Assessment Tasks and Instructions
Student Name
Student Number
Course and Code
Unit(s) of Competency and Code(s) SITXFIN009 Manage finances within a budget
Stream/Cluster
Trainer/Assessor
Assessment for this Unit of Competency/Cluster Details
Assessment 1 Short Answers
Assessment 2 Project
Assessment 3
Assessment conducted in this instance: Assessment 1 0 2 1 3 0
Reasonable Adjustment
1. Has reasonable adjustment been applied to this assessment?
No 0 No further information required
Yes 0 Complete 2.
2. Provide details for the requirements and provisions for adjustment of assessment:
Student to complete
0
My assessor has discussed the adjustments with me
0
I agree to the adjustments applied to this assessment
Signature Date
2nd Assessor to complete
0
I agree the adjustments applied to this assessment are reasonable
Name
Signature Date
Assessment Guidelines
What will be assessed – Performance Evidence
The purpose of this assessment is to assess your ability to complete tasks outlined in elements and
performance criteria of this unit in the context of the job role, and:
• 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.
Place/Location where assessment will be conducted
Resource Requirements
• computers, printers and accounting software packages
• budgets for specific projects, events or operational activities
• Pen, Paper, calculator
• access to and provisions for completion of reports during the budget cycle
Instructions for assessment including WHS requirements
For the purpose of this assessment project you are required to monitor and manage a budget for a business, for example your workplace or as instructed by your trainer, over a 3 month period. You need to complete the following tasks to reflect how you monitor and accordingly manage the budget and its underlying factors that affect performance.
TYPE of Budget: ¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬___________________________________
Business: ___________________________________
TH&E sector: ___________________________________
Task 1.
Requires you to provide a fortnightly budget report which clearly identifies any under or over performances and the actual and likely reasons for these.
Task 2.
During the monitoring cycle you are required to undertake 2 of the following processes to inform management of the actual budget:
(you clearly need to select these relevant for the performance of your budget; the process you choose will be informed by the type of variance and accordingly, the operational aspect that would need to be investigated)
1. discussions with existing suppliers
2. evaluation of staffing and rostering requirements
3. evaluation of impact of potential roster changes
4. review of operating procedures
5. sourcing new suppliers
Task 3.
You are required to identify any reports, which you need to complete during the 3-month budget cycle. Set the times these are due and complete these reports to the set due dates. Attach each report to this project on completion of the monitoring cycle.
Statement of Authenticity
0
I acknowledge that I understand the requirements to complete the assessment tasks
0
The assessment process including the provisions for re-submitting and academic appeals were explained to me and I understand these processes
0
I understand the consequences of plagiarism and confirm that this is my own work and I have acknowledged or referenced all sources of information I have used for the purpose of this assessment
Student Signature: Date: / /201
This assessment: First Attempt 0
2nd Attempt 0
Extension 0 – Date: / /
RESULT OF ASSESSMENT Satisfactory 0 Not Yet Satisfactory 0
Feedback to Student:
Assessor(s) Signature(s): Date: / /
Student Signature Date: / /
Assessment 2
Your Tasks:
Task 1
Provide a fortnightly budget report which clearly identifies any under or over performances, and the actual and likely reasons for these. Use the table below as a reference list and attach each budget report together with a variance analysis for each to this project
Date Budget Performance/Area Variance Reason Discussion with supervisor Action
Budget Cycle Start
Week 2
Week 4
Week 6
Week 8
Week 10
Week 12
Budget Cycle End
Task 2
During the monitoring cycle you are required to undertake 2 of the following processes to inform management of the actual budget:
(you clearly need to select these relevant for the performance of your budget; for example if your staffing and rostering performs within the budget and service provisions are being met, then it would be unlikely that you would need to reduce staff or cut rosters; if your budget is created on the best quotes received from suppliers and the quality is perfect, then this aspect is likely not one that would be changed)
1. discussions with existing suppliers 0
2. evaluation of staffing and rostering requirements 0
3. evaluation of impact of potential roster changes 0
4. review of operating procedures 0
5. sourcing new suppliers 0
Attach details for each process you have undertaken clearly marked “TASK 2 – process: __________”.
Details for each process selected must include the following details:
(For example if you changed a roster, you need to provide the information why this was done, what the changes will achieve in $ values for the budget, and attach the old and revised roster to this project)
1. Nature of the problem
2. Reason for undertaking the selected process
3. What did you do? Who was involved? What was discussed? What was agreed on? What was achieved in the process?
4. What was changed?
5. How were any changes implemented?
Task 3
Identify any reports, which you need to complete during the 3-month budget cycle. Set the times these are due in the table below and complete these reports to the set due dates.
Attach each report (or a copy) to this project on completion of the monitoring cycle.
Type of report Frequency Due Date(s) Completed by
EXAMPLE
e.g. Stock Take report monthly end week 4 (insert date)
end week 8 (insert date)
end week 12 (insert date) student (you)
A. Johns, supervisor
student (you)
Marking Guide S NYS Comments
Criteria
Task 1
Provides a copy of the opening budget
Provides a copy of the closing budget
Provides a budget report for each fortnight
The performance of each category is identified
The variance for each fortnight is identified
The reasons for variance(s) are identified
Variances are communicated with colleagues/ supervisor
Actions are identified where suitable or applicable
Actions are explored and implemented as applicable
Task 2
2 processes are selected to inform management of budget
The processes are suitable for identified budget variances or operational issues
Details are provided what entailed each process
The details for each process selected are complete
The changes investigated are relevant to improve budget performance
The parties involved are identified
Details for communication are provided
The agreed actions are provided
The changes as a result of undertaking process are outlined
The financial benefit/impact on the budget is explained
Where implementation of changes occurs, each process is explained
Task 3
The type of reports to be completed by the business over the budget cycle are identified
The frequency of reports is identified
The frequency for reports is documented and scheduled
Reports are completed as scheduled
A number of different reports were completed by student relevant to the budget:
1. ______________________________
2. ______________________________
3. ______________________________
4. ______________________________
Reports or copies for reports are attached to the project
List additional criteria as relevant
