Bsbfim601 assessment 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 research

( Access to case-studies, or where possible, real situations

( Access to the opportunity to interact with others

Your trainer can assist you to have access to any of the above documents

Time Restrictions

The time allocated for the completion of this assessment item is end of Week 8.

Restrictions on the administration of the assessment item

( No restrictions; assigned member of teaching staff may administer

☐ There are specific assessor qualifications/and or training required

Material/Resources Required:

· Units of Competence

· Learner guides

· Trainers presentation materials

· Aids and materials defined by the assessment conditions (refer to separate inventory and session plans)

· Guidance notes

Assessor Intervention:

Prior to the assessments, the learners will be orientated to the assessment environment. Learners will be familiarized with:

· the equipment available,

· the Assessment environment

· the location of commonly used equipment

· the facility-specific policies that may impact on the assessment

· Software required

· Submission procedure

Candidates are allowed to ask questions about any aspects of the assessment environment. The assessors use the full description of the marking criteria to determine whether a performance indicator was demonstrated. An Assessor will speak with the candidate at any time during the Assessment to manage any risks or reasonable adjustments.

Reasonable Adjustments:

The types of reasonable adjustment permitted for this assessment item should not affect the standard of skills required in the workplace. Examples of reasonable adjustments in assessments may cover the following;

Teaching Tools & Environment

· substitute alternative tasks

· note-taking support

· Present information in a range of media

· adapt the physical environment and equipment, for example, audio-visual aids, specific furniture

· ergonomic chair/desk

Learning Materials

· course material in alternate formats—electronic, large print, braille

Assessments

· Extend or modify timeframes for assessment.

· use of laptop for assessments

· alternate assessment tasks

· Use oral assessments ( presentations, recorded responses, and telephone sessions) as alternatives to written tasks

· Provide sufficient feedback on the progress of individual learners regarding their learning goals. (Note that IIBIT cannot Substitute English to assess the learner.).Please refer Reasonable Adjustment guidelines more details.

Instructions for Task 2

PLANNING PROJECT

Complete part A and then Part B of this assessment task.

PART A: ANALYSE FINANCES AND PREPARE BUDGETS

Grow Management Consultants is a consultancy business specialising in leadership consultancy and has been operational for the last five years. The company offers a range of services to assist companies to assess leadership behaviour of existing managers and performance metrics and to design and implement customised leadership programs based on the assessment. Services are offered Australia-wide.

The company employs a General Manager (you), 2 Principal Consultants (who are also Directors), 1 Senior Consultant, an Administration Officer and Receptionist.

Over the last two years, the company has diversified and offers regular professional development workshops on all aspects of leading and managing staff. These workshops are conducted approximately every 3 months in all major cities including Sydney, Brisbane and Melbourne. In 2014 – 2015, the company ran a total of 36 workshops. The company has also recently produced an E-book about leadership techniques.

The intention is to replace the workshops with the annual conference in the next financial year as the workshops were not well attended and client feedback indicates a personalised, company focused approach in the form of consulting services is the service of choice.

The E-book has had reasonable sales but there needs to be a wider selection of books, as well as more marketing. The plan is to generate $10,000 worth of sales for the e-books during the next financial year and increasing over time.

As the General Manager for the company and with responsibility for finances, you are currently completing the financial planning for the year ahead. This involves a review of the company’s business plan, previous year’s profit and loss statement, the current business plan and strategic directions and cash flow statements. Based on the review, you will be establishing budgets and allocating funds. In developing the budget you are to assume a 5% increase in cost of sales, as well as a 10% increase in sales for consulting services and executive search.

As per the business plan, the company plans to run an annual conference starting in end of 2015. The costs for the conference have been estimated by the Principal Consultant as set out in the Estimated Conference Costs document. Conference attendance is aimed at 100 people paying $750 each.

The Principal Consultant has also asked you to review the current accounting software used by the business. The company is currently using MYOB but as it has grown, the Principal Consultant wishes to review whether this is the best accounting software for the business. He has also requested that the software have a cloud feature.

Complete the following activities:

1. Conduct research in preparation for your financial performance report.

· Review the scenario information above and the 2014-2015 Profit and Loss Statements and the 2014-2015 Cash Flow Statements provided to you. Using this information, identify areas of the business that have generated a profit and those that have generated a loss.

· Conduct research to establish why those areas have made a profit or loss. Your research should include a review of the financial data provided to you, economic conditions and business trends that may have resulted in the profit or loss. You will be required to report on your findings in the financial performance report as outlined below.

· Conduct research on financial software systems as per the scenario information. Make notes for use in your report.

2. Prepare a financial performance report for the Principal Consultants that includes an:

· Overview of the purpose of the report.

· Analysis of the previous year’s (2014 – 2015) profit and loss statement for Grow Management Consultant, including revenue generated, cost of sales, gross profit/loss margin and net profit/loss margin.

· Analysis of the current year’s (2015 – 2016) profit and loss statement for Grow Management Consultant, including revenue generated, cost of sales, gross profit/loss margin and net profit/loss margin.

· Analysis of overall business performance including the performance of each of the income streams for both financial years.

· Outline of reasons for profit or loss based on your analysis of the data and research on economic conditions and business trends.

· Analysis of the organisation’s goals and priorities for the upcoming financial year as documented in the Strategic Business Plan and financial resources required to achieve these goals, as well as key dates.

· An analysis of cash flow trends as per the cash flow statements.

· Review and analysis of at least three other financial software packages that the business could use, including the advantages and disadvantages of each, as well as the advantages and disadvantages of MYOB that is currently used.

3. Develop budget forecasts for the next financial year (2016-2017) as template provided by assessor.

· Ensure that the analysis of the previous year’s data and future plans as indicated in the business plan is taken into account in determining projected income and expenditure.

· As per the organisation’s financial management policy and procedure, the budget forecasts are to be submitted in Excel. Develop a suitable format within Excel for your budget.

· Ensure that your budget includes the estimated income and costs for the conference and e-book to be implemented in 2016. This is provided to you as a separate document.

· Assume a 5% increase in all general costs, as well as a 10% increase in income for consulting and executive recruitment service. Input costs and income for the conference and e-book as per the data indicated in the document.

4. Circulate report and budgets

· Ensure your documents are accurate and error free, and set out in a standard business format.

· Submit the completed report and budgets to the Principal Consultants (your assessor) for discussion at the meeting in Part B.

PART B: MEET WITH MANAGEMENT TEAM

The Principal Consultant has approved the budget for the upcoming financial year of 2015 – 2016. You are now required to meet with the senior managers to communicate the budgets you have developed. You are also required to explain reporting requirements and financial delegations as outlined in the company’s financial policy and procedures, as well as explain the company’s compliance requirements and tax liabilities.

Complete the following Role play activities:

At the meeting ensure you provide your assessor with all required documentation and you will need to demonstrate effective communication skills by:

· Speaking clearly

· Providing concise information in a language that is appropriate for the audience

· Responding to questions as required

· Using active listening techniques to confirm or clarify information

5. Prepare for your meeting. Conduct research and develop a report on key financial compliance requirements and liabilities for tax in preparation for your meeting.

· Develop a short PowerPoint Presentation to provide to the management team at the meeting. The report should explain:

· GST reporting requirements (the company is required to report quarterly)

· PAYG withholding obligations

· PAYG income tax instalment

· Payroll tax obligations (state government)

· Superannuation entitlements and requirement to comply with legislation regarding frequency of payment, choice of fund and reporting to staff.

· Review the financial management policy and procedure that sets out reporting requirements and financial delegations. Include your findings in your report.

· Ensure your report is accurate and error free, and set out in a standard business format.

· Print copies of your report and your budget that you have developed for your meeting.

6. Participate in the budget meeting.

· At the meeting you will need to discuss:

· Discuss the budget you have developed and the rationale for the budget

· Discuss the amounts allocated to activity, including the conference and the e-book.

· Discuss risk management by checking there are no opportunities for misappropriation of funds

· Provide an outline of the financial policy and procedure so as to ensure that roles and responsibilities are understood and risks of misappropriation of funds/incorrect recording of financial transactions is minimised.

· Explain the company’s key financial compliance requirements and tax liabilities.

What do I need to hand in for this task?

Have I completed this?

Financial performance report

(

Completed budgets for 2016 – 2017

(

Completed meeting role play

(

STUDENT DECLARATION

Student Name

Student ID

Student’s Declaration:

I declare that:

· I am submitting work in this assignment that is my own, except where acknowledgement/s of sources are made.

· I was explained the Units of competence, elements and performance criteria which I studied during the course and provided with adequate resources which enable me to complete this assessment.

· The assessment tasks, assessment criteria and assessment due date(s) for this course were explained.

· I was advised and I am aware of IIBIT’s Policies and Procedures including the Assessment Policy and the Assessment Appeals Process.

· I have been advised am aware of how to access my Record of Results.

Signature of student: ___________________________ Date:_____________________

Assessor Acknowledgment of receipt

Sign: _______________________Date: __________________

ASSESSOR USE ONLY

Assessor Marking and Feedback Form

Assessor to ensure the evidence supplied is enough to demonstrate satisfactory performance.

Assessment 2

PLANNING PROJECT

Please tick if the learner completed all the required evidences. Assessor to ensure the evidence supplied is enough to demonstrate satisfactory performance.

Did the learner

Mapping

P.C

1st attempt

2nd attempt

S

NS

S

NS

Part A

Activity 1

Conduct research in preparation for student’s financial performance report.

· Review the scenario information above and the 2014-2015 Profit and Loss Statements and the 2014-2015 Cash Flow Statements provided to the student. Using this information, identify areas of the business that have generated a profit and those that have generated a loss.

· Conduct research to establish why those areas have made a profit or loss. Student’s research should include a review of the financial data provided to him/her, economic conditions and business trends that may have resulted in the profit or loss. Student will be required to report on his/her findings in the financial performance report as outlined below.

· Conduct research on financial software systems as per the scenario information. Make notes for use in the report.

1.1, 1.2, 1.3, 1.4, 1.6, 3.3

Activity 2

Prepare a financial performance report for the Principal Consultants that includes an:

· Overview of the purpose of the report.

· Analysis of the previous year’s (2014 – 2015) profit and loss statement for Grow Management Consultant, including revenue generated, cost of sales, gross profit/loss margin and net profit/loss margin.

· Analysis of the current year’s (2015 – 2016) profit and loss statement for Grow Management Consultant, including revenue generated, cost of sales, gross profit/loss margin and net profit/loss margin.

· Analysis of overall business performance including the performance of each of the income streams for both financial years.

· Outline of reasons for profit or loss based on student’s analysis of the data and research on economic conditions and business trends.

· Analysis of the organisation’s goals and priorities for the upcoming financial year as documented in the Strategic Business Plan and financial resources required to achieve these goals, as well as key dates.

· An analysis of cash flow trends as per the cash flow statements.

· Review and analysis of at least three other financial software packages that the business could use, including the advantages and disadvantages of each, as well as the advantages and disadvantages of MYOB that is currently used.

1.1, 1.2, 1.3, 1.4, 1.6, 3.3, 4.1

Activity 3

Develop budget forecasts for the next financial year (2016-2017) as template provided by assessor.

· Ensure that the analysis of the previous year’s data and future plans as indicated in the business plan is taken into account in determining projected income and expenditure.

· As per the organisation’s financial management policy and procedure, the budget forecasts are to be submitted in Excel. Develop a suitable format within Excel for student’s budget.

· Ensure that student’s budget includes the estimated income and costs for the conference and e-book to be implemented in 2016. This is provided to student as a separate document.

· Assume a 5% increase in all general costs, as well as a 10% increase in income for consulting and executive recruitment service. Input costs and income for the conference and e-book as per the data indicated in the document.

2.1, 2.2, 2.3, 3.3, 4.1

Activity 4

Circulate report and budgets.

· Ensure student’s documents are accurate and error free, and set out in a standard business format.

· Submit the completed report and budgets to the Principal Consultants (student’s assessor) for discussion at the meeting in Part B.

3.1

Part B

Activity 1

Student need to prepare for meeting. Conduct research and develop a report on key financial compliance requirements and liabilities for tax in preparation for the meeting.

· Develop a short report to provide to the management team at the meeting. The report should explain:

· GST reporting requirements (the company is required to report quarterly)

· PAYG withholding obligations

· PAYG income tax instalment

· Payroll tax obligations (state government)

· Superannuation entitlements and requirement to comply with legislation regarding frequency of payment, choice of fund and reporting to staff.

· Review the financial management policy and procedure that sets out reporting requirements and financial delegations. Include student’s findings in your report.

· Ensure student’s report is accurate and error free, and set out in a standard business format.

1.5, 3.1

Activity 2

Student need to participate in the budget meeting.

· At the meeting student will need to discuss:

· Discuss the budget student has developed and the rationale for the budget

· Discuss the amounts allocated to activity, including the conference and the e-book.

· Discuss risk management by checking there are no opportunities for misappropriation of funds.

· Provide an outline of the financial policy and procedure so as to ensure that roles and responsibilities are understood and risks of misappropriation of funds/incorrect recording of financial transactions is minimised.

· Explain the company’s key financial compliance requirements and tax liabilities.

· At the meeting ensure student provide his/her assessor with all required documentation and he/she will need to demonstrate effective communication skills by:

· Speaking clearly

· Providing concise information in a language that is appropriate for the audience

· Responding to questions as required

· Using active listening techniques to confirm or clarify information

3.2, 3.6

ASSESSOR USE ONLY

performance evidence and knowledge evidence

Mapping

S

NS

Performance Evidence

Evidence of the ability to:

· plan for financial management

A2-PART A Activity1-4

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

A2- PART A Activity1

· 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

A2- PART A Activity 3

· contribute to financial bids and estimates

A2-PART A Activity1-3

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

A2- PART A Activity3

· 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

A2-PART B

Knowledge Evidence

To complete the unit requirements safely and effectively, the individual must:

· outline the requirements of the Australian Tax Office, including Goods and Services Tax, Company Tax, Pay As You Go

A2-PART B

Foundation Skills

This section describes language, literacy, numeracy and employment skills incorporated in the performance criteria that are required for competent performance.

Did the Student

Reading

· Interprets, analyses and evaluates complex information to determine and adhere to organisational or legislative requirements and to assist with financial decision making

A.2

Writing

· Develops and records information which incorporates a detailed analysis of factual and forecasted information

· Prepares documents using format, content and layout appropriate to audience, purpose and regulatory requirements

A.2

Oral Communication

· Explains financial decisions and outcomes clearly and uses listening and questioning techniques to exchange information and obtain agreement

A.2

Numeracy

· Reviews and analyses numerical data embedded in organisational documentation and legislation

· Compares and contrasts complex numerical data to analyse and evaluate financial position and processes.

· Uses appropriate formulae to analyse financial data to assess and manage risk and identify discrepancies

A.2

Navigate the world of work

· Recognises, understands and adheres to legislative and organisational requirements in undertaking own work

A.2

Interact with others

· Selects and uses appropriate conventions and protocols when communicating with supervisors and managers to share information or seek agreement

A.2

Get the work done

· Uses logical processes in planning, implementing and evaluating complex tasks to achieve stated goals

· Uses formal analytical thinking techniques to identify issues, investigate underlying causes and generate possible solutions, seeking input from others as required

· Uses a range of digital technology to access, filter, compile, integrate and logically present complex information from multiple sources

· Investigates new digital technologies and applications to manage and manipulate data

A.2

1st Attempt (Trainer to Tick)

Assessment Outcome:

( Satisfactory ( NOT Satisfactory

2nd Attempt (Trainer to Tick)

Assessment Outcome:

( Satisfactory ( NOT Satisfactory

Trainer Comments

Page 6 of 15

Authorised by : General Manager

Issue Date 2018

Doc Name – BSBFIM601 Student Assessment Task 2

Version 3.2.1

International Institute of Business & Information Technology

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