SITXFIN003 Manage Finances Within A Budget 2

Assessment
SITXFIN003
Manage finances within a
budget
Learner Workbook
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College Details
Hannay International College
Tel: 02 92829280 | Elicos/ Vet Provider
Suite 46, No 8 Kippax street, Surryhills NSW
E: admin@ha.edu.au | www.ha.edu.au
Your Workplace Health and Safety at Hannay
1. It is your duty to inform staff at Hannay if you see, hear or come across any incident,
situation or hazard that might require immediate attention.
2. In case of an emergency evacuation, you are required to follow the instructions
provided by the trainer. While exiting the building, keep calm and walk alongside the
hand rails.
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Table of Contents
Table of Contents..............................................................................................................................2
Instructions to Learner.....................................................................................................................4
Assessment instructions................................................................................................................4
Assessment requirements.............................................................................................................7
Candidate Details.............................................................................................................................8
Assessment – SITXFIN003: Manage finances within a budget.......................................................8
Observation/Demonstration............................................................................................................9
Third Party Guide............................................................................................................................10
Third party details (required information from the learner)........................................................10
Activities.........................................................................................................................................11
Activity 1A....................................................................................................................................11
Activity 1A checklist – for assessor..............................................................................................12
Activity 1B....................................................................................................................................13
Activity 1B checklist – for assessor...............................................................................................14
Activity 1C....................................................................................................................................15
Activity 1C checklist – for assessor...............................................................................................16
Activity 1D...................................................................................................................................17
Activity 1D checklist – for assessor..............................................................................................18
Activity 1E....................................................................................................................................19
Activity 1E checklist – for assessor...............................................................................................20
Activity 2A....................................................................................................................................21
Activity 2B....................................................................................................................................23
Activity 2C....................................................................................................................................25
Activity 2D...................................................................................................................................27
Activity 2E....................................................................................................................................29
Activity 3A....................................................................................................................................31
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Activity 3B....................................................................................................................................33
Activity 3C....................................................................................................................................35
Activity 3D...................................................................................................................................37
Activity 3E....................................................................................................................................39
Activity 3F....................................................................................................................................41
Activity 3F checklist – for assessor...............................................................................................42
Activity 4A....................................................................................................................................43
Activity 4B....................................................................................................................................45
Summative Assessments................................................................................................................47
Section A: Skills activity................................................................................................................48
Summative assessments: Section A checklist..............................................................................50
Section B: Knowledge activity (Q & A).........................................................................................51
Summative assessments: Section B checklist...............................................................................53
Section C: Performance activity...................................................................................................54
Summative assessments: Section C checklist...............................................................................55
Workplace Documentation – for learner.........................................................................................56
Workplace documents checklist..................................................................................................56
Supplementary Oral Questions (optional) – for assessor................................................................57
Competency record to be completed by assessor...........................................................................60
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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.
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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.
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 notbe 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 thedisclosure 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.
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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.
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.
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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 documentmust 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.
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.
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Candidate Details
Assessment – SITXFIN003:Manage finances within a budget
Please complete the following activities and hand in to your trainer/assessor for marking. This forms
part of your assessment for SITXFIN003:Manage finances within a budget.
Name: __Ristina Liu
Address: __1307/361 Sussex s t, NSW, SYDNEY 2000
Email: __Tina_yumiko777@yahoo.com
Employer: _____________________________________________________________
Declaration
I declare that no part of this assessment has been copied from another person’s work with the
exception of where I have listed or referenced documents or work and that no part of this
assessment has been written for me by another person. I also understand the assessment
instructions and requirements and consent to being assessed.
Signed: ____________________________________________________________
Date: ____________________________________________________________
If activities have been completed as part of a small group or in pairs, details of the learners
involved should be provided below:
This activity workbook has been completed by the following persons and we acknowledge that it was
a fair team effort where everyone contributed equally to the work completed.We declare that no
part of this assessment has been copied from another person’s work with the exception of where we
have listed or referenced documents or work and that no part of this assessment has been written
for us by another person.
Learner 1: ____________________________________________________________
Signed: ____________________________________________________________
Learner 2: ____________________________________________________________
Signed: ____________________________________________________________
Learner 3: ____________________________________________________________
Signed: ____________________________________________________________
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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 demonstrationwill require:
 Performing a skill or task that is asked of you
 Undertakinga 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 demonstratethe 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 evidenceare included in the Third Party section in the
Observations/Demonstrations document.
Third party details (required information 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 allocate funds according to budget and
agreed priorities.
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.
It is important to allocating funds based on organisational priorities because it

will can help involve allocating budgetary funds to specific area of the
organisation. So we need to discuss in which I’m involved in, negotiate and
decide on organisation priorities with key stakeholders.
The 3 examples of agreed priorities in budget are:

 Promoting a new product or service
 Improving customer communications
 Improving reputation among target audiences
Activity 1A checklist – for assessor

This should be used by the trainer/assessor to document the learner’s skills, knowledge and
performance as relevant to the unit activity. Indicate in the table below if the learner is deemed
satisfactory (S) or not satisfactory (NS) for theactivity or if reassessment is required.
Learner’s name Ristina Liu

Assessor’s name Billy Ramadas
Unit of Competence
SITXFIN003 Manage Finances within a budget
(Code and Title)
Date(s) of assessment
Has the activity been answered and performed fully, as required to assess the Yes No
competency of the learner? (Please circle)
Has sufficient evidence and information been provided by the learner for the Yes No
activity? (Please circle)
Comments
Provide your comments here:

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The learner’s
Not yet satisfactory Satisfactory
performance was:
If not yet satisfactory, date for reassessment:
Feedback to learner:
Learner’s signature
Assessor’s signature
Activity 1B
Objective To provide you with an opportunity to discuss changes to income and
expenditure priorities with appropriate colleagues prior to implementation.
Why is it important to discuss any expenditure changes with colleagues
before implementing them? List the personnel that you would involve in such
discussions in your organisation.
Because all managers and financial decision-makers are clear aboutexpenditure

requirements – Including how it requires them to change their practices and
overall approach. At my organisation, all spending must contribute to the
organisation’s goals and strategic direction in someway, any spending outside
these goals is usually classified as waste.
List of the personnel that I would discuss the priorities in organisation:

 Managers from relevant department
 Accounting professionals (internal and external)
 Supervisors from relevant departments
 Owners and directors
 Stakeholders
 Purchasing staff
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Activity 1B checklist – for assessor


Unit of Competence
(Code and Title)
Comments
The learner’s
performance was:
Activity 1C
Objective To provide you with an opportunity to consult with and inform relevant
personnel about resource decisions.
Why is it often beneficial to consult other personnel about resource
decisions? How do you consult with others in your organisation?
Because consult with other personnel about resource decisions-making will

allow us to increase our knowledge of our organisation, including how money is
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currently spent and what extra needs and requirements there are.
The best way to consult with others in organisation:
 Formal
 Face-to-face meeting
 Send emails
 Make telephone calls
 Send memos
Activity 1C checklist – for assessor


Unit of Competence
(Code and Title)
Comments
The learner’s
performance was:
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Activity 1D
Objective To provide you with an opportunity 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.
Some points I would make as a priority considering to raise awareness as
below;
 Cash budgets - an estimation of cash inflows and outflows for a specific

period
 Departmental budgets - estimates income and expenses for a single

department within an organisation
 Wage budgets - an estimation of the cost of employees’ wages
 Purchasing budgets – an estimation of the costs associated with buying

stock and other physical assets
Activity 1D checklist – for assessor


Unit of Competence
(Code and Title)
Comments

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The learner’s
performance was:
Activity 1E
Objective To provide you with an opportunity to maintain detailed records of resource
allocation according to organisational control systems.
Give four examples of different records of resource allocation that you use
within your organisation. For one of these, explain what information you
need to fill out and give details about why it is important to your company.
 Purchse orders- proof that a valid purchase was authorised and as an

initial indication as to which department and perhaps budget line/code
the purchase was intended for
 Delivery docket- these documents demonstrate that the goods which

were ordered were in fact received and provide the evidence about
how much was spent
 Internal requisitions- these will prove that stock was issued from a
central store to a specified department; the quantity and quality of
each item will be listed on the requisition, thereby enabling the
appropriate amounts to be charged against relevant departments
 Interdepartmental transfers - similar to internal requisitions, these

documents prove that stock that has been issued to a certain
department has been ‘on–sold’ to another department and must now
be charged against them
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Activity 1E checklist – for assessor


Unit of Competence
(Code and Title)
Comments
The learner’s
performance was:
Activity 2A
Objective To provide you with an opportunity to use financial records to regularly check
actual income and expenditure against budgets.
Give five examples of financial records that you can check/monitor to track
actual income and expenditure against budgets. For one of these examples,
explain what the record shows and why it is used.
Type of financial records and we may need to check:

 Trial balances - a list of closing balances in ledger accounts
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 Receivable reports- these reports show how much is owed to your

organisation
 Purchase summary report - includes all orders you have placed with
suppliers
 Stock report - signifies the overall health of the company
 Variance reports - shows differences between planned financial

outcomes and actual outcomes


Unit of Competence
(Code and Title)
Comments
The learner’s
performance was:
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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 you make in your organisation.
A financial commitment is made when an order is placed or a contract is signed

for goods/services, with payment agreed to be paid at a later date. These
payments may cause a spike in cash flowing out of the organisation, and this
can have implications for the budget if it is not accounted for properly in
documents as early as possible.
 Billed servies from external professional- for example, you may hire an
external electrician to fix technology on a one-off basis
 Stock orders made – you may order a large stock order,agreeing to

make payments at later date
 Rental agreements- rental payments for shop or office space may be be
due at diffrent points in the year


Unit of Competence
(Code and Title)
Comments

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The learner’s
performance was:
Activity 2C
Objective To provide you with an opportunity to identify and report deviations
according to significance of deviation.
Give three examples of variables that can cause you to deviate from the
budget, explaining why each one can affect the budget.
The 3 examples of variables that can cause us to deviate from the budget:
- Sales volume changes
The sales of products and services will greatly influence income
statistics in any organisation, and if income falls or rises then you may
need to adapt the budget.
Changes to sales volumes may be caused by changes in the economy,
with people having more or less spending power depending on
economic fluctuations. Advertising, competition, and changes to prices
can also have a big impact on sales figures.
- Materials and supply changes
Materials and supplies can also trigger deviations from planned
budgets. You may be forced to deviate from a budget if market prices
drop or rise and the price of materials changes significantly.
- Labour
Changes in market labour rates, wage rates, and staff sickness rates can
also cause expenditure and income variances, which may cause
deviations from the budget. The quality of the people you employ –
their skill level, knowledge level, and experience –can also affect
income and expenditurestatistics.
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Unit of Competence
(Code and Title)
Comments
The learner’s
performance was:
Activity 2D
Objective To provide you with an opportunity to investigate appropriate options for
more effective management of deviations.
Describe what your options are for dealing with larger deviations in your
organisation’s budgets.
Options for dealing with larger deviations in organisation’s budget:

- reducing or increasing funding
- accepting overspending in a time period

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- scrapping or rethinking priorities
- scrapping projects
- Rethinking purchasing levels, wage increases, and new staff.


Unit of Competence
(Code and Title)
Comments
The learner’s
performance was:
Feedback to learner
Activity 2E
Objective To provide you with an opportunity to advise appropriate colleagues of
budget status in relation to targets.
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Which personnel do you need to update concerning budget statuses? Why is

it important for these parties to be updated?
We need to update concerning budget status to the colleagues, such as:

- manager from relevant department
- Accounting professionals
- Supervisor from relevant departments
- Owners and directors
- Stakeholders
- Purchasing staff
- Specialists
- A spokesperson for employees
It is important, regularly updating the budget status will ensure that all key
decision maker remain aware of current activity, and will often help to keep
them focussed on target, and also can allow decision-makers to raise concerns,
ask questions, and offer their own ideas concerning the budget.


Unit of Competence
(Code and Title)
Comments
The learner’s
performance was:
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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.
Outline five main costs in your organisation and explain how one of these
areas of spending could be reduced without harming the customer
experience.
 Labour costs- consider wages, recruitment and training costs

 Marketing and advertising costs- consider costs for advertising space
and time across all platforms
 Administration costs- consider how much it costs to keep the
organisation running, including all paperwork requirements
 Customer communicaations- how much does it cost to run a customer

hotline, for example
 Return and refurbishment- how much does it cost to run a dedicated
returns and refurb department


Unit of Competence
(Code and Title)
Comments
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The learner’s
performance was:
Activity 3B
Objective To provide you with an opportunity to discuss desired budget outcomes with
relevant colleagues.
What steps can you take to make sure all relevant colleagues voices are heard
when discussing budget outcomes?
The effective discussions in organisation:

- Communicate clearly by using verbal and non-verbal communication
- Compromise when necessary
- Use active listening techniques by listen, clarify and confirm
- Be open-minded to new ideas and points of view
- Trust our colleagues


Assessor’s name Billy ramadas
Unit of Competence
(Code and Title)
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Comments
The learner’s
performance was:
Activity 3C
Objective To provide you with an opportunity 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.
The 2 research methods we can use for investigate new approches to budget
management and the findings are below:
- Consulting experts and colleagues with more experience
Research can also be carried out by consulting financial experts – such
as accountants – or colleagues that have more experience of managing
finances and budgets. These parties may be able to tell us where we are
making mistakes, or offer useful insights about how to control budgets.
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- Researching accepted theories

Read/watch/listen to learning materials which examine proven financial
management theories and approaches, and why they work. We should
make sure we get our information from a variety of trusted sources,
and critically evaluate whether any approaches or strategies are likely
to work for our organisation before implementing them.
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Unit of Competence
(Code and Title)
Comments
The learner’s
performance was:
Activity 3D
Objective To provide you with an opportunity 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?
We can define and communicating the disadvantages of approaches that we are

planning tto adpot will ensure that all staff know what pitfalls to watch out for,
and how to minimise the effect of disadvantages. Comunication is vital, so make
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sure you organise a dedicated meeting to cover all areas.
The information we should to provide:

 Why new approaches/strategies can lead to lack of control or incorrect
budget estimations
 When disadvantages are likely to occur
 What areas of the organisation or budget the disadvantages are likely to
occur in
 How staff can act to minimise the impact of disadvantages
 Key monitoring and reporting protocols which will help to minimise the
impact of disadvantages


Unit of Competence
(Code and Title)
Comments
The learner’s
performance was:
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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.
The examples of new approaches can managing finances affect the customer
experience:
 More/less funds for human resources
This maylead to less customer service staff, or lower quality staff
 More/less funds for communications
Customer hotlines may be understaffed and response times may rise
 More/less funds for purchasing material
Products and services may suffer because of this, which will directly
impact the customer experience
 More/less funds on customer areas – such as shop floors, eating areas,
and payment areas
Negative experiences can lead customers to think twice before doing
business with you again


Unit of Competence
(Code and Title)
Comments

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The learner’s
performance was:
Activity 3F
Objective To provide you with an opportunity to present clear and logical
recommendations for budget management.
Explain how you would present a recommendation for budget management in
your organisation. Describe what information you would use, and how you
would present it.
I can present clear and logical recommendations for budget management,

based on review and anlysis of current financial controls and on research
carried out.
The information that we can use:

 Evidence of clear failure or weakness
Focus on ant financial data:
Poor estimations of costs and income, examples of overspending,
example of significant variances and deviations, examples of wastage,
etc.
 Evidence of the benefits associated with process changes

Focus on backing up:
Focussing on why proposed changes will work for your organisation,
using examples of how approaches and strategies have worked in other
organisations, presenting experts’ views as to why your
recommendations will work, showing how new approaches will benefit
both customers and employees.
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Activity 3F checklist – for assessor


Unit of Competence
(Code and Title)
Comments
Provide your comments her
The learner’s
performance was:
Activity 4A
Objective To provide you with an opportunity to complete financial and statistical
reports within designated timelines.
List all financial documents that you are responsible for creating, stating how
often each one is sent to other parties for monitoring and review.
List of financial report documents:

- Trial balance
- Receivable reports
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- Purchase summary reports

- Stock reports
- Variance reports
- Wastage reports
- Sales reports
- Supporting reports, such as covers, occupancy rates, staff costs and
units sold
- Labour and wages reports
- Cash flow statements
At my organisation I can choose to create a financial report more frequently,

such as weekly period, forthnighlt period, monthly period, quarter period, 6
mmonths period, or yearly period. This is can help the organisation to compiling
financial information frequently and for performing financial analysis.


Unit of Competence
(Code and Title)
Comments
The learner’s
performance was:
Feedback to learner
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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.
Describe what formats you can use to present information, giving examples of
advantages and disadvantages for each.
The formats we can use to present information:

- Written summary reports
Advantages:
Easy to preserve, permanent record, prevention of wastage of time ad
money, accurate presentation.
Disadvantages:
Take time, difficult t maintain secrecy, lack of flexibility
- Charts
Advantages:
Visual appealing, shows percent of total for each category
Disadvantages:
No exact numericl data, hard to compare 2 data sets, use only wiith
descrete data.
- Graphs
Advantages:
Show each data category in frequency distribution, summarize a large
data set in visual form, estimate key values at a glance.
Disadvantages:
Require additiona; explanation, be easily manipuated to yield false
impressions, fail to reveal key assumptions.
P a g e | 35


Unit of Competence
(Code and Title)
Comments
The learner’s
performance was:
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
P a g e | 36
 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.
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.
P a g e | 37
From this report attached above, overall monthly budget of housing $ 600, Transportation $ 250,
Utilities $ 115, Subscription $ 170, Groceries $ 250, Dining $150, other discretionary $ 50, debt
payment $ 150, saving $ 50. So in amount the total expenses is $ 1785.
2. Using your organisation’s computer software, write up a mock purchase summary report for a
recent order.
From the information above, Renfru Casual furniture has order on 2 Jan 2006 with the total
purchase $ 216.75
On 5 Nov 2007 the total purchase order summary report of National Office Supply USA is 28,213.70
with the total freight $515 and total ales tax is $ 661.31
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
P a g e | 38
communication skills to make sure that details of priorities are communicated and understood by
everyone.
If we not sure with the organisation mission and vission and the work plan, we need to orgnise
the meeting with other financial decision making to discuss and clarify the strategic direction.
We also need to know the organisation’s priorities such as budget for promotinga new products
and service, imporving the product and service.
4. Use your numeracy skills to estimate expenditure for an upcoming project. Don’t forget to check
previous budgets to check the likely costs involved.
We need expand our business, so we need to put more budget on it.

We might be put the budget for housing $ 1,000, Transportation $ 300, Utilities $ 250,
Subscription $ 200, Groceries $ 350, Dining $200, other discretionary $ 100, debt payment $ 200,
saving $ 100. So in total we need 3700 for a month budget to expand our business.
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.
We need to identify the problem and solve the problem to make sure the employees can work
more effectively and efficiency. And give them training to give them more skill and provide them
a feedback.
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.
Manage the meetinkg to disccus with all staff and explain to the sstaff about organiation vission
and mission, so the staff also can work together in a team to achieve the compny goals. While in
a meeting, all staffs are free to share their idea about the budget.
7. Using your organisation’s computer software, 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).
Housing
Transportation
Utilities
Subcription
Groceries
Dinning
Other discretionary
debt payment
Saving
P a g e | 39
Summative assessments: Section A checklist

performance as relevant to the summative assessment. Indicate in the table below if the learner is
deemed satisfactory (S) or not satisfactory (NS) for the activity or if reassessment is required.

Unit of Competence
(Code and Title)
Comments
The learner’s
performance was:
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:

P a g e | 40
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
 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
P a g e | 41
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
An invoice is record of purchase that allow customer to pay for the goods or service we have
provided to them. The invoice give the details of purchase, such as product or service we
provided, the quantity, the price and the total amount of the order.
The invoice can help the organisation to protect the cash flow and maintain a good records
and can be use for meet he organisation tax obligations.
 Labour/wage reports
The wage report include the employer name and address, the employee’s name, date of
payment, the periodic of payment, the gross and net amount of the payment,
superannuation contribution.
The Labour/ wage report can use for the tax purpose such as, claim a deduction for salaries
and wages that the company paid to their worker and the super contribution they paid to
the employees.
 Credit card transaction statements.

A credit card transaction statements is a list of the all purchases, payment and other debits
and credits made from credit card account. It is also include the balance of the previous
billing cycle, the minimum payment due, late fee, and a summary details.
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).
Because can give the benefits for the business by approach the budgetary management that we
adpot, before communucating to teams. So the organisation can control their finances more
effectively and minimise the effect of disadvantaged while approaches the plan. Also can help
the organisation to make a better decision.
3. Why is it important to consider sales performance when monitoring budgets and preparing
financial reports?
It is important to consider sales performance when monitoring budgets and preparing financial
reports because to ensure that appropriate and timely decisions and plan can be made by the
organisation/ business. So the organisation know their financial position and they can plan for
their business in a future.
Also by financial reports, the organisation can see the balance sheet and profit or loss.
4. What information is contained in the following document types:
 Budgets
Department budgets, event budgets, project budgets, purchasing budgets, labour and wages
budgets, sales budgets, whole of organisation budgets.
 Financial reports
P a g e | 42
Trial balances, receivable reports, purchase summary reports, stock reports, variance
reports, wastage reports, sales reports, business activity statements, labour and wages
reports, cash flow statement, bank statements, bank deposit documentation, credit card
transaction statements, banking summaries, cheque books.
 Statistical reports?
Cash flow, commercial account activity, commission earnings, covers and financial return,
daily, weekly and monthly transactions, expenditure, income, occupancey rates and financial
return, sales performance, stock level, staff costs, wastage, yield.
5. Explain what the following budgetary terminology means:
 Revenue
The annual income collected from taxes by the government as a result of its
sovereignpowers.
 Financial commitment
An undertaking to commit substantial expenditure t a future date.
 Debt.
Government debt is the outstanding amount that the government owes to private lenders at
any given point in time.
6. Why is it important to promote budget control, and how can this enhance the overall
profitability of your organisation?
It is important to promote budget control because can be the key to staying within budget, while
also achieving agreed objectives, so the organisation can motivate employees to adhere to the
organisation’s strategy and make decision that support any budget in place.
To enhance the overall profitability of our organisation, we need to set of cost accounting
methods and management techniques with the common goals of improving business cost-
efficiency by reducing costs, or at least retricting their rate of growth.
Summative assessments: Section B checklist


Unit of Competence
(Code and Title)
activity?
P a g e | 43
(Please circle)
Comments
The learner’s
performance was:
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 followingperformanceevidence:
 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 or more. Throughout this
period, you must show that you can create, monitor, and control the budget by doing the
following:
P a g e | 44
 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.
Summative assessments: Section C checklist


Unit of Competence
(Code and Title)
Comments
The learner’s
performance was:
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)
Page |1
SupplementaryOral 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.
Ristina Liu
Learner’s name
Billy ramadas
Assessor’s name
Unit of Competence
(Code and Title)
Question:
Learner answer:
Assessor judgement: Satisfactory Not Satisfactory
Question:
Learner answer:
Question:
Learner answer:
Question:
Page |2
Learner answer:
Question:
Learner answer:
Feedback for the learner
I have read, understood, and am satisfied with the feedback provided by the assessor.
Ristina Liu
Learner’s name
Billy ramadas
Assessor’s name
Unit of Competence
(Code and Title)
Competency record to be completed by assessor

performance as relevant to the overall unit. Indicate in the table below if the learner is deemed
competent or not yet competent for theunit or if reassessment is required.
Ristina Liu
Learner’s name
Billy ramadas
Assessor’s name
Page |3

Unit of Competence
(Code and Title)
Has the learnercompleted all required assessments to a satisfactory standard? Yes No
(Please circle)
Has sufficient evidence and information been provided by the learner to prove Yes No
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:
Authentic Yes No
(Please circle)
Valid Yes No
(Please circle)
Reliable Yes No
(Please circle)
Current Yes No
(Please circle)
Sufficient Yes No
(Please circle)
Learner is deemed: Not yet competent Competent
If not yet competent, date for re-assessment:
GOOD

SITXFIN003 Manage Finances Within A Budget 2

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Assessment

Hannay International College

Tel: 02 92829280 | Elicos/ Vet Provider

Suite 46, No 8 Kippax street, Surryhills NSW

Your Workplace Health and Safety at Hannay

 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

Assessment appeals process

Recognised prior learning

 Product-based methods e.g. reports, role plays, work samples

 Portfolios – annotated and validated

 Third party evidence.

If submitting third party evidence, the Third Party Observation/Demonstration documentmust be

Third parties can be:

The third party observation must be submitted to your trainer/assessor, as directed.

Name: __Ristina Liu

Address: __1307/361 Sussex s t, NSW, SYDNEY 2000

An explanation of observations and demonstrations:

The observation will usually require:

 Performing a work based skill or task

 Interaction with colleagues and/or customers.

 Performing a skill or task that is asked of you

 Undertakinga simulation exercise.

The observation/demonstration will take place either in the workplace or the

Third Party Guide

The reasons to use a third party may include:

Third party details (required information from the learner)

Third party name: ______________________________________________________________

Position of third party: ______________________________________________________________

Telephone number: ______________________________________________________________

Email address: ______________________________________________________________

Declaration for nominated third party

Third party signature: _____________________________________ Date: ___________________

It is important to allocating funds based on organisational priorities because it

The 3 examples of agreed priorities in budget are:

Activity 1A checklist – for assessor

Learner’s name Ristina Liu

Provide your comments here:

If not yet satisfactory, date for reassessment:

Because all managers and financial decision-makers are clear aboutexpenditure

List of the personnel that I would discuss the priorities in organisation:

 Accounting professionals (internal and external)

 Supervisors from relevant departments

 Owners and directors

Activity 1B checklist – for assessor

Learner’s name Ristina Liu

Provide your comments here:

If not yet satisfactory, date for reassessment:

Because consult with other personnel about resource decisions-making will

The best way to consult with others in organisation:

 Make telephone calls

Activity 1C checklist – for assessor

Learner’s name Ristina Liu

Provide your comments here:

If not yet satisfactory, date for reassessment:

 Cash budgets - an estimation of cash inflows and outflows for a specific

 Departmental budgets - estimates income and expenses for a single

Third party signature: ___________________ Date: _