BSBFIM501 – Manage budgets and financial plans

Assessment

Name: Surname:

Student ID:

Qualification: BSB51915

Training Package: BSB Business Service

Due Date: Week 9 Assessment Type:

Assessment Guidelines
Please read the following assessment guidelines carefully.

1. The purpose of this activity is to assess your knowledge and skills in Manage budgets and financial
plans.
2. If you have any considerations that may affect your performance in the assessment, please inform your
assessor immediately. Your assessor will provide you with a suitable alternative to complete this assessment.
3. Your assessor will mark your assessment and provide feedback and a grade to you via the assessment
submission on Moodle.
4. If you feel the decision made by your assessor was incorrect you have the rights to appeal the grading through
filling out an appeals form which will then be handle by the Academic Manager.
5. A “NYS” (not yet satisfactory) result of this task may be returned to you for a re-assessment. Re-assessments
must be submitted by an agreed date with your assessor.
6. The re-assessment work must address the specific performance tasks beyond doubt for the assessor to issue
a satisfactory (pass) result. A repeat NYS outcome could lead to an administration fee for further reassessment.
7. All work must be done individually. Copied work will not be accepted and
By adding my name to this document, I hereby declare the work is my own and has not been copied
from any other source.

Student NAME:_______________________________________ Date:_________________

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Assessment Overview

You have four task which need to be completed in this assessment.

Knowledge-based Questions
Case Study
Presentation
Budgets

You can use the learner guide and lecture slides which have been uploaded to Moodle to
assist you with answering the Knowledge base questions. Your trainer will also assist your
with four tasks.

If you cannot download the assessment from Moodle you need to notify your trainer
immediately.

Do not save or upload your assessment onto Moodle until you are ready to submit the final
version of your assessment for final submission.

Please ensure you have read the entire assessment and have answered all questions before
your submit your assessment on Moodle for your trainer to mark.

Your assessment with any other related documents relating to your assessment need to be
uploaded into Moodle by the final submission date.

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Knowledge-based Questions
1. Create a one-page guide for a hypothetical organisation outlining how to access budget
and financial plans. You should also note which personnel you would need to consult and
what issues might need to be addressed, e.g. any changes to be made.

Your assessor should have existing procedures and documentation for reference.

2. What is the purpose of a contingency plan? Note five possible contingencies that an
organisation could implement.

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3. Who might you need to inform about budget/financial plans in an organisation? What information
would the respective people need to know?

4. Outline how the following resources and systems can help to manage financial management
processes in your line of work (maximum one page):

Hardware and software

Human, physical or financial resources
Record keeping systems (electronic and paper-based)
Specialist advice or support.

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 BSBFIM501 – Manage budgets and financial plans
5. List three causes of cost variation.

6. Outline how cost expenditure meetings can be undertaken, list possible participants and
what would be discussed in each one.

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 BSBFIM501 – Manage budgets and financial plans

7. What processes are involved in the monitoring of a contingency plan?

8. Prepare a template Business Activity Statement, complying with Australian Tax Office
regulations and broad organisational protocols. Upload the template as a separate file
to Moodle as a part of your final assessment

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9. What financial records could be kept by an organisation and what methods of

storage/organisation do they need? Give at least ten examples.

10. Briefly outline the following terms:

Earnings growth
Earnings stability
Return on equity.

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11. How might you determine a company's performance regarding the above? Give at least
three methods.

12. Identify an improvement that needs to be made in your organisation and implement it.

(If this isn’t possible, imagine a common workplace improvement and plan in detail how you
would implement and monitor it).

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13. Choose and explain in detail three aspects of basic accounting principles.

14. What information may you be required to report to the Australian Taxation Office?

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15. Explain the key requirements for financial record keeping and auditing

16. Describe the techniques involved in managing budgets.

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 BSBFIM501 – Manage budgets and financial plans
Case Study
1. Refer to Case Study A.
Highlight at least four guidelines that are relevant and helpful in your line of work, start to
prepare them as much as possible now and attach your notes to your assessment.

2. Refer to Case Study B.

Using the information, speak with the team member (Sam/your partner) and identify what
support they may require improving their performance. Plan how you would implement this.
Your conversations should be open and friendly.

Your Name: Team Member’s Name:

What is the issue?

Reason of the issue(s)

How to improve it?

3. Refer to Case Study C.

Analyse the general ledger and summarise your main findings. For example, where are most
of the costs coming from? Are there any issues arising from the information?

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Presentation
Give a short presentation about the contents of financial documents provided by your trainer
to members of your group in a style and structure which suit the audience. Ask questions to
test their understanding and clarify any information that wasn’t clear.
The topic of the presentation is the information about financial issues.

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Budgets
Use the income statement and additional information provided below and the appropriate
software to prepare the annual budgeting income statement for the next three year. You
need to it by Microsoft Excel, save it and upload your budget to Moodle with the
final submission for this assessment.

Additional information

Annual sales are expected to increase by 10% each year

Expected average gross profit margin is 30%
Advertising costs are expected to increase by $800 each year
Depreciation charges are the same each year
Interest paid is the same each year
Annual rent is expected to increase by 6% each year
Superannuation is 9 % of wages and is expected to increase 0.25% each year
Wages are expected to increase by 5% each year
All other operating expenses are expected to increase by 4% each year

Income Statement

My retail Business
Income Statement
For year ended 30 June 2016

$
Revenue
Sales 446,420
less TOTAL COST OF GOODS SOLD 316,512

GROSS PROFIT 129,908

less OPERATING EXPENSES
Accounting fees 650
Advertising 3,239
Bank charges 244
Depreciation 632
Electricity 778
Insurances 1,420
Interest paid 1,600
Legal fees 200
Rent 40,900
Stationery 416
Sundries 374
Superannuation 1,384
Telephone 894

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Wages 34,612
Total operating expenses 87,343

NET PROFIT 42,565

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