ASSESSMENT COVERSHEET – Individual (VET)
STUDENT DETAILS:
Student Name Student Number
ASSESSMENT DETAILS:
Course Name BSB5415 Diploma of Marketing and Communication
Subject name C5LMC04V15 Financial Management
Unit Name and code BSBFIM501 Manage budgets and financial plans
Trainer
Block and Year Due date
EXTENSION INFORMATION: (Details of separately submitted and approved Assignment Extension Application)
Extension Granted No ? Yes ?
Revised due date
Extension approved by
Approval date
Declaration:
1. I hold a copy of this assignment, which can be produced if the original is lost/damaged.
2. This assignment is my original work and no part of it has been copied from any other student’s work or from any other source except where due acknowledgement is made.
3. No part of this assignment has been written for me by any other person except where such collaboration has been authorised by the trainer/assessor concerned and is clearly acknowledged in the assignment.
4. I have not submitted this work for any other past or present course/unit.
5. This work may be reproduced and/or communicated for the purpose of detecting plagiarism.
6. I give permission for a copy of my marked work to be retained by Kent Institute Australia (Kent) for review by external validator.
7. I understand that plagiarism is the presentation of the work, idea or creation of another person as though it is your own. It is a form of cheating and is a very serious academic offence that may lead to expulsion from Kent. Plagiarised material can be drawn from, and presented in, written, graphic and visual form, including electronic data, and or oral presentations. Plagiarism occurs when the origin of the material used is not appropriately cited.
8. Enabling plagiarism is the act of assisting or allowing another person to plagiarise or to copy your work.
Note: This assignment will not be marked unless the student do the declaration during submission time!
TRAINER/ASSESSOR SECTION:
Trainer’s/Assessor’s Initial: Result (Tick One) O C O NYC
Final Assessment
Duration: 4 Weeks.
Assessment Instructions for Assessor and Student
• This assessment consists of One task and must achieve a Satisfactory outcome in each task of this unit.
• To achieve a Competent result, each student is required to achieve a Satisfactory outcome in each marking criteria of the task.
• Student can refer to book(s), notes and other reference materials.
• Research the internet for resources that may assist you with this task.
• All ideas must be well explained and should be supported with references.
• This assessment must be in writing in class.
• Write your answer/s at the end of the questions for each task (just before the marking criteria).
• Plagiarism is strictly forbidden. NYC (Not Yet Competent) will be provided for plagiarism for all involved.
• Students may be asked to explain their assessment work on a regular interval to the trainers to ensure that the relevant competency standards are being met.
• Student is required to redo the task in class, if outcome is Not Yet Competent due to Not being Satisfactory against any marking criteria of the given task.
• The Assessor is required to explain to the students the assessment task’s instructions and required outcome to the students before conducting assessment in class.
• The Assessor is required to record the result (Competent/Not Yet Competent) of the assessment task on to the Marking Criteria sheet attached with this assessment, in accordance with the marking criteria of the assessment tasks for the student and enter the final results into RTO Manager System of the Kent Institute Australia.
• The assessor must check the student’s work on each Assessment Day and provide on-going feedback to the student in class.
Assessment Outcomes:
1. Your performance will be assessed against the set Marking Criteria (Refer to the marking criteria in ‘criteria for evaluation’ provided after each task).
2. Your assessor will record your performance as “Satisfactory” or “Not Satisfactory” against each criterion.
3. You will receive face to face feedback on the outcome of the assessments from your assessor.
4. Your result for this assessment will be “Competent (C)” if your performance is satisfactory against all criteria.
5. Your result for this assessment will be “Not Yet Competent (NYC)” if your performance is not satisfactory against any one or all criteria.
6. If you are assessed as “Not Yet Competent (NYC)”you might be given another chance to re-submit the assessment on an agreed-upon policy and procedure of Kent Institute Australia (KIA).
Submission Method:
To be submitted into Moodle during the assessment time period.
Submission Date:
The Final Assessment tasks are to be submitted by week 4 Tuesday.
Late submission will incur the following penalty:
Assessments will not be accepted unless evidence of compassionate or compelling circumstances is submitted. Late submissions will not be accepted and students may be liable to pay an ‘applicable subject fee’ which may also lead to the extension of the student’s COE.
Assignment Extension Form:
A Student Assignment Extension Form may be completed by student wishing to apply for an extension due to exceptional circumstances. This is available to download and print via the SIS Docs Student Policies and Forms page, or you may collect this from the VET Administration office at Level 1. Completed Forms are to be provided to the VET Administration Office, Level 1, (10 Barrack Street, Sydney NSW 2000 Australia).
Student Complaints and Appeals Form:
A Student Complaints and Appeals Form may be completed for those students wishing to appeal a result. This is available to download and print via the SIS Docs Student Policies and Forms page, or you may collect this from the VET Administration office at Level 1. Completed Forms are to be provided to the VET Administration Office, Level 1, (10 Barrack Street, Sydney NSW 2000 Australia).
This Assessment is designed to assess competency in the following unit:
BSBFIM501 Manage budgets and financial plans
• Plan financial management approaches
• Implement financial management approaches
• Monitor and control finances
• Review and evaluate financial management processes
Task One:
You are required to answer the following questions:
Activity 1
a) How would you go about accessing the budget and financial plans for your organisation? Which personnel would you need to consult and what issues might need to be addressed?
b) What is the purpose of a contingency plan? Note five possible contingencies related to your organisation.
Activity 2
a) Who might you need to inform about budget/financial plans in your organisation? What information would the respective people need to know?
b) What types of support does your organisation offer to team members in completing their required roles?
c) Outline the following resources and systems, as they pertain to your organisation:
• Hardware and software
• Human, physical or financial resources
• Record keeping systems (electronic and paper-based)
• Specialist advice or support.
Criteria for evaluation: Task One
The Final grade for this task must require being Competent by achieving Satisfactory in each task.
Did the student demonstrate the ability to: Satisfactory Not Satisfactory
Place a tick(v)
Access budget/financial plans for the work team.
Clarify budget/financial plans with relevant personnel within the organisation to ensure that documented outcomes are achievable, accurate and comprehensible.
Negotiate any changes required to be made to budget/financial plans with relevant personnel within the organisation.
Disseminate relevant details of the agreed budget/financial plans to team members.
Provide support to ensure that team members can competently perform required roles associated with the management of finances.
Determine and access resources and systems to manage financial management processes within the work team.
Outcome Satisfactory / Not Satisfactory
Feedback to student:
Task Two:
Complete the following questions
Activity 1
a) Access the general ledger of your organisation and choose a month to analyse – where are most of your costs coming from and are they generating a viable return?
b) Create a list of all the areas of expenditures and costs you typically need to monitor each year.
c) What processes are involved in the monitoring of a contingency plan?
d) Outline the sources of data you might use for creating reports and give three examples of specific reports your organisation will create.
Activity 2
a) What financial records does your organisation keep and what methods of storage/organisation does it use?
b) Outline the following terms:
• Earnings growth
• Earnings stability
• Return on equity.
How might you determine your company's performance regarding the above?
c) What monitoring and reporting processes does your organisation use?
Criteria for evaluation: Task Two
The Final grade for this task must require being Competent by achieving Satisfactory in each task.
Did the student demonstrate the ability to: Satisfactory Not Satisfactory
Place a tick(v)
Implement processes to monitor actual expenditure and to control costs across the work team.
Monitor expenditure and costs on an agreed cyclical basis to identify cost variations and expenditure overruns
Implement, monitor and modify contingency plans as required to maintain financial objectives.
Report on budget and expenditure in accordance with organisational protocols.
Collect and collate for analysis, data and information on the effectiveness of financial management processes within the work team.
Analyse data and information on the effectiveness of financial management processes within the work team and identify, document and recommend any improvements to existing processes.
Implement and monitor agreed improvements in line with financial objectives of the work team and the organisation.
Outcome Satisfactory / Not Satisfactory
Feedback to student:
Task Three:
Answer the questions in as much detail as possible, considering your organisational requirements for each one.
1. As a project, for your organisation (or any of your preferred organisation) manage and monitor producing budget requirements, including the following:
? Evidence of your financial skills working with budgets and financial planning, including relevant principles and techniques
? The key requirements of financial record keeping and auditing, relevant legislation and current requirements of the Australian Taxation Office
? Working with and supporting your team, assuming you have a team for the project
? Produce a final budget(s) and financial plan which includes recommendations for presenting to the appropriate senior person(s) in your organisation.
2. Prepare a report discussing your budget(s) and financial plan for presenting to the appropriate senior person(s), with the aim of reviewing and making recommendations for improvements.
3. Create a draft contingency plan for your financial management system.
4. How would you communicate to your team members the relevant details of current budget/financial plans for carrying out work tasks, if you need to negotiate further changes to the budget/plans? Ensure this is done with the relevant person(s).
5. For your organisation’s financial planning requirements produce the following:
? A flow chart to show how you review and evaluate financial management processes
? A mind map to outline the planning approaches for financial management.
6. Provide information and evidence of monitoring processes that you would use at your place or work (or your preferred organisation), to ensure finances and budget are meeting their targets?
Criteria for evaluation: Task Three
The Final grade for this task must require being Competent by achieving Satisfactory in each task.
Did the student demonstrate the ability to: Satisfactory Not Satisfactory
Place a tick(v)
Demonstrate your knowledge of the foundation skills, knowledge evidence and performance evidence.
Outcome Satisfactory / Not Satisfactory
Feedback to student:
Summary of Assessments:
Subject Name & Code
Unit Name & Code:
C5BM02V15 Financial Management
BSBFIM501 Manage budgets and financial plan
Assessment Tasks The student’s performance is:
• Task One:
? SATISFACTURY ? NOT SATISFACTURY
Feedback/ comments on Task One:
• Task Two: ? SATISFACTURY ? NOT SATISFACTURY
Feedback/ comments on Task Two:
• Task Three: ? SATISFACTURY ? NOT SATISFACTURY
Feedback/ comments on Task Three:
UNIT RESULT:
The student’s overall performance is: ? COMPETENT ? NOT YET COMPETENT
Is re-assessment necessary? ? YES ? NO
The End