Criteria-based Marking Assignment PDF

AFA 3 Advanced Advice Solutions
Assessment 2: Advice Strategy Paper
Assessment marks: 45 | Presentation marks: 5
Total marks: 50
Your assessment should be loaded into KapLearn by 11.30 pm on the due
date.
All times are based on AEDT/AEST time zones.
Refer to ‘Time remaining’ on the ‘Assessment’ page in KapLearn to ensure
you submit your assessment by the specified due date and time.
Important: This document must be submitted in Microsoft Word format, and not in
PDF.
Name: <Type here>
Student
number: <Type here>
Grade
Grade Abbreviation Mark range (%) Mark (%)
High Distinction HD 85–100 <Mark here>
Distinction D 75–84 <Mark here>
Credit CR 65–74 <Mark here>
Pass P 50–64 <Mark here>
Fail F 0–49 <Mark here>
Assessment feedback
For marker use only.
1

Instructions to students
• This assessment covers Topics 5 to 8 and accounts for 50% of your final grade.
• There are two (2) short-answer questions and one (1) extended response in this
assessment.
You should answer all questions.
• The overall word limit for the assessment is 3200 words. Headings, quotes and
references within the body of the answer are included in the word count. Numerical
tables, calculations, and reference lists are not included.
• Refer to the Criteria-based Marking Guide for guidelines on what is expected for
each question.
• The ‘General assessment information’ section in KapLearn contains information
about format and presentation, word limits, citations and referencing, collusion,
plagiarism and other policies, useful resources, submitting your assessment and
accessing your results.
• Full workings must be shown for all calculations. Show all calculations in the text of
your assessment and NOT attached as an additional document. Additional
documents will NOT be considered in the marking.
• Answers are to be in your own words. Reference and cite all your sources (within
the text of your answer) when quoting or using material from external sources.
Include a reference list at the end of your assessment. Refer to the ‘Referencing
and Citations Guide’ available from the ‘Library Learning Hub’ in KapLearn for
further information on referencing.
• Indicative weightings are noted beside each question. Use these weightings to
assist you with your allocation of time and resources. The weightings indicate the
relative importance of each question.
• State all assumptions used in providing your answer.
• Requests for special consideration or information pertaining to special
consideration written in the body of the assessment will not be considered by the
marker. Refer to the ‘special consideration’ section of the Assessment Policy on
Kaplan’s website for more information.
2

Assessment presentation and referencing (5 marks)
Your answers are expected to be presented in a manner that would be befitting a
real client scenario. You may be required to research beyond the subject notes in
answering the questions in this assessment. Reference and cite all your sources
when quoting or using material from external sources. Include a reference list at
the end of your assessment.
You are required to:
• use appropriate presentation and format for your assessment
• demonstrate independent research and analysis
• demonstrate appropriate use of relevant references
• follow the Harvard referencing style as recommended in the ‘Referencing and
Citations available from the ‘Library Learning Hub’ in KapLearn
• include a reference list at the end of your assessment following the
recommended referencing style
• adhere with the assessment word limit.
Criteria-based marking guide for presentation and referencing
The Criteria-based Marking Guide provided at the end of each question is
designed to assist students to understand what is expected of them in each
question and to let them know how their performance will be judged. It provides
advice about the criteria used in the marking of the question and what
discriminates between an excellent, satisfactory and unsatisfactory answer.
Excellent
(Mark range: 4–5 marks)
Satisfactory
(Mark range: 2.5–3.5 marks)
Unsatisfactory
(Mark range: 0–2 marks)
• clear and appropriate
assessment layout and
structure
• clear evidence of independent
research and analysis
incorporated throughout
assessment
• appropriate use of referencing
• accurate use of Harvard
referencing style
• comprehensive reference list
provided at end of assessment
• adequate assessment layout
and structure
• some evidence of independent
research and analysis
• appropriate use of referencing
• use of Harvard referencing style
• reference list provided at end of
assessment
• poor assessment layout and/or
structure
• assessment is significantly under
or over the word limit
• no demonstrated independent
research or analysis
• no use of references
• referencing does not use Harvard
referencing style
• no or inadequate reference list
provided at end of assessment
3

Post-retirement case study
You are required to use the following case study to complete the
assessment questions.
Please read it carefully and pay particular attention to the quantitative
measures of the scenario.
Ida, who is 75, has recently been widowed following the death of her husband
Eric, who was aged 77. Ida and Eric have three children, John (51), Philip (48),
and Cheyenne (45). All three children are independent, with Philip and John
having their own family. Cheyenne has had numerous relationship problems, has
been married twice, and has three children from separate fathers.
Ida owned her home as joint tenants with her late husband and this is now in her
own name. There is no outstanding mortgage nor other debts. She has recently
received a $200,000 inheritance from her late mother’s estate.
Ida is fully retired and only worked for a few years before she married Eric.
Ida’s general living expenses are $3,000 per month (this does not include any of
the specific expenses mentioned below).
Ida’s home and contents insurance premium is $749 per annum. Ida also has a
ten-year-old Honda Civic. The comprehensive insurance premium for the car is
$565 p.a. and she has compulsory third party insurance with a premium of $626
per annum. She also has health insurance with a premium of $1,152 p.a. She
pays all these bills by cheque. Ida does not have any other insurance.
Ida goes on regular National Seniors coach trips that cost on average $675 per
quarter. She is also planning an organised European Heritage tour. The total
package, including airfares, etc. is $9,000.
Ida has a four-year term deposit of $20,000, earning 2.5%, with the interest paid
monthly. This term deposit is due to mature in six months. In addition, she has a
cheque account, which rarely has a balance of over $1,000, that does not pay
interest and she is charged $5 per month.
Ida has a superannuation fund with a balance of $79,000 made up of $36,000
tax free component and $43,000 taxable component (element taxed). She has
continued to hold her superannuation benefit within the accumulation phase so
she can use it to cover any excess costs and to use as an emergency fund.
Her belief is that if it is used as an income stream she will lose access to the
funds.
Eric’s superannuation benefit was in the pension phase, that he commenced just
prior to attaining age 65 with a purchase price of $225,000. At the time of Eric’s
death, the balance was $161,000 made up of $68,000 tax-free component and
$93,000 taxable component (element taxed), he was receiving income payments
of $9,660 per annum. Eric commenced this account based pension prior to 1
January 2015, and has continuously received aged pension since this date. Ida is
the automatic reversionary beneficiary.
Ida has been advised that she will have a reduction in her Age Pension entitlement,
which she is unhappy about. She would like to have the same amount of Age Pension
she had when Eric was still alive.
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