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SITXFIN009 - Task 1 – Knowledge Assessment
    Unit Code
    SITXFIN009
    Unit Description
    Use food preparation equipment
    Assessment Type
    Task 1 – Knowledge Assessment
    Assessment Location
    To be submitted online
    By submitting this work, I declare that:
· I have been advised of the assessment requirements, have been made aware of my rights and responsibilities as an assessment learner, and choose to be assessed at this time.
· I am aware that there is a limit to the number of submissions that I can make for each assessment, and I am submitting all documents required to complete this Assessment.
· I have organised and named the files I am submitting according to the instructions provided, and I am aware that my assessor will not assess work that cannot be clearly identified and may request the work be resubmitted according to the co
ect process.
· This work is my own and contains no material written by another person except where due reference is made. I am aware that a false declaration may lead to the withdrawal of qualification or statement of attainment.
· I am aware that there is a policy of checking the validity of qualifications that I submit as evidence as well as the qualifications/evidence of parties who verify my performance or observable skills. I give my consent to contact these parties for verification purposes.
    Student ID
         
    Student Name
         
    Submission Date
         
Assessment Task 1: Knowledge Test
Provide your response to each question in the box below.
    Q1:
    Outline the purpose of following type of financial records in given table using 30-50 words each.
    Bank deposit documentation
    
    Bank statements
    
    Business activity statements (BAS)
    
    Credit card transaction statements
    
    Invoices
    
    Journal entries
    
    Labour and wages reports
    
    Merchant statements
    
    Transaction reports
    
    Satisfactory = S
Not Satisfactory = NS
    
    
    
S
S
S
S
S
S
S
S
S
    
NS
NS
NS
NS
NS
NS
NS
NS
NS
    Q2:
    Outline the types of budgets mentioned in the table using 2-3 sentences each.
    Cash budget
    
    Cash flow budget
    
    Departmental budget
    
    Project budget
    
    Purchasing budget
    
    Sales budget
    
    Wage budget
    
    Whole of organisation budget
    
    Satisfactory = S
Not Satisfactory = NS
    
    
    S
S
S
S
S
S
S
S
    NS
NS
NS
NS
NS
NS
NS
NS
    Q3:
    Why should you consider the key factors listed in the table in the preparation of financial and statistical reports? Write 2-3 sentences for each.
Cash flow    Commercial account activity        Commission earnings        Covers and financial return        Daily, weekly and monthly transactions        Expenditure        Income        Occupancy rates and financial return        Sales performance        Staff costs        Stock levels        Variance in income or expenditure        Wastage        Yield        
    Satisfactory = S
Not Satisfactory = NS
    
    
    S
S
S
S
S
S
S
S
S
S
S
S
S
S
    NS
NS
NS
NS
NS
NS
NS
NS
NS
NS
NS
NS
NS
NS
    
Q4:
    Discuss the use, contents of and formats for the following using XXXXXXXXXXwords each.
udgets
financial reports
statistical reports
    Satisfactory = S
Not Satisfactory = NS
    
    
    S
S
S
    NS
NS
NS
    
    
Q5:
    Outline the different budget terminology mentioned in the table using 1-2 sentences each.
Revenue        
Expenses        
Fixed costs        
Variable costs        
Operating expenditure        
    Satisfactory = S
Not Satisfactory = NS
    
    
    
S
S
S
S
S
    
NS
NS
NS
NS
NS
    
Q6:
    Explain the use of budgets to control costs and enhance profitability using XXXXXXXXXXwords.
    Satisfactory = S
Not Satisfactory = NS
    
    
    S
    NS ☐
    
    
Q7:
    Define the importance of budget control using XXXXXXXXXXwords.
    Satisfactory = S
Not Satisfactory = NS
    
    
    S ☐
    NS ☐
    
    
Q8:
    Explain the different techniques for maximising budget performance listed in the table using 2-3 sentences each.
Zero-based budgeting            
Activity-based costing                
Cost-benefit analysis            
Key Performance Indicators (KPIs)                
Cash flow forecasting                
    Satisfactory = S
Not Satisfactory = NS
    
    
    
S ☐
S ☐
S ☐
S ☐
S ☐
    
NS ☐
NS ☐
NS ☐
NS ☐
NS ☐
    
Q9:
    Define the financial reporting procedures and cycles using XXXXXXXXXXwords.
    Satisfactory = S
Not Satisfactory = NS
    
    
    S ☐
    NS ☐
    
    
Q10:
    Outline the features and functions of accounting software programs (listed in the table) used to manage budgets using 1-2 sentences each.
Features     Functions
Budget creation            
Budget tracking            
Forecasting             
Reporting             
Collaboration                
Security            
Automation        
    Satisfactory = S
Not Satisfactory = NS
    
    
    
S ☐
S ☐
S ☐
S ☐
S ☐
S ☐
S ☐
    
NS ☐
NS ☐
NS ☐
NS ☐
NS ☐
NS ☐
NS ☐
Assessment Results Sheet
    Outcome
        First attempt:
Outcome (make sure to tick the co
ect checkbox):
Satisfactory (S) ☐ or Not Satisfactory (NS) ☐
Date: _______(day)/ _______(month)/ _______(year)
Feedback:
    Second attempt:
Outcome (please make sure to tick the co
ect checkbox):
Satisfactory (S) ☐ or Not Satisfactory (NS) ☐
Date: _______(day)/ _______(month)/ _______(year)
Feedback:
    Student Declaration
    · I declare that the answers I have provided are my own work. Where I have accessed information from other sources, I have provided references and/or links to my sources.
· I have kept a copy of all relevant notes and reference material that I used as part of my submission.
· I have provided references for all sources where the information is not my own. I understand the consequences of falsifying documentation and plagiarism. I understand how the assessment is structured. I accept that the work I submit may be subject to verification to establish that it is my own.
· I understand that if I disagree with the assessment outcome, I can appeal the assessment process, and either re-submit additional evidence undertake gap training and or have my submission re-assessed.
· All appeal options have been explained to me.
    Student Signature
    
    Date
    
    Traine
Assessor Name
    
    Traine
Assessor Declaration
    I hold:
☐ Vocational competencies at least to the level being delivered
☐ Cu
ent relevant industry skills
☐ Cu
ent knowledge and skills in VET, and undertake
☐ Ongoing professional development in VET
I declare that I have conducted an assessment of this student’s submission. The assessment tasks were deemed cu
ent, sufficient, valid and reliable. I declare that I have conducted a fair, valid, reliable, and flexible assessment. I have provided feedback to the student.
    Traine
Assessor Signature
    
    Date
    
    Office Use Only
    The outcome of this assessment has been entered into the Student Management System
on _________________ (insert date)
y (insert Name) __________________________________
Unit Code: SITXFIN009        Page 1 of 12

SITXFIN009 - Task 2 – Skills Test
    Unit Code
    SITXFIN009
    Unit Description
    Manage finances within a budget
    Assessment Type
    Task 2 – Skills Test
    Assessment Location
    To be submitted online
    By submitting this work, I declare that:
· I have been advised of the assessment requirements, have been made aware of my rights and responsibilities as an assessment learner, and choose to be assessed at this time.
· I am aware that there is a limit to the number of submissions that I can make for each assessment, and I am submitting all documents required to complete this Assessment.
· I have organised and named the files I am submitting according to the instructions provided, and I am aware that my assessor will not assess work that cannot be clearly identified and may request the work be resubmitted according to the co
ect process.
· This work is my own and contains no material written by another person except where due reference is made. I am aware that a false declaration may lead to the withdrawal of qualification or statement of attainment.
· I am aware that there is a policy of checking the validity of qualifications that I submit as evidence as well as the qualifications/evidence of parties who verify my performance or observable skills. I give my consent to contact these parties for verification purposes.
    Student ID
         
    Student Name
         
    Submission Date
         
Assessment Task 2: Skills Test
Skills Test:
This assessment task requires the student to take responsibility for budget management where others may have developed the budget. This includes:
· Interpreting budgetary requirements.
· Allocating resources.
· Monitoring actual income and expenditure and reporting on budgetary deviations.
Simulated environment requirements:
The training organisation must ensure the simulated environment meet the requirements given in the table below.
    The training organisation must provide the student with the opportunity to take responsibility for budget management where others may have developed the budget as per the information given in the case study.
    ·
    The training organisation must ensure that the student has the access to the following resources:
· An industry workplace or a simulated industry environment set up for the purposes of assessment.
· Computers
· Printers
· Budgets for specific projects, events, or operational activities (Given in the case study)
· Software packages
· MS Word
· MS Excel
· MS Presentation
· Staff members to participate in role plays with whom the individual can discuss budget components.
    ·
    The training organisation must ensure that the student has access to the stakeholders as specified in the scenario. Each stakeholder should behave according to the script provided.
    ·
    The training organisation must assign a supervisor to each student or take on the role of Supervisor.
    ·
    The worksite must have realistic tasks or simulated tasks, relevant specifications and work instructions, standard work practices and safety requirements.
    ·
Case study:
Pearl Hotel Melbourne
anch has a bistro, sports bar and a bottle shop. The hotel promotes a sustainable environment and is a perfect place for families that want to spend their holidays and want all the amenities in one place.
The hotel hires two managers that work five days a week, including the weekends. There are two other supervisors as well that work on the night shifts.
As per the previous figures of the organization, the food cost accounts for 35% of the sales. Whereas the beverages account for 40%. The management is unhappy with the outcomes and wants to reduce the figures and are working on/ researching new ways to manage and control stock.
To increase sales, the business has started to offer loyalty cards to its customers who will receive a free meal after spending $150 on their loyalty card.
The hotel has the following projected budget for the first quarter of the financial year:
    
    July
    August
    Septembe
    1st quarte
     
    $
    $
    $
    $
    Revenue
     
     
     
     
    Food sales
    58,400
    63,875
    60,225
    182,500
    Beverage sales
    120,000
    123,750
    131,250
    375,000
    Tab commission
    24,650
    23,925
    23,925
    72,500
    Total revenue
    203,050
    211,550
    215,400
    630,000
     
     
     
     
     
    Cost of sales
     
     
     
     
    Food purchases
     20,440
    22,356
    21,079
    63,875
    Beverage purchases
    48,000
     49,500
    52,500
    150,000
    Total cost of sales
    68,440
    71,856
    73,579
    213,875
    Gross profit
    134,610
    139,694
    141,821
    416,125
     
     
     
     
     
    Expenses
     
     
     
     
    Accounting
    1,350
    1,500
    2,150
    5,000
    Advertising/promotions
    1,950
    2,410
    2,150
    6,510
    Bank charges
    3,790
    3,630
    3,680
    11,100
    Cleaning contracto
    3,220
    3,720
    3,720
    10,660
    Commission credit card
    380
    380
    380
    1,140
    Small equipment replacement
    410
    410
    410
    1,230
    Insurance
    910
    910
    910
    2,730
    Laundry
    170
    180
    180
    530
    Legal fees
    640
    180
    180
    1,000
    Licence fees & permits
    490
    490
    490
    1,470
    Motor vehicle expenses
    250
    250
    250
    750
    Maintenance
    2,110
    2,110
    2,110
    4,330
    Printing & stationery
    400
    400
    400
    1,200
    Ru
ish removal
    250
    250
    250
    750
    Communication
    1,000
    1,000
    1,000
    3,000
    Training & development
    590
    590
    590
    1,770
    Wages & on-costs
    96520
    99,450
    96,550
    292,520
    Utilities
    6,000
    5,800
    5,850
    17,650
    Total expenses
    120,430
    123,660
    121,250
    365,340
     
     
     
     
     
    NET PROFIT
    14,180
    16,034
    20,571
    50,785
You have been assigned the responsibility for budget management. The work task includes:
· Managing a budget for a business over a three-month period that meets the specific business’ needs.
· Informing management of the budget.
· Monitoring income and expenditure and evaluating budgetary performance over the above budgetary life cycle.
· Completing financial reports related to the above budget within designated timelines and using co
ect budget terminology.
In course of the above, you will have the following responsibilities:
· Allocate funds in accordance with the budget and agreed-upon priorities.
· Prior to implementation, discuss changes to income and expenditure priorities with relevant colleagues.
· Consult with and notify appropriate personnel about resource decisions.
· Raise awareness of the significance of budget control.
· Keep detailed records of resource allocation in accordance with organisational control systems.
· Locate and use pertinent
Answered 3 days After Sep 06, 2023

Solution

Deblina answered on Sep 09 2023
40 Votes
SITXFIN009 - Task 1 – Knowledge Assessment
    Unit Code
    SITXFIN009
    Unit Description
    Use food preparation equipment
    Assessment Type
    Task 1 – Knowledge Assessment
    Assessment Location
    To be submitted online
    By submitting this work, I declare that:
· I have been advised of the assessment requirements, have been made aware of my rights and responsibilities as an assessment learner, and choose to be assessed at this time.
· I am aware that there is a limit to the number of submissions that I can make for each assessment, and I am submitting all documents required to complete this Assessment.
· I have organised and named the files I am submitting according to the instructions provided, and I am aware that my assessor will not assess work that cannot be clearly identified and may request the work be resubmitted according to the co
ect process.
· This work is my own and contains no material written by another person except where due reference is made. I am aware that a false declaration may lead to the withdrawal of qualification or statement of attainment.
· I am aware that there is a policy of checking the validity of qualifications that I submit as evidence as well as the qualifications/evidence of parties who verify my performance or observable skills. I give my consent to contact these parties for verification purposes.
    Student ID
         
    Student Name
         
    Submission Date
         
Assessment Task 1: Knowledge Test
Provide your response to each question in the box below.
    Q1:
    Outline the purpose of following type of financial records in given table using 30-50 words each.
    Bank deposit documentation
    These records serve the purpose of documenting all deposits made into a business's bank account. They are essential for tracking and reconciling incoming funds accurately.
    Bank statements
    Bank statements provide a detailed summary of a business's financial transactions, including deposits, withdrawals, and fees. They are crucial for monitoring cash flow and verifying the accuracy of the bank's records.
    Business activity statements (BAS)
    BAS records are essential for businesses to report and pay their Goods and Services Tax (GST) obligations to the government. They help ensure compliance with tax regulations.
    Credit card transaction statements
    These statements detail credit card transactions, helping businesses track expenses and reconcile them with credit card payments, ensuring accurate financial records.
    Invoices
    Invoices are essential for billing customers and recording sales. They serve as a crucial part of a business's revenue and accounts receivable management.
    Journal entries
    Journal entries are used to record financial transactions accurately in a company's general ledger. They are the backbone of the double-entry accounting system.
    Labour and wages reports
    These reports track employee compensation, including wages, salaries, and benefits. They are vital for payroll management and compliance with labor laws.
    Merchant statements
    Merchant statements detail transactions made through payment processing services, helping businesses reconcile sales revenue and fees associated with payment processing.
    Transaction reports
    Transaction reports provide a comprehensive record of all financial transactions within a business. They are essential for financial analysis, budgeting, and auditing
    Satisfactory = S
Not Satisfactory = NS
    
    
    
S ☐
S ☐
S ☐
S ☐
S ☐
S ☐
S ☐
S ☐
S ☐
    
NS ☐
NS ☐
NS ☐
NS ☐
NS ☐
NS ☐
NS ☐
NS ☐
NS ☐
    Q2:
    Outline the types of budgets mentioned in the table using 2-3 sentences each.
    Cash budget
    A cash budget is a financial plan that outlines a business's expected cash inflows and outflows over a specific period. It helps a company manage its liquidity by predicting when it will have excess cash or may face cash shortages.
    Cash flow budget
    Similar to a cash budget, a cash flow budget projects a business's cash flows, including operating, investing, and financing activities. It provides a comprehensive view of cash movements and helps in financial planning and decision-making.
    Departmental budget
    A departmental budget allocates financial resources to specific departments within an organization. It enables department heads to plan and manage their expenditures, ensuring efficient resource utilization.
    Project budget
    A project budget outlines the financial plan for a specific project, including estimated costs, revenues, and funding sources. It helps ensure that a project stays within budgetary constraints.
    Purchasing budget
    A purchasing budget forecasts the expenses related to acquiring goods and services necessary for a company's operations. It guides procurement decisions and helps control costs.
    Sales budget
    A sales budget predicts a company's expected sales revenues for a particular period. It is a crucial component of financial planning, helping set sales targets and assess performance.
    Wage budget
    A wage budget outlines the labor costs associated with a business, including salaries, wages, and related expenses. It aids in workforce planning and cost control.
    Whole of organisation budget
    This comprehensive budget covers all aspects of an organization's financial plan, including revenues, expenses, and investments. It provides a holistic view of the company's financial health and objectives.
    Satisfactory = S
Not Satisfactory = NS
    
    
    S ☐
S ☐
S ☐
S ☐
S ☐
S ☐
S ☐
S ☐
    NS ☐
NS ☐
NS ☐
NS ☐
NS ☐
NS ☐
NS ☐
NS ☐
    Q3:
    Why should you consider the key factors listed in the table in the preparation of financial and statistical reports? Write 2-3 sentences for each.
    
    Cash flow
    Preparing a cash flow report is essential for tracking the movement of funds in and out of the organization. It helps ensure that there is sufficient liquidity to meet operational needs and repay debts, reducing the risk of cash shortages.
    Commercial account activity
    This report provides an overview of the financial activity related to commercial accounts, offering insights into revenue streams, payment patterns, and account balances, which can be crucial for managing customer relationships and collections.
    Commission earnings
    For businesses that earn commissions, this report details the income generated from such activities, helping assess the performance of commission-based sales or services and plan for future revenue.
    Covers and financial return
    This report combines information on the number of patrons or "covers" and the financial return from each visit, aiding restaurants, cafes, and hospitality businesses in optimizing pricing, menu offerings, and customer experience.
    Daily, weekly and monthly transactions
    Tracking transactions on different time scales helps monitor cash flow patterns, identify revenue trends, and assess the impact of promotions or events on sales and income.
    Expenditure
    The expenditure report outlines the costs incu
ed by the organization, including overhead, operating expenses, and capital expenditures. It is crucial for budget management and cost control.
    Income
    The income report summarizes all revenue...
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