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ADDENDUM | © 2020 YOUNG RABBIT PTY LTD, AUSTRALIAN PACIFIC COLLEGE
BSB61315 ADVANCED DIPLOMA OF MARKETING AND COMMUNICATION and BSB61015 ADVANCED DIPLOMA OF LEADERSHIP AND MANAGEMENT and
BSB61218 ADVANCED DIPLOMA OF PROGRAM MANAGEMENT | FINANCIAL MANAGEMENT 2_V6.5
ASSESSMENT 2
Course Name
BSB61315
Advanced Diploma of Marketing and Communication
BSB61015
Advanced Diploma of Leadership and Management
BSB61218
Advanced Diploma of Program Management
Subject/module Financial Management 2
Assessment method
Part A: Written Responses
Part B: Written Responses
Weighting 50%
Units of Competency
BSBFIM601
Manage Finances
Instructions
1. Assessments should be completed as per your trainer’s instructions.
2. Assessments must be submitted by the due date to avoid a late
submission penalty.
3. Plagiarism is copying someone else’s work and submitting it as your
own. You must write your answers in your own words and include a
eference list. A mark of zero will be given for any assessment or part of
an assessment that has been plagiarised.
4. You may discuss your assessments with other students, but submitting
identical answers to other students will result in a failing grade. Your
answers must be yours alone.
5. Assessments must be submitted through the submissions folder in
myAPC.hub in MS Word format where possible, or in PDF as per your
trainer’s instructions. Cover sheets are to be submitted as separate files.
(Note if you do not have Microsoft Word software on your computer you
can work in Google docs and download your completed task in the MS
Word format prior to submission upload)
6. You must attempt all questions.
7. You must pass all assessments in order to pass the subject.
8. All assessments are to be completed in accordance with WHS regulatory
equirements.
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ADDENDUM | © 2020 YOUNG RABBIT PTY LTD, AUSTRALIAN PACIFIC COLLEGE
BSB61315 ADVANCED DIPLOMA OF MARKETING AND COMMUNICATION and BSB61015 ADVANCED DIPLOMA OF LEADERSHIP AND MANAGEMENT and
BSB61218 ADVANCED DIPLOMA OF PROGRAM MANAGEMENT | FINANCIAL MANAGEMENT 2_V6.5
Assessment 2
Part A – Written Responses
1. Explain Cash flow Management.
2. What are the two important benefits of cash flow management?
3. List the three components of cash flow
4. What is the purpose of cashflow planning?
5. When preparing cashflow budget, what will you need to estimate?
6. Complete the following cashflow equation:
? + Estimated Sales – ? = Ending Cash Balance
7. Which component is generally the largest cash outflow in a retail business?
8. What are the two main financial statements prepared in a small business?
9. You have purchased a computer for your business and pay for it in full at the
time of purchase with a business cheque ; write down the co
ect entry for the
purchase that you made on behalf of the company.
10. If you knew that your supplier was going to be unable to meet your supply
equirements in three months’ time what would you do?
11. What can improve the net cash flow of a business in the short term?
12. How does the analysis of financial reports help you?
13. Provide an example of Operating Activities in Cashflow statement.
14. A business shows the following result for a period
a. Revenue $200,000
. Cost of goods sold $150,000
c. Operating expenses $100,000
Calculate the Net income of the business.
15. Using the data above , find out the expected cash position at the end of month
2.
Month 1 Month 2 Month 3
Opening cash position -$600
Total receipts $3020 $4680 $3716
Total payments $2840 $3217 $5960
Net cash flow
Closing cash position
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ADDENDUM | © 2020 YOUNG RABBIT PTY LTD, AUSTRALIAN PACIFIC COLLEGE
BSB61315 ADVANCED DIPLOMA OF MARKETING AND COMMUNICATION and BSB61015 ADVANCED DIPLOMA OF LEADERSHIP AND MANAGEMENT and
BSB61218 ADVANCED DIPLOMA OF PROGRAM MANAGEMENT | FINANCIAL MANAGEMENT 2_V6.5
Assessment 2
Part B – Written Responses
Answer the following questions in the spaces provided.
1. You have started a restaurant with your
other and your sister. At the end
of the financial year total sales revenue was $160,000 and net profit after tax
was $20,000. Your sister has suggested that the profit made during the year
should be used to redecorate the premises; but your
other suggested that
the money should be used in purchasing a new woodfire oven, so you could
start selling take away pizzas. They have approached you in order to help on
deciding how the $20,000 should be allocated for the next financial year.
Your sister claims that if the $20,000 is used in redecorating the premises you
could increase menu prices by 20%.
Your
other argues that if a new wood fire oven is purchased, the restaurant
would be able to sell at least 150 pizzas per month for at least $15.00 each
pizza (total cost per take away pizza $4.50).
a. What project would you choose? Why? How would you convince your
shareholders that your choice is the right priority for the allocation of the
$20,000?
. Who else would you consult with before making a decision between
edecorating or purchasing equipment?
c. What records would be necessary to keep if the funds are allocated to re-
decorating the restaurant?
2. Explain why budgeting is important and why it should be implemented
despite the size of the organisation.
3. What are the first and the last days of the Financial Year for a restaurant
operating in Australia?
a. How would these dates affect the preparation of your sales budget?
4. You are taking over your family business. All financial information is kept
manually by your father (the owner) of the restaurant. The purchase
udgets are cu
ently produced manually by your mother and the financial
information
udget forecasts are constantly inaccurate.
a. What technological recommendations you would make to the owners?
. What software(s) would you recommend in order to improve the cu
ent
situation?
c. Describe the main advantages of using a software for developing and
monitoring budgets in comparison to keeping manual records.
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ADDENDUM | © 2020 YOUNG RABBIT PTY LTD, AUSTRALIAN PACIFIC COLLEGE
BSB61315 ADVANCED DIPLOMA OF MARKETING AND COMMUNICATION and BSB61015 ADVANCED DIPLOMA OF LEADERSHIP AND MANAGEMENT and
BSB61218 ADVANCED DIPLOMA OF PROGRAM MANAGEMENT | FINANCIAL MANAGEMENT 2_V6.5
5. The following data was extracted from the Sales Budget of ABC Pizza Plaza.
Please refer to the table below in order to answers questions a and b.
Financial Year Budgeted Actual
2007/08 $ 350,000 $290,000
2008/09 $400,000 $250,000
a. Calculate and classify the variances as Favourable or Unfavourable for
oth years.
. Describe 3 different events that could possibly justify these variances and
suggest relevant approaches that management could adopt in order to
effectively manage the deviations found.
6. Adam Smith was responsible for managing his
other’s Coffee Shop for 2
months while his
other went on holidays. Unfortunately his
other did not
udget very well for the weekly beverage supply and Adam was, every week,
short of beverages. In order to solve the last minute beverage shortages
Adam made weekly purchases in the local supermarket. Adam paid for the
goods on his credit card and did not bother keeping the invoices. According
to this scenario explain:
a. What are the legal implications
ecord keeping requirements that were
not met by Adam?
. What techniques would you suggest to the owner of the coffee shop
in order to improve the budgeting accuracy for purchases of beverage
stock?
- END -
Trainer Instructions
Unit of Competency
BSBFIM601 Manage Finances
Grading System
Session Plans
Session 1
Session 2
Session 3
Session 4
Session 5
Session 6
Session 7
Session 8
Session 9
Assessment 1
Part A – Case Study/Practical
Part B – Case Study/Practical
Assessment 2
Part A – Written Responses
Part B – Written Responses
Marking Guide/Suggested Answers
Assessment 1 Part A
Assessment 1 Part B
Assessment 2 Part A
Assessment 2 Part B
Activity Guide/Suggested Answers for Trainers
Activity 1.1
Activity 2.1
Activity 3.1
Activity 4.1
Activity 5.1
Activity 5.2
Activity 6.1
Activity 7.1
Activity 8.1