analysis and cash flow management. They will also have a good understanding of financial controls and processes to ensure there is adequate control of cash.
The test is made by a subject-matter expert
Miruru W.
Miruru is a Certified Public Accountant with over 25 years in financial management and control activities that include budgetary preparation and control, resource planning, financial reporting, and financial modeling. He has consulted for hospitality, agro-processing, petroleum and liquefied petroleum gas (LPG), manufacturing, and a variety of other sectors
Crafted with expert knowledge
TestGorilla’s tests are created by subject matter experts. We assess potential subject-matter experts based on their knowledge, ability, and reputation. Before being published, each test is peer-reviewed by another expert, then calibrated using hundreds of test takers with relevant experience in the subject. Our feedback mechanisms and unique algorithms allow our subject-matter experts to constantly improve their tests.
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What is a Budget analyst assessment test? How will it help you?
The Budget analyst assessment test or the Budgeting test is a pre-employment skills assessment that helps you evaluate your candidates’ budgeting skills to see who can understand and apply financial policies in an effective way. Budgeting, in general, is a part of financial management, and any manager who wants to be successful needs to understand and apply budgeting in their management.
But finding a good candidate who has great financial management skills is trickier than ever. The competition to get the best talent from the market is fierce and companies will have to go above and beyond to hire great talent. But there are more obstacles on the way besides competition; there are also outdated internal hiring processes that prolong recruitment and create obstacles to hiring great people. Some of the problems are:
Limited candidate pool: Even though your hiring managers are receiving many applications, the quality of those applications isn’t very good. There are a lot of applicants that are using the “shotgun” method, where they send their CVs and resumes to as many companies as possible. They do so because they hope one of the applications sticks and they get an interview. The problem is on the other side; hiring managers are getting swamped with CVs that aren’t qualified for the position they have open. So they have to sit down for hours upon hours and sift through resumes until they find a couple of suitable candidates. And even when they do and they present you with a shortlist, you’re not sure if they’re really the best candidates or a product of the hiring manager’s bias.
Inherent bias: Even if the manager knows about unconscious biases, they will still fall victim to them during the hiring process.
CV dependence: All of this happens because hiring processes rely on resumes to see if the candidates have the necessary skills. With CV screening, the hiring managers are only assessing the candidates’ CV writing skills, not their practical budgeting skills.
The solution to these problems is pre-employment tests.
What will you be evaluating with the Budgeting test?
A pre-employment test, such as the Budgeting test, can really improve your entire hiring process. With a pre-employment test, you’re no longer relying on CVs to assess the skills of your candidates. Instead, you’re evaluating the real skills that they will use on the job.
The Budgeting test itself lasts for 10 minutes and it’s geared toward candidates that have an intermediate level of skills. The test will assess candidates in four distinct areas when it comes to budgeting:
• Reading and interpreting data• Estimating financial resources and needs• Monitoring and controlling the budget• Applying financial policies and controls
With the Budgeting test, you’re looking to shortlist those candidates that score well on the test. That means that they have the necessary skills, experience, and mastery when it comes to financial management. Only those candidates who know how to read and interpret data, estimate financial resources, and control the budget will be the ones that will get good results from the test.
The Budgeting test is essential if you’re trying to hire people for any of the following roles: managers, assistant managers, production managers, warehouse managers, and bookkeepers. All of these roles require financial management skills.
With a pre-employment test like the Budgeting test, you will receive the necessary data to make informed hiring decisions. The test results will help you hire only those candidates who actually have the necessary skills to do the job successfully. And that’s not the only problem pre-employment tests solve in the hiring process.
Use this Budgeting test for skills-based hiring
When you use the Budgeting pre-employment test, you will solve many problems in your hiring process:
Hundreds of applications: A hiring manager receives around 200 applications per open job role. And it’s really time-consuming for the hiring manager to go over all the (unqualified) CVs and shortlist candidates that meet the requirements. With pre-employment tests, you don’t have these problems. The hiring manager simply sends the pre-employment tests with a single click to all of the candidates that apply for the role. They don’t do CV screening; instead, they send the test to all the candidates and then wait for the results.
No more bias: When the hiring manager sends all the tests, they wait for the test results and use those results to make hiring decisions. The results come in as numerical so the hiring manager can compare candidates to see who did better. So using a pre-employment test such as the Budgeting test will help you eliminate unconscious bias from the hiring process altogether.
Reliance on resumes: Usually, hiring managers rely on CV screening to see if the candidates have the necessary skills to do the job. But with a pre-employment test in your hiring process, you won’t have to rely on CVs at all. A pre-employment test replaces resume screening and it does a better job at that; with a pre-employment test, you’re assessing the skills that the candidate will actually use on the job instead of looking at their CV writing skills.
The first step in implementing pre-employment tests in your hiring process would be to look at TestGorilla’s test library. We have over 170 scientific tests that have helped more than 6,000 companies improve their hiring process. So don’t leave anything to chance; use a pre-employment test in your hiring process and recruit the best talent.
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