Posted: February 28th, 2023

BSBFIM501 Manage budgets and financial plans

Hi, need to answer all questions.

There are different sections and need to answer all sections in the same file attached.

I need this in 18 hours.

BSBFIM501

Manage budgets and financial plans

Case Study Learner Workbook

Table of Contents
Instructions to Learner 3
Assessment instructions 3
Assessment requirements 6
Candidate Details 7
Assessment – BSBFIM501: Manage budgets and financial plans 7
Activities 8
Activity 1A 8
Activity 1B 9
Activity 1A-1B checklist – for assessor 10
Activity 2A 11
Activity 2B 12
Activity 2C 13
Activity 2A-2C checklist – for assessor 14
Activity 3A 15
Activity 3B 16
Activity 3C 17
Activity 3D 18
Activity 3A-3D checklist – for assessor 19
Activity 4A 20
Activity 4B 21
Activity 4C 22
Activity 4A-4C checklist – for assessor 23
Summative Assessments 24
Section A: Skills Activity 25
Summative Assessments: Section A checklist 26
Section B: Knowledge Activity (Q & A) 27
Summative Assessments: Section B checklist 28
Section C: Performance Activity 29
Summative Assessments: Section C checklist 30
Competency record to be completed by assessor 31

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.

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.

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

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 (formative and summative) 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.

Candidate Details

Assessment – BSBFIM501: Manage budgets and financial plans

Please complete the following activities and hand in to your trainer/assessor for marking. This forms part of your assessment for BSBFIM501: Manage budgets and financial plans.

Name:

_____________________________________________________________

Address: _____________________________________________________________

_____________________________________________________________

Email: _____________________________________________________________

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: ____________________________________________________________

Activities

Activity 1A

Estimated Time

40 Minutes

Objective

To provide you with an opportunity to access
budget/
financial plans for the work team; clarify budget/financial plans with
relevant personnel within the organisation to ensure that documented outcomes are achievable, accurate and comprehensible; negotiate any changes required to be made to budget/financial plans with relevant personnel within the organisation.

Activity

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

Your assessor should have existing procedures and documentation for reference.

Attach your guide to your workbook.

Activity 1B

Estimated Time

40 Minutes

Objective

To provide you with an opportunity to prepare
contingency plans in the event that initial plans need to be varied.

Activity

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

2. Refer to Case Study A.

Highlight at least four guidelines that are relevant and helpful in your line of work, start to prepare them as much as possible now and attach your notes to your workbook.

Activity 1A-1B 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 the activity or if reassessment is required.

Marking Checklist

Has the activity been answered and performed fully, as required to assess the competency of the learner?

Yes No
(Please circle)

Has sufficient evidence and information been provided by the learner for the activity?

Yes No
(Please circle)

Comments

Provide your comments here:

The learner’s performance was:

Not yet satisfactory

Satisfactory

Activity 2A

Estimated Time

25 Minutes

Objective

To provide you with an opportunity to disseminate relevant details of the agreed budget/financial plans to team members.

Activity

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

Activity 2B

Estimated Time

45 Minutes

Objective

To provide you with an opportunity to provide
support to ensure that team members can competently perform
required roles associated with the management of finances.

Activity

Refer to Case Study B.

This is a roleplay activity to be conducted in pairs. Using the information, speak with the team member (Sam/your partner) and identify what support they may require to improve their performance. Plan how you would implement this.

This activity will need to be observed and a signed observation documented.

Activity 2C

Estimated Time

30 Minutes

Objective

To provide you with an opportunity to determine and access
resources and systems to manage financial management processes within the work team.

Activity

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

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

Activity 2A-2C 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 the activity or if reassessment is required.

Marking Checklist

Has the activity been answered and performed fully, as required to assess the competency of the learner?

Yes No
(Please circle)

Has sufficient evidence and information been provided by the learner for the activity?

Yes No
(Please circle)

Comments

Provide your comments here:

The learner’s performance was:

Not yet satisfactory

Satisfactory

Activity 3A

Estimated Time

30 Minutes

Objective

To provide you with an opportunity to implement
processes to monitor actual expenditure and to control costs across the work team.

Activity

Refer to Case Study C.

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

Activity 3B

Estimated Time

40 Minutes

Objective

To provide you with an opportunity to monitor expenditure and costs on an agreed cyclical basis to identify cost variations and expenditure overruns.

Activity

1. List three causes of cost variation.

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

Activity 3C

Estimated Time

20 Minutes

Objective

To provide you with an opportunity to implement, monitor and modify contingency plans as required to maintain financial objectives.

Activity

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

Activity 3D

Estimated Time

60 Minutes

Objective

To provide you with an opportunity to report on budget and expenditure in accordance with organisational protocols.

Activity

Prepare a template Business Activity Statement, complying with Australian Tax Office regulations and broad organisational protocols. Attach the template to your workbook.

Activity 3A-3D 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 the activity or if reassessment is required.

Marking Checklist

Has the activity been answered and performed fully, as required to assess the competency of the learner?

Yes No
(Please circle)

Has sufficient evidence and information been provided by the learner for the activity?

Yes No
(Please circle)

Comments

Provide your comments here:

The learner’s performance was:

Not yet satisfactory

Satisfactory

Activity 4A

Estimated Time

20 Minutes

Objective

To provide you with an opportunity to collect and collate for analysis, data and information on the effectiveness of financial management processes within the work team.

Activity

What financial records could be kept by an organisation and what methods of storage/organisation do they need? Give at least ten examples.

Activity 4B

Estimated Time

25 Minutes

Objective

To provide you with an opportunity to analyse data and information on the effectiveness of financial management processes within the work team and identify, document and recommend any improvements to existing processes.

Activity

1. Briefly outline the following terms:

· Earnings growth
· Earnings stability
· Return on equity.

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

Activity 4C

Estimated Time

45 Minutes

Objective

To provide you with an opportunity to implement and monitor agreed improvements in line with financial objectives of the work team and the organisation.

Activity

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

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

Activity 4A-4C 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 the activity or if reassessment is required.

Marking Checklist

Has the activity been answered and performed fully, as required to assess the competency of the learner?

Yes No
(Please circle)

Has sufficient evidence and information been provided by the learner for the activity?

Yes No
(Please circle)

Comments

Provide your comments here:

The learner’s performance was:

Not yet satisfactory

Satisfactory

Summative Assessments

The summative assessments are the major activities designed to assess the learner’s skills, knowledge and performance, as required to show competency in this unit. These activities should be completed after finishing the Learner Guide. These should be completed as stated under the trainer/assessor instructions.

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 is designed to address the foundation skills of the unit through a case studies, with a series of applicable questions to address the skills criteria.

Section B: Knowledge Activity (Q & A)

The Knowledge Activity is designed to be a questionnaire where the assessor asks the learner a series of questions to confirm their competency for all of the required knowledge in the unit of competency.

Section C: Performance Activity

The Performance Activity is designed to address the performance evidence of the unit through case studies, with a series of applicable questions to address the skills criteria.

If necessary for the activities, you should attach 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 your knowledge of the following foundation skills:

· Reading

· Writing

· Oral communication

· Numeracy

· Navigate the world of work

· Interacts with others

· Get the work done.

1. Read a financial document provided by your assessor and interpret the information written on it. Write a short report explaining the contents of it.

2. Give a short presentation about the contents of the document to members of your group in a style and structure which suit the audience. Ask questions to test their understanding and clarify any information that wasn’t clear.

3. Complete a task relevant to a budget or financial plan that will be provided by your assessor, you should use a range of mathematical calculations. Attach the relevant document(s) and a record of your calculations to your workbook with a brief written summary of the task you undertook.

4. You will be provided with an example copy of a Financial Procedures Manual or equivalent document. Using this document as reference:

· Identify five organisational requirements that relate to your intended job role

· Perform two tasks that will allow you to demonstrate your adherence to at least three of these requirements

· Write a brief 250 word summary of each task you completed, describing the ways in which you demonstrated your adherence to organisational requirements.

This activity will need to be observed and a signed observation documented.

5. Assist a member of your group or team member on a task which requires collaborative effort.

6. For a task you have been given by your assessor, plan how you will complete it including timescales. If the situation changes, adapt your plan.

Summative Assessments: Section A checklist

This should be used by the trainer/assessor to document the learner’s skills, knowledge and 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.

Learner’s name

Assessor’s name

Unit of Competence

(Code and Title)

Date(s) of assessment

Has the activity been answered and performed fully, as required to assess the competency of the learner?

Yes No
(Please circle)

Has sufficient evidence and information been provided by the learner for the activity?

Yes No
(Please circle)

Comments

Provide your comments here:

The learner’s performance was:

Not yet satisfactory

Satisfactory

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:

· Describe basic accounting principles

· Identify and explain the relevant legislation and current requirements of the Australian Taxation Office, including the Goods and Services Tax (GST)

· Explain the key requirements for financial record keeping and auditing

· Describe the principles and techniques involved in managing:

· budgeting

· cash flows

· electronic spreadsheets

· GST

· ledgers and financial statements

· profit and loss statements.

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

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

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

4. Describe the techniques involved in managing budgets.

Summative Assessments: Section B checklist

This should be used by the trainer/assessor to document the learner’s skills, knowledge and 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.

Learner’s name

Assessor’s name

Unit of Competence

(Code and Title)

Date(s) of assessment

Has the activity been answered and performed fully, as required to assess the competency of the learner?

Yes No
(Please circle)

Has sufficient evidence and information been provided by the learner for the activity?

Yes No
(Please circle)

Comments

Provide your comments here:

The learner’s performance was:

Not yet satisfactory

Satisfactory

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 your knowledge of the following performance evidence:

· Use financial skills to work with and interpret budgets, ageing summaries, cash flow, petty cash, Goods and Services Tax (GST), and profit and loss statements

· Communicate with relevant people to clarify budget/financial plans, negotiate changes and disseminate information

· Prepare, implement and modify financial contingency plans

· Monitor expenditure and control costs

· Support and monitor team members

· Report on budget and expenditure

· Review and make recommendations for improvements to financial processes

· Meet record keeping requirements for the Australian Taxation Office (ATO) and for auditing purposes

.

1. In a simulated workplace environment, review and make recommendations to improve a budget or financial plan. Negotiate these changes and implement them.

Ensure that you:

· Monitor relevant financial factors such as expenditure and controls of costs

· Prepare, implement and modify financial contingency plans as necessary

· Meet record keeping requirements for the Australian Taxation Office (ATO) and for auditing purposes

· Monitor and support any team members that you are working with.

When this is completed, prepare a report on how the budget/financial plan has been improved.

Summative Assessments: Section C checklist

This should be used by the trainer/assessor to document the learner’s skills, knowledge and 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.

Learner’s name

Assessor’s name

Unit of Competence

(Code and Title)

Date(s) of assessment

Has the activity been answered and performed fully, as required to assess the competency of the learner?

Yes No
(Please circle)

Has sufficient evidence and information been provided by the learner for the activity?

Yes No
(Please circle)

Comments

Provide your comments here:

The learner’s performance was:

Not yet satisfactory

Satisfactory

Competency record to be completed 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

Has the learner completed all required assessments in this workbook to a satisfactory standard?

Yes No
(Please circle)

Comments from trainer/assessor:

Learner is deemed

Not competent

Competent

Assessor’s signature

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