ASSESSMENT 1 – Written Question
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This cover sheet is to be completed by the assessor and used as a record of student competency in this assessment task |
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Student Name: |
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Student ID No: |
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Unit code |
SITXFIN003 |
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Unit Title |
Manage finances within a budget |
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Date of Assessment: |
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Student Declaration: CHEATING & PLAGARISM In accordance with NTCA Institute’s Plagiarism Policy and Procedure, I hereby acknowledge by signing this declaration that I have not cheated or plagiarised any work in all the assessment tasks undertaken in this unit of competency except where the work has been correctly acknowledged or as per the specific assessment task instructions. Student name: _________________________ Signature: ____________________________ |
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Assessment Criteria |
Satisfactory |
If Not Satisfactory, please comment |
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types of financial records: bank deposit documentation bank statements banking summaries business activity statements cheque books credit card transaction statements invoices journal entries labour and wages reports merchant statements merchant summaries transaction reports |
r Yes r No |
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types of budgets: cash budgets cash flow budgets departmental budgets event budgets project budgets purchasing budgets sales budgets wage budgets whole of organisation budgets |
r Yes r No |
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factors for consideration in the preparation of financial and statistical reports: cash flow commercial account activity commission earnings covers and financial return daily, weekly and monthly transactions expenditure income occupancy rates and financial return performance of department, project and/or products and services sales performance sales returns staff costs stock levels variance in income and/or expenditure wastage yield |
r Yes r No |
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use, contents of and formats for: budgets financial reports statistical reports |
r Yes r No |
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budget terminology |
r Yes r No |
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for the specific industry sector and organisation: use of budgets to control costs and enhance profitability importance of budget control techniques for maximising budget performance financial reporting procedures and cycles features and functions of accounting software programs used to manage budgets |
r Yes r No |
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| ð Satisfactory ð Not Yet Satisfactory
(Please tick the assessment result for this task) |
If Not Yet Satisfactory – Please identify the re-assessment arrangements: | ||
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Comments/ Feedback (If the student is deemed Not Satisfactory the Assessor MUST state the circumstances and reasons why this judgment has been made): |
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Student Declaration: I declare that I have been assessed in this assessment task, have been provided with feedback and I have been advised of my result. I also am aware of my appeal rights Student name: _____________________________ Signature: ____________________________ Date: ____/_____/_____ |
Assessor Declaration: I declare that I have conducted a fair, valid, reliable and flexible assessment with this student, and I have provided appropriate feedback Assessor Name: _____________________________ Signature: ____________________________ |
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Assessment Guidelines for Student:
Conditions of assessment
This assessment requires you to answer all the listed questions in your own words
This assessment will be conducted in NTCA Institute’s classroom
On completion, submit the knowledge test to your assessor.
You are required to answer all the questions that are outlined in this Assessment and submit your evidence to your Assessor so that you can be graded as either S – Satisfactory or NS – Not Satisfactory for this assessment. Your Assessor will provide you with feedback.
Only when all your answers have been assessed as satisfactory will you be deemed S – Satisfactory for this assessment.
If the evidence is graded as NS – Not Satisfactory you will be required to re-submit the evidence. In this case you will be provided with clear and constructive feedback based on the assessment decision so that you can improve your skills / knowledge prior to reassessment.
If you require an allowable adjustment to this assessment procedure you should discuss this with your assessor
If you are dissatisfied with an assessment decision you should make an appeal to NTCA Institute in writing no longer than 10 days following advice of the assessment decision
Context of and specific resources for assessment
During the assessment tasks, you will be provided with:
Printed copy of the written assessment
Your assessor will be assessing you on the criteria listed in the Assessment cover sheet:
Evidence to be provided by the student for this assessment:
Printed copy of responses to all the questions
ASSESSMENT 1 – Questioning
Answer the following questions
Q 1. List 8 examples for financial records
Q 2. List 4 different types of budgets.
Q 3. What is the purpose of preparing a draft budget?
Q 4. What should you do with the feedback from the draft budget?
Q 5. List 2 people the final budget might need to be distributed to.
Q 6. Why is it important for each department head to understand their part of the budget?
Q 7. Why should all staff have some knowledge of the budget for their area?
Q 8. Once the final budget has been approved, how often should it be monitored?
Q 9. As well as receiving the final budget the management team should be advised of their reporting duties. What should their report contain?
Q 10. Name 2 financial reports you might generate from your accounting system to check your budget against actual income or expenditure.
Q 11. Every revenue and expense item on the Profit and Loss Statement should be compared to what?
Q 12. When revenue variances occur, why should you talk to the staff to help identify, and find options to address the issue?
Q 13. List 2 factors that can cause variances in staff budgets.
Q 14. List 3 colleagues you may advise if you noticed that there were deviations between your budget and your targets.
Q 15. List 2 ways you might research new approaches to managing your budget.
Q 16. List 3 things you need to include in your budget report, to give the decision maker enough information to do a clear cost versus benefit analysis of the budget request.
Q 17 If you are cutting expenditure, why must you be careful that the cuts do not cause the level of service and product to fall?
Q 18. Name an accounting program you can use to help manage budgets