Sitxfin003 Learner Workbook v1.3 Acot

Unit Result Record Sheet
SITXFIN003 Manage finances within a budget
Student Name:
BLOCK Print
Student Number:
BLOCK Print
Assessment Reassessment
Completed Result Completed Result
(If required)
Satisfactory
Satisfactory
Satisfactory
Satisfactory
Date
Date
Not Yet
Not Yet
Reassessed
Assessed
(Evidence must be in
(Evidence must be
students file)
in students file)
Written Assessment
Questions
Summative Written
Assessment Questions
Summative Practical
Demonstration of Skills
Result for unit Competent Not Yet Competent

Assessor Name:
Signature:
& Signature
Date result
reached:
Comments:
Student Declaration:
I declare that:
• I was made aware of all assessment requirements for this/these unit/s
• I have received feedback from my assessor on the results of each individual assessment task and my overall result
for this/these unit/s
• I have been made aware of the reassessment policy for any assessment tasks and/or units that I have not yet
satisfactorily completed
• All work for assessment tasks submitted for this unit is my own with no part of any assessment being
copied/plagiarised from another person’s work, except where authorized and listed/referenced
Student Signature:
Student Name: _____________________________ Student ID: ___________________________
Received by Australian College of Trade:
NAME: ______________________________ Signature: _________________________ Date: __________

UNIT: SITXFIN003 Manage finances within a budget
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SITXFIN003
Manage finances within a
budget
Learner Workbook
VCID. ACOT Training and Assessment/SITXFIN003/Learner Workbook/V1.3/July 2019

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Table of Contents
Table of Contents ......................................................................................................................... 2
Instructions to Learner ................................................................................................................. 4
Assessment instructions ................................................................................................................. 4
Assessment requirements .............................................................................................................. 6
Observation/Demonstration ........................................................................................................ 7
Third Party Guide ......................................................................................................................... 8
Third party details (required information from the learner) .......................................................... 8
Activities ..................................................................................................................................... 9
Activity 1A ....................................................................................................................................... 9
Activity 1B ..................................................................................................................................... 10
Activity 1C ..................................................................................................................................... 11
Activity 1D ..................................................................................................................................... 12
Activity 1E...................................................................................................................................... 13
Activity 2A ..................................................................................................................................... 14
Activity 2B ..................................................................................................................................... 15
Activity 2C ..................................................................................................................................... 16
Activity 2D ..................................................................................................................................... 17
Activity 2E...................................................................................................................................... 18
Activity 3A ..................................................................................................................................... 19
Activity 3B ..................................................................................................................................... 20
Activity 3C ..................................................................................................................................... 21
Activity 3D ..................................................................................................................................... 22
Activity 3E...................................................................................................................................... 23
Activity 3F...................................................................................................................................... 24
Activity 4A ..................................................................................................................................... 25
Activity 4B ..................................................................................................................................... 26
Summative Assessments ............................................................................................................ 27
Section A: Skills activity ................................................................................................................. 28
Section B: Knowledge activity (Q & A) .......................................................................................... 32
Section C: Performance activity .................................................................................................... 34
Workplace Documentation – for learner ..................................................................................... 35

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Workplace documents checklist ................................................................................................... 35

Supplementary Oral Questions (optional) – for assessor ............................................................. 36
Competency record to be completed by assessor ........................................................................ 39

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Instructions to Learner
Assessment instructions
Overview
Prior to commencing the assessments, your trainer/assessor will explain each assessment task and
the terms and conditions relating to the submission of your assessment task. Please consult with
your trainer/assessor if you are unsure of any questions. It is important that you understand and
adhere to the terms and conditions, and address fully each assessment task. If any assessment task
is not fully addressed, then your assessment task will be returned to you for resubmission. Your
trainer/assessor will remain available to support you throughout the assessment process.
Written work
Assessment tasks are used to measure your understanding and underpinning skills and knowledge of
the overall unit of competency. When undertaking any written assessment tasks, please ensure that
you address the following criteria:
➢ Address each question including any sub-points
➢ Demonstrate that you have researched the topic thoroughly
➢ Cover the topic in a logical, structured manner
➢ Your assessment tasks are well presented, well referenced and word processed
➢ Your assessment tasks include your full legal name on each and every page.
Active participation
It is a condition of enrolment that you actively participate in your studies. Active participation is
completing all the assessment tasks on time.
Plagiarism
Plagiarism is taking and using someone else's thoughts, writings or inventions and representing them
as your own. Plagiarism is a serious act and may result in a learner’s exclusion from a course. When
you have any doubts about including the work of other authors in your assessment, please consult
your trainer/assessor. The following list outlines some of the activities for which a learner can be
accused of plagiarism:
➢ Presenting any work by another individual as one's own unintentionally
➢ Handing in assessments markedly similar to or copied from another learner
➢ Presenting the work of another individual or group as their own work
➢ Handing in assessments without the adequate acknowledgement of sources used, including

assessments taken totally or in part from the internet.
If it is identified that you have plagiarised within your assessment, then a meeting will be organised
to discuss this with you, and further action may be taken accordingly.

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Collusion
Collusion is the presentation by a learner of an assignment as their own that is, in fact, the result in
whole or in part of unauthorised collaboration with another person or persons. Collusion involves
the cooperation of two or more learners in plagiarism or other forms of academic misconduct and,
as such, both parties are subject to disciplinary action. Collusion or copying from other learners is
not permitted and will result in a “0” grade and NYC.
Assessments must be typed using document software such as (or similar to) MS Office. Handwritten
assessments will not be accepted (unless, prior written confirmation is provided by the
trainer/assessor to confirm).
Competency outcome
There are two outcomes of assessments: S = Satisfactory and NS = Not Satisfactory (requires more
training and experience).
Once the learner has satisfactorily completed all the tasks for this module the learner will be
awarded “Competent” (C) or “Not yet Competent” (NYC) for the relevant unit of competency.
If you are deemed “Not Yet Competent” you will be provided with feedback from your assessor and
will be given another chance to resubmit your assessment task(s). If you are still deemed as “Not Yet
Competent” you will be required to re-enrol in the unit of competency.
Additional evidence
If we, at our sole discretion, determine that we require additional or alternative
information/evidence in order to determine competency, you must provide us with such
information/evidence, subject to privacy and confidentiality issues. We retain this right at any time,
including after submission of your assessments.
Confidentiality
We will treat anything, including information about your job, workplace, employer, with strict
confidence, in accordance with the law. However, you are responsible for ensuring that you do not
provide us with anything regarding any third party including your employer, colleagues and others,
that they do not consent to the disclosure of. While we may ask you to provide information or
details about aspects of your employer and workplace, you are responsible for obtaining necessary
consents and ensuring that privacy rights and confidentiality obligations are not breached by you in
supplying us with such information.
Assessment appeals process

If you feel that you have been unfairly treated during your assessment, and you are not happy with
your assessment and/or the outcome as a result of that treatment, you have the right to lodge an
appeal. You must first discuss the issue with your trainer/assessor. If you would like to proceed
further with the request after discussions with your trainer/assessor, you need to lodge your appeal
to the course coordinator, in writing, outlining the reason(s) for the appeal.

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Recognised prior learning

Candidates will be able to have their previous experience or expertise recognised on request.
Special needs
Candidates with special needs should notify their trainer/assessor to request any required
adjustments as soon as possible. This will enable the trainer/assessor to address the identified needs
immediately.
Assessment requirements
Assessment can either be:
➢ Direct observation
➢ Product-based methods e.g. reports, role plays, work samples
➢ Portfolios – annotated and validated
➢ Questioning
➢ Third party evidence.
If submitting third party evidence, the Third Party Observation/Demonstration document must be
completed by the agreed third party.
Third parties can be:
➢ Supervisors
➢ Trainers
➢ Team members
➢ Clients
➢ Consumers.
The third party observation must be submitted to your trainer/assessor, as directed.
The third party observation is to be used by the assessor to assist them in determining competency.
The assessment activities in this workbook assess aspects of all the elements, performance criteria,
skills and knowledge and performance requirements of the unit of competency.
To demonstrate competence in this unit you must undertake all activities in this workbook and have
them deemed satisfactory by the assessor. If you do not answer some questions or perform certain
tasks, and therefore you are deemed to be Not Yet Competent, your trainer/assessor may ask you
supplementary questions to determine your competence. Once you have demonstrated the
required level of performance, you will be deemed competent in this unit.
Should you still be deemed Not Yet Competent, you will have the opportunity to resubmit your
assessments or appeal the result.
As part of the assessment process, all learners must abide by any relevant assessment policies as
provided during induction.

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If you feel you are not yet ready to be assessed or that this assessment is unfair, please contact your
assessor to discuss your options. You have the right to formally appeal any outcome and, if you wish
to do so, discuss this with your trainer/assessor.
Observation/Demonstration
Throughout this unit, you will be expected to show your competency of the elements through
observations or demonstrations. Your trainer/assessor will have a list of demonstrations you must
complete or tasks to be observed. The observations and demonstrations will be completed as well as
the activities found in this workbook.
An explanation of observations and demonstrations:
Observation is on-the-job
The observation will usually require:
➢ Performing a work-based skill or task
➢ Interaction with colleagues and/or customers.
Demonstration is off-the-job
A demonstration will require:
➢ Performing a skill or task that is asked of you
➢ Undertaking a simulation exercise.
Your trainer/assessor will inform you of which one of the above they would like you to do. The
observation/demonstration will cover one of the unit’s elements.
The observation/demonstration will take place either in the workplace or the training environment,
depending on the task to be undertaken and whether it is an observation or demonstration. Your
trainer/assessor will ensure you are provided with the correct equipment and/or materials to
complete the task. They will also inform you of how long you have to complete the task.
You should be able to demonstrate the skills, knowledge and performance criteria required for
competency in this unit, as seen in the Learner Guide.

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Third Party Guide

You should supply details of the third party to the assessor before you commence the activities (see
below), unless the assessor has already selected a third party themselves. The assessor can then
contact the third party in instances where they require more evidence to determine competency, or
they cannot observe certain tasks themselves.
The reasons to use a third party may include:

➢ Assessment is required in the workplace
➢ Where there are health and safety issues related to observation
➢ Patient confidentiality and privacy issues are involved.
If you are not employed, or able to complete demonstrative tasks in the workplace, you will need to
inform the assessor. They will be able to provide you with a simulated environment in which to
complete these tasks.
We would prefer that, wherever possible, these be “live” issues for your industry and require
application of the principles that you are learning as part of your training. Where this is not possible,
you and your third party should simulate the activity tasks and demonstrations that you believe
would be likely to arise in your organisation or job role.
Third party evidence can also be used to provide “everyday evidence” of tasks included in your work
role that relate to the unit of competency but are not a part of the formal assessment process.
The third party is not to be used as a co-assessor – the assessor must make the final decision on
competency themselves. Documents relevant to collection of third-party evidence are included in
the Third Party section in the Observations/Demonstrations document.
Third party details (where required from the learner)

A third party may be required for observations or demonstrations; please provide details below of
your nominated third party and obtain their signature to confirm their agreement to participate. This
information will be required by your trainer/assessor in advance of arranging any future
observations or demonstrations.
Third party name: ______________________________________________________________
Position of third party: ______________________________________________________________
Telephone number: ______________________________________________________________
Email address: ______________________________________________________________
Declaration for nominated third party

I declare my intention to act as third party for (learner’s name here) __________________________
Third party signature: _____________________________________ Date: ___________________

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Activities
Complete the following activities individually or in a group (as applicable to the specific activity
and the assessment environment).
Activity 1A
Estimated Time 15 minutes
Objective To provide you with an opportunity to identify how to allocate funds
according to budget and agreed priorities.
1. What do you need to do before you can allocate funds to budgets?
2. Explain why it is important to agree on organisational priorities before allocating funds.

Give three examples of agreed priorities in budgets that you have been involved with.

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Activity 1B
Objective To provide you with an opportunity to discuss changes to income and
expenditure priorities with appropriate colleagues prior to implementation.
This activity will need to be observed for assessment.
As a simulated workplace activity as directed by the assessor; you will be given information on
the current income and expenditure for one work area/project (as relevant to your organisation
or area of work). You should read this through, looking for where any changes may be required.
With the person acting as the finance manager, discuss whether this needs to be changed,
identifying at least one change and your reason for this.
Write down the outcome of your meeting in your workbook, and the change(s) you have
recommended with your reason(s) why.
Note to the assessor:

You must ensure the learner has an appropriate simulated work environment to perform this
activity, with a person representing the finance manager. The income and expenditure
information must be relevant to the learner’s organisation or area of work; this only needs to be
for a short period of time, e.g., three months, and should highlight the need for more than one
change. The learner and the person acting as the finance manager must be given adequate time
to read this information prior to the meeting. The learner should be observed to ensure they
participate appropriately in the discussion and display relevant knowledge and understanding
about the information they have been given. Assessment of the learner’s notes in their
workbook must also be made to confirm they have correctly identified one change.

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Activity 1C
Objective To provide you with an opportunity to consult with and inform relevant
personnel about resource decisions.
Following on from Activity 1B; as a simulated workplace activity, consult with the work
area/project manager to discuss your identified change(s) regarding the income and
expenditure they have. You should inform them of the reason for the change(s) that you have
found.

activity, with a person representing the work area/project manager. The learner should be
observed to ensure they communicate professionally with the other person and to make sure
they provide clear information and reasoning for their change(s). This activity does not require a
two-way exchange, although the person acting as the manager can ask questions or provide
comments that are applicable to the discussions.

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Activity 1D
Objective To provide you with an opportunity to identify how to promote awareness of
the importance of budget control.
When promoting awareness of budget control, what points should you make as a priority?
Provide three examples.

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Activity 1E
Objective To provide you with an opportunity to identify how to maintain detailed
records of resource allocation according to organisational control systems.
1. Give four examples of different records of resource allocation that you use within your
organisation (or business industry). For one of these, explain what information you will
need to fill out and keep for financial recordkeeping.
2. Why it is important to maintain this information for business?

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Activity 2A
Estimated Time 60-90 minutes
Objective To provide you with an opportunity to use financial records to regularly check
actual income and expenditure against budgets.
As a real or simulated work activity as directed by the assessor; you must check three records
relating to income and expenditure for the previous month. These records will be allocated to
you.
Identify the actual income and expenditure that took place and assess these against the
budgets they relate to.
You must answer the following questions:
➢ Do the income and expenditure match the budget(s)?

➢ If there are variations, where are these found?
Write up your conclusions as a report, providing clear details about your assessment and
relevant findings. If produced separately, attach this to your workbook. (No word count
specified; this can be as long or short as needed. However, reports must include all the relevant
details.)

You must ensure the learner has access to these records and the relevant budgetary
information; this may be in collaboration with their organisation or from examples that have
been created for the purpose of this activity. Information should be relevant to the learner’s role
and area of work. The learner must be provided with an appropriate work environment with
equipment and technologies, to access and interpret these records. The learner’s final report
should be assessed for the successful completion of this activity against the information they
have worked with.

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Activity 2B
Objective To provide you with an opportunity to include financial commitments in all
documentation to ensure accurate monitoring.
Explain what a financial commitment is and give three examples of regular financial
commitments that will need to be made at your organisation or in your area of work.

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Activity 2C
Objective To provide you with an opportunity to identify and report deviations
according to significance of deviation.
This spoken communication in this activity will need to be observed for assessment.
As a real or simulated work activity as directed by the assessor; you will be given one financial
record with two deviations.
Read this record and identify the two deviations that are present and their level of significance
for reporting.
Report these deviations according to the level of importance; one will be minor and only need
to be reported as an email correspondence, and one is more urgent and must be reported in a
face-to-face meeting with the finance manager (or the person acting as the finance manager).
For the one deviation that is to be reported by email, write an email script in your workbook.
For the deviation that must be reported in a spoken communication, you must carry out this
communication, making sure you report what the deviation is and where it is found.
You must ensure the learner is provided with one record with two deviations (one being minor
and one being major); this may be in collaboration with their organisation or from examples
that have been created for the purpose of this activity. Information should be relevant to the
learner’s role and area of work. The learner must be provided with an appropriate work
environment with equipment and technologies, to access and interpret information. They must
be provided with one person to report the major deviation to. The spoken communication must
be observed to ensure the learner successfully communicates the major deviation, and the email
script read and assessed for the minor deviation.

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Activity 2D
Objective To provide you with an opportunity to identify how to investigate appropriate
options for more effective management of deviations.
1. From your own thinking, identify three options that you could take to investigate
deviations.
2. Suggest three actions you could take to manage deviations.

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Activity 2E
Objective To provide you with an opportunity to identify how to advise appropriate
colleagues of budget status in relation to targets.
When advising colleagues of the budget status in relation to targets, what should you advise the
following personnel of?
➢ Senior and mid-level management
➢ The accounts department
➢ A budget committee.

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Activity 3A
Objective To provide you with an opportunity to assess existing costs and resources and
proactively identify areas for improvement.
As a simulated work activity as directed by the assessor; you will be given information on five
main costs for an example organisation and their associated budgets.
Assess this information and determine where improvements can be made in spending and use
of resources. You should identify two improvements; write down your findings.

You must ensure the learner is provided with example information to work with for this
simulated work activity; there must be at least two possible improvements that can be made
from this information. This must be relevant to the learner and their area of work. The learner
must be provided with an appropriate work environment with equipment and technologies (as
applicable).

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Activity 3B
Objective To provide you with an opportunity to discuss desired budget outcomes with
relevant colleagues.
As a simulated work activity as directed by the assessor, and following on from Activity 3A;
discuss your findings regarding the five main costs and the associated budget(s), with the
persons representing the finance manager and organisational management (a total of two to
three persons).
In collaboration, identify the desired budget outcomes and how these can be achieved.

activity, with persons representing the managers. The learner must be observed discussing their
findings and identifying outcomes for their successful assessment. They must engage with the
managers professionally and seek solutions to achieve the desired budget outcomes.

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Activity 3C
Objective To provide you with an opportunity to identify how to undertake appropriate
research to investigate new approaches to budget management.
Describe two research methods you can use to investigate new approaches to budget
management.

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Activity 3D
Objective To provide you with an opportunity to identify how to define and
communicate the benefits and disadvantages of new approaches.
How can you define new approaches for the benefit of your colleagues? What information
should you provide them with?

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Activity 3E
Objective To provide you with an opportunity to take account of impacts on customer
service levels and colleagues in developing new approaches.
How can new approaches to managing finances affect the customer experience? Give at least
three examples.

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Activity 3F
Objective To provide you with an opportunity to present clear and logical
recommendations for budget management.
As a simulated work activity as directed by the assessor, and following on from Activity 3B; you
must develop three recommendations to manage the budget more appropriately. In a meeting
with the finance manager and organisation’s manager, present your recommendations in a
spoken communication.

activity, with persons representing the managers. The learner must be observed presenting their
three recommendations; they must speak clearly, confidently and with awareness to an
appropriate way to manage the budget.

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Activity 4A
Objective To provide you with an opportunity to complete financial and statistical
reports within designated timelines.
As a real or simulated workplace activity as directed by the assessor; you must complete one
financial report and one statistical report. You should be provided with the information that
needs to be put into these reports.
When completed, print out these reports and attach these to your workbook.

You must ensure the learner is provided with an appropriate work environment with equipment,
resources and technologies to complete this activity. They must be given the information for
creating the two reports, as relevant to their organisation or area of work, and be provided with
the correct document guidelines to ensure these are produced correctly. The finished reports
must be assessed for their correctness and against the original information. The timeline for
completing these is as stated in the estimated activity time, although this can be changed as
necessary to suit the given requirements.

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Activity 4B
Objective To provide you with an opportunity to prepare and present clear and concise
information to enable informed decision making.
Following on from Activity 4A; for one of your reports, assess how the information is presented
and make two changes to this to help make the report clearer and easier to read; for example,
you can introduce a graph to illustrate data, or you may want to change the layout in some way.
When completed, re-print your report and attach this to your workbook. Note down in your
workbook the changes that you have made.

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Summative Assessments
The summative assessments are the major activities designed to assess your skills, knowledge and
performance, as required to show competency in this unit. These activities should be completed
after finishing the Learner Guide. You should complete these as stated below and as instructed by
your trainer/assessor.
Skills, knowledge and performance may be termed as:
➢ Skills – skill requirements, required skills, essential skills, foundation skills
➢ Knowledge – knowledge requirements, required knowledge, essential knowledge,

knowledge evidence
➢ Performance – evidence requirements, critical aspects of assessment, performance

evidence.
Section A: Skills activity

The skills activity is designed to be a series of demonstrative tasks that should be assessed by
observation (by the assessor or third party, depending on the circumstances).
It will demonstrate all of the skills required for this unit of competency – your assessor will provide
further instructions to you, if necessary.
Section B: Knowledge activity (Q & A)

The knowledge activity is designed to be a verbal questionnaire where the assessor asks you a series
of questions to confirm your competency for all of the required knowledge in the unit of
competency.
Section C: Performance activity

The performance activity is designed to be a practical activity performed either in the workplace or a
simulated environment. You should demonstrate the required practical tasks for the unit of
competency and be observed by the assessor and/or third party, as applicable to the situation. If the
third party is required to observe you, you will need to make the required arrangements with them.
If necessary for the activities, you should attached completed written answers, portfolios or any
evidence of competency to this workbook.

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Section A: Skills activity

Objective: To provide you with an opportunity to show you have the required skills for this unit.
A signed observation by either an approved third party or the assessor will need to be included in
this activity as proof of completion.
This activity will enable you to demonstrate the following skills:
➢ Reading skills
➢ Writing skills
➢ Oral communication
➢ Numeracy skills
➢ Problem-solving skills
➢ Teamwork skills
➢ Technology skills
Answer the activity in as much detail as possible, considering your organisational requirements.
As a workplace activity or simulated workplace activity (as directed by the assessor):
1. Obtain a copy of an expenditure report from a past budget, and thoroughly read this
document to identify and analyse any examples of wastage.
2. Using your organisation’s computer software (financial/accounting and/or layout software),

write up a mock purchase summary report for a recent order.
3. Organise a meeting with any staff who have financial decision-making authority, in order to
discuss the setting of priorities for an upcoming budget. Lead this meeting, using your oral
communication skills to make sure that details of priorities are communicated and understood
by everyone.
4. Use your numeracy skills to estimate expenditure for an upcoming project; this may be done
with the aid of financial/accounting software. Don’t forget to check previous budgets to check
the likely costs involved.
5. Use your problem-solving skills to develop a contingency plan for use in the event of a
significant deviation from the planned budget in question four.
6. Organise a meeting with those involved in the creation of the budget from question four and
five. Use teamwork skills to lead discussions and come to decisions on the desired outcomes
of the budget. Make sure everyone knows what part they play in budget control, and how
they can contribute to agreed outcomes.
7. Using your organisation’s financial/accounting software on computer, create a graph or chart

which shows overall levels of expenditure over the course of the budgetary period (using the
budget you created in the previous three questions).

You must ensure the learner has access to a real or simulated workplace for this activity, with
access to equipment, resources, technologies and persons. They must be provided with access

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to the necessary financial information and any organisational guidelines that will be required
for financial activities. All spoken communications and interactions should be observed for
assessment to ensure the learner conducts work and themselves in an appropriately
professional manner. Documentation produced for this activity must be assessed to ensure the
learner has completed written work correctly.

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Section B: Knowledge activity (Q & A)

Objective: To provide you with an opportunity to show you have the required knowledge for this
unit.
The answers to the following questions will enable you to demonstrate your knowledge of:
➢ Types of financial records:

o bank deposit documentation
o bank statements
o banking summaries
o business activity statements
o cheque books
o credit card transaction statements
o invoices
o journal entries
o labour and wages reports
o merchant statements
o merchant summaries
o transaction reports
➢ Types of budgets:
o cash budgets
o cash flow budgets
o departmental budgets
o event budgets
o project budgets
o purchasing budgets
o sales budgets
o wage budgets
o whole of organisation budgets
➢ Factors for consideration in the preparation of financial and statistical reports:
o cash flow
o commercial account activity
o commission earnings
o covers and financial return
o daily, weekly and monthly transactions
o expenditure
o income
o occupancy rates and financial return
o performance of department, project and/or products and services
o sales performance
o sales returns
o staff costs
o stock levels
o variance in income and/or expenditure
o wastage
o yield
➢ Use, contents of and formats for:
o budgets
o financial reports
o statistical reports

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➢ Budget terminology
➢ Specific industry sector and organisation:
o use of budgets to control costs and enhance profitability
o importance of budget control
o techniques for maximising budget performance
o financial reporting procedures and cycles
o features and functions of accounting software programs used to manage budgets
Answer each question in as much detail as possible, considering your organisational requirements
for each one.
1. In your own words, explain what each of the following financial records show:
➢ Invoices
➢ Labour/wage reports
➢ Credit card transaction statements.

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2. Explain why having dedicated budgets for specific departments and projects can be useful (as
opposed to only relying on a budget for the whole organisation).
3. Why is it important to consider sales performance when monitoring budgets and preparing
financial reports?
4. What information is contained in the following document types:
➢ Budgets
➢ Financial reports
➢ Statistical reports?

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5. Explain what the following budgetary terminology means:
➢ Revenue
➢ Financial commitment
➢ Debt.
6. Why is it important to promote budget control, and how can this enhance the overall
profitability of your organisation?

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Section C: Performance activity

Objective: To provide you with an opportunity to demonstrate the required performance
elements for this unit.
A signed observation by either an approved third party or the assessor will need to be included in
this activity as proof of completion.
This activity will enable you to demonstrate the following performance evidence:
➢ Manage a budget for a business over a three-month period that meets the specific business’
needs
➢ Undertake at least two of the following to inform management of the above budget:
o discussions with existing suppliers
o evaluation of staffing and rostering requirements
o evaluation of impact of potential roster changes
o review of operating procedures
o sourcing new suppliers
➢ Monitor income and expenditure and evaluate budgetary performance over the above
budgetary life cycle
➢ Complete financial reports related to the above budget within designated timelines and
using correct budget terminology
Answer the activity in as much detail as possible, considering your organisational requirements.
As a workplace activity or simulated workplace activity (as directed by the assessor):
1. Create a budget for an event or project that will last for three months. Throughout this period,
you must show that you can create, monitor, and control the budget by doing the following:
➢ Show that you can work with colleagues to establish requirements and priorities (including
staffing requirements and stock requirements)
➢ Use financial records to monitor expenditure and income on a regular basis
➢ Identify any variances and deviations, and react to them – you may need to adapt the
budget
➢ Complete financial reports to ensure control of finances, and to update others on the
budget’s status; this must be performed at scheduled points (as agreed with management)
and using the appropriate budget terminology.

You must ensure the learner has access to a real or simulated workplace for this activity, with
access to equipment, resources, technologies and persons. They must be provided with access
to the necessary financial information and any organisational guidelines that will be required
for financial activities. Spoken communications and interactions should be observed for
assessment to ensure the learner conducts work and themselves in an appropriately
professional manner. Documentation produced for this activity must be assessed to ensure the
learner has completed written work correctly.

P a g e | 35
Workplace Documentation – for learner

Workplace documents checklist
To demonstrate and support workplace knowledge, workplace documents can be submitted to the
assessor or third party. Indicate in the table below the documents that have been provided. Please
refer to your trainer/assessor if clarification is required or if you have any further questions on what
you are able to provide or use.
Document name/description Document attached
Yes No (Please circle)
For RTO use only
Have originals or digital copies been supplied for the workplace Yes No (Please circle)
documents?
If not originals, have the originals been validated or checked? Yes No (Please circle)
Learner’s signature
Assessor’s signature

P a g e | 36
Supplementary Oral Questions (optional) – for assessor

The below table is for you to document any supplementary verbal questions you have asked the
learner to determine their competency. For example, if you are unsure of their answer to a question
in the Learner Workbook, you may choose to ask them a supplementary question to clarify their
understanding of the relevant criteria.
Learner’s name
Assessor’s name
Unit of Competence
(Code and Title)
Date of assessment
Question:
Learner answer:
Assessor judgement: Satisfactory Not Satisfactory
Question:
Learner answer:

P a g e | 37
Question:
Learner answer:
Question:
Learner answer:
Question:
Learner answer:

P a g e | 38
Feedback for the learner
I have read, understood, and am satisfied with the feedback provided by the assessor.
Learner’s name
Assessor’s name

P a g e | 39
Competency as recorded by Assessor

This should be used by the trainer/assessor to document the learner’s skills, knowledge and
performance as relevant to the overall unit. Indicate in the table below if the learner is deemed
competent or not yet competent for the unit or if reassessment is required.
Learner’s name
Assessor’s name
Unit of Competence
(Code and Title)
Date(s) of assessment
Activities List 1A-1E, 2A-2E, 3A – 3F, 4A – 4B S NS
Have the activities been answered and performed fully, as required to assess Yes No
the competency of the learner? (Please circle)
Has sufficient evidence and information been provided by the learner for the Yes No
activities? (Please circle)
Comments from trainer/assessor:
Summative Assessments: Section A checklist S NS

Has the activity been answered and performed fully, as required to assess the Yes No
competency of the learner? (Please circle)
activity? (Please circle)
Summative Assessments: Section B checklist S NS

Summative Assessments: Section C checklist S NS


P a g e | 40
Unit Result
Has the learner completed all required assessments to a satisfactory Yes No
standard? (Please circle)
Has sufficient evidence and information been provided by the learner to Yes No
prove their competency across the entire unit? (Please circle)
Has the learner completed all required assessments to a satisfactory Yes No

standard? (Please circle)
Has sufficient evidence and information been provided by the learner to Yes No
prove their competency across the entire unit? (Please circle)
The learner has been assessed as competent in the elements and performance criteria and the evidence has
been presented as:
Yes No
Authentic
(Please circle)
Yes No
Valid
(Please circle)
Yes No
Reliable
(Please circle)
Yes No
Current
(Please circle)
Yes No
Sufficient
(Please circle)
The learner is deemed: Not yet Competent Competent
If not yet satisfactory, date for reassessment:

Sitxfin003 Learner Workbook v1.3 Acot

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Unit Result Record Sheet

SITXFIN003 Manage finances within a budget

Result for unit Competent Not Yet Competent

Student Name: _____________________________ Student ID: ___________________________

Received by Australian College of Trade:

NAME: ______________________________ Signature: _________________________ Date: __________

VCID. ACOT Training and Assessment/SITXFIN003/Learner Workbook/V1.3/July 2019

VCID. ACOT Training and Assessment/SITXFIN003/Learner Workbook/V1.3/July 2019

Workplace documents checklist ................................................................................................... 35

VCID. ACOT Training and Assessment/SITXFIN003/Learner Workbook/V1.3/July 2019

➢ Address each question including any sub-points

➢ Demonstrate that you have researched the topic thoroughly

➢ Cover the topic in a logical, structured manner

➢ Presenting any work by another individual as one's own unintentionally

➢ Handing in assessments markedly similar to or copied from another learner

➢ Presenting the work of another individual or group as their own work

➢ Handing in assessments without the adequate acknowledgement of sources used, including

VCID. ACOT Training and Assessment/SITXFIN003/Learner Workbook/V1.3/July 2019

Assessment appeals process

VCID. ACOT Training and Assessment/SITXFIN003/Learner Workbook/V1.3/July 2019

Recognised prior learning

VCID. ACOT Training and Assessment/SITXFIN003/Learner Workbook/V1.3/July 2019

An explanation of observations and demonstrations:

The observation will usually require:

➢ Performing a work-based skill or task

➢ Interaction with colleagues and/or customers.

A demonstration will require:

➢ Performing a skill or task that is asked of you

➢ Undertaking a simulation exercise.

VCID. ACOT Training and Assessment/SITXFIN003/Learner Workbook/V1.3/July 2019

Third Party Guide

The reasons to use a third party may include:

Third party details (where required from the learner)

Third party name: ______________________________________________________________

Position of third party: ______________________________________________________________

Telephone number: ______________________________________________________________

Email address: ______________________________________________________________

Declaration for nominated third party

Third party signature: _____________________________________ Date: ___________________

VCID. ACOT Training and Assessment/SITXFIN003/Learner Workbook/V1.3/July 2019

2. Explain why it is important to agree on organisational priorities before allocating funds.

VCID. ACOT Training and Assessment/SITXFIN003/Learner Workbook/V1.3/July 2019

Note to the assessor:

VCID. ACOT Training and Assessment/SITXFIN003/Learner Workbook/V1.3/July 2019

Note to the assessor:

VCID. ACOT Training and Assessment/SITXFIN003/Learner Workbook/V1.3/July 2019

VCID. ACOT Training and Assessment/SITXFIN003/Learner Workbook/V1.3/July 2019

2. Why it is important to maintain this information for business?

VCID. ACOT Training and Assessment/SITXFIN003/Learner Workbook/V1.3/July 2019

You must answer the following questions:

➢ Do the income and expenditure match the budget(s)?

Note to the assessor:

VCID. ACOT Training and Assessment/SITXFIN003/Learner Workbook/V1.3/July 2019

VCID. ACOT Training and Assessment/SITXFIN003/Learner Workbook/V1.3/July 2019

Note to the assessor:

VCID. ACOT Training and Assessment/SITXFIN003/Learner Workbook/V1.3/July 2019

2. Suggest three actions you could take to manage deviations.

VCID. ACOT Training and Assessment/SITXFIN003/Learner Workbook/V1.3/July 2019

➢ Senior and mid-level management

➢ The accounts department

VCID. ACOT Training and Assessment/SITXFIN003/Learner Workbook/V1.3/July 2019

Note to the assessor:

VCID. ACOT Training and Assessment/SITXFIN003/Learner Workbook/V1.3/July 2019

Student Name: ___ Student ID: _

NAME: ________________ Signature: _ Date:

Third party signature: ___________________ Date: _