Bsbfim601 assessment 1 answers

International Institute of Business & Information Technology

ASSESSMENT 2

Qualification Code / Name:

BSB61015 ADVANCED DIPLOMA OF LEADERSHIP AND MANAGEMENT

Competency Code / Unit(s):

BSBFIM601 Manage finances

Student's full legal name: name:

Student ID:

Assessor’s name:

Structured Activities: Assessment Task 2

PLANNING PROJECT

Assessors must explain the assessments to the students prior to the students commencing their assessment tasks.

ASSESSMENT INSTRUCTIONS

Context

Purpose of this assessment is to assess skills and knowledge required to undertake budgeting, financial forecasting and reporting and to allocate and manage resources to achieve the required outputs for the business unit. It includes contributing to financial bids and estimates, allocating funds, managing budgets and reporting on financial activity.

This assessment takes place in International Institute of Business and Information Technology (IIBIT) campus.

The following factors must be observed during assessment – please follow WHS instructions given by your trainer and ones put on the wall. This assessment is due when you are instructed by your trainer.

Procedure

· Read all questions carefully

· Provide the answer to all questions

· Attach evidence documents to this tool

· Ensure your assessor has acknowledged the receipt of the evidence by signing next to “assessor acknowledgement of receipt” section of marking guide.

· Please ensure to keep electronic copies of evidence submitted until you complete your qualification.

Instructions to the students

It is important that you read each question carefully and provide detailed answers for each tasks. You can research the answers using your workbook or on the internet, however, your answers must be in your own words.

Assessment Overview

Purpose of Assessment:

This is a Summative Assessment designed to provide evidence of the student’s ability to:

Performance Evidence:

· plan for financial management

· read and review profit and loss statements, cash flows and aging summaries

· prepare, implement and revise a budget which aligns with the business plan, is based on research and analysis of previous financial data and cash flow trends, and meets all compliance requirements

· contribute to financial bids and estimates

· establish a budget and allocate funds in accordance with statutory and organisational requirements

· communicate with other people including:

· reporting on financial activity and making recommendations

· identifying and prioritising significant issues

· ensuring managers and supervisors are clear about budgets

It covers the content of the Learner Guide: BSBFIM601 Manage finances. Comprehensive mapping of key components of task to Unit of Competency is included in the Unit Mapping Guide for BSBFIM601 Manage finances.

Target Group:

The target group is international students undertaking BSB61015 ADVANCED DIPLOMA OF LEADERSHIP AND MANAGEMENT.

Response Format:

(may tick more than one item)

( Oral Response

( Written Response

( Performance/Demonstration

☐Create Output

☐ Other (please specify)

Assessment Conditions:

Location

☐ In-Class: Exam Conditions

( In-Class: Supervised

( In-Class: Unsupervised

☐ Workplace: IIBIT Observed

☐ Workplace: Third Party Observation

☐ Other (please specify)

Assessment Conditions Specified by the Assessment Requirements

( Access to resources, such as:

· common office equipment, technology, software and consumables

· current financial services industry economic literature and resear