Learner Workbook: BSBFIM601 Manage Finances Assessment Tasks and Guide

This document is a comprehensive learner workbook designed for the BSBFIM601 Manage Finances unit. It provides detailed instructions for completing assessment activities, including written tasks, observations, and demonstrations. The workbook covers various aspects of financial management, such as reviewing financial data, investigating profit and loss, and understanding business plans. It outlines assessment requirements, plagiarism policies, and guidelines for both satisfactory and unsatisfactory outcomes. The workbook includes checklists for assessors and provides space for candidate details, third-party information, and competency records. Activities include planning for financial management, reviewing financial data, and undertaking research to identify reasons for profit and loss. The document serves as a guide for learners to successfully complete the assessment tasks and demonstrate competence in managing finances.

BSBFIM601
Manage finances
Learner Workbook

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Table of Contents
Table of Contents 1
Instructions to Learner 3
Assessment instructions 3
Assessment requirements 6
Candidate Details 7
Assessment – BSBFIM601: Manage finances 7
Observation/Demonstration 8
Third Party Guide 9
Third party details (required information from the learner) 9
Activities 10
Activity 1A 10
Activity 1A checklist – for assessor 11
Activity 1B 12
Activity 1B checklist – for assessor 13
Activity 1C 14
Activity 1C checklist – for assessor 15
Activity 1D 16
Activity 1D checklist – for assessor 17
Activity 1E 18
Activity 1E checklist – for assessor 19
Activity 1F 20
Activity 1F checklist – for assessor 21
Activity 2A 22
Activity 2A checklist – for assessor 23
Activity 2B 24
Activity 2B checklist – for assessor 25
Activity 2C 26
Activity 2C checklist – for assessor 27
Activity 3A 28

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Activity 3A checklist – for assessor 29
Activity 3B 30
Activity 3B checklist – for assessor 31
Activity 3C 32
Activity 3C checklist – for assessor 33
Activity 3D 34
Activity 3D checklist – for assessor 35
Activity 3E 36
Activity 3E checklist – for assessor 37
Activity 3F 38
Activity 3F checklist – for assessor 39
Activity 4A 40
Activity 4A checklist – for assessor 41
Activity 4B 42
Activity 4B checklist – for assessor 43
Activity 4C 44
Activity 4C checklist – for assessor 45
Activity 4D 46
Activity 4D checklist – for assessor 47
Summative Assessments 48
Section A: Skills Activity 49
Summative Assessments: Section A checklist 50
Section B: Knowledge Activity (Q & A) 51
Summative Assessments: Section B checklist 52
Section C: Performance Activity 53
Summative Assessments: Section C checklist 54
Workplace Documentation – for learner 55
Workplace documents checklist 55
Supplementary Oral Questions (optional) – for assessor 56
Competency record to be completed by assessor 59

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Instructions to Learner
Assessment instructions
Overview
Prior to commencing the assessments, your trainer/assessor will explain each assessment task and
the terms and conditions relating to the submission of your assessment task. Please consult with
your trainer/assessor if you are unsure of any questions. It is important that you understand and
adhere to the terms and conditions, and address fully each assessment task. If any assessment task
is not fully addressed, then your assessment task will be returned to you for resubmission. Your
trainer/assessor will remain available to support you throughout the assessment process.
Written work
Assessment tasks are used to measure your understanding and underpinning skills and knowledge of
the overall unit of competency. When undertaking any written assessment tasks, please ensure that
you address the following criteria:
⮚ Address each question including any sub-points
⮚ Demonstrate that you have researched the topic thoroughly
⮚ Cover the topic in a logical, structured manner
⮚ Your assessment tasks are well presented, well referenced and word processed
⮚ Your assessment tasks include your full legal name on each and every page.
Active participation
It is a condition of enrolment that you actively participate in your studies. Active participation is
completing all the assessment tasks on time.
Plagiarism
Plagiarism is taking and using someone else's thoughts, writings or inventions and representing them
as your own. Plagiarism is a serious act and may result in a learner’s exclusion from a course. When
you have any doubts about including the work of other authors in your assessment, please consult
your trainer/assessor. The following list outlines some of the activities for which a learner can be
accused of plagiarism:
⮚ Presenting any work by another individual as one's own unintentionally
⮚ Handing in assessments markedly similar to or copied from another learner

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⮚ Presenting the work of another individual or group as their own work
⮚ Handing in assessments without the adequate acknowledgement of sources used, including
assessments taken totally or in part from the internet.
If it is identified that you have plagiarised within your assessment, then a meeting will be organised
to discuss this with you, and further action may be taken accordingly.
Collusion
Collusion is the presentation by a learner of an assignment as their own that is, in fact, the result in
whole or in part of unauthorised collaboration with another person or persons. Collusion involves
the cooperation of two or more learners in plagiarism or other forms of academic misconduct and,
as such, both parties are subject to disciplinary action. Collusion or copying from other learners is
not permitted and will result in a “0” grade and NYC.
Assessments must be typed using document software such as (or similar to) MS Office. Handwritten
assessments will not be accepted (unless, prior written confirmation is provided by the
trainer/assessor to confirm).
Competency outcome
There are two outcomes of assessments: S = Satisfactory and NS = Not Satisfactory (requires more
training and experience).
Once the learner has satisfactorily completed all the tasks for this module the learner will be
awarded “Competent” (C) or “Not yet Competent” (NYC) for the relevant unit of competency.
If you are deemed “Not Yet Competent” you will be provided with feedback from your assessor and
will be given another chance to resubmit your assessment task(s). If you are still deemed as “Not Yet
Competent” you will be required to re-enrol in the unit of competency.
Additional evidence
If we, at our sole discretion, determine that we require additional or alternative
information/evidence in order to determine competency, you must provide us with such
information/evidence, subject to privacy and confidentiality issues. We retain this right at any time,
including after submission of your assessments.
Confidentiality
We will treat anything, including information about your job, workplace, employer, with strict
confidence, in accordance with the law. However, you are responsible for ensuring that you do not
provide us with anything regarding any third party including your employer, colleagues and others,
that they do not consent to the disclosure of. While we may ask you to provide information or
details about aspects of your employer and workplace, you are responsible for obtaining necessary
consents and ensuring that privacy rights and confidentiality obligations are not breached by you in
supplying us with such information.

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Assessment appeals process
If you feel that you have been unfairly treated during your assessment, and you are not happy with
your assessment and/or the outcome as a result of that treatment, you have the right to lodge an
appeal. You must first discuss the issue with your trainer/assessor. If you would like to proceed
further with the request after discussions with your trainer/assessor, you need to lodge your appeal
to the course coordinator, in writing, outlining the reason(s) for the appeal.
Recognised prior learning
Candidates will be able to have their previous experience or expertise recognised on request.
Special needs
Candidates with special needs should notify their trainer/assessor to request any required
adjustments as soon as possible. This will enable the trainer/assessor to address the identified needs
immediately.

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Assessment requirements
Assessment can either be:
⮚ Direct observation
⮚ Product-based methods e.g. reports, role plays, work samples
⮚ Portfolios – annotated and validated
⮚ Questioning
⮚ Third party evidence.
If submitting third party evidence, the Third Party Observation/Demonstration document must be
completed by the agreed third party.
Third parties can be:
⮚ Supervisors
⮚ Trainers
⮚ Team members
⮚ Clients
⮚ Consumers.
The third party observation must be submitted to your trainer/assessor, as directed.
The third party observation is to be used by the assessor to assist them in determining competency –
it is not compulsory for assessment, however, and is to be used at the assessor’s discretion where
required.
The assessment activities in this workbook assess aspects of all the elements, performance criteria,
skills and knowledge and performance requirements of the unit of competency.
To demonstrate competence in this unit you must undertake all activities (formative and summative)
in this workbook and have them deemed satisfactory by the assessor. If you do not answer some
questions or perform certain tasks, and therefore you are deemed to be Not Yet Competent, your
trainer/assessor may ask you supplementary questions to determine your competence. Once you
have demonstrated the required level of performance, you will be deemed competent in this unit.

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Should you still be deemed Not Yet Competent, you will have the opportunity to resubmit your
assessments or appeal the result.
As part of the assessment process, all learners must abide by any relevant assessment policies as
provided during induction.
If you feel you are not yet ready to be assessed or that this assessment is unfair, please contact your
assessor to discuss your options. You have the right to formally appeal any outcome and, if you wish
to do so, discuss this with your trainer/assessor.
Candidate Details
Assessment – BSBFIM601: Manage finances
Please complete the following activities and hand in to your trainer/assessor for marking. This forms
part of your assessment for BSBFIM601: Manage finances.
Name: _____________________________________________________________
Address: _____________________________________________________________
_____________________________________________________________
Email: _____________________________________________________________
Employer: _____________________________________________________________
Declaration
I declare that no part of this assessment has been copied from another person’s work with the
exception of where I have listed or referenced documents or work and that no part of this
assessment has been written for me by another person. I also understand the assessment
instructions and requirements and consent to being assessed.
Signed: ____________________________________________________________
Date: ____________________________________________________________
If activities have been completed as part of a small group or in pairs, details of the learners
involved should be provided below:
This activity workbook has been completed by the following persons and we acknowledge that it
was a fair team effort where everyone contributed equally to the work completed. We declare that
no part of this assessment has been copied from another person’s work with the exception of where
we have listed or referenced documents or work and that no part of this assessment has been
written for us by another person.
Learner 1: ____________________________________________________________
Signed: ____________________________________________________________

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Learner 2: ____________________________________________________________
Signed: ____________________________________________________________
Learner 3: ____________________________________________________________
Signed: ____________________________________________________________

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Observation/Demonstration
Throughout this unit, you will be expected to show your competency of the elements through
observations or demonstrations. Your trainer/assessor will have a list of demonstrations you must
complete or tasks to be observed. The observations and demonstrations will be completed as well as
the activities found in this workbook.
Please note that observations are not compulsory for assessment. They are for use at the assessor’s
discretion. They should be used only where observation is required for judging the learner’s
competency (i.e. a practical or performance task), or where the learner requires a reasonable
adjustment (e.g. they are unable to complete a written task due to impairment or a disability).
Observation checklists have been included for all performance criteria in the Observations and
Demonstrations Checklists document, but the assessor only needs to record evidence in this
document if they deem it necessary to judge competency for that particular activity.
An explanation of observations and demonstrations:
Observation is on-the-job
The observation will usually require:
⮚ Performing a work-based skill or task
⮚ Interaction with colleagues and/or customers.
Demonstration is off-the-job
A demonstration will require:
⮚ Performing a skill or task that is asked of you
⮚ Undertaking a simulation exercise.
Your trainer/assessor will inform you of which one of the above they would like you to
do. The observation/demonstration will cover one of the unit’s elements.
The observation/demonstration will take place either in the workplace or the training
environment, depending on the task to be undertaken and whether it is an
observation or demonstration. Your trainer/assessor will ensure you are provided
with the correct equipment and/or materials to complete the task. They will also
inform you of how long you have to complete the task.
You should be able to demonstrate the skills, knowledge and performance criteria required for
competency in this unit, as seen in the Learner Guide.

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Third Party Guide
You should supply details of the third party to the assessor before you commence the activities (see
below), unless the assessor has already selected a third party themselves. The assessor can then
contact the third party in instances where they require more evidence to determine competency, or
they cannot observe certain tasks themselves.
The reasons to use a third party may include:
⮚ Assessment is required in the workplace
⮚ Where there are health and safety issues related to observation
⮚ Patient confidentiality and privacy issues are involved.
If you are not employed, or able to complete demonstrative tasks in the workplace, you will need to
inform the assessor. They will be able to provide you with a simulated environment in which to
complete these tasks.
We would prefer that, wherever possible, these be “live” issues for your industry and require
application of the principles that you are learning as part of your training. Where this is not possible,
you and your third party should simulate the activity tasks and demonstrations that you believe
would be likely to arise in your organisation or job role.
Third party evidence can also be used to provide “everyday evidence” of tasks included in your work
role that relate to the unit of competency but are not a part of the formal assessment process.
The third party is not to be used as a co-assessor – the assessor must make the final decision on
competency themselves.
Documents relevant to collection of third party evidence are included in the Third Party section in
the Observations/Demonstrations document.
Third party details (required information from the learner)
A third party may be required for observations or demonstrations; please provide details below of
your nominated third party and obtain their signature to confirm their agreement to participate. This
information will be required by your trainer/assessor in advance of arranging any future
observations or demonstrations.
Third party name: ______________________________________________________________
Position of third party: ______________________________________________________________
Telephone number: ______________________________________________________________
Email address: ______________________________________________________________
Declaration for nominated third party

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I declare my intention to act as third party for (learner’s name here) __________________________
Third party signature: _____________________________________ Date: ___________________
Activities
Complete the following activities individually or in a group (as applicable to the specific activity
and the assessment environment).
Where applicable, a signed observation by either an approved third party or the assessor will need
to be included in these activities as proof of completion.
Activity 1A
Estimated Time 20 Minutes
Objective To provide you with an opportunity to understand how to review and analyse
previous financial data to establish areas which have generated a profit or
loss.
Activity Identify an area of business and explain how you could use different forms of
current and present financial data to ascertain whether the department made
a profit or a loss.
You do not have to use actual figures from your business.
In order to identify on whether the sales department made profit and loss in
that current year, financial data of both short and long term will be used to
indicate financial viability of the business and also to create future projections.
Previous and current data will be compared to know whether company has
grown or not (Epstein, 2018). The financial data will also help in identifying on
the sale department has been able to increase profit or have incurred loss.
Financial information such as total sales will show on whether the company has
incurred profit or loss in the current year. Through use of financial information
regarding sales and its cost the profit and loss of sales department can be
known whereas the comparison to previous financial performance will enhance
the knowledge over the growth f profit and loss in recent years (DeYoung &
Jang, 2016).