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