Manage Finances Within a Budget: Assessment 1 - Short Answers

Assessment Tasks and Instructions
Student Name
Student Number
Course and Code
Unit(s) of Competency and Code(s) SITXFIN003 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 2 3
Reasonable Adjustment
1. Has reasonable adjustment been applied to this assessment?
No No further information required
Yes Complete 2.
2. Provide details for the requirements and provisions for adjustment of assessment:
Student to complete
My assessor has discussed the adjustments with me
I agree to the adjustments applied to this assessment
Signature Date
2nd Assessor to complete
I agree the adjustments applied to this assessment are reasonable
Name
Signature Date
SIT Version 1 1 of 10
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Assessment Guidelines
What will be assessed
The purpose of this assessment is to assess your underpinning knowledge to complete the tasks outlined in the
elements and performance criteria for this unit of competency and relating to the following aspects:
 types of financial records:
o bank deposit documentation
o bank statements
o banking summaries
o business activity statements
o cheque books
o credit card transaction statements
o invoices
o journal entries
o labour and wages reports
o merchant statements
o merchant summaries
o transaction reports
 types of budgets:
o cash budgets
o cash flow budgets
o departmental budgets
o event budgets
o project budgets
o purchasing budgets
o sales budgets
o wage budgets
o whole of organisation budgets
 factors for consideration in the preparation of financial and statistical reports:
o cash flow
o commercial account activity
o commission earnings
o covers and financial return
o daily, weekly and monthly transactions
o expenditure
o income
o occupancy rates and financial return
o performance of department, project and/or products and services
o sales performance
o sales returns
o staff costs
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o stock levels
o variance in income and/or expenditure
o wastage
o yield
 use, contents of and formats for:
o budgets
o financial reports
o statistical reports
 budget terminology
 specific industry sector and organisation:
o use of budgets to control costs and enhance profitability
o importance of budget control
o techniques for maximising budget performance
o financial reporting procedures and cycles
o features and functions of accounting software programs used to manage budgets.
Place/Location where assessment will be conducted
RTO to complete
Resource Requirements
Pen, Paper or computer
Instructions for assessment including WHS requirements
You are required to address all questions to achieve competence. Your trainer will provide you with instructions
for time frames and dates to complete this assessment.
Once completed, carefully read the responses you have provided and check for completeness. Your trainer will
provide you with feedback and the result you have achieved.
Statement of Authenticity
I acknowledge that I understand the requirements to complete the assessment tasks
The assessment process including the provisions for re-submitting and academic appeals were explained
to me and I understand these processes
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 2nd Attempt Extension – Date: / /
RESULT OF ASSESSMENT Satisfactory Not Yet Satisfactory
SIT Version 1 3 of 10
©Futura Group 2016