Level 7, 140 Elizabeth Street, Sydney NSW 2000

Ph: 02 8076 8000

Email: studentservices@globalinstitute.edu.au
Web: www.globalinstitute.edu.au
ABN: 35 601 110 178

Assessment Cover Sheet

Student Name
(Please write in block letters)

Student ID GI

Unit Code / Unit Name SITXFIN010 Prepare and monitor budgets

Assessment No. Task 1 - Knowledge Test

Student Declaration:
I certify that:
• I declare that I have received sufficient training prior to the assessment.
• I declare that the work submitted is my own, and has not been copied or plagiarised from any person
or source.
• I have read the Assessment and Student Handbook and I understand all the rules and guidelines for
undertaking assessments.
• I give permission for my assessment material to be used for continuous improvement purposes.

Student Signature: Date: / /

Trainer/Assessor Feedback

Trainer/Assessor Signature Date: / /

Result: | □ Satisfactory | □ Not Satisfactory |

Version Number: 1 Unit Code: SITXFIN010 Page 1 of 13

 Assessment Task 1: Knowledge Test
Provide your response to each question in the box below.

Q1: Explain the different types of budgets mentioned in the table using 30- Satisfactory
60 words each. response
Yes No
Cash

Cash flow

Departmental

Project

Purchasing

Sales

Wage

Version Number: 1 Unit Code: SITXFIN010 Page 2 of 13

 Whole of
organisation

Q2: Outline the budget terminology mentioned in the table using a single Satisfactory
sentence each. response
Yes No
Revenue

Expense

Fixed expenses

Variable
expenses

Capital
expenditure

Version Number: 1 Unit Code: SITXFIN010 Page 3 of 13

 Cost of goods
sold (COGS)

Net profit

Q3: Answer the following questions: Satisfactory

response
3.1. Discuss the role and importance of budgets using 100-150 words.
Yes No
3.2. Discuss the nature of budgets using 50-70 words.

Q4: Discuss the key concepts related to budget mentioned in the table Satisfactory

Version Number: 1 Unit Code: SITXFIN010 Page 4 of 13

 using 60-90 words. response
Yes No

Budget formats

Budget
performance

financial reports

Version Number: 1 Unit Code: SITXFIN010 Page 5 of 13

 Q5: Discuss the financial reporting procedures and cycles using 200-250 Satisfactory
words. response
Yes No

Q6: Explain any five (5) features and functions of accounting software Satisfactory
programs used to prepare and monitor budgets using 150-200 words. response
Yes No

Version Number: 1 Unit Code: SITXFIN010 Page 6 of 13

 Q7: Discuss the internal and external factors (mentioned in the table) that Satisfactory
impact on budget development using 1-2 sentences each. response
Yes No

Version Number: 1 Unit Code: SITXFIN010 Page 7 of 13

 Growth or decline
in economic
conditions

Human resource
requirements

New legislation or
regulation

Organisational and
management
restructures

Organisational
objectives

Scope of the
project

Shift in market
trends

Significant price
movement for
certain
commodities or
items

Supplier
availability and
cost
Version Number: 1 Unit Code: SITXFIN010 Page 8 of 13
 Q8: Answer the following questions: Satisfactory
response
8.1 Outline the different sources and contents of data required for
Yes No
budget preparation mentioned in the table using a single sentence
each.

Competitor
research

Customer or
supplier
research

Declared
commitments
in areas of
operation

Financial
information
from suppliers

Financial
proposals from
key
stakeholders

Income and
expenditure for
previous time
periods

Departmental,
event or project
budgets
Version Number: 1 Unit Code: SITXFIN010 Page 9 of 13
 Grant funding
guidelines or
limitations

Management
policies and
procedures

Organisational
budget
preparation
guidelines

Performance
information
from previous
periods

8.2. How can you use the following techniques for making budget
estimates? Write your answer using 70-100 words.

a) Forecasting
b) Top-down budgeting
c) Zero-based budgeting

8.3. Discuss any three (3) common reasons for budget deviations
using 60-90 words.

8.4. Discuss the strategies for budget deviation using 100-150 words.

Version Number: 1 Unit Code: SITXFIN010 Page 10 of 13

Version Number: 1 Unit Code: SITXFIN010 Page 11 of 13
Assessment Results Sheet
Outcome First attempt:

Outcome (make sure to tick the correct checkbox):

Satisfactory (S) or Not Satisfactory (NS)

Date: _______(day)/ _______(month)/ _______(year)

Feedback:

Second attempt:

Outcome (please make sure to tick the correct checkbox):

Satisfactory (S) or Not Satisfactory (NS)
Date: _______(day)/ _______(month)/ _______(year)
Feedback:

Student  I declare that the answers I have provided are my own work. Where I
Declaration
have accessed information from other sources, I have provided
references and/or links to my sources.
 I have kept a copy of all relevant notes and reference material that I
used as part of my submission.
 I have provided references for all sources where the information is not
my own. I understand the consequences of falsifying documentation and
plagiarism. I understand how the assessment is structured. I accept that
the work I submit may be subject to verification to establish that it is my
own.
 I understand that if I disagree with the assessment outcome, I can
appeal the assessment process, and either re-submit additional evidence
undertake gap training and or have my submission re-assessed.
 All appeal options have been explained to me.

Student Signature

Date

Version Number: 1 Unit Code: SITXFIN010 Page 12 of 13

 Trainer/Assessor
Name
Trainer/Assessor I hold:
Declaration
Vocational competencies at least to the level being delivered
Current relevant industry skills
Current knowledge and skills in VET, and undertake
Ongoing professional development in VET

I declare that I have conducted an assessment of this student’s submission.

The assessment tasks were deemed current, sufficient, valid and reliable. I
declare that I have conducted a fair, valid, reliable, and flexible assessment.
I have provided feedback to the student.

Trainer/Assessor
Signature
Date

Office Use Only The outcome of this assessment has been entered into the Student
Management System

on _________________ (insert date)

by (insert Name) __________________________________

Version Number: 1 Unit Code: SITXFIN010 Page 13 of 13