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SITXFIN009 - Task 1 – Knowledge Assessment Unit Code SITXFIN009 Unit Description Use food preparation equipment Assessment Type Task 1 – Knowledge Assessment Assessment Location To be submitted online By submitting this work, I declare that: · I have been advised of the assessment requirements, have been made aware of my rights and responsibilities as an assessment learner, and choose to be assessed at this time. · I am aware that there is a limit to the number of submissions that I can make for each assessment, and I am submitting all documents required to complete this Assessment. · I have organised and named the files I am submitting according to the instructions provided, and I am aware that my assessor will not assess work that cannot be clearly identified and may request the work be resubmitted according to the correct process. · This work is my own and contains no material written by another person except where due reference is made. I am aware that a false declaration may lead to the withdrawal of qualification or statement of attainment. · I am aware that there is a policy of checking the validity of qualifications that I submit as evidence as well as the qualifications/evidence of parties who verify my performance or observable skills. I give my consent to contact these parties for verification purposes. Student ID       Student Name       Submission Date       Assessment Task 1: Knowledge Test Provide your response to each question in the box below. Q1: Outline the purpose of following type of financial records in given table using 30-50 words each. Bank deposit documentation Bank statements Business activity statements (BAS) Credit card transaction statements Invoices Journal entries Labour and wages reports Merchant statements Transaction reports Satisfactory = S Not Satisfactory = NS S S S S S S S S S NS NS NS NS NS NS NS NS NS Q2: Outline the types of budgets mentioned in the table using 2-3 sentences each. Cash budget Cash flow budget Departmental budget Project budget Purchasing budget Sales budget Wage budget Whole of organisation budget Satisfactory = S Not Satisfactory = NS S S S S S S S S NS NS NS NS NS NS NS NS Q3: Why should you consider the key factors listed in the table in the preparation of financial and statistical reports? Write 2-3 sentences for each. Cash flowCommercial account activityCommission earningsCovers and financial returnDaily, weekly and monthly transactionsExpenditureIncomeOccupancy rates and financial returnSales performanceStaff costsStock levelsVariance in income or expenditureWastageYield Satisfactory = S Not Satisfactory = NS S S S S S S S S S S S S S S NS NS NS NS NS NS NS NS NS NS NS NS NS NS Q4: Discuss the use, contents of and formats for the following using 100-150 words each. budgets financial reports statistical reports Satisfactory = S Not Satisfactory = NS S S S NS NS NS Q5: Outline the different budget terminology mentioned in the table using 1-2 sentences each. Revenue Expenses Fixed costs Variable costs Operating expenditure Satisfactory = S Not Satisfactory = NS S S S S S NS NS NS NS NS Q6: Explain the use of budgets to control costs and enhance profitability using 150-200 words. Satisfactory = S Not Satisfactory = NS S NS ☐ Q7: Define the importance of budget control using 150-200 words. Satisfactory = S Not Satisfactory = NS S ☐ NS ☐ Q8: Explain the different techniques for maximising budget performance listed in the table using 2-3 sentences each. Zero-based budgeting Activity-based costing Cost-benefit analysis Key Performance Indicators (KPIs) Cash flow forecasting Satisfactory = S Not Satisfactory = NS S ☐ S ☐ S ☐ S ☐ S ☐ NS ☐ NS ☐ NS ☐ NS ☐ NS ☐ Q9: Define the financial reporting procedures and cycles using 200-250 words. Satisfactory = S Not Satisfactory = NS S ☐ NS ☐ Q10: Outline the features and functions of accounting software programs (listed in the table) used to manage budgets using 1-2 sentences each. Features Functions Budget creation Budget tracking Forecasting Reporting Collaboration Security Automation Satisfactory = S Not Satisfactory = NS S ☐ S ☐ S ☐ S ☐ S ☐ S ☐ S ☐ NS ☐ NS ☐ NS ☐ NS ☐ NS ☐ NS ☐ NS ☐ Assessment Results Sheet Outcome First attempt: Outcome (make sure to tick the correct checkbox): Satisfactory (S) ☐ or Not Satisfactory (NS) ☐ Date: _______(day)/ _______(month)/ _______(year) Feedback: Second attempt: Outcome (please make sure to tick the correct checkbox): Satisfactory (S) ☐ or Not Satisfactory (NS) ☐ Date: _______(day)/ _______(month)/ _______(year) Feedback: Student Declaration · I declare that the answers I have provided are my own work. Where I have accessed information from other sources, I have provided references and/or links to my sources. · I have kept a copy of all relevant notes and reference material that I used as part of my submission. · I have provided references for all sources where the information is not my own. I understand the consequences of falsifying documentation and plagiarism. I understand how the assessment is structured. I accept that the work I submit may be subject to verification to establish that it is my own. · I understand that if I disagree with the assessment outcome, I can appeal the assessment process, and either re-submit additional evidence undertake gap training and or have my submission re-assessed. · All appeal options have been explained to me. Student Signature Date Trainer/Assessor Name Trainer/Assessor Declaration I hold: ☐ Vocational competencies at least to the level being delivered ☐ Current relevant industry skills ☐ Current knowledge and skills in VET, and undertake ☐ Ongoing professional development in VET I declare that I have conducted an assessment of this student’s submission. The assessment tasks were deemed current, sufficient, valid and reliable. I declare that I have conducted a fair, valid, reliable, and flexible assessment. I have provided feedback to the student. Trainer/Assessor Signature Date Office Use Only The outcome of this assessment has been entered into the Student Management System on _________________ (insert date) by (insert Name) __________________________________ Unit Code: SITXFIN009Page 1 of 12 SITXFIN009 - Task 2 – Skills Test Unit Code SITXFIN009 Unit Description Manage finances within a budget Assessment Type Task 2 – Skills Test Assessment Location To be submitted online By submitting this work, I declare that: · I have been advised of the assessment requirements, have been made aware of my rights and responsibilities as an assessment learner, and choose to be assessed at this time. · I am aware that there is a limit to the number of submissions that I can make for each assessment, and I am submitting all documents required to complete this Assessment. · I have organised and named the files I am submitting according to the instructions provided, and I am aware that my assessor will not assess work that cannot be clearly identified and may request the work be resubmitted according to the correct process. · This work is my own and contains no material written by another person except where due reference is made. I am aware that a false declaration may lead to the withdrawal of qualification or statement of attainment. · I am aware that there is a policy of checking the validity of qualifications that I submit as evidence as well as the qualifications/evidence of parties who verify my performance or observable skills. I give my consent to contact these parties for verification purposes. Student ID       Student Name       Submission Date       Assessment Task 2: Skills Test Skills Test: This assessment task requires the student to take responsibility for budget management where others may have developed the budget. This includes: · Interpreting budgetary requirements. · Allocating resources. · Monitoring actual income and expenditure and reporting on budgetary deviations. Simulated environment requirements: The training organisation must ensure the simulated environment meet the requirements given in the table below. The training organisation must provide the student with the opportunity to take responsibility for budget management where others may have developed the budget as per the information given in the case study. · The training organisation must ensure that the student has the access to the following resources: · An industry workplace or a simulated industry environment set up for the purposes of assessment. · Computers · Printers · Budgets for specific projects, events, or operational activities (Given in the case study) · Software packages · MS Word · MS Excel · MS Presentation · Staff members to participate in role plays with whom the individual can discuss budget components. · The training organisation must ensure that the student has access to the stakeholders as specified in the scenario. Each stakeholder should behave according to the script provided. · The training organisation must assign a supervisor to each student or take on the role of Supervisor. · The worksite must have realistic tasks or simulated tasks, relevant specifications and work instructions, standard work practices and safety requirements. · Case study: Pearl Hotel Melbourne branch has a bistro, sports bar and a bottle shop. The hotel promotes a sustainable environment and is a perfect place for families that want to spend their holidays and want all the amenities in one place. The hotel hires two managers that work five days a week, including the weekends. There are two other supervisors as well that work on the night shifts. As per the previous figures of the organization, the food cost accounts for 35% of the sales. Whereas the beverages account for 40%. The management is unhappy with the outcomes and wants to reduce the figures and are working on/ researching new ways to manage and control stock. To increase sales, the business has started to offer loyalty cards to its customers who will receive a free meal after spending $150 on their loyalty card. The hotel has the following projected budget for the first quarter of the financial year: July August September 1st quarter   $ $ $ $ Revenue         Food sales 58,400 63,875 60,225 182,500 Beverage sales 120,000 123,750 131,250 375,000 Tab commission 24,650 23,925 23,925 72,500 Total revenue 203,050 211,550 215,400 630,000           Cost of sales         Food purchases 20,440 22,356 21,079 63,875 Beverage purchases 48,000 49,500 52,500 150,000 Total cost of sales 68,440 71,856 73,579 213,875 Gross profit 134,610 139,694 141,821 416,125           Expenses         Accounting 1,350 1,500 2,150 5,000 Advertising/promotions 1,950 2,410 2,150 6,510 Bank charges 3,790 3,630 3,680 11,100 Cleaning contractor 3,220 3,720 3,720 10,660 Commission credit card 380 380 380 1,140 Small equipment replacement 410 410 410 1,230 Insurance 910 910 910 2,730 Laundry 170 180 180 530 Legal fees 640 180 180 1,000 Licence fees & permits 490 490 490 1,470 Motor vehicle expenses 250 250 250 750 Maintenance 2,110 2,110 2,110 4,330 Printing & stationery 400 400 400 1,200 Rubbish removal 250 250 250 750 Communication 1,000 1,000 1,000 3,000 Training & development 590 590 590 1,770 Wages & on-costs 96520 99,450 96,550 292,520 Utilities 6,000 5,800 5,850 17,650 Total expenses 120,430 123,660 121,250 365,340           NET PROFIT 14,180 16,034 20,571 50,785 You have been assigned the responsibility for budget management. The work task includes: · Managing a budget for a business over a three-month period that meets the specific business’ needs. · Informing management of the budget. · Monitoring income and expenditure and evaluating budgetary performance over the above budgetary life cycle. · Completing financial reports related to the above budget within designated timelines and using correct budget terminology. In course of the above, you will have the following responsibilities: · Allocate funds in accordance with the budget and agreed-upon priorities. · Prior to implementation, discuss changes to income and expenditure priorities with relevant colleagues. · Consult with and notify appropriate personnel about resource decisions. · Raise awareness of the significance of budget control. · Keep detailed records of resource allocation in accordance with organisational control systems. · Locate and use pertinent
Answered 1 days AfterSep 08, 2023

Answer To: hi

Deblina answered on Sep 10 2023
25 Votes
SITXFIN009 - Task 2 – Skills Test
    Unit Code
    SITXFIN009
    Unit Description
    Manage finances within a budget
    Assessment Type
    Task 2 – Skills Test
    Assessment Location
    To be submitted online
    By submitting this work, I declare that:
· I have been advised of the assessment requirements, have been made aware of my rights and responsibilities as an assessment learner, and choose to be assessed at this time.
· I am aware that there is a limit to the number of submissions that I can make for each assessment, and I am submitting all documents required to complete this Assessment.
· I have organised and named the files I am submitting according to the instructions provided, and I am aware that my assessor will not assess work that cannot be clearly identified and may request the work be resubmitted according to the correct process.
· This work is my own and contains no material written by another person except where due reference is made. I am aware that a false declaration may lead to the withdrawal of qualification or statement of attainm
ent.
· I am aware that there is a policy of checking the validity of qualifications that I submit as evidence as well as the qualifications/evidence of parties who verify my performance or observable skills. I give my consent to contact these parties for verification purposes.
    Student ID
    
    Student Name
    
    Submission Date
    
Assessment Task 2: Skills Test
Skills Test:
This assessment task requires the student to take responsibility for budget management where others may have developed the budget. This includes:
· Interpreting budgetary requirements.
· Allocating resources.
· Monitoring actual income and expenditure and reporting on budgetary deviations.
Simulated environment requirements:
The training organisation must ensure the simulated environment meet the requirements given in the table below.
    The training organisation must provide the student with the opportunity to take responsibility for budget management where others may have developed the budget as per the information given in the case study.
    ·
    The training organisation must ensure that the student has the access to the following resources:
· An industry workplace or a simulated industry environment set up for the purposes of assessment.
· Computers
· Printers
· Budgets for specific projects, events, or operational activities (Given in the case study)
· Software packages
· MS Word
· MS Excel
· MS Presentation
· Staff members to participate in role plays with whom the individual can discuss budget components.
    ·
    The training organisation must ensure that the student has access to the stakeholders as specified in the scenario. Each stakeholder should behave according to the script provided.
    ·
    The training organisation must assign a supervisor to each student or take on the role of Supervisor.
    ·
    The worksite must have realistic tasks or simulated tasks, relevant specifications and work instructions, standard work practices and safety requirements.
    ·
Case study:
Pearl Hotel Melbourne branch has a bistro, sports bar and a bottle shop. The hotel promotes a sustainable environment and is a perfect place for families that want to spend their holidays and want all the amenities in one place.
The hotel hires two managers that work five days a week, including the weekends. There are two other supervisors as well that work on the night shifts.
As per the previous figures of the organization, the food cost accounts for 35% of the sales. Whereas the beverages account for 40%. The management is unhappy with the outcomes and wants to reduce the figures and are working on/ researching new ways to manage and control stock.
To increase sales, the business has started to offer loyalty cards to its customers who will receive a free meal after spending $150 on their loyalty card.
The hotel has the following projected budget for the first quarter of the financial year:
    
    July
    August
    September
    1st quarter
     
    $
    $
    $
    $
    Revenue
     
     
     
     
    Food sales
    58,400
    63,875
    60,225
    182,500
    Beverage sales
    120,000
    123,750
    131,250
    375,000
    Tab commission
    24,650
    23,925
    23,925
    72,500
    Total revenue
    203,050
    211,550
    215,400
    630,000
     
     
     
     
     
    Cost of sales
     
     
     
     
    Food purchases
     20,440
    22,356
    21,079
    63,875
    Beverage purchases
    48,000
     49,500
    52,500
    150,000
    Total cost of sales
    68,440
    71,856
    73,579
    213,875
    Gross profit
    134,610
    139,694
    141,821
    416,125
     
     
     
     
     
    Expenses
     
     
     
     
    Accounting
    1,350
    1,500
    2,150
    5,000
    Advertising/promotions
    1,950
    2,410
    2,150
    6,510
    Bank charges
    3,790
    3,630
    3,680
    11,100
    Cleaning contractor
    3,220
    3,720
    3,720
    10,660
    Commission credit card
    380
    380
    380
    1,140
    Small equipment replacement
    410
    410
    410
    1,230
    Insurance
    910
    910
    910
    2,730
    Laundry
    170
    180
    180
    530
    Legal fees
    640
    180
    180
    1,000
    Licence fees & permits
    490
    490
    490
    1,470
    Motor vehicle expenses
    250
    250
    250
    750
    Maintenance
    2,110
    2,110
    2,110
    4,330
    Printing & stationery
    400
    400
    400
    1,200
    Rubbish removal
    250
    250
    250
    750
    Communication
    1,000
    1,000
    1,000
    3,000
    Training & development
    590
    590
    590
    1,770
    Wages & on-costs
    96520
    99,450
    96,550
    292,520
    Utilities
    6,000
    5,800
    5,850
    17,650
    Total expenses
    120,430
    123,660
    121,250
    365,340
     
     
     
     
     
    NET PROFIT
    14,180
    16,034
    20,571
    50,785
You have been assigned the responsibility for budget management. The work task includes:
· Managing a budget for a business over a three-month period that meets the specific business’ needs.
· Informing management of the budget.
· Monitoring income and expenditure and evaluating budgetary performance over the above budgetary life cycle.
· Completing financial reports related to the above budget within designated timelines and using correct budget terminology.
In course of the above, you will have the following responsibilities:
· Allocate funds in accordance with the budget and agreed-upon priorities.
· Prior to implementation, discuss changes to income and expenditure priorities with relevant colleagues.
· Consult with and notify appropriate personnel about resource decisions.
· Raise awareness of the significance of budget control.
· Keep detailed records of resource allocation in accordance with organisational control systems.
· Locate and use pertinent financial records to compare actual income and expenditure to budget.
· Ensure that reference records are accurate for monitoring purposes.
· Identify and report deviations based on their significance.
· Look into appropriate options for more effective deviation management.
· Inform relevant colleagues about the budget's status in relation to the targets.
· Evaluate current costs and resources and identify areas for improvement proactively.
· Meet with relevant colleagues to discuss desired budget outcomes.
· Conduct appropriate research to investigate new budget management approaches.
· Identify and communicate the advantages and disadvantages of new approaches.
· Consider the effects on customer service levels and colleagues when developing new approaches.
· Make clear and logical budget management recommendations.
· Complete financial and statistical reports within the timeframes specified.
· Prepare and present information in a clear and concise manner to allow for informed decision making.
Task:
This assessment task requires the student to take responsibility for budget management where others may have developed the budget. This includes:
· Managing a budget for a business over a three-month period that meets the specific business’ needs.
· Informing management of the budget.
· Monitoring income and expenditure and evaluating budgetary performance over the above budgetary life cycle.
· Completing financial reports related to the above budget within designated timelines and using correct budget terminology.
To do so, you are required to complete the following activities:
· Activity 1: Make budget adjustments.
· Activity 2: Role Play.
· Activity 3: Manage budget deviations.
· Activity 4: Role Play with supplier and head of the supply chain department.
· Activity 5: Identify variances and document the outcomes.
· Activity 6: Presentation
When completing the above activities, you will be required to demonstrate skills to:
· Interpret business and financial documents.
· Document clear recommendations based on budget information and reports.
· Discuss budget requirements and seek and provide feedback.
· Interpret and use budget figures in day-to-day work operations.
· Calculate budget estimates and scenarios for performance improvement.
· Identify budget deviations and deficiencies and develop options for improved budgetary performance.
· Discuss desired budget outcomes with team members and provide direction on resource use.
Activity 1: Make budget adjustments.
Activity context:
During the first month of the financial year, the following events took place:
· Due to advertisements, the total sales of the company increased by 7% than projected.
· Meat prices increase due to natural calamities leading to food accounting for 38% of the total sales.
· Prices for beers decreased, and the beverages now account for 39% of the total sales.
· Started promoting bistro and the advertisement cost has increased by $1,000 each month.
· The government increased the licensing fees in the month of June, and the fees are now $580.
· Cost of utility increases by 6%.
Description of the activity:
This activity requires to allocated budget resources and revise budget for the month of July.
To complete this activity, you are required to:
· Follow the steps given in Checklist 1.
· Follow the structure of Template 1 and perform calculations in MS Excel.
While completing each step, you must place a tick mark against each step given in the checklist once completed.
Checklist 1: Allocate budget resources.
    Elements
    Tick mark, once completed.
    Step 1: Allocate funds to the month of July.
    ·
    Step 2: Prepare an actual budget for the month of July.
    ·
    Step 3: Compare the actual budget prepared with the forecasted budget given in the case study.
    ·
    Step 4: Identify the significance of variation (If the variation...
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