Student Assessment Booklet BSBFIN601 MANAGE ORGANISATIONAL FINANCES Students to complete this section OFFICE USE ONLY Assessment Task 1: Written Questions Assessment Task Result ☐ Satisfactory ☐ Not...

Student Assessment Booklet
BSBFIN601 MANAGE ORGANISATIONAL FINANCES
Students to complete this section
    
OFFICE USE ONLY
    Assessment Task 1: Written Questions
    Assessment Task Result
☐ Satisfactory ☐ Not Satisfactory
    Is a reassessment or resubmission required?
☐ Yes ☐ No
    Resubmission Notes:
    Feedback:
    Assessment Task 2: Analyse and Report on Finances
    Assessment Task Result
☐ Satisfactory ☐ Not Satisfactory
    Is a reassessment or resubmission required?
☐ Yes ☐ No
    Resubmission Notes:
    Feedback:
    Assessment Task 3: Develop Project Procurement Plan and Budget
    Assessment Task Result
☐ Satisfactory ☐ Not Satisfactory
    Is a reassessment or resubmission required?
☐ Yes ☐ No
    Resubmission Notes:
    Feedback:
    Assessment Task 4: Implement and Monitor Budget
    Assessment Task Result
☐ Satisfactory ☐ Not Satisfactory
    Is a reassessment or resubmission required?
☐ Yes ☐ No
    Resubmission Notes:
    Feedback:
    Assessor name:
    Assessor signature:
    Date:
STUD
ENT ASSESSMENT BOO
KLETSBFIN501 Manage budgets and financial plans
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Alice Spring College
Address: Level 8, 271 William Street, Melbourne, Vic 3000 Tel: 03 9642 2902
Website: ascollege.vic.edu.au
    Page 18
    Table of Contents
Assessment Overview    6
Assessment Task Summary    6
Assessment Documents    6
Required Additional Documents    6
Assessment Task Cover Sheet    7
The Assessment Process and Your Rights    7
Submitting your Assessment Tasks    7
Assessment Attempts and Resubmissions    7
Assessment Outcomes    8
Plagiarism, Cheating and Collusion    8
Assessment Appeals    8
Reasonable Adjustment    8
Information about Assessment    9
Dimensions of Competency    9
Principles of Assessment and Rules of Evidence    9
Principles of Assessment    9
Rules of Evidence    10
Glossary of Instructional Task Words    10
Assessment Task 1: Written Questions    11
Assessment Task 2: Analyse and Report on Finances    19
Assessment Task 3: Develop Project Procurement Plan and Budget    33
Part A: Develop WBS, Resource List and Procurement Plan    34
Part B: Develop Project Budget    39
Part C: Deliver Project Kick-off Meeting    41
Assessment Task 4: Implement and Monitor Budget    44
Part A: Protect From Misappropriation of Funds    46
Part B: Document Budget Outcomes    47
Part C: Document Lessons Learned    49
    Assessment Overview
This Student Assessment Booklet includes all your assessment tasks for BSBFIN601 Manage organisational finances.
Assessment Task Summary
This unit requires you to complete four assessment tasks. You must satisfactorily complete all tasks to achieve competency for this unit.
    Assessment Task
    Assessment Method
    Task Summary
    Assessment Task 1: Written Questions
    Written questions
    Students must answer nine written questions in an open book written assessment.
    Assessment Task 2: Analyse and Report on Finances
    Project
    In this task, you will evaluate the current financial position and viability for a new project
    Assessment Task 3: Develop Project Procurement Plan and Budget
    Project and role play
    This task consists of three parts:
Part A: Develop WBS, Resource List and Procurement Plan
Part B: Develop Project Budget
Part C: Deliver Project Kick-off Meeting
    Assessment Task 4: Implement and Monitor Budget
    Project
    This task consists of three parts:
Part A: Protect From Misappropriation of Funds
Part B: Document Budget Outcomes
Part C: Document Lessons Learned
    Assessment Documents
Required Additional Documents
The following additional documents support this Student Assessment Booklet and form part of the assessment tool for this unit. You will require them to complete the assessments for this unit.
· Supporting documents (available via the CBSA website):
· CBSA Business Plan
· CBSA Style Guide
· Code of Ethics
· Financial Management Policy
· Staff Management Policy Procedures
· Access Equity and Anti Discrimination Policy
· Document Management Policy Procedures
· Privacy Policy Procedures
· Information Technology Policy Procedures
· Communication Policy Procedures
· Quality Assurance Policy Procedures
· Health and Safety Policy Procedures
· Confidentiality Policy
· Risk Management Policy Procedures
· Meeting procedure
· Procurement Policy and Procedure
CBSA Email Template
Assessment Task Cover Sheet
At the beginning of each task in this booklet, you will find an Assessment Task Cover Sheet. Please fill it in for each task where you need to submit items for assessment, making sure you sign the student declaration.
Your assessor will give you feedback about how well you went in each task and will write this on the back of the Task Cover Sheet.
    The Assessment Process and Your Rights
Submitting your Assessment Tasks
When you have completed your assessment tasks, you will need to submit them, according to the instructions provided to you by your assessor or RTO.
If you are provided with a due date, you must make sure you submit your tasks in accordance with it. You may be required to apply for an extension if you require extra time, according to your RTO’s policies and procedures.
Instructions about submission can be found at the beginning of each assessment task.
Make sure you keep a copy of your tasks before you submit them. Your RTO will need to keep them as evidence and may not be able to return them to you.
Assessment Attempts and Resubmissions
1. You have up to three attempts to complete each assessment task satisfactorily. If after the third attempt, you have not completed a task satisfactorily, your assessor will make alternative arrangements for assessment, which may involve additional training and time to consolidate your skills and knowledge. When you are required to resubmit, you may be required to:
Resubmit incorrect answers to questions (such as written tasks and case studies)
Resubmit part or all of a project, depending on how the error impacts the total outcome of the task
Redo a role play after being provided with appropriate feedback about your original 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
1. When you are required to resubmit, you’ll be given a due date for your resubmission. For example, you may:
Be given 30 days in which to resubmit incorrect responses to written tasks, projects and so on
Be provided with feedback about your performance in a role play and then be required to complete the role-play again at a future meeting with your assessor
Need to complete workplace-based tasks again during the same workplace visit or additional workplace observations may need to be scheduled (as applicable)
All re-submissions will be conducted in accordance with the RTO’s policies and procedures.
Assessment Outcomes
1. Each assessment task will be given an outcome of either Satisfactory (S) or Not Satisfactory (NS). You must complete all tasks satisfactorily to achieve an overall outcome of Competent (C) for a unit. If one or more tasks are assessed as Not Satisfactory, you will be given an outcome for the unit of Not Yet Competent (NYC).
You will be given a total of three attempts to complete each task and achieve a Satisfactory outcome. In the case of resubmission, you will be given a date by which you will need to resubmit, and you’ll be given feedback about what needs to be addressed in your resubmission.
Plagiarism, Cheating and Collusion
1. Plagiarism, cheating and collusion on assessments are not acceptable. Any incidence of this is considered academic misconduct. The definitions of each of these are below.
Cheating – seeking to obtain an unfair advantage in the assessment of any piece of work.
Plagiarism – to take and use the ideas and/or expressions and/or wording of another person or organisation and pass them off as your own by failing to give appropriate acknowledgement. This includes material from any sources such as staff, students, texts, resources and the internet, whether published or unpublished.
Collusion – an unauthorised collaboration between students.
1. Where your assessor believes there has been an incident of academic misconduct involving plagiarism, cheating, and/or collusion, this will be addressed in line with the RTO’s policies and procedures which may ultimately lead to your withdrawal or you needing to complete the whole unit again.
Assessment Appeals
If you don’t agree with an assessment decision made, you have the right to appeal it. You may need to lodge your request for an appeal within a certain amount of time from the original decision being made. You will need to make your appeal in writing and follow your RTO’s process for appeals. Refer to your Student Handbook for more information about our appeals process.
Reasonable Adjustment
A legislative and regulatory framework underpins and supports the delivery of vocational education and training across Australia. Under this framework, providers of vocational education and training must take steps to ensure that students with recognised disabilities have the same learning opportunities and same opportunities to perform and complete assessments as students without disabilities. Sometimes reasonable adjustments are made to the learning environment, training delivery, learning resources and/or assessment tasks to accommodate the particular needs of a student with a disability. An adjustment is reasonable if it can accommodate the student’s particular needs while also taking into account factors such as:
The views of the student
The potential effect of the adjustment on the student and others
The costs and benefits of making the adjustment
RTOs are obliged by law to provide reasonable adjustments where required to ensure maximum participation of students with a disability.
Making reasonable adjustments requires the RTO to balance the need for change with the expense or effort involved in making this change. If an adjustment requires a disproportionately high expenditure or disruption it is not likely to be reasonable.[footnoteRef:1][1] [1: [1] Source: Innovation & Business Skills Australia. (2015). BSB business services training package: implementation guide. Retrieved from https://vetnet.gov.au/Public%20Documents/BSBv1.2%20Business%20Services%20Implementation%20Guide.pdf.]
Please discuss with your assessor if you believe a reasonable adjustment to an assessment task, method or process needs to be made on the basis of disability.
    Information about Assessment
Dimensions of Competency
To be competent, you must show your ability to perform effectively in a broad capacity. The dimensions of competency ensure the person being assessed has the skills to perform competently in a variety of different circumstances. To be competent, you must demonstrate the following:
Task Skills: The skills needed to perform a task at an acceptable level. They include knowledge and practical skills, and these are usually described in the performance criteria.
Task Management Skills: These are skills in organising and coordinating, which are needed to be able to work competently while managing a number of tasks or activities within a job.
Contingency Skills: The skills needed to respond and react appropriately to unexpected problems, changes in routine and breakdowns while also performing competently.
Job Role/Environment Skills: The skills needed to perform as expected in a particular job, position, location and with others. These skills may be described in the range of variables and underpinning skills and knowledge.
Principles of Assessment and Rules of Evidence
Assessment must be conducted in accordance with the rules of evidence and principles of assessment (definitions from the Users’ Guide: Standards for Registered Training Organisations (RTOs) 2015).
The following are the definitions of the Principles of Assessment and Rules of Evidence.
Principles of Assessment
Validity:
‘An assessment decision of the RTO is justified, based on the evidence of the performance of the individual learner.’
Validity requires:
Assessment against the unit/s of competency and the associated assessment requirements covers the broad range of skills and knowledge that are essential to competent performance
Assessment of knowledge and skills is integrated with their practical application
Assessment to be based on evidence that demonstrates that a learner could demonstrate these skills and knowledge in other similar situations; and
Judgement of competence is based on evidence of learner performance that is aligned to the unit/s of competency and associated assessment requirements.
Reliability:
‘Evidence presented for assessment is consistently interpreted and assessment results are comparable irrespective of the assessor conducting the assessment.’
Flexibility:
‘Assessment is flexible to the individual learner by:
Reflecting the learner’s needs
Assessing competencies held by the learner no matter how or where they have been acquired
Drawing from a range of assessment methods and using those that are appropriate to the context, the unit of competency and associated assessment requirements, and the individual.’
Fairness:
‘The individual learner’s needs are considered in the assessment process.
‘Where appropriate, reasonable adjustments are applied by the RTO to take into account the individual learner’s needs.
‘The RTO informs the learner about the assessment process and provides the learner with the opportunity to challenge the result of the assessment and be reassessed if necessary.’
Rules of Evidence
Validity:
‘The assessor is assured that the learner has the skills, knowledge and attributes as described in the module or unit of competency and associated assessment requirements.’
Sufficiency:
‘The assessor is assured that the quality, quantity and relevance of the assessment evidence enables a judgement to be made of a learner’s competency.’
Currency:
‘The assessor is assured that the assessment evidence demonstrates current competency. This requires the assessment evidence to be from the present or the very recent past.’
Authenticity:
‘The assessor is assured that the evidence presented for assessment is the learner’s own work.’
Glossary of Instructional Task Words
Your assessment tasks use a range of instructional words throughout them – such as ‘compare’ and ‘list. These words will guide you as to the level of detail you must provide in your answers. Some questions will also tell you how many answers you need to give – for example, ‘Describe three strategies…’. Use the below glossary to guide you on interpreting the words in the tasks.
Analyse – This means you should break an issue down into its component parts, discuss them and show how they relate. You should discuss the issue in detail and methodically.
Compare – This means you should describe the similarity or differences between two or more things, ensuring you also discuss the relevance of the differences. You may also be asked to ‘contrast’, as in ‘compare and contrast’, which means you are also focusing on the dissimilarity.
Describe – This means you should outline the most noticeable qualities or features of an idea, topic or the focus of the question.
Discuss – This means you must point out the important issues or features, key points, possible interpretations, and debate through argument. You should provide reasons for and against.
Evaluate – This means you must judge or calculate the quality, importance, amount, or value of something. You must provide an in-depth answer with as much detail as possible.
Explain – This means you need to make something clear or show your understanding by describing it or providing information about it. You will need to make clear how or why something happened or is the way it is.
Identify – You must recognise something and indicate who or what the required information is. The length of the answer should be guided by what you are being asked to identify.
List – You must record short pieces of information in a list form – with one or two words, or sentences on each line.
Outline – You must give a brief description of the main facts or sequence of events about something. The length of the response should be guided by what you are required to outline. As long as you include the main facts or points, then that’s enough.
Summarise – You must express the most important facts or points about something in a short and concise form.
    Assessment Task 1: Written Questions
    Task summary
    This is an open book written assessment.
There are nine questions and some questions have sub-parts.
You must answer all questions and their parts correctly to achieve a satisfactory outcome for this task.
    Resources and equipment required
    Access to your learning materials
Access to a computer, printer, internet and email software (if required)
Access to Microsoft Word (or a similar program)
    Where and when this task will be completed
    You will complete this task in your own time, or you may be provided with time in class to complete it (where applicable)
You will be advised of the due date for this task
    What happens if you get something wrong
    If your assessor marks any of your answers as incorrect or insufficient, they will make arrangements with you for resubmission. Your assessor may ask you some questions verbally to check your understanding, or you may need to provide new written responses to the questions that were answered incorrectly. Your assessor will give you a due date by which this must be provided.
    Submission requirements
    Your answers for each question
    Task instructions
    This is an open book written assessment – you can use your learning materials as reference
You must answer all questions and their parts correctly to achieve a satisfactory outcome for this task
Refer to the Glossary of Instructional Task Words for descriptions of instructional words to guide you in the level of response required in each question
Question
Explain the term ‘financial probity’ and list at least two requirements to ensure financial probity.
    
Question
In the table below, explain each of the following accountancy principles.
    Economic entity principle
    
    Full disclosure principle
    
    Time period principle
    
    Conservatism principle
    
    Cost principle
    
Question
Detail at least five Australian, international and local legislation or conventions that are relevant to financial management at CBSA.
    
    
    
    
    
Question
In the table below, explain each of the following requirements for the Australian Tax Office.
    Goods and Services Tax
    
    Company Tax
    
    Pay As You Go Withholding
    
Question
Explain the purpose of a Profit and Loss Report and compare the two different sections displayed in the profit and loss report.
    
Question
What are the formulas used to calculate the following different types of profit, and what do they indicate?
· Gross Profit =
    
· Gross profit margin =
    
· Operating profit (EBIT earnings before interest and tax) =
    
· Net profit =
    
Question
Review the financial health indicators in the table below and insert the correct formulas.
    Analysis
    KPI
    Formula
    What level of sales do I need to cover all my expenses?
    Breakeven point
    
    Is my business operating profitably?
    Gross profit margin
Net profit margin
    
    Does my business have too much debt?
    Debt to income ratio
    
    Can my business survive an economic downturn?
    Debt to equity ratio
    
    Can my business afford to pay its bills?
    Liquidity ratio
    
    How much working capital should I retain in the business?
    Working capital ratio
    
    Is my business earning a worthwhile return?
    Return on investment
    
    How quickly is my stock turning over?
    Inventory turnover
    
    How many days do customers take to pay me?
    Accounts receivable
    
    How quickly am I paying invoices?
    Accounts payable turnover
    
    Are my expenses under control?
    Expenses ratio
    
Question
Research financial management software. Compare three financial software systems identifying some of the key features or functions and the types of business they are suitable for. Use the table below to record your information.
    Name
    Key Features
    Business suitability
    
    
    
    
    
    
    
    
    
Question
A good budget will take into account a few basic elements; without considering these elements, your budget may be incomplete. Explain the six key components of a financial budget.
    
    
    
    
    
    
    Assessment Task 2: Analyse and Report on Finances
    
    The following assessment tasks use a simulated business called Complete Business Solutions Australia (CBSA). In order to complete the assessment tasks, you will need to access information, templates, policies and procedures associated with CBSA. This can be done in one of two ways: either your assessor will provide you with copies of the appropriate documents, or they will provide you with login details for CBSA’s website. Navigate to www.cbsa.com.au, select ‘Log in’ and enter your username and password prior to completing your assessment tasks.
For this assessment, you will play the role of Wi Zhang, CBSA Chief Finance Officer. CBSA is a consultancy service providing assistance with compliance, finances, human resources, information technology and other business needs to ensure that businesses have the expertise and support they need to survive and prosper. You should familiarise yourself with what CBSA does, its services and history, the organisational structure of the business, its employees, and its mission, vision and business objectives.
    Task Summary
    In this Task, you will be reviewing and analysing the current financial situation of a business in preparation for a new project
    Resources and Equipment Required
    · Access to your learning materials.
· Access to Microsoft Word (or a similar program).
· Email software program.
· CBSA business documents, organisational policies and procedures, and templates (accessible via the CBSA website)
· CBSA Business Plan
· CBSA Style Guide
· Code of Ethics
· Financial Management Policy
· Document Management Policy Procedures
· CBSA Financial Statements (provided below)
· CBSA Email Template (available via the CBSA website)
· Financial Analysis and Review Report Template (provided below)
    Where and When this task Will be Completed
    · You will complete this task in your own time, or you may be provided with time in class to complete it (where applicable).
· You will be advised of the due date for this task.
    What Happens if you get Something Wrong
    If your assessor marks any of your answers as incorrect or insufficient, they will make arrangements with you for resubmission. Your assessor may ask you some questions verbally to check your understanding, or you may need to provide new written responses to the questions that were answered incorrectly. Your assessor will give you a due date by which this must be provided.
    Task Instructions
    Read the email from Gavin Stead and complete all required tasks
Task Instructions
To begin this part, read the following email and its attachment, then complete the tasks that follow:
    
    To:
    Wi Zhang ([email protected])
    
    From:
    Gavin Stead ([email protected])
    
    Date/time:
    Monday 11:14 a.m.
    
    Subject:
    Current Finance Situation
    
    Attachment:
    Aged Debtor Report A.docx; Aged Debtor Report B.docx; Petty Cash Log .docx; Cash Flow Statement A .docx; Cash Flow Statement B .docx; Cash Flow Statement C.docx; GST Summary .docx; Marketing Budget (for the previous financial year); Profit and Loss Statement (for the previous financial year);Financial Analysis and Review Report.docx
    Good morning Wi,
The CBSA Board has been trying to build up some financial reserves to implement the new initiative that we have planned for an in-house training centre. Hopefully, the organisation has enough finances on hand so that loans aren’t required. We are looking to free up $30,000. Before we can proceed, we need to have a clear picture of the finances. I want you to research and report on the organisation's current financial position so that we can determine whether we have the necessary resources available.
You will need to complete the following:
· Review and analyse previous financial data to establish areas that have generated a profit or loss and why this may be the case.
· Review the business plan to establish critical dates and initiatives requiring or generating resources in the next financial cycle.
· Analyse cash flow trends.
· Review the statutory requirements for compliance and liabilities for tax.
· Review our existing financial management software and compare it with at least one competitor option.
· Summarise your analysis, including identifying any significant issues the priority for resolving these if applicable and what recommendations are needed to be addressed in order to release $30,000 for the training centre initiative.
I have attached copies of the financial reports and a template that you can use to report this information.
Please email me the report once completed.
Kind Regards,
Gavin Stead
    Managing Director
300 Fictional Way, Sydney, NSW 2000
Phone: 1800 111 222
www.cbsa.com.au
Attachments Below:
· Aged Debtor Report A.docx
·
    Aged Debtor Report A
    Complete Business Solutions Australia (CBSA) Pty Ltd
As at six months ago, accrual basis
    Name
    Total Due
    0 – 30
    31 – 60
    61 – 90
    91 – 180
    > 181
    ABC Pty Ltd
    $39,700.00
    
    $17,650.00
    
    $22,050.00
    
    Shaw & Shaw
    $52,000.00
    $52,000.00
    
    
    
    
    McKay Services
    $44,950.00
    
    $26,050.00
    $18,900.00
    
    
    Simply Strategic
    $26,250.00
    $26,250.00
    
    
    
    
    Building Solutions Pty Ltd
    $32,650.00
    
    
    
    
    $32,650.00
    Document Geniuses
    $7,250.00
    $7,250.00
    
    
    
    
    Fix Yourself Pty Ltd
    $25,080.00
    $8,750.00
    $9,230.00
    $7,100.00
    
    
    Dynamic Design
    $28,900.00
    
    $28,900.00
    
    
    
    Timely Transactions Pty Ltd
    $27,700.00
    
    
    $15,200.00
    $12,500.00
    
    Totals
    $284,480.00
    $94,250.00
    $81,830.00
    $41,200.00
    $34,550.00
    $32,650.00
· Aged Debtor Report B.docx
    Aged Debtor Report B
    Complete Business Solutions...