Student Assessment Tasks

BSBFIM501 Manage budgets and financial plans

Table of Contents

Table of Contents

Assessment Information

Assessment Instructions

Student Assessment Agreement

Assessment Task 1 Cover Sheet

Assessment Task 1: Written Questions

Assessment Task 1 Instructions

Assessment Task 1 Checklist

Assessment Task 2 Cover Sheet

Assessment Task 2: Budget planning project

Assessment Task 2 Instructions

Assessment Task 2 Checklist

Assessment Task 3 Cover Sheet

Assessment Task 3: Monitor and control finances project

Assessment Task 3 Instructions

Assessment Task 3 Checklist

Assessment Task 4 Cover Sheet

Assessment Task 4: Profit and loss review project

Assessment Task 4 Instructions

Assessment Task 4 Checklist

Assessment Task 5 Cover Sheet

Assessment Task 5: Debtor management project

Assessment Task 5 Instructions

Assessment Task 5 Checklist

Assessment Information

The assessment tasks forBSBFIM501 Manage budgets and financial plansare included in this Student Assessment Tasks booklet and outlined in the assessment plan below.

To be assessed as competent for this unit, the student must complete all of the assessment tasks satisfactorily.

Assessment Plan

Assessment Task	Overview
1. Written questions	Students must correctly answer all questions.
2. Budget planning project	Students must complete a budget template and participate in a meeting to discuss the budget. They must then present the budget to their team.
3. Monitor and control finances project	Students must review budget figures as part of a monitoring process and report on these.
4. Profit and loss analysis project	Students must review financial performance from a profit and loss account
5. Debtor Management project	Students must review and evaluate financial management processes

Assessment Preparation

Please read through this assessment thoroughly before beginning any tasks. Ask your assessor for clarification if you have any questions at all.

When you have read and understood this units assessment tasks, print out theStudent Assessment Agreement.Fill it out, sign it, and hand it to your assessor, who will countersign it and then keep it on file.

Keep a copy of all of your work, as the work submitted to your assessor will not be returned to you.

Assessment appeals

If you do not agree with an assessment decision, you can make an assessment appeal as per your Trinity Institute (Australias) assessment appeals process.

Students have the right to appeal the outcome of assessment decisions if they feel they have been dealt with unfairly or have other appropriate grounds for an appeal.

Naming electronic documents

Students are directed to name documents logically.

Each should include:

• Course identification code
• Assessment Task number
• Document title (if appropriate)
• Student name
• Date it was created

For example, BSBFIM501 AT2 Revised Marketing Budget Joan Smith 20/04/18

Additional Resources

The following resources have been added to appendix.

Assessment Task 2

• Marketing Budget Template
• Finance Policy and Procedures

Assessment Task 3

• Marketing Expenditure

Assessment Task 4

• Profit and Loss Account

Assessment Task 5

• Aged Debtors Report

Assessment Instructions

Each assessment task in this booklet consists of the following:

Assessment Task Cover Sheet

This must be filled out, signed and submitted together with your assessment responses.

If you are submitting hardcopy, the Cover Sheet should be the first page of each Assessments submission.

If you are submitting electronically, print out the cover sheet, fill it out and sign it, then scan this and submit the file.

The Assessment Cover Sheet will be returned to you with the outcome of the assessment, which will be satisfactory (S) or unsatisfactory (U). If your work has been assessed as being not satisfactory, your assessor will include written feedback in the Assessment Task Cover Sheet giving reasons why. Your assessor will also discuss this verbally with you and provide advice on re-assessment opportunities as per

your Trinity Institute (Australias) re-assessment policy.

Depending on the task, this may include

• resubmitting incorrect answers to questions (such as short answer questions and case studies)
• resubmitting part or all of a project, depending on how the error impacts on the total outcome of the task
• redoing a role play after being provided with appropriate feedback about your performance
• being observed a second (or third time) undertaking any tasks/activities that were not satisfactorily completed the first time, after being provided with appropriate feedback.

Assessment Task Information

This gives you:

• a summary of the assessment task
• information on the resources to be used
• submission requirements
• re-submission opportunities if required

Assessment Task Instructions

These give questions to answer or tasks which are to be completed.

Your answers need to be typed up using software as indicated in the Assessment Task Instructions.

Copy and paste each tasks instructions into a new document and use this as the basis for your assessment task submission. Include this documents header and footer.

If you are submitting electronically, give the document a file name that includes the unit identification number, the task number, your name and the date.

Checklist

This will be used by your assessor to mark your assessment. Read through this as part of your preparation before beginning the assessment task. It will give you a good idea of what your assessor will be looking for when marking your responses.

Assessment Task 1: Written Questions

Task summary

You need to answer all of the written questions correctly.

Your answers must be word processed.

Required

• Access to learning materials
• Computer and Microsoft Office
• Access to the internet

Timing

Your assessor will advise you of the due date of this assessment.

Submit

• Answers to all questions

Assessment criteria

• All questions must be answered correctly in order for a student to be assessed as having completed the task satisfactorily.

Re-submission opportunities

Students will be provided feedback on their performance by their Assessor. The feedback will indicate if you have satisfactorily addressed the requirements of each part of this task.

If any parts of the task are not satisfactorily completed your assessor will explain why and provide you written feedback along with guidance on what you must undertake to demonstrate satisfactory performance. Re-assessment attempt(s)will be arranged at a later time and date.

Students have the right to appeal the outcome of assessment decisions if they feel they have been dealt with unfairly or have other appropriate grounds for an appeal.

Students are encouraged to consult with their assessor prior to attempting this task if they do not understand any part of this task or if they have any learning issues or needs that may hinder them when attempting any part of the assessment.

Written answer question guidance

The following written questions use a range of instructional words such as identify or explain, which tell you how you should answer the question. Use the definitions below to assist you to provide the type of response expected.

Note that the following guidance is the minimum level of response required.

Analyse when a question asks you to analyse something, you should do so in in detail, and identify important points and key features. Generally, you are expected to write a response one or two paragraphs long.

Compare when a question asks you to compare something, you will need to show how two or more things are similar, ensuring that you also indicate the relevance of the consequences. Generally, you are expected to write a response one or two paragraphs long.

Contrast when a question asks you to contrast something, you will need to show how two or more things are different, ensuring you indicate the relevance or the consequences. Generally, you are expected to write a response one or two paragraphs long.

Discuss when a question asks you to discuss something, you are required to point out important issues or features, and express some form of critical judgement. Generally, you are expected to write a response one or two paragraphs long.

Describe when a question asks you to describe something, you should state the most noticeable qualities or features.Generally, you are expected to write a response two or three sentences long.

Evaluate when a question asks you to evaluate something, you should do so putting forward arguments for and against something. Generally, you are expected to write a response one or two paragraphs long.

Examine when a question asks you to examine something, this is similar to analyse, where you should provide a detailed response with key points and features and provide critical analysis. Generally, you are expected to write a response one or two paragraphs long.

Explain when a question asks you to explain something, you should make clear how or why something happened or the way it is. Generally, you are expected to write a response two or three sentences long.

Identify when a question asks you to identify something, this means that you are asked to briefly describe the required information. Generally, you are expected to write a response two or three sentences long.

List when a question asks you to list something, this means that you are asked to briefly state information in a list format.

Outline when a question asks you to outline something, this means giving only the main points, Generally, you are expected to write a response a few sentences long.

Summarise when a question asks you to summarise something, this means (like outline) only giving the main points. Generally, you are expected to write a response a few sentences long.

Assessment Task 1 Instructions

Provide answers to all of the questions below:

1. Explain the basic principle of double entry bookkeeping.

2. Describe the principle of cash accounting and one advantage and one disadvantage of this method of accounting.

3. Describe the principle of accrual accounting and one advantage and one disadvantage of cash accounting

4. Explain the two accounting principles on which the calculation and reporting of deprecation is based.

5. Identify and explain three key features of A New Tax System (GST) Act 1999.

6. Identify and then explain the four main taxation and superannuation obligations for a business. Briefly discuss each obligation.

7. According to GST legislation, list four items that do not attract GST.

8. Explain the process by which a business reports GST to the Australian tax office.

9. What is the penalty rate to be applied if a supplier does not provide an ABN?

10. A non-profit organisation needs to register for GST after it has a turnover of more than how much?

11. List the key information that must be included on a tax invoice for sales of $1,000 or more.

12. Identify and explain three types of financial statements and their purpose.

13. Describe the type of entity that is required to have financial reports audited.

14. Explain the purpose of a financial audit and auditors report.

15. Describe why companies may choose to develop budgets.

16. Explain the main steps in the budgeting process.

17. List 5 ways to improve cash inflow and give examples.

18. Explain the use of electronic spreadsheets in developing budgets and give two of their key features.

19. Explain three key principles relating to the management of a chart of accounts.

20. Explain the purpose of a profit and loss statement and give two of its key features.

Assessment Task 1 Checklist

Students name:
Did the student provide a sufficient and clear answer that addresses the suggested answer for:		Completed successfully		Comments
		Yes	No
Question 1
Question 2
Question 3
Question 4
Question 5
Question 6
Question 7
Question 8
Question 9
Question 10
Question 11
Question 12
Question 13
Question 14
Question 15
Question 16
Question 17
Question 18
Question 19
Question 20
Task Outcome:	Satisfactory			Not Satisfactory
Assessor signature
Assessor name
Date

Assessment Task 2: Budget planning project

Task summary

This assessment task requires you in the role of the Marketing Manager for King Edward VII College to review the budget you have been assigned for the upcoming financial year and to participate in a meeting with the CEO (role-played by your assessor) to discuss and negotiate the budget.

You are then required to meet with your team to discuss the budget allocation for the year, as well as explain the key features of the companys financial policy and procedure.

This assessment is to be completed in the simulated work environment in Trinity Institute (Australias).

Required

• Computer and Microsoft Office
• Access to the internet for research
• Marketing Budget Template
• Finance Policies and Procedures
• Space for a meeting
• Roleplay participants

Timing

Your assessor will advise you of the due date of these submissions.

Submit

• Email to assessor with the Draft Marketing Budget attached
• Email to assessor with the Revised Marketing Budget attached

Assessment criteria

For students performance to be deemed satisfactory in this assessment task, they must satisfactorily address all of the assessment criteria. If part of this task is not satisfactorily completed they will be asked to complete further assessment to demonstrate competence.

Re-submission opportunities

Students will be provided feedback on their performance by their Assessor. The feedback will indicate if you have satisfactorily addressed the requirements of each part of this task.

If any parts of the task are not satisfactorily completed your assessor will explain why and provide you written feedback along with guidance on what you must undertake to demonstrate satisfactory performance. Re-assessment attempt(s)will be arranged at a later time and date.

Students have the right to appeal the outcome of assessment decisions if they feel they have been dealt with unfairly or have other appropriate grounds for an appeal.

Students are encouraged to consult with their assessor prior to attempting this task if they do not understand any part of this task or if they have any learning issues or needs that may hinder them when attempting any part of the assessment.

Assessment Task 2 Instructions

Carefully read the following:

King Edward VII College has been operating for 5 years. The College is based in Melbourne CBD and has an additional campus in Sydney. The College offers a range of courses in management, marketing, human resources and international business. It currently has around has around 500 students enrolled across all of its courses. Courses are offered at all levels, from Certificate II to Graduate Diploma.

King Edward VII College is very popular due to its competitive pricing structure, innovative teaching methods and state of the art facilities.

The College currently employs 24 staff members that include the CEO, a Marketing Manager and Marketing Assistant, Promotions Officer, Human Resources Manager, Operations and Finance Manager, Administration Manager, Office Assistant, Receptionist, Academic Manager, Student Services Officer and approximately 14 trainers.

As the Marketing Manager for the company, you are allocated a budget each year to spend on marketing.

This year the budget you have been allocated is $25,000, which is approximately 10% of revenue. Your budget does not include salaries and wages of staff, which is accounted for through another cost centre.

Your marketing plan for the year includes the activities below. The amounts in brackets are your cost projections for each activity:

• Redesign web site to improve branding ($5,000)
• Design and implement an incentive scheme for referrals by students ($2,400)
• Conduct a radio advertising campaign ($10,000)
• Online communications: newsletters, websites. Blogs, Twitter (zero cost: staff time only)
• Stand at VCE Careers Expo 2016 (Stand package $3,300)
• Develop and publish 2016 promotional brochure ($1,500)
• Sponsor community organisation to improve local community profile ($2,000)
• Contingency amount ($800)

You would also like to conduct a TV advertising campaign, and have been quoted a price of $30,000 to run the campaign. As this is obviously well over the budget limit, you need to negotiate an increase in budget. In order to negotiate this increase, you will need to research and present an argument for using TV advertising and the benefits to the company.

Complete the following activities:

1. Develop a draft marketing budget

As the Marketing Manager for King Edward VII College, you are required to develop a budget for marketing for the year. Review the case study information provided to you and, based on amounts allocated to each marketing activity, develop a marketing budget using the Marketing Budget Template to discuss at a meeting with the CEO.

Save this document as Draft Marketing Budget.

Prior to the meeting, you are also required to research the benefits of television advertising in order to present a case for an increase in budget. Make notes to assist you at the meeting.

21. Send an email to the CEO (your assessor).

The text of the email should be in grammatically correct English, written in an appropriate (polite, business-like) style.

It should introduce and summarise the contents of the attachment, and ask for an appointment to discuss it with them.

Attach your draft marketing budget to the email.

Your assessor will advise you of the time and date of the meeting.

22. Participate in a budget meeting

The next part of the assessment requires you to participate in a meeting with the CEO (role-played by your assessor) to discuss the marketing budget. At the meeting, you will need to:

• Provide a copy of your completed budget to the CEO
• Explain each of the planned marketing activities
• Confirm the amount allocated to each of the marketing activities, including the amount allocated for contingencies.
• Negotiate to increase the budget to accommodate the TV advertising campaign you wish to run (as per the case study information, you will need to present the benefits of television advertising to convince the CEO).

During the meeting, demonstrate effective communication skills including:

• Speaking clearly and concisely
• Using non-verbal communication to assist with understanding
• Asking questions to identify required information
• Responding to questions as required
• Using active listening techniques to confirm understanding

23. Revise the marketing budget

Following the meeting, revise your marketing budget to incorporate feedback from the CEO.

Save this document as Revised Marketing Budget.

24. Send an email to the CEO (your assessor).

The text of the email should be in grammatically correct English, written in an appropriate (polite, business-like) style.

It should introduce and summarise the contents of the attachment, and seek their feedback and ask for the place, date and time of the meeting with your team.

Attach your revised marketing budget to the email.

25. Meet with your team to discuss the budget.

The final part of the assessment requires you to meet with your team to confirm the budget for the year.

You are also required to introduce the team to the companys Finance Policies and Procedures, so revise this before the meeting, and write a short summery of it to share with your team.

At the meeting, you will need to:

• Discuss the overall budget allocation
• Discuss the amounts allocated to each marketing activity
• Discuss the amount allocated for contingencies
• Provide an outline of the Finance Policies and Procedures.

During the meeting, demonstrate effective communication skills including:

• Speaking clearly and concisely
• Using non-verbal communication to assist with understanding
• Asking questions to identify required information
• Responding to questions as required
• Using active listening techniques to confirm understanding

Assessment Task 2 Checklist

Students name:
Did the student:		Completed successfully		Comments
		Yes	No
Access budget information from the case study and use this to develop the marketing budget?
In the meeting, discuss and confirm the marketing budget with the CEO?
Negotiate changes to the budget based on presenting coherent arguments for the use of television advertising?
Allow for contingencies within the budget?
During the meeting to discuss budgets and financial policies and procedures, demonstrate effective communication skills including: Speaking clearly and concisely Using non-verbal communication to assist with understanding Asking questions to identify required information Responding to questions as required Using active listening techniques to confirm understanding
Discuss the budget with the team?
Use templates to record all information according to company procedures?
Provide information to team members to follow required financial procedures?
Task Outcome:	Satisfactory			Not Satisfactory
Assessor signature
Assessor name
Date

Assessment Task 3: Monitor and control finances project

Task summary

This assessment task requires you to monitor and control finances for the marketing department for King Edward VII College and provide a budget and expenditure report to the CEO.

This assessment is to be completed in the simulated work environment in the Trinity Institute (Australias).

Required

• Access to learning materials
• Computer with Microsoft Office and internet access
• Marketing Expenditure

Timing

Your assessor will advise you of the due date of these submissions.

Submit

• Email to assessor with budget report and updated marketing budget attached

Assessment criteria

For students performance to be deemed satisfactory in this assessment task, they must satisfactorily address all of the assessment criteria. If part of this task is not satisfactorily completed they will be asked to complete further assessment to demonstrate competence.

Re-submission opportunities

Students will be provided feedback on their performance by their Assessor. The feedback will indicate if you have satisfactorily addressed the requirements of each part of this task.

If any parts of the task are not satisfactorily completed your assessor will explain why and provide you written feedback along with guidance on what you must undertake to demonstrate satisfactory performance. Re-assessment attempt(s)will be arranged at a later time and date.

Students have the right to appeal the outcome of assessment decisions if they feel they have been dealt with unfairly or have other appropriate grounds for an appeal.

Students are encouraged to consult with their assessor prior to attempting this task if they do not understand any part of this task or if they have any learning issues or needs that may hinder them when attempting any part of the assessment.

Assessment Task 3 Instructions

Carefully read the following:

As per company policy, you are responsible for monitoring and recording expenditure each month.

The finance department has provided you with Marketing Expenditure, a report on expenditure for 2015/16.

There will also be some notes included to assist you to complete this task.

Note: that the company deems a standard variance in budgets of up to 5?ceptable.

Complete the following activities:

1. Update the marketing budget.

Enter the amounts in Marketing Expenditure into your budget under actual expenses.

Save this document as Updated Marketing Budget.

2. Write a report on the budget and expenditure

Your budget report should include:

• Projected budget and actual budget and variations
• Overall level of variance, as well as variance for individual marketing activities
• Reasons for overruns
• Proposed solutions for following years budget

3. Send an email to the CEO (your assessor).

The text of the email should be in grammatically correct English, written in an appropriate (polite, business-like) style.

It should introduce and summarise the contents of the attachments.

Attach your budget report and updated marketing budget to the email.

Assessment Task 3 Checklist

Students name:
Did the student:		Completed successfully		Comments
		Yes	No
Interpret and analyse information for budget reporting?
Monitor and report on expenditure and costs?
Record budget information in required documents?
Modify contingency plans?
Report on budget and expenditure?
Task Outcome:	Satisfactory			Not Satisfactory
Assessor signature
Assessor name
Date

Assessment Task 4: Profit and loss review project

Task summary

This assessment task requires you to assume a different role as Operations Manager for King Edward VII College and to report on an interim profit and loss account.

This assessment is to be completed in the simulated work environment in the Trinity Institute (Australias).

Required

• Access to learning materials
• Computer and Microsoft Office
• Access to the internet
• Profit and Loss Account

Timing

Your assessor will advise you of the due date of these submissions.

Submit

• Email to assessor with performance report attached

Assessment criteria

For students performance to be deemed satisfactory in this assessment task, they must satisfactorily address all of the assessment criteria. If part of this task is not satisfactorily completed they will be asked to complete further assessment to demonstrate competence.

Re-submission opportunities

Students will be provided feedback on their performance by their Assessor. The feedback will indicate if you have satisfactorily addressed the requirements of each part of this task.

If any parts of the task are not satisfactorily completed your assessor will explain why and provide you written feedback along with guidance on what you must undertake to demonstrate satisfactory performance. Re-assessment attempt(s) will be arranged at a later time and date.

Students have the right to appeal the outcome of assessment decisions if they feel they have been dealt with unfairly or have other appropriate grounds for an appeal.

Students are encouraged to consult with their assessor prior to attempting this task if they do not understand any part of this task or if they have any learning issues or needs that may hinder them when attempting any part of the assessment.

Assessment Task 4 Instructions

Complete the following activities:

1. Write a report for the CEO on the Colleges performance for the last six months

Analyse the information provided in the interim Profit and Loss Account, and write a short report on this.

Your performance report should:

1. Outline financial performance based on the figures in the profit and loss account
2. Identify variances higher than 10%
3. Compare the performance of each campus
4. Recommend solutions in relation to expenditure items where variances are higher than 10%

2. Send an email to the CEO (your assessor).

The text of the email should be in grammatically correct English, written in an appropriate (polite, business-like) style.

It should introduce and summarise the contents of the attachment.

Attach your performance report to the email.

Assessment Task 4 Checklist

Students name:
Did the student:		Completed successfully		Comments
		Yes	No
Interpret a profit and loss account?
Evaluate performance based on financial information provided?
Recommend solutions in relation to variances?
Task Outcome:	Satisfactory			Not Satisfactory
Assessor signature
Assessor name
Date

Assessment Task 5: Debtor management project

Task summary

This assessment task requires you to review and evaluate financial management processes.

This assessment is to be completed in the simulated work environment in the Trinity Institute (Australias).

Required

• Access to learning materials
• Computer and Microsoft Office
• Access to the internet
• Aged Debtor Summary
• Aged Debtor Monitoring Summary

Timing

Your assessor will advise you of the due date of these submissions.

Submit

• Email to the CEO (assessor) with Aged Debtor Report attached.
• Email to the CEO (assessor) with Debtor Management Procedures.
• Email to the CEO (assessor) regarding monitoring of aged debts

Assessment criteria

For students performance to be deemed satisfactory in this assessment task, they must satisfactorily address all of the assessment criteria. If part of this task is not satisfactorily completed they will be asked to complete further assessment to demonstrate competence.

Re-submission opportunities

Students will be provided feedback on their performance by their Assessor. The feedback will indicate if you have satisfactorily addressed the requirements of each part of this task.

If any parts of the task are not satisfactorily completed your assessor will explain why and provide you written feedback along with guidance on what you must undertake to demonstrate satisfactory performance. Re-assessment attempt(s)will be arranged at a later time and date.

Students have the right to appeal the outcome of assessment decisions if they feel they have been dealt with unfairly or have other appropriate grounds for an appeal.

Students are encouraged to consult with their assessor prior to attempting this task if they do not understand any part of this task or if they have any learning issues or needs that may hinder them when attempting any part of the assessment.

Assessment Task 5 Instructions

Complete the following activities:

1. Write an Aged Debtor Report for the CEO.

Analyse the information in the Aged Debtor Summary.

Note that the companys usual terms are payment 14 days from invoice.

Research best practice debtor management and then an Aged Debtor Report.

Your report should include:

• An outline of the information in the Aged Debtor Summary.
• What this says about the companys aged debtor processes.
• At least 5 recommendations that could be adopted by the company in response to your analysis. This should be based on the debtor management research you conducted.

Your report should be approximately 1 page long.

2. Send an email to the CEO (your assessor).

The text of the email should be in grammatically correct English, written in an appropriate (polite, business-like) style.

It should introduce and summarise the contents of the attachment, and seek their approval to implement best practice debtor management processes.

Attach your aged debtor report to the email.

3. Implement debtor management procedures

Assume that the CEO advises that in response to your recommendations that a debtor management procedure should be developed and implemented in relation to customer invoices.

You are required to develop a simple debtor management procedure for customer payments. It should include a range of simple steps from a friendly reminder to sending a formal letter of demand. Your procedure should be approximately one page and be sent to the CEO (your assessor via email).

4. Monitor debtor management procedures

Assume it is six months later and you are required to review a summary of current aged debts to determine the effectiveness of the implementation of the debtor management procedure. Review the Aged Debtor Monitoring Summary. Compare it against the previous Aged Debtor Summary to determine the effectiveness of the procedure.

5. Send an email to the CEO (your assessor).

The text of the email should be in grammatically correct English, written in an appropriate (polite, business-like) style.

It should summarise your findings regarding your analysis of the Aged Debtor Monitoring Summary.

Assessment Task 5 Checklist

Students name:
Did the student:		Completed successfully		Comments
		Yes	No
Analyse information on the effectiveness of financial management processes?
Recommend improvements to financial management approaches based on best practice approaches?
Implement improved financial management approaches?
Monitor improved financial management approaches?
Task Outcome:	Satisfactory			Not Satisfactory
Assessor signature
Assessor name
Date