Assessment Tasks and Instructions

Student Name
Student Number
Course and Code
Unit(s) of Competency and Code(s) SITXFIN003 Manage finances within a budget
Stream/Cluster
Trainer/Assessor

Assessment for this Unit of Competency/Cluster Details

Assessment 1 Short Answers
Assessment 2 Project
Assessment 3
Assessment conducted in this instance: Assessment 1 2 3

Reasonable Adjustment
1. Has reasonable adjustment been applied to this assessment?
No No further information required

Yes Complete 2.
2. Provide details for the requirements and provisions for adjustment of assessment:

Student to complete
My assessor has discussed the adjustments with me
I agree to the adjustments applied to this assessment
Signature Date

2nd Assessor to complete

I agree the adjustments applied to this assessment are reasonable
Name

Signature Date

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Assessment Guidelines
What will be assessed
The purpose of this assessment is to assess your underpinning knowledge to complete the tasks outlined in
the elements and performance criteria for this unit of competency and relating to the following aspects:

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  types of financial records:
o bank deposit documentation
o bank statements
o banking summaries
o business activity statements
o cheque books
o credit card transaction statements
o invoices
o journal entries
o labour and wages reports
o merchant statements
o merchant summaries
o transaction reports
 types of budgets:
o cash budgets
o cash flow budgets
o departmental budgets
o event budgets
o project budgets
o purchasing budgets
o sales budgets
o wage budgets
o whole of organisation budgets
 factors for consideration in the preparation of financial and statistical reports:
o cash flow
o commercial account activity
o commission earnings
o covers and financial return
o daily, weekly and monthly transactions
o expenditure
o income
o occupancy rates and financial return
o performance of department, project and/or products and services
o sales performance
o sales returns
o staff costs
o stock levels
o variance in income and/or expenditure
o wastage
o yield
 use, contents of and formats for:
o budgets
o financial reports
o statistical reports
 budget terminology
 specific industry sector and organisation:
o use of budgets to control costs and enhance profitability
o importance of budget control
o techniques for maximising budget performance
o financial reporting procedures and cycles

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 o features and functions of accounting software programs used to manage budgets.
Place/Location where assessment will be conducted
RTO to complete

Resource Requirements
Pen, Paper or computer

Instructions for assessment including WHS requirements

You are required to address all questions to achieve competence. Your trainer will provide you with
instructions for time frames and dates to complete this assessment.
Once completed, carefully read the responses you have provided and check for completeness. Your trainer
will provide you with feedback and the result you have achieved.

Statement of Authenticity
I acknowledge that I understand the requirements to complete the assessment tasks
The assessment process including the provisions for re-submitting and academic appeals were explained
to me and I understand these processes
I understand the consequences of plagiarism and confirm that this is my own work and I have
acknowledged or referenced all sources of information I have used for the purpose of this assessment
Student Signature: Date: / /201

This assessment: First Attempt 2nd Attempt Extension – Date: / /

RESULT OF ASSESSMENT Satisfactory Not Yet Satisfactory

Feedback to Student:

Assessor(s) Signature(s): Date: / /

Student Signature Date: / /

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Assessment 1

Your Task:

Answer the following questions below. All questions must be answered.

Question 1
List 8 examples for financial records
1. Income Statement

2. Balance Sheet

3. Statement of Cash Flows

4. Credit card statements

5. Bank reconciliations

6. Statement of cash flows

7. Sales records

8. Budget statements

Question 2
List 4 different types of budgets.
1. Cash budget/ cash flow budget

2. Wage budget

3. Departmental budgets

4. Event budgets

Question 3
What is the purpose of preparing a draft budget?

To be able to present possible resources and its corresponding financial costs. Preparing a draft budget can save
time and energy as it can present easier methods to make small changes and improvements to make the final
budget

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 Question 4
What should you do with the feedback from the draft budget?

It is used to make necessary improvements and changes to address further additional need for resources; or
change in costs etc.

Question 5
List 2 people the final budget might need to be distributed to.
1. Human resources manager

2. Marketing manager

Question 6
Why is it important for each department head to understand their part of the budget?

It is important for each of them to understand so that they can make necessary adjustments in plans or activities
to ensure that the costs will not be excessive.

Question 7
Why should all staff have some knowledge of the budget for their area?

It is necessary so they can help to save resources and ensure that the budget will be properly used and
managed.

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 Question 8
Once the final budget has been approved, how often should it be monitored?

It should be monitored every month or as needed.

Question 9
As well as receiving the final budget the management team should be advised of their reporting duties. What
should their report contain?

Question 10
Name 2 financial reports you might generate from your accounting system to check your budget against
actual income or expenditure.
1. budget

3. Income statements

Question 11
Every revenue and expense item on the Profit and Loss Statement should be compared to what?

Question 12
When revenue variances occur, why should you talk to the staff to help identify, and find options to
address the issue?

To be able to identify the reasons for the variances and make necessary adjustments to address the variances. If
the budget was used responsibly and for acceptable reasons.

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 Question 13
List 2 factors that can cause variances in staff budgets.
1.

2.

Question 14
List 3 colleagues you may advise if you noticed that there were deviations between your budget and your
targets.
1.

2.

3.

Question 15
List 2 ways you might research new approaches to managing your budget.
1.

2.

Question 16
List 3 things you need to include in your budget report, to give the decision maker enough information to do a
clear cost versus benefit analysis of the budget request.
1.

2.

3.

Question 17
If you are cutting expenditure, why must you be careful that the cuts do not cause the level of service and
product to fall?

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 Question 18
Name an accounting program you can use to help manage budgets.

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