BSBFIM601 Manage Finances Assessment

This document is a student assessment booklet for the BSBFIM601 Manage Finances course offered by Clinton Institute. It contains four assessment tasks. Assessment Task 1 is a written question assessment covering taxation and superannuation obligations, GST, company definitions, ABN requirements, PAYG tax, cash and accrual accounting, financial accounting concepts, financial audits, financial probity, fraudulent behavior, and GAAP vs. IFRS. Assessment Task 2 involves planning a project, analyzing financial data, preparing a financial report and budget, researching financial software, analyzing aged debtors, and presenting findings to a simulated management team. Assessment Task 3 requires reviewing interim financial data, revising budgets, and calculating a proposed conference fee. Assessment Task 4 focuses on debtor management, evaluating collection processes, and making recommendations for improvement. Each task includes instructions, submission details, and outcome records for tracking student progress and reassessment attempts. The booklet also includes information on plagiarism, referencing, assessment appeals, and a final assessment outcome record.


STUDENT ASSESSMENT
BOOKLET
B S B F I M 6 0 1 M a n a g e F i n a n c e s
 Student Name: _________________________________________________________________________________________

Student ID:________________________________________________________

Version control
Version No. Date Dept. Change
1.0 Training Original
2.0 13/06/2019 Training Updated template
2.1 24/7/2019 Training Revised questions & model answers
Copyright Statement
© Copyright Clinton Institute
Disclaimer
All rights reserved. No part of this publication may be reproduced or transmitted
in any form or by any means, electronic or mechanical, including photocopying,
scanning, recording, or any information storage retrieval system without
permission in writing from Clinton Institute. No patent liability is assumed with
respect to the use of information used herein.
While every effort has been taken in the preparation of this publication, the
publisher and authors assume no responsibility for errors or omissions. Neither is
any liability assumed for damages resulting from the use of information contained
herein.

Contents
Contents..................................................................................................................................................3
Introduction.............................................................................................................................................4
Assessment Plan.....................................................................................................................................8
Assessment Task Cover Sheet – Assessment Task 1..............................................................................9
Assessment TASK 1: WRITTEN QUESTIONS...........................................................................................11
Assessment Task Cover Sheet – Assessment Task 2............................................................................25
Assessment TASK 2: PLANNING PROJECT..............................................................................................27
Assessment Task Cover Sheet – Assessment Task 3............................................................................39
Assessment TASK 3: REVIEW PROJECT.................................................................................................41
Assessment Task Cover Sheet – Assessment Task 4............................................................................45
Assessment TASK 4: DEBTOR MANAGEMENT PROJECT.........................................................................47
OVERALL UNIT - RECORD OF ASSESSMENT OUTCOMES:......................................................................50

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Introduction
Unit code Title Training Package
BSBFIM601 Manage Finances Business Services Training Package
For further information regarding assessment criteria including-
 Application of unit
 Elements and performance criteria
 Assessment requirements
 Modification History
 Performance Evidence
 Knowledge Evidence
 Assessment Conditions.
Please refer to: https://training.gov.au/Training/Details/BSBFIM601
Understanding Assessment Terminolgy
Describe: Give a detailed account by recounting, characterising, outline and relating, in sequence, an event, situation,
theory or point.
Explain: Clarify or elaborate on the facts. Focus on reasons how and why things happen or a why a particular point is
important in the relevant context.
List: Using dot points, list a series of points, steps or stages that relate to the question.
Outline: Leaving out minor details, give an account of thing or a process outlining the main points of a topic.
Review: Provide a summary while analysing and commenting on the evidence, argument or other relevant points.
Summarise: Identify and interpret the most relevant features of a theory, discuss issue or detail, leaving out the finer
details.
Develop: Involves the creation of the materials/activities/procedures to achieve the outcome. This is about designing
and creating,
Implement: After materials/activities/procedures are developed, test all materials/procedures to determine if they are
functional and appropriate for the intended audience.
Evaluate: ensures that the materials/activities/procedures achieve their desired goals and involves a detailed review
including any recommendations for change and reasons.
Plagiarism
While cooperative effort and the sharing of information are encouraged, you must ensure your assignments and
assessments are representative of your own effort, knowledge and skills. You must not take the work of others and
present it as your own. Plagiarism may result in the assignment/assessment being deemed to be “not yet competent” by
the assessor.
Students accused more than once of academic misconduct, including plagiarism, may be dismissed or cancelled from
their course at the discretion of the Clinton Institute Director of Studies.
Plagiarism can take several forms;
 Quoting from a book or an article without acknowledging the source
 Handing in someone else’s work as your own
 Stealing and passing off another person’s words or ideas and claiming them as your own
 Giving incorrect information about the source of a quotation or idea
 Downloading information from the internet without acknowledging the source
 Copying a section of a book or article and submitting it as one’s own work
 Presenting as a new and original idea or produce something which was derived from an existing source

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Referencing Materials
 If you are unfamiliar with how to reference, we recommend that you review
http://www.citethisforme.com/harvard-referencing
 Two types of citations are included:
 In-text citations are used when directly quoting or paraphrasing a source. They are located in the body of the
work and contain a fragment of the full citation.
 Depending on the source type, some Harvard Reference in-text citations may look something like this:
 "After that I lived like a young rajah in all the capitals of Europe…" (Fitzgerald, 2004).
 Reference Lists are located at the end of the work and display full citations for sources used in the assignment.
 Here is an example of a full citation for a book found in a Harvard Reference list:
 Fitzgerald, F. (2004). The great Gatsby. New York: Scribner.*
 National Training prefers that students utilises Harvard Style referencing. Generally, Harvard Reference List
citations follow this format:
 Books: Last name, First Initial. (Year published). Title. City: Publisher, Page(s).
 Journals/publication: Last name, First initial. (Year published). Article title. Journal, Volume (Issue), Page(s).
 Websites: Website name, (Year published). Page title. [Online] Available at: URL [Accessed Day Mo. Year].
Understanding your results
The great thing with competency-based training is that you either deemed 'competent' (you can demonstrate the
required skills and knowledge) or 'not yet competent' (at this time you haven't been able to demonstrate required skills
or knowledge). The key word is "YET”.
Your trainer will provide you with feedback on your assessments so that you know what you have done well in your
assessment and what you need to improve upon or fix. An "NYC" result does not mean that you have failed and that is it -
you have the opportunity to try again. It could be that one question in your assessment was deemed Not Yet Satisfactory
(NYS) and this is the only question that will require review.
Assessment outcomes
Each assessment task will be given an outcome of either Satisfactory (S) or Not Yet Satisfactory (NYS). Students must complete
all tasks for a unit satisfactorily to achieve an overall outcome of Competent (C) for a unit. If one or more of tasks are assessed
as Not Satisfactory, students will be given an overall outcome for the unit of Not Yet Competent (NYC).
Students will be allowed up to two (2) reassessments attempts to complete the task and achieve a Satisfactory outcome.
Students need to be given a timeframe for resubmission and advised what they must include in the resubmission.
There is an Assessment Task # - Outcome Record at the end of each discreet assessment activity. Assessors are to fill this out
for each assessment activity. The summary of the outcomes are to be transferred to the Overall Unit – Record of Assessment
Outcomes located on the last page of the Student Assessment Booklet.
Results Legend
C Competent You have successfully completed unit and has met the minimum
competency criteria and demonstrated the required skills and knowledge
NYC Not Yet Competent You have not met minimum competency criteria for the unit - certain section/s require review
due to not meeting the requirements and being deemed Not Yet Competent
Note: If you have had an initial assessment, a first re-assessment and then a final re-
assessment, you will no longer have an opportunity to re-submit. You will receive a “NYC”
and have to re-enrol in the unit.
S Satisfactory Individual assessment/question is satisfactory
NYS Not Yet Satisfactory Individual has not yet achieved a satisfactory result for a specific assessment activity
Assessment attempts and resubmissions
You will have up to three (3) attempts to achieve a satisfactory outcome for each assessment.

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If after three (3) attempts you cannot achieve a satisfactory result for any assessment activity, the overall outcome with
be Not Yet Competent (NYC) for the Unit.
Resubmission
You will be given the opportunity to resubmit a Not Yet Satisfactory (NYS) Assessment Task up to two (2) times. Following
assessment outcome, the student will be given appropriate feedback on previous attempt. This will enable you to have a
total of three (3) attempts.
Timeframe
You will be provided with an appropriate timeframe by your trainer to resubmit your work, for example; you may be
given 14 days to resubmit incorrect responses to written tasks or projects. Should you require to complete a roleplay or
presentation, your Assessor will make an appointment time, which suits both of you.
Records
The Assessment Task # - Outcome Record at the end of each assessment activity, includes a space to record the details of
any re-attempts and resubmissions. Assessors must ensure that this is comprehensively detailed so that anybody
reviewing the assessment record can tell exactly what occurred, when it occurred, how it occurred, who was involved
and where any further evidence is located. Assessors must also make reference to ensuring that any re-attempt or
resubmission has been assessed in accordance with the model responses and performance descriptors included in this
marking guide.
Task Cover Sheet
Assessors must ensure that students have completed the Assessment Task Cover Sheet for each assessment task.
Assessment appeals
All students have the right to appeal an assessment decision. To make an appeal about an assessment decision, students must
follow the process outlined in the Student Handbook.
Note that the Overall Unit – Record of Assessment Outcomes located on the last page of this document, contains a section
which says “Does the student wish to appeal the result? □ YES □ NO” Assessors must ensure that students tick one of these
boxes.

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A s s e s s m e n t O v e r v i e w
This Student Assessment Booklet includes all your tasks for assessment of BSBFIM601 Manage Finances
About your assessments
There are four assessment tasks for this unit. You must satisfactorily complete all tasks to achieve competency for this unit.
Assessment Task About this task
Assessment Task 1:
Written questions
You must correctly answer all questions to show that you understand the knowledge required of
this unit.
Evidence Required
 You must submit all completed questions
Assessment Task 2:
Planning project
You must plan for financial management. In Part A, you will review financial data and prepare
budgets; and in Part B you will communicate budgets and financial reporting requirements and
delegations to managers in a simulated meeting. .
Evidence Required
You must submit:
 Financial Performance Report
 Completed Budget for 2019 – 2020
 Key financial compliance Report
Assessment Task 3:
Review project
You must review interim financial data and revise budgets as required.
Evidence Required
 You must submit a report on Performance, including revision to budget
Assessment Task 4:
Debtor management
project
You must review an aged debtor report and develop a report on best practice debtor
management.
Evidence Required
 You must submit a Debtor Management Report
How to submit your assessments
 When you have completed each assessment task you will need to submit it to your assessor.
 Instructions about submission can be found at the beginning of each assessment task.
 Make sure you photocopy your written activities before you submit them – your assessor will put the documents you
submit into your student file. These will not be returned to you.
Assessment Task Cover Sheet
 At the beginning of each task in this booklet, you will find an Assessment Task Cover Sheet. Please fill it in for each task,
making sure you sign the student declaration.
 Your assessor will give you feedback about how well you went in each task, and will write this on the page following the
Task Cover Sheet.
Assessment appeals
 You can make an appeal about an assessment decision by putting it in writing and sending it to us. Refer to your Student
Handbook for more information about our appeals process.

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Assessment Plan
The following outlines the requirements of your final assessment for this unit. You are required to satisfactorily complete
all tasks to demonstrate competency for this unit.
Your assessor will provide you with the due dates for each assessment task. Write them in the table below.
Assessment Requirements Due date
1. Written questions
2. Planning project
3. Review project
4. Debtor management project
AGREEMENT BY THE STUDENT
Read through the assessments in this booklet before you fill out and sign the agreement below. Make sure you
sign this before you start each assessments activity.
Have you read and understood what is required of you in terms of assessment?  Yes  No
Do you understand the requirements of this assessment?  Yes  No
Do you agree to the way in which you are being assessed?  Yes  No
Do you have any special needs or considerations to be made for this
assessment?
If yes, what are they?
 Yes  No
Do you understand your rights to appeal the decisions made in an assessment?  Yes  No
Student Name: __________________________________________________________________________________
Student Signature: ___________________________________________________ Date: _______________________
Assessor Name: _________________________________________________________________________________
Assessor Signature: ___________________________________________________ Date: _______________________
Assessor Note: If the student ticks ‘NO’ for any item except the reasonable adjustment, the assessor must not
commence the assessment activity until the matter has been resolved and records of the resolution in the Student
Management System (SMS).
If a student identifies any specific needs or considerations, Assessors must provide a detailed record of how the
situation was managed in the assessment outcome record for this assessment

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Assessment Task Cover Sheet – Assessment Task 1
Students: Please fill out this cover sheet clearly and accurately. Make sure you have kept a copy of your work.
Name:
Date of submission:
Unit:
BSBFIM601 Manage Finances
STUDENT DECLARATION
I <Insert your name>________________________________________ declare that these tasks are my own work.
□ None of this work has been completed by any other person.
□ I have not cheated or plagiarised the work or colluded with any other student/s.
□ I have correctly referenced all resources and reference texts throughout these assessment tasks.
□ I understand that if I am found to be in breach of policy, disciplinary action may be taken against me.
Student Signature: ____________________________________________________________________________________

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ASSESSOR FEEDBACK
Assessors: Please return this cover sheet to the student with assessment results and feedback.
In addition, a copy must be supplied to the office and kept on the student’s file with the evidence.
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Assessor Signature: _______________________________________________________________________________________
Assessor Name: __________________________________________________________________________________________
Date: __________________________________________________________________________________________________

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Assessment TASK 1: WRITTEN QUESTIONS
TASK SUMMARY:
 This is an open book assessment
 You are to answer all the questions in this task.
 You will have four (4) hours to complete this assessment.
RESOURCES AND EQUIPMENT REQUIRED TO COMPLETE THIS TASK
 Student learn guide for this Unit.
Note: Clinton Institute provides students with access to learning materials, a computer and internet
WHEN AND WHERE DO I COMPLETE THIS TASK?
 This task is to be completed in the Classroom. Your assessor will advise on which date and time of assessment.
WHAT DO I NEED TO SUBMIT AND DO?
What you need to do: What evidence is required:
Complete all fifteen (15) questions You will need to submit your answers to all fifteen (15)
questions.
DECISION MAKING RULES
Assessors will compare student responses/performance with the model responses and performance descriptors
contained in the Assessors Marking Guide. Student responses do not have to be verbatim (unless otherwise specified),
but must convey the same meaning as each component listed. Similarly, students do not have to perform exactly as
described in the marking guide (unless otherwise specified), but must address each performance components listed.
Students must achieve a satisfactory result for every question and component to achieve a satisfactory result for this
assessment activity.
WHAT HAPPENS IF I GET SOMETHING WRONG?
 If your assessor marks any of your answers as incorrect, they will talk to you about resubmission. You will need to do
one of the following:
 Answer the questions that were incorrect in writing.
 Answer the questions that were incorrect verbally.
INSTRUCTIONS
 This is an open book test – you can use your learning materials (Learner Guide for this Unit) as referenced.
 You need to answer all questions correctly to achieve a satisfactory outcome. Where a question contains sub-
questions, students much achieve a satisfactory result for each sub-question to achieve a satisfactory result for that
question.
 You must answer the questions by writing in the space provided. (Writing skills are indicative of this industry)
 If you need more space, you can use extra paper. Make sure you write on each extra piece of paper your name, the
assessment task number and the question number/s you are answering.
 Assessor are required to tick either □ Satisfactory OR □ Not yet satisfactory for each question and sub-questions.

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Assessment Task 1: Written Questions
QUESTION 1
Briefly explain the six (6) main taxation and superannuation obligations of an Australian company, including taxes that
are paid through the Australian Tax Office.
1. retain charge (PAYG retaining) from their wages and report and pay the retained adds up to us
□ Satisfactory OR □ Not yet satisfactory
2.
pay super, at any rate quarterly, for qualified workers
□ Satisfactory OR □ Not yet satisfactory
3. report and make good on incidental advantages regulatory expense (FBT) in the event that you give your worker
incidental advantages.
□ Satisfactory OR □ Not yet satisfactory
4. they for the most part take care of their own assessment commitments, so you don't need to retain from installments to
them except if they don't cite their ABN to you, or you have an intentional concurrence with them to retain charge from
their installments
□ Satisfactory OR □ Not yet satisfactory
5. you may in any case need to pay super for individual contractual workers if the agreement is basically for their work
□ Satisfactory OR □ Not yet satisfactory
6. you don't have FBT commitments.
□ Satisfactory OR □ Not yet satisfactory
Outcome for question: □ Satisfactory OR □ Not yet satisfactory