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Module 3 Week 1 Student Assessment, Reassessment and Repeating Units of Competency Guidelines

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It is important that the assessor is assured that the learner has the skills, knowledge and attributes, as described in the unit of competency and associated assessment requirements. Validity – (1) requires that assessment against the unit/s of competency and the associated assessment requirements covers the broad range of skills and knowledge, (2) assessment of knowledge and skills is integrated with their practical application, (3) assessment to be based on evidence that demonstrates tat a leaner could demonstrate these skills and knowledge in other similar situations and, (4) judgement

Module 3 Week 1 Student Assessment, Reassessment and Repeating Units of Competency Guidelines

   Added on 2021-01-02

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Module 3 Week 1Assessment TypeQuestions and answers Unit Code:FNSACC501Unit Title:Provide financial and business performance informationStudent Declaration: I declare that this work has been completed by me honestly and with integrity. I understand that the Elite Education Vocation Institute’s Student Assessment, Reassessment and Repeating Units of Competency Guidelines apply to these assessment tasks.) requirementsPlease save this file as PDF format(include your name to the filename) before uploading onto Moodle.It is expected that unless a simple extension, special consideration or disability services adjustment has been granted, candidates will Assessment/evidence gathering conditionsEach assessment component is recorded as either Satisfactory (S) or Not Yet Satisfactory (NYS). A student can only achieve competence when all assessment components listed under procedures and specifications of the assessment section are Satisfactory. Your trainer will give you feedback after the completion of each assessment. A student who is assessed as NYS is eligible for re-assessment. Should the student fail to submit the assessment, a result outcome of Did Not Submit (DNS) will be recorded.Principles of AssessmentBased on Clauses 1.8 – 1.12 from the Australian Standards Quality Assurance’s (ASQA) Standards for Registered TrainingOrganizations (RTO) 2015, the learner would be assessed based on the following principles:Fairness - (1) the individual learner’s needs are considered in the assessment process, (2) where appropriate, reasonable adjustments are applied by the RTO to take into account the individual leaner’s needs and, (3) the RTO informsthe leaner about the assessment process, and provides the learner with the opportunity to challenge the result of the assessment and be reassessed if necessary.V2018.T2. 1.1
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Flexibility – assessment is flexible to the individual learner by; (1) reflecting the learner’s needs, (2) assessing competencies held by the learner no matter how or where they have been acquired and, (3) the unit of competency and associated assessment requirements, and the individual.Validity – (1) requires that assessment against the unit/s of competency and the associated assessment requirements covers the broad range of skills and knowledge, (2) assessment of knowledge and skills is integrated with their practical application, (3) assessment to be based on evidence that demonstrates tat a leaner could demonstrate these skills and knowledge in other similar situations and, (4) judgement of competence is based on evidence of learner performance that is aligned to the unit/s of competency and associated assessment requirements. Reliability – evidence presented for assessment is consistently interpreted and assessment results are comparable irrespective of the assessor conducting the assessmentRules of EvidenceValidity – the assessor is assured that the learner has the skills, knowledge and attributes, as described in the module of unit of competency and associated assessment requirements.Sufficiency – the assessor is assured that the quality, quantity and relevance of the assessment evidence enables a judgement to be made of a learner’s competency.Authenticity – the assessor is assured that the evidence presented for assessment is the learner’s own work. This would mean that any form of plagiarism or copying of other’s work may not be permitted and would be deemed strictly as a ‘Not Yet Competent’ grading.Currency – the assessor is assured that the assessment evidence demonstrates current competency. This requires the assessment evidence to be from the present or the very recent past. Resources required for this AssessmentAll documents must be created using Microsoft Office suites i.e., MS Word, Excel, PowerPointUpon completion, submit the assessment via the student learning management system to your trainer along with the completed assessment coversheet.Refer the notes on eLearning to answer the tasksAny additional material will be provided by TrainerInstructions for StudentsPlease read the following instructions carefullyThis assessment is to be completed according to the instructions given by your assessor.Students are allowed to take this assessment home.Feedback on each task will be provided to enable you to determine how your work could be improved. You will be provided with feedback on your work within 2 weeks of the assessment due date.Should you not answer the questions correctly, you will be given feedback on the results and your gaps in knowledge. You will be given another opportunity to demonstrate your knowledge and skills to be deemed competent for this unit of competency. If you are not sure about any aspect of this assessment, please ask for clarification from your assessor.Please refer to the College re-assessment and re-enrolment policy for more information.1.List the major components of a business plan. What components are of primarily concerned to you, and why?major components of a business planV2018.T2. 1.1
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Executive summaryCompany descriptionMarket analysisCompetitive analysisDescription of management and organizationBreakdown of products and servicesMarketing planSales strategyComponents of primarily concernedExecutive summary- as this will be including table of content, company background, management overview, competitiveadvantages and financial highlights. This will also containing the overall information which is used to cover within businessplan along with results or conclusion part what is done withinBusiness description and structure- This will include briefly describing what type of business is been done and what theyare selling, manufacturing process, handling of inventory, availability of material and fulfillment. It is important as will coverthe basic description of manufacturing process and details of business as well.Market research and strategies- this will be describing marketing strategy like that of sales, deadlines, milestones, publicrelations and advertising. As doing marketing is one of the most important part for company for which market research willbe done.Management and personnel- this includes providing expert advice to management and executive to meet out theirbusiness goals.Financial documents- this will describing marketing section like projections of profits and loss statement, cash flow andbalance sheets.2.What is the significance of a business succession plan?The succession plan of business is one of the method in which business owner will transfer their ownership ofcompany to the other party or their succeeding partners. This will be majority due to death, or disability orretirement of that person. Under this process assessment of assets and wealth which is accumulated will also beincluded by company or owner. Making a complete succession plan is very much important for firm as will beidentifying and developing more number of new leaders who could be able to replace the old one at the timewhen they are retiring or leaving or dieing. Succession planning also increases the availability of experience withcapable of preparing to assume these roles as they are becoming availability. 3.What is the importance of liquidity?V2018.T2. 1.1
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