BSBFIM501 Manage Budgets And Financial Plans Assessment Task 1

Student Assessment Tasks

Assessment Task 1: Written Questions

Task summary

This is an open book test, to be completed in the classroom.

A time limit of 1.5 hours to answer the questions is provided.

You need to answer all of the written questions correctly.

Your answers must be word processed and sent to the assessor as an email attachment. 

Required

  • Access to textbooks/other learning materials
  • Computer and Microsoft Office
  • Access to the internet

Assessment criteria

All questions must be answered correctly in order for you to be assessed as having completed the task satisfactorily.

Written answer question guidance

The following written questions use a range of “instructional words” such as “identify” or “explain”, which tell you how you should answer the question. Use the definitions below to assist you to provide the type of response expected.

Note that the following guidance is the minimum level of response required.

Analyse – when a question asks you to analyse something, you should do so in in detail, and identify important points and key features. Generally, you are expected to write a response one or two paragraphs long.

Compare – when a question asks you to compare something, you will need to show how two or more things are similar, ensuring that you also indicate the relevance of the consequences. Generally, you are expected to write a response one or two paragraphs long.

Contrast – when a question asks you to contrast something, you will need to show how two or more things are different, ensuring you indicate the relevance or the consequences. Generally, you are expected to write a response one or two paragraphs long.

Discuss – when a question asks you to discuss something, you are required to point out important issues or features and express some form of critical judgement. Generally, you are expected to write a response one or two paragraphs long.

Describe – when a question asks you to describe something, you should state the most noticeable qualities or features. Generally, you are expected to write a response two or three sentences long.

Evaluate – when a question asks you to evaluate something, you should do so putting forward arguments for and against something. Generally, you are expected to write a response one or two paragraphs long.

Examine – when a question asks you to examine something, this is similar to “analyse”, where you should provide a detailed response with key points and features and provide critical analysis. Generally, you are expected to write a response one or two paragraphs long.

Explain – when a question asks you to explain something, you should make clear how or why something happened or the way it is. Generally, you are expected to write a response two or three sentences long.

Identify – when a question asks you to identify something, this means that you are asked to briefly describe the required information. Generally, you are expected to write a response two or three sentences long.

List – when a question asks you to list something, this means that you are asked to briefly state information in a list format.

Outline – when a question asks you to outline something, this means giving only the main points, Generally, you are expected to write a response a few sentences long.

Summarise – when a question asks you to summarise something, this means (like “outline”) only giving the main points. Generally, you are expected to write a response a few sentences long.

Assessment Task 1 Instructions

Provide answers to all of the questions below:

  1. Explain the basic principle of double entry bookkeeping.
  2. Describe the principle of cash accounting and one advantage and one disadvantage of this method of accounting.
  3. Describe the principle of accrual accounting and one advantage and one disadvantage of cash accounting
  4. Explain the two accounting principles on which the calculation and reporting of deprecation is based.
  5. Identify and explain three key features of A New Tax System (GST) Act 1999.
  6. Identify and then explain the four main taxation and superannuation obligations for a business. Briefly discuss each obligation.
  7. According to GST legislation, list four items that do not attract GST.
  8. Explain the process by which a business reports GST to the Australian tax office.
  9. What is the penalty rate to be applied if a supplier does not provide an ABN?
  10. A non-profit organisation needs to register for GST after it has a turnover of more than how much?
  11. List the key information that must be included on a tax invoice for sales of $1,000 or more.
  12. Identify and explain three types of financial statements and their purpose.
  13. Describe the type of entity that is required to have financial reports audited.
  14. Explain the purpose of a financial audit and auditor’s report.
  15. Describe why companies may choose to develop budgets.
  16. Explain the main steps in the budgeting process.
  17. List 5 ways to improve cash inflow and give examples.
  18. Explain the use of electronic spreadsheets in developing budgets and give two of their key features.
  19. Explain three key principles relating to the management of a chart of accounts.
  20. Explain the purpose of a profit and loss statement and give two of its key features.

Assessment Task 2: Budget planning project

Task summary

This assessment task requires you, in the role of the Marketing Manager for King Edward VII College, to review the budget you have been assigned for the upcoming financial year and to participate in a meeting with the CEO to discuss and negotiate the budget.

You are then required to meet with your team to discuss the budget allocation for the year, as well as explain the key features of the company’s financial policy and procedures.

This assessment is to be completed in the simulated work environment in the RTO.

Required

  • Access to textbooks/other learning materials
  • Computer with Microsoft Office and internet access
  • Marketing Budget Template
  • Finance Policies and Procedures
  • Space for a meeting
  • Roleplay participants

Assessment Task 2 Instructions

Carefully read the following:

King Edward VII College has been operating for 5 years. The College is based in Melbourne CBD and has an additional campus in Sydney. The College offers a range of courses in management, marketing, human resources and international business. It currently has around has around 500 students enrolled across all of its courses. Courses are offered at all levels, from Certificate II to Graduate Diploma.

King Edward VII College is very popular due to its competitive pricing structure, innovative teaching methods and state of the art facilities.

The College currently employs 24 staff members that include the CEO, a Marketing Manager and Marketing

Assistant, Promotions Officer, Human Resources Manager, Operations and Finance Manager,

Administration Manager, Office Assistant, Receptionist, Academic Manager, Student Services Officer and approximately 14 trainers.

As the Marketing Manager for the company, you are allocated a budget each year to spend on marketing.

This year the budget you have been allocated is $25,000, which is approximately 10% of revenue. Your budget does not include salaries and wages of staff, which is accounted for through another cost centre.

Your marketing plan for the year includes the activities below. The amounts in brackets are your cost projections for each activity:

  • Redesign web site to improve branding ($2,000 in December, another $2,000 in April and $1,000 in May)
  • Design and implement an incentive scheme for referrals by students ($200 per month)
  • Conduct a radio advertising campaign from the start of February until the end of June, costing $2,000 per month
  • Online communications: newsletters, websites. Blogs, Twitter (zero cost: staff time only)
  • Stand at the Education Expo in December (Package deal $3,300)
  • Develop and publish 2016 Promotional Brochure in November ($1,500)
  • Sponsor a community organisation to improve local community profile ($2,000 in March)
  • Contingency amount ($800)

You would also like to conduct a TV advertising campaign and have been quoted a price of $30,000 to run the campaign. As this is obviously well over the budget limit, you need to negotiate an increase in budget. In order to negotiate this increase, you will need to research and present an argument for using TV advertising and the benefits to the company.

Put this item in your budget, but it can only remain in the budget if the CEO agrees to it.

Complete the following activities:

    1. Develop a draft marketing budget

As the Marketing Manager for King Edward VII College, you are required to develop a budget for marketing for the year. Review the case study information provided to you and, based on amounts allocated to each marketing activity, develop a marketing budget using the Marketing Budget Template to discuss at a meeting with the CEO.

Save this document as Draft Marketing Budget.

Prior to the meeting, you are also required to research the benefits of television advertising in order to present a case for an increase in budget. Make notes to assist you at the meeting.

    1. Send an email to the CEO (your assessor).

The text of the email should be in grammatically correct English, written in an appropriate (polite, business-like) style.

It should introduce and summarise the contents of the attachment and ask for an appointment to discuss it with them.

Attach your draft marketing budget to the email.

Your assessor will advise you of the time and date of the meeting.

    1. Participate in a budget meeting

The next part of the assessment requires you to participate in a meeting with the CEO (roleplayed by your assessor) to discuss the marketing budget. At the meeting, you will need to:

      • Provide a copy of your completed budget to the CEO
      • Explain each of the planned marketing activities
      • Confirm the amount allocated to each of the marketing activities, including the amount allocated for contingencies.
      • Negotiate to increase the budget to accommodate the TV advertising campaign you wish to run (as per the case study information, you will need to present the benefits of television advertising to convince the CEO).

During the meeting, demonstrate effective communication skills including:

      • Speaking clearly and concisely
      • Using non-verbal communication to assist with understanding
      • Asking questions to identify required information
      • Responding to questions as required
      • Using active listening techniques to confirm understanding
    1. Revise the marketing budget

Following the meeting, revise your marketing budget to incorporate feedback from the CEO.

Save this document as Revised Marketing Budget.

    1. Send an email to the CEO (your assessor).

The text of the email should be in grammatically correct English, written in an appropriate (polite, business-like) style.

It should introduce and summarise the contents of the attachment, and seek their feedback and ask for the place, date and time of the meeting with your team.

Attach your revised marketing budget to the email.

    1. Meet with your team to discuss the budget.

The final part of the assessment requires you to meet with your team to confirm the budget for the year.

You are also required to introduce the team to the company’s Finance Policies and Procedures, so revise this before the meeting, and write a short summery of it to share with your team.

At the meeting, you will need to:

      • Discuss the overall budget allocation
      • Discuss the amounts allocated to each marketing activity
      • Discuss the amount allocated for contingencies
      • Provide an outline of the Finance Policies and Procedures.

During the meeting, demonstrate effective communication skills including:

    • Speaking clearly and concisely
    • Using non-verbal communication to assist with understanding
    • Asking questions to identify required information
    • Responding to questions as required
    • Using active listening techniques to confirm understanding

Assessment Task 3: Monitor and control finances project

Task summary

Students must review budget figures and report on these as part of monitoring processes.

This assessment is to be completed in the simulated work environment in the RTO.

Required

  • Access to textbooks/other learning materials
  • Computer with Microsoft Office and internet access
  • Marketing Expenditure
  • Campus Profit and Loss
  • Marketing Budget Report Template
  • Campus Budget Report Template

Assessment criteria

For your performance to be deemed satisfactory in this assessment task, you must satisfactorily address all of the assessment criteria. If part of this task is not satisfactorily completed, you will be asked to complete further assessment to demonstrate competence.

Assessment Task 3 Instructions

Carefully read the following:

The finance department of King Edward VII College has provided you with:

  • Marketing Expenditure, a report on the marketing expenses for 2016/17
  • Campus Profit and Loss, a comparison of both campuses’ performance over the last year.

According to organisational policy, you are required to write a report on the College’s King Edward VII College financial forecasting for the financial year.

Note: that the company deems a standard variance in budgets of up to 5% acceptable.

Complete the following activities:

    1. Update the marketing budget.

Enter the amounts in Marketing Expenditure into your budget under actual expenses.

Save this document as Actual Marketing Budget.

    1. Write a report on the marketing budget and expenditure

Your budget report should include:

      • Projected budget and actual budget
      • Overall level of variance, as well as variance for individual marketing activities.
      • Reasons for overruns
      • Proposed solutions for following year’s budget

Use the Marketing Budget Report Template to guide your work

    1. Write a report on the campuses’ budgets and expenditure

Review the Campus Profit and Loss figures from the two campuses.

Your campus budget report should include:

      • Completed Profit and Loss for both campuses
      • An analysis of the financial performance of both campuses:
      • Financial performance analysis, including a comparison of the two campuses.
      • Any variances between budgeted and actual figures.
      • Suggested solutions to any variances
      • Use the Campus Budget Report Template to guide your work
    1. Send an email to the CEO (your assessor).

The text of the email should be in grammatically correct English, written in an appropriate (polite, business-like) style.

It should introduce and summarise the contents of the attachments.

Attach the following to your email:

    • Actual marketing budget
    • Marketing budget report
    • Campus budget report

Assessment Task 4 Cover Sheet

Debtor management project

Task summary

This assessment task requires you to review and evaluate financial management processes.

This assessment is to be completed in the simulated work environment in the RTO.

Required

  • Access to textbooks/other learning materials
  • Computer and Microsoft Office
  • Access to the internet
  • Aged Debtor Summary
  • Aged Debtor Monitoring Summary

Assessment criteria

For your performance to be deemed satisfactory in this assessment task, you must satisfactorily address all of the assessment criteria. If part of this task is not satisfactorily completed, you will be asked to complete further assessment to demonstrate competence.

Instructions

Complete the following activities:

    1. Write an Aged Debtor Report for the CEO.

Analyse the information in the Aged Debtor Summary.

Note that the company’s usual terms are payment 14 days from invoice.

Research best practice debtor management and then write an Aged Debtor Report.

Your report should include:

      • An outline of the information in the Aged Debtor Summary.
      • What this says about the company’s aged debtor processes.
      • At least 5 recommendations that could be adopted by the company in response to your analysis. This should be based on the debtor management research you conducted.

Your aged debtor report should be approximately one-page long.

    1. Send an email to the CEO (your assessor).

The text of the email should be in grammatically correct English, written in an appropriate (polite, business-like) style.

It should introduce and summarise the contents of the attachment and seek their approval to implement best practice debtor management processes.

Attach your aged debtor report to the email.

    1. Implement debtor management procedures

Assume that the CEO advises that, in response to your recommendations, debtor management procedures should be developed and implemented in relation to customer invoices.

You are required to develop simple debtor management procedures for customer payments. It should include a range of simple steps from a friendly reminder to sending a formal letter of demand.

Your debtor management procedures should be approximately one-page long.

    1. Send an email to the CEO (your assessor).

The text of the email should be in grammatically correct English, written in an appropriate (polite, business-like) style.

It should introduce and summarise the contents of the attachment.

Attach your debtor management procedures to the email.

    1. Monitor debtor management procedures

Assume it is six months later and you are required to review a summary of current aged debts to determine the effectiveness of the implementation of the debtor management procedure. Review the Aged Debtor Monitoring Summary.

Compare it against the previous Aged Debtor Summary to determine the effectiveness of the procedure.

    1. Send an email to the CEO (your assessor).

The text of the email should be in grammatically correct English, written in an appropriate (polite, business-like) style.

It should summarise your findings regarding your analysis of the Aged Debtor Monitoring Summary.

Diploma Universities Assignments

Laureate International Universities Assignment

Holmes Institute Assignment

Tafe NSW

Yes College Australia

ACC508 Informatics and Financial Applications Task 2 T2, 2019

ACC512 Accounting

ACC520 Legal Regulation of Business Structures Semester 2, 2019

ACCT20074 Contemporary Accounting Theory Term 2 Assessment 3

AERO2463 Computational Engineering Analysis : Assignment 4

B01DBFN212 Database Fundamentals Assessment 1

BE01106 - Business Statistics Assignment

BFA301 Advanced Financial Accounting

BFA504 Accounting Systems Assessment 3

BSB61015 Advanced Diploma of Leadership and Management

BSBADV602 Develop an Advertising Campaign

BSBCOM603 Plan and establish compliance management systems case study

BSBCOM603 Plan and establish compliance management systems Assessment Task 1

BSBCOM603 Plan and establish compliance management systems Assessment Task 2

BSBCOM603 Plan and establish compliance management systems Assessment Task 3

BSBFIM501 Manage Budgets And Financial Plans Assessment Task 1

BSBHRM602 Manage Human Resources Strategic Planning

BSBINM601 Manage Knowledge and Information

BSBWOR501 Assessment Task 3 Plan Personal Development Plan Project

BSBMGT517 Manage Operational Plan

BSBWHS521 Ensure a Safe Workplace For a Work Area

BSBWRK510 Manage employee relations

BUSS1030 Accounting, Business and Society

CAB202 Microprocessors and Digital Systems Assignment Help

CHC40213 Certificate IV in Education Support

CHCAGE001 Facilitate the empowerment of older people

CHCAGE005 Provide support to people living with dementia

CHCCCS023 Support independence and wellbeing

CHCCCS025 Support relationships with carers and families

CHCCOM005 Communicate and CHCLEG001 Work Legally Ethically

CHCDIS002 Follow established person-centred behaviour supports

CHCECE019 Early Childhood Education and Care

CHCHCS001 Provide home and community support services

COMP10002 Foundations of Algorithms

COMP90038 Algorithms and Complexity

COSC2633/2637 Big Data Processing

COSC473 Introduction to Computer Systems

CPCCBC5011A Manage Environmental Management Practices And Processes In Building And Construction

CPCCBC5018A Apply structural Principles Medium rise Construction

CSE3OSA Assignment 2019

ELEC242 2019 Session 2

ENN543 Data Analytics and Optimisation

ENN543 Data Analytics and Optimisation Semester 2, 2019

FINM202 Financial Management Assessment 3 Group Report

Forensic Investigation Case Assignment ECU University

HA2042 Accounting Information Systems T2 2019

HC1010 Holmes Institute Accounting For Business

HC2112 Service Marketing and Relationship Marketing Individual Assignment T2 2019

HC2121 Comparative Business Ethics & Social Responsibility T2 2019

HI5002 Holmes Institute Finance for Business

HI5003 Economics for Business Trimester 2 2019

HI5004 Marketing Management T1 2020 Individual Report

HI5004 Marketing Management T1 2020 Group Report

HI5004 Holmes Institute Marketing Management

HI5014 International Business across Borders Assignment 1

HI5014 International Business across Borders

HI5017 Managerial Accounting T2 2019

HI5017 Managerial Accounting T1 2019

HI5019 Tutorial Questions 1

HI5019 Strategic Information Systems for Business and Enterprise T1 2020

HI5019 Holmes Institute Strategic Information Systems T2

HI5019 T2 2019

HI5019 T1 2019

HI5020 Corporate Accounting T3 2019

HI5020 Corporate Accounting T2 2019

HI6005: Management and Organisations in a Global Environment

HI6006 Tutorial questions

HI6006 Competitive Strategy Individual T1 2020

HI6006 Holmes Institute Competitive Strategy

HI6006 Competitive Strategy T3 2019

HI6007 Statistics for business decisions

HI6007 Assessment 2 T1 2020

HI6007 T1 2019

HI6008 T2 2019

HI6008 Holmes Institute Research Project

HI6025 Accounting Theory and Current Issues

HI6026 Audit, Assurance and Compliance Assignment Help

HI6026 Audit, Assurance and Compliance

HI6027 business and corporate law tutorial Assignment T1 2021

HI6027 Business and Corporate Law T3 2019

HI6027 Business and Corporate Law T2 2019

HI6028 Taxation Theory, Practice and Law T2 2021

Hi6028 taxation theory, practice and law Final Assessment t1 2021

HI6028 Taxation Theory, Practice and Law T2 2019

HI6028 Taxation Theory T1 2019

HI6028 Taxation Law Holmes

HLTAAP001 Recognise healthy body systems

HLTWHS002 Follow safe practices for direct client care

HOTL5003 Hotel Property and Operations

HPS771 - Research Methods in Psychology A

HS2021 Database Design

ICTICT307 Customise packaged software applications for clients

IFN619 Data Analytics for Strategic Decision Makers

INF80028 Business Process Management Swinburne University

ISY2005 Case Assignment Assessment 2

ISYS326: Information Systems Security Assignment 2, Semester 2, 2019

ITAP3010 Developing Data Access Solutions Project

ITECH1103- Big Data and Analytics – Lab 3 – Working with Data Items

ITECH1103- Big Data and Analytics Assignment Semester 1, 2020

ITECH 5500 Professional Research and Communication

Kent Institute Australia Assignment

MA5830 Data Visualisation Assignment 2

MGMT7020 Project Management Plan

Mgt 301 Assessment 3

MGT215 Project Management Individual Assignment

MIS102 Data and Networking Assignment Help

MITS4002 Object Oriented Software Development

MITS5002 Software Engineering Methodology

MKT01760 Tourism Planning Environments Assessment 4

MKT01760 Tourism Planning Environments

MKT01906 International Tourism Systems

MKT5000 Marketing Management S2 2019

MNG03236 Report Writing SCU

MRE5003 Industrial Techniques In Maintenance Management Assignment 4

MRE5003 Industrial Techniques In Maintenance Management Assignment 3

MRE5003 Industrial Techniques In Maintenance Management

Network Security and Mitigation Strategies Answers

NIT2213 Software Engineering Assignment

NSB231 Integrated Nursing Practice Assessment Task 1

Science Literacy Assessment 4

SIT323 Practical Software Development T 2, 2019

SIT718 Using aggregation functions for data analysis

SITXCOM002 Show Social and Cultural Sensitivity

TLIL5055 Manage a supply chain

TLIR5014 Manage Suppliers

USQ ACC5502 Accounting and Financial Management

UTS: 48370 Road and Transport Engineering Assessment 2

CHCAGE001 Facilitate the empowerment of older people

CHCAGE005 Provide support to people living with dementia

CHCCCS011 Meet personal support needs

CHCCCS015 Provide Individualised Support

CHCCCS023 Support independence and wellbeing

CHCCCS025 Support relationships with carers and families

CHCCOM005 Communicate and work in health or community services

CHCDIS001 Contribute to ongoing skills development

CHCDIS002 Follow established person-centred behaviour supports

CHCDIS003 Support community participation and social inclusion

CHCDIS005 Develop and provide person-centred service responses

CHCDIS007 Facilitate the empowerment of people with disability

CHCDIS008 Facilitate community participation and social inclusion

CHCDIS009 Facilitate ongoing skills development

CHCDIS010 Provide person-centred services

CHCDIV001 Work with diverse people

CHCHCS001 Provide home and community support services

CHCLEG001 Work legally and ethically

CHCLEG003 Manage legal and ethical compliance

HLTAAP001 Recognise healthy body systems

HLTAID003 Provide First Aid

HLTHPS007 Administer and monitor medications

HLTWHS002 Follow safe work practices for direct client care

Assignment 2 Introduction to Digital Forensics

MGT603 Systems Thinking Assessment 1

MGT603 Systems Thinking Assessment 2

Hi5017 Managerial Accounting T1 2021

HI6028 Taxation Theory, Practice and Law T1 2021

OODP101 Assessment Task 3 T1 2021

ITNE2003R Network Configuration and Management Project

Australia Universities

ACT

Australian Catholic University

Australian National University

Bond University

Central Queensland University

Charles Darwin University

Charles Sturt University

Curtin University of Technology

Deakin University

Edith Cowan University

Flinders University

Griffith University

Holmes Institute

James Cook University

La Trobe University

Macquarie University

Monash University

Murdoch University

Queensland University of Technology

RMIT University

Southern Cross University

Swinburne University of Technology

University of Adelaide

University of Ballarat

University of Canberra

University of Melbourne

University of Newcastle

University of New England

University of New South Wales

University of Notre Dame Australia

University of Queensland

University of South Australia

University of Southern Queensland

University of Sydney

University of Tasmania

University of Technology Sydney

University of the Sunshine Coast

University of Western Australia

University of Wollongong

Victoria University

Western Sydney University

Year 11 - 12 Certification Assignment

Australian Capital Territory Year 12 Certificate

HSC - Higher School Certificate

NTCE - Northern Territory Certificate of Education

QCE - Queensland Certificate of Education

SACE - South Australian Certificate of Education

TCE - Tasmanian Certificate of Education

VCE - Victorian Certificate of Education

WACE - Western Australia Certificate of Education