BSBSMB406 - Acube Assessment Booklet

Assessment Booklet
BSBSMB406
Manage small business finances

(Release 2)
Student Name
Student Number
Assessment Booklet: BSBSMB406
ASSESSMENT COMPETENCY RECORD

 This form must be filled carefully filled by the assessor as it will be the final
record of the student’s competence in this unit.
 All student submissions including the relevant documents and checklists should
be attached to the cover sheet before placing it on the student file.
 The student results must only be entered into the Student Database after all the
relevant paperwork and documents are attached to this form.
Student Name
Student ID
Unit Code BSBSMB406

Manage small business finances
Unit Title
Final Assessment Timetable
Date
Actual Date of Assessment
Completion
Reason for Variation
It is confirmed that by completing this assessment, the candidate

has successfully satisfied all unit outcomes through repeated and
consistent application of skills in line with the competency in
performance.
 Valid
 Sufficient
Evidence is confirmed as:
 Current
 Authentic
ASSESSOR’S The following documents are to be attached to this form:
DECLARATION Assessment FINAL ASSESSMENT
Assessment Method Result
Task RESULT
Assessment  Written Questions  Competent (C)
S/NS  Not Competent
Task 1 and Answers
Assessment  Case Study (NC)
S/NS
Task 2
Assessment  Project
S/NS
Task 3
Assessment  Third Party Report
S/NS
Task 4
Attempt Number and Date Assessor’s Feedback

1.
2.
3.
Frontier Training and Technology Pty

Version: 1.0 Page 2 of 31
Ltd Assessment Booklet BSBSMB406
Responsibility: Curriculum Manager Created: Last Reviewed:
Final Feedback
DO NOT SIGN BELOW UNTIL FINAL ASSESSMENTS RESULT IS GRANTED BY THE ASSESSOR.
ASSESSOR:
“I declare that I have conducted a fair, valid, reliable and flexible assessment with this student,
and I have provided appropriate feedback.”
Signature: ____________________________________ Name____________________________ Date ____/___/________
STUDENT:
“I declare that I accept the assessment competency outcome and consider the feedback of my
assessor positively. I also declare that the work submitted is my own, and has not been copied or
plagiarised from any person or source.”
Signature: __________________________________Name:____________________________ Date: ____/___/________
Administrative use only:

Entered into Student Management Database
Signature/Initial: ____________________________________
Date: ____/____/________
Release & Revision Number Release 2

Pre-Requisites N/A
Co-Requisites N/A
Unit Descriptor This unit describes the skills and knowledge required to
implement and review financial management strategies on a
regular basis.
Target Group It applies to individuals who operate a small business that

stands alone, or is part of a department within a larger
organisation. Individuals in this role interpret financial
reports and other numerical data to develop financial
management strategies.
No licensing, legislative or certification requirements apply
to this unit at the time of publication.
Conditions and Context of

Assessment Assessment must be conducted in a safe environment where
evidence gathered demonstrates consistent performance of typical
activities experienced in the Management and Leadership – Small
and Micro Business field of work and include access to:
 business equipment and resources
 relevant legislation, regulations, standards and codes
 relevant workplace documentation and resources
 case studies or where possible, real situations
 Interaction with others.

Assessors of this unit must satisfy the requirements for assessors in

applicable vocational education and training legislation, frameworks
and/or standards
Resource Requirements Resource implications for assessment include:

 documentation that should normally be available in
either a building or construction office
 relevant codes, standards and regulations
 office equipment, including calculators, photocopiers
and telephone systems
 computers with appropriate software to view 2-D
CAD drawings, run costing programs and print
copies
 a technical reference library with current
publications on measurement, design, building
construction and manufacturers' product literature
 a suitable work area appropriate to the construction
process. Reasonable adjustments for people with
disabilities must be made to assessment processes
where required. This could include access to
modified equipment and other physical resources,
and the provision of appropriate assessment
support.

STUDENT DECLARATION
 Original submission
 Re-submission*
Please  tick the type of
submission
*when re-submitting work for an assessment, ensure you
attach the previous assessment to the back of the
amended assessment.
PARTICIPANT DECLARATION:
I declare that:
 The purpose and procedures of this assessment have been clearly explained to me;
 I been consulted about any special needs I might have in relation to the assessment
process, the criteria used for this assessment have been discussed with me;
 I have been given fair notice of the date, time and venue for this assessment and that I am
ready for assessment;
 I hold a copy of this work which can be produced if the original is lost/damaged;
 This work is my original work and no part of it has been copied from any other
Participant’s work or from any other source, except where I have made reference to that
material;
 I have read the assessment and plagiarism, cheating & collusion policies in the HIA
Participant Handbook and agree to the conditions required.
 I believe I have satisfactorily met the requirements of the assessment.
Participant’s signature_____________________________Date_______/______/_____________

INSTRUCTIONS TO STUDENTS/ PARTICIPANT PRIOR TO UNDERTAKING ASSESSMENTS

All Assessment tasks in this Assessment Booklet must be
completed and then submitted by the end date of the face-
to-face session of the course.
This assessment is summative. Students must have
sufficient knowledge before undertaking this assessment.
Candidates must also remember:
 Keep a copy of the assessment prior to submission
 Write your name and page number on the bottom of
each page of the submission
 If the submission includes a CD, your name and
Student ID must be clearly printed on the disk. The CD
should be then places in a sealed plastic packet and
attached to the cover sheet.
 All assessments must be submitted by the due date, as
mentioned in the cover sheet
 The assessments must be submitted to :
♦ Frontier Training and Technology Pty Ltd OR
♦ Posted/dropped into the regional office
(check the Participant Handbook for
addresses)
Number of Assessment Tasks: 4

* students have to complete all these tasks satisfactorily to be
deemed competent in this unit
Tasks:
1. Written Questions and Answers

2. Case Study
3. Project
4. Third Party report
*students are recommended to read the instructions for each

task given in this booklet, before commencing with the task.
Elements of Competency:
1. Implement financial plan

2. Monitor financial performance
*in order to be deemed competent in this unit, students have

to demonstrate knowledge and skills in these Elements of
Competency
 On satisfactory completion of all tasks, the students
will be marked Competent (C)
 On unsatisfactory completion, they will be deemed
Not Yet Competent (NYC)
 Students may consult industry professionals to
complete the tasks. The works of the students
should be of their own.

The assessors need to ensure the student is ready for the

assessment.
If the student is found to have issues with the assessment:
 The assessor can change the assessment.
 The assessor need to explain the task in detail.
During assessment the trainer will observe the students and
no lectures will be conducted.
Appropriate feedback will be provided to the student after
assessment.
The student record should reflect your knowledge and skill
in performing the task.
The assessor will take up the role of a supervisor and not
interfere during the assessment.
In case of safety concerns the assessment should be stopped
immediately.
 Students that are unsuccessful at achieving
competency in the first attempt will be provided
with facilities like:
♦ Coaching
♦ Information
♦ Additional time
 If the student is not able to satisfactorily complete
the assessment in the third attempt, he/she will be
deemed Not Competent (NC).
 The student deemed NC can re-enrol into the course
at a later date for successful completion.
 For further details refer to College Name Assessment
Policy and Procedure.
College Name regards plagiarism and cheating as a serious
offence and can result in:
 Student’s exclusion from the unit
 Re-assessment
Refer to College Name Plagiarism & Cheating Policy and
Procedure.
 If the student wants to appeal an assessment, the
first step is to inform the assessor about the same.
 The assessor will decide if the student should be re-
assessed, keeping in mind, that a fair and equitable
decision is made.
 After the decision is made, the assessor will
complete a written report explaining why the
student was granted/not granted the re-assessment.
Refer to College Name Complaints and Appeals Policy &
Procedure for details.

Number of Assessment Tasks in this unit: 3

Students must complete all assessment tasks to be deemed competent in this unit.
Assessment Assessment Method Assessment Description
No.
Assessment Task 1 consists of 11 written
questions that students need to answer. Prior to
attempting these questions, students must read
thoroughly and discuss with Trainer and
Assessor the Learner guide along with some in
depth research on Importance and Various
tools for financial reporting.
Assessment Written Questions and
Task 1 Answers Students must be given a week’s time to
complete this assessment task and this has to
be undertaken towards the end of the session
for this unit of competency. The Assessor will
record a summary of your responses in this
assessment booklet. All questions, unless
specified, should be answered in relation to the
legal requirements in your State or Territory.
Assessment Task 2 consists of a case study on
Dave’s Startup businesses. Students are
required to analyze the case study which is
Assessment divided into 3 parts followed by questions for
Case Study
Task 2 each parts. Upon analysis, students are required
to answer each questions in relevant to the case
study parts.
Assessment Task 3 is a project work that

students must undertake on researching about
their company or their own current/potential
business on small residential/commercial
construction and write a financial projection for
Assessment the researched business. Trainer/ Assessor may
Project
Task 3 supply their own sample business plan on a
company or students can discuss and provide
their own example. Financial planning and
business plan templates are provided to
students as attachment A and B.

Assessment Task 1: Written Questions and Answers

Number of Questions 11
Oral  Written 
You would be given a week’s time to

complete this assessment task and
Time allotted has to be undertaken towards the end
of the session for this unit of
competency.
Student’s guidelines
Assessment Task 1 consist of 11 written questions that you need to answer in
brief. You are required to discuss with your Trainer and Assessor and read
thoroughly your participant guide before you attempt these questions.
All questions, unless specified, should be answered in relation to the legal
requirements in your State or Territory.
To successfully complete the assessment, you should demonstrate a thorough
knowledge required to operate and structure of the organization’s costing and
contracting system, state or territory building and construction codes and
regulations relevant to the form of building or construction being undertaken
and types, scope and usage of labor through the employee and contractor
systems.
To complete the assessment satisfactorily, all questions must be answered
correctly.
Assessment Assessor’s guidelines

Instructions The Assessor will record a summary of your responses in this assessment
booklet.
Where a Participant does not achieve satisfactory completion, the Assessor will
assess knowledge of that area with a re-submission (maximum of two re-
submissions only) of assessment work to gain the required outcome

Questions
1. Explain the three following financial control documents and how each contribute to the
financial control of the business.
a. Cash flow Projections
b. Profit and Loss Statement
c. Balance Sheet (PC 1.1)
2. Define the term ‘Asset’ and distinguish between Current and Non-Asset (PC 1.2)
3. Explain the terms “Liquidity” and “Working Capital” (PC 1.3)

4. Under what circumstances would a business, currently operating as a sole trader, be

best advised to incorporate as a company? (PC 1.3)
5. How would the incorporation of a private company offer greater protection of a

director’s assets compared to the exposure of being a sole trader? (PC 1.5)

6. What are the various ways in which a small business could ensure that the business is
operating in compliance with all of its legal obligations and responsibilities? (PC 1.4)
7. What are the different types of finance a small business may need to pursue to ensure
that its business always has access to liquid funds? (PC 1.7,2.1)
8. What processes can a business put in place to ensure all stakeholders share both the
vision and the stated objectives of the business? (PC 2.2)

9. What methods/systems can a small business use to document and identify all of the
costs of operating the business? (PC 2.4)
10. How would a small builder prepare a quotation for a new housing client, ensuring that
he could earn a 14% net profit on the job? (PC 2.3)

11. Mention three financial key performance indicators to gauge business health? (PC 1.6)

END OF WRITTEN ASSESSMENT

Before you hand in your written assessment, make sure that you:
1. Re-check your answers and make sure you are happy with your responses.
2. Have written your Name, Student ID, on the first page and signed the student
declaration below.
3. If you are submitting this assessment as a separate attachment, please attached an
Assessment Submission Sheet available from the Student Administration or the college
name intranet.
Student Declaration: I declare that the work Signature: ___________________________

submitted is my own, and has not been copied or
plagiarized from any person or source.
Date: ____/_____/_____
Result: Satisfactory (S) / Not Satisfactory (NS)

Assessor’s Feedback
Assessor: I declare that I have conducted a fair, Signature: _________________________

valid, reliable and flexible assessment with this
student, and I have provided appropriate feedback. Name: _________________________
Date: ____/_____/_____

ASSESSMENT TASK NUMBER : 2

Assessment Task Case study report
Assessment Method Case study
Date of Assessment
Elements of Competency 1.1-2.4
Task Description Assessment Task 2 consists of a case study on Dave’s

Startup businesses. Students are required to analyze
the case study which is divided into 3 parts followed by
questions for each parts. Upon analysis, students are
required to answer each questions in relevant to the
case study parts.
Instructions for Candidates To successfully complete the assessment, you should

have a thorough knowledge to identify and comply with
the regulatory, legal, taxation and insurance
requirements, and risk management needs of small
business. You will also have the knowledge to develop
a financial plan to support business viability and to
research and develop an integrated business plan for
achieving business goals and objectives.
Instructions for Assessors Students must be given a week’s time to complete this
assessment task and has to be undertaken towards the
end of the session for this unit of competency.
The Assessor will record a summary of your responses
in this assessment booklet.
All questions, unless specified, should be answered in
relation to the legal requirements in your State or
Territory.
Time allotted Decided by the assessor
Resources Required Can include:
 documentation that should normally be
available in either a building or construction
office
 relevant codes, standards and regulations
 office equipment, including calculators,
photocopiers and telephone systems
 computers with appropriate software to view 2-
D CAD drawings, run costing programs and
print copies
 a technical reference library with current
construction and manufacturers' product
literature
 a suitable work area appropriate to the
construction process

Case study part A

Just like you, Dave always wanted to operate his own business but he witnessed some of
his builder friends “go broke” and realized that he has to thoroughly educate himself on
the various and real risks involved in operating his own domestic building business.
As humans, we are eternal optimists and we can only envisage good things happening
when we open up our business. While optimism is an essential component of business
success, harsh reality and statistics prove that failure in small business is endemic and the
consequence of failure often leads to broken relationships, bankruptcy and the loss of
confidence. Starting again with a bad credit rating can be extremely difficult so it is vitally
important that Dave and Melinda think long and hard about going into business and seek
the advice of experienced and well-worn business people before taking the plunge.
As Dave is finds out, going into business for yourself isn’t easy at the best of times and is
not recommended for the faint hearted. As a consequence of owning and operating his
own building business, Dave is exposing himself and his family to risk. As part of a sound
and considered approach, Dave should be aware of what his risks specifically are and
then how best to mitigate these risks. The imminent risks that Dave will encounter as an
owner of a building renovation company should be understood before establishing himself
as a self-employed.
1. At the initial stage, whom do you think Dave should take recommendation and
advice and on what? Explain in details
2. What happens if Dave chooses the wrong legal structure? What are the different
variables that the legal structures in operating a business depends on?
3. Dave has decided to go to a consultant to take advice. What are the key things that
you think, Dave should discuss with the consultant at the initial stage?
Case study part B

Statement 3: Harry Commins is a builder who has asked Dave to start building the frame
for a two unit project he is building in Summerhays, a holiday destination where he owns
the block. Dave diligently undertakes the work, finishing the project in 14 days and sends
Harry an invoice for $16,879 including GST, requesting payment in seven days.
After 28 days, Dave rings, concerned that the payment is taking so long. When he
eventually gets on to Harry, he refuses to pay, saying there was nothing in writing so is not
obliged to pay.
4. Please advise Dave as to what actions he should take to attempt to get paid

Case study part C

Acquiring the necessary finance to get a small business off the ground is a major issue for
any potential small business.
Establishing a source of on-going finance is also the lifeblood of a small business.
These questions should be already covered in Activity 2A:
 As such, Dave will need to calculate his business establishment (start-up) costs
and working capital required to operate his business.
 Dave will also need to outline his plan for finance sourcing. What credit products
will Dave use, if any? What documents will he need to support his application for
finance? Dave will need to prepare the documents he will require to apply for
finance.
Task
Below is the given table, where the first column are the list of different sources from where
Dave can acquire finance. Next to each sources, conduct a thorough research and explain
how these sources would benefit Dave.
Acquiring finance
Start-up and ongoing o It's essential for Dave to have an accurate idea of
financial requirements his financial needs. Once he has calculated the
amount he'll need to cover his initial start-up costs,
he'll also need to factor in his on-going running
expenses.
o Dave should also remember that customers may
not pay him immediately - but he will still need to
pay all his bills to keep trading.
o It's sensible to have sufficient capital to cover
projected expenses for at least six months.
o At the same time, Dave will need to make sure
that he has taken into account how much money
he will need to live on.
o Dave has to be mindful that in the early stages, a
new small business is unlikely to produce spare
cash that he can spend on himself.
Sources of finance, e.g. o Dave may need to finance his starting inventory /
Backers stock of materials with bank debt or equity. It may
be an idea for Dave, as a means of preserving
cash, that he opens trading accounts with key
suppliers with as long terms as possible.
o Bank Term Loan: A bank term loan is usually used
for financing the capital assets of the business. It
can sometimes be used to finance part of a
business start-up or business acquisition. The loan
is repaid over a period of time and the interest rate
may be fixed or floating.
o Bank Line of Credit: This is similar to an overdraft
for a business. It is important to use the line of
credit to finance current assets and the term loan
to finance capital assets. One sure way for Dave
to have a cash flow crunch is to have used all his
cash and line of credit to purchase pieces of
equipment, only to run out of cash due to a late
paying customer. It is not usual to finance a

business start-up with a line of credit. It is,

however, acceptable to finance short-term cash
deficits using your line of credit.
o Shareholders Loans: This can only happen in a
limited company. You, as a shareholder, lend
money to the corporation. This is an alternative
method of investing in the company. Seek
professional advice before deciding if using a
shareholder loan is the best strategy for your
business start-up.
o Investment: This is the equity investment you put
into your own company.
o Backers: while venture capital may be overflowing
for some IT start-ups, the real scenario for small
businesses like Dave’s (and worse, home-based
businesses) is far different. Capital is hard to
come-by, especially if: (a) you do not have a good
business idea or business plan that will make rich
backers run to you in the hope of multiplying their
savings exponentially; and (b) you may have a
good business idea, but you do not know anyone
who matters. The problem is that most beginning
"business builders” like Dave don’t know what to
believe or which way to turn for help.
Cost of securing finance o There are various sources of finance, each with
their own costs.
o It is important for Dave to carefully evaluate his
specific requirements and then to determine which
sources of finance are best suited to his business
needs.
o Typical sources of finance include:
o Personal savings.
o Credit cards.
o Friends and relatives.
o Angel Investors.
o Leases.
o Bank Loans.
o Each has varying and ‘fluid’ movement of costs.
o Overdrafts and lines of credit - flexible and

useful for managing cash flow. Large overdrafts
and lines of credit are usually short-term,
expensive to service and will be guaranteed by
your home or a charge over the business and
its assets. Some banks provide established
businesses with smaller lines of credit without
requiring specific security commercial bills used
for funding immediate inventory or stock needs.
They provide a fixed sum advance, usually
amounts over $100,000, repayable or rolled
over between 7 and 180 days. Generally less
expensive to service than an overdraft,
commercial bills none-the-less require similar
guarantees

o Leasing, hire-purchase (HP) and other asset-

based finance products are used to fund
business assets such as motor vehicles,
machinery or equipment. They are available
from various financial institutions. Security
requirements, terms and interest rates will vary
too.
o Factoring is when the business 'sells' its income
or debtors. The decision to enter a factoring
arrangement should be made carefully.
Factoring ensures proceeds are available to a
business as soon as a legitimate sale is made.
Funds from factoring are injected into the
working capital of the business, improving cash
flow.
Strategies to obtain On-going funding

finance as required o This is the average amount of an overdraft or line
of credit that is used at any one time. E.g. Dave
may wish to have an overdraft limit of $20,000 to
provide money for the occasional big expense, but
usually he won't use more than $5000 of that credit
limit on average. So in this case $5,000 is the level
of on-going funding Dave needs.
When applying for an overdraft limit, things to watch out for
are:
o Higher the overdraft amount higher the fees.
o Clauses where the lender can demand repayment
of the whole loan at any time.
Student Declaration: I declare that the work Signature: ___________________________

submitted is my own, and has not been copied or
Date: ____/_____/_____
Result: Satisfactory (S) / Not Satisfactory (NS)


Assessor: I declare that I have conducted a fair, Signature: _________________________

valid, reliable and flexible assessment with this
student, and I have provided appropriate feedback. Name: _________________________
Date: ____/_____/_____


Assessment Task Financial Planning
Assessment Method Project
Date of Assessment
Elements of Competency 1.1-1.7
Task Description Assessment Task 3 is a project work that students

must undertake on researching about their company or
their own current/potential business on small
residential/commercial construction and write a
financial projection for the researched business.
Trainer/ Assessor may supply their own sample
business plan on a company or students can discuss
and provide their own example. Financial planning and
business plan templates are provided to students as
attachment A and B.
Instructions for Candidates This Task has to be undertaken simultaneously from
the beginning of the session and you have to submit
the report at the end of all sessions. You can request
your Trainer and Assessor for guiding you while you
undertake this project. If you are familiar with similar
projects that you have already undertaken at your
workplace, you can always supply work based
evidence in order to meet the assessment
requirements.
To successfully complete the assessment, you should
have a thorough knowledge to identify and comply with
the regulatory, legal, taxation and insurance
requirements, and risk management needs of small
business. You will also have the knowledge to develop
a financial plan to support business viability and to
research and develop an integrated business plan for
achieving business goals and objectives.
Instructions for Assessors Where a student does not achieve satisfactory

completion, the Assessor will assess re-submission
(maximum of two re-submissions only) of assessment
work to gain the required outcome.
Time allotted Decided by assessor


office
print copies
literature

PLANNING AND CREATING YOUR BUSINESS PLAN
The following is a sample template of Business Plan. These are the essential elements of
a Business Plan. You are required to create your own using this format or an approved
alternate format. If you would prefer to use a different format business plan, talk to your
trainer to approve the change.
The Business Plan template and Financial Plan template are located in Appendix A and B,
respectively.
CREATING YOUR FINANCIAL PLAN
• Using the template at Appendices B, create your own Financial Plan
Please note both Appendix A and B templates has examples citing Dave’s Startup
company. You can also use the Dave Case study’s example from Assessment Task 3,
and further develop a business plan and financial plan for Dave’s company.
Report:


Assessor to tick ()  Satisfactory (S)  Not Satisfactory (NS)

Student Declaration: I declare that the work Signature:

submitted is my own, and has not been copied or ___________________________
Date: ____/_____/_____
FINAL OUTCOME: Satisfactory (S) / Not Satisfactory (NS)
Assessor: I declare that I have conducted a fair, valid, Signature: _________________________

reliable and flexible assessment with this student,
and I have provided appropriate feedback. Name: _________________________
Date: ____/_____/_____


Assessment Task Third Party Report
Date of Assessment
To be decided by the Assessor
Elements of Competency All
Task Description Assessment Task 4 is a Third party report document

where the students have to demonstrate their skill at a
workplace under the supervision of a workplace
supervisor.
Instructions for Candidates For this assessment task, students have to
demonstrate ability to:
 Operate The Business According To The
Business Plan, Including:
 Adhering To Legal Requirements
 Meeting Requirements Of Financial Backers
 Defining Strategies For Debt Collection And
Contingencies For Debtors
 Managing Cash Flow
 Defining Key Performance Indicators
 Communicating With Relevant People
 Monitor The Business Against Financial Plan
And Make Changes As Required.
The task should be carried out in an actual workplace.
Instructions for Assessors Where a student does not achieve satisfactory

completion, the Assessor will assess re-submission
(maximum of two re-submissions only) of assessment
work to gain the required outcome.
The workplace supervisor will make use of the checklist

provided below in order to judge the student’s
performance.
To successfully complete the assessment, student

should demonstrate a thorough knowledge of
 discuss benchmarking
 explain financial decision-making relevant to the
business
 summarise significant financial indicators
 outline purposes of financial reports
 clarify preparation and interpretation of
budget/actual reports
 identify principles for preparing balance sheets
and their interpretation
 outline debt collection procedures or strategies
 characterise principles for preparing profit and
loss statements and their interpretation

 Discuss stock records and stock control

relevant to the business.
The supervisor should complete the checklist and sign

it.
Time allotted Decided by assessor

office
print copies
literature
ASSESSMENT TASK 4- THIRD PARTY CHECKLIST

The supervisor (in the workplace) will complete this checklist to verify the learner’s application of
skills and knowledge in the workplace or simulated training environment.
Observations will be conducted over a period of time to ensure consistent performance of the
learner of all criteria to be achieved on multiple occasions.
The supervisor will submit the completed checklist as supporting evidence of the learner’s
performance in the workplace or simulated training environment.
Where identified in the skill/task list below, a skills log listing techniques and methods can be
obtained from the trainer to further identify and document the types of skills required, and the
number of times they must be demonstrated for this unit.
The learner is required to sign this document once completed by the supervisor.
Checklist Yes/ No Comments

Date Observed:
Did the student identified
 Yes  No
financial information
requirements?

Did the student prepared cash  Yes  No

flow estimates?
Did the student develop and  Yes  No
maintain strategies to enable
adequate financial provision for
taxation
Did the student monitor and  Yes  No
maintain client credit policies?
Did the student select key  Yes  No
performance indicators for
increasing financial
performance?
Did the student communicate  Yes  No
financial procedures to relevant
people to facilitate
implementation of the business
plan?
Did the student monitor and  Yes  No
report on financial performance
targets?
Did the student Monitor  Yes  No
marketing and operational
strategies for their effects on the
financial plan?
Did the student calculate and  Yes  No
evaluate financial ratios
according to own or industry
benchmarks?
Did the student monitor the  Yes  No
business against financial plan
and make changes as required?
Did the student show time  Yes  No
management skills?
Did the student exhibit good
communication skills?
 Yes  No

Did the student carry out the task

independently and within  Yes  No
commercial time constraints?
Learner’s performance was: Not satisfactory Satisfactory

Supervisor feedback or additional comments to the learner:
I confirm that
___________________________________ has
competently and consistently performed the skills and
tasks associated with the above elements, performance
Declaration:
and knowledge evidence over a given period of time and
on multiple occasions. They are competent in
workplace/training environment requirements and
procedures that relate to this unit of competency.
Learner’s signature:
Supervisor/assessor’s
signature:
Date:


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Manage small business finances

ASSESSMENT COMPETENCY RECORD

Unit Code BSBSMB406

It is confirmed that by completing this assessment, the candidate

Attempt Number and Date Assessor’s Feedback

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Signature: ____________________________________ Name____________________________ Date ____/___/________

Signature: __________________________________Name:____________________________ Date: ____/___/________

Administrative use only:

Release & Revision Number Release 2

Target Group It applies to individuals who operate a small business that

Conditions and Context of

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Assessors of this unit must satisfy the requirements for assessors in

Resource Requirements Resource implications for assessment include:

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INSTRUCTIONS TO STUDENTS/ PARTICIPANT PRIOR TO UNDERTAKING ASSESSMENTS

Number of Assessment Tasks: 4

1. Written Questions and Answers

*students are recommended to read the instructions for each

1. Implement financial plan

*in order to be deemed competent in this unit, students have

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The assessors need to ensure the student is ready for the

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Number of Assessment Tasks in this unit: 3

Assessment Task 3 is a project work that

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Assessment Task 1: Written Questions and Answers

You would be given a week’s time to

Assessment Assessor’s guidelines

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3. Explain the terms “Liquidity” and “Working Capital” (PC 1.3)

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4. Under what circumstances would a business, currently operating as a sole trader, be

5. How would the incorporation of a private company offer greater protection of a

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END OF WRITTEN ASSESSMENT

Student Declaration: I declare that the work Signature: ___________________________

Result: Satisfactory (S) / Not Satisfactory (NS)

Assessor: I declare that I have conducted a fair, Signature: _________________________

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ASSESSMENT TASK NUMBER : 2

Elements of Competency 1.1-2.4

Task Description Assessment Task 2 consists of a case study on Dave’s

Instructions for Candidates To successfully complete the assessment, you should

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Case study part A

Case study part B

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Case study part C

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business start-up with a line of credit. It is,

o Overdrafts and lines of credit - flexible and

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o Leasing, hire-purchase (HP) and other asset-

Strategies to obtain On-going funding

Student Declaration: I declare that the work Signature: ___________________________

Signature: __________ Name Date /_/________

Signature: ________Name: Date: /_/________