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SITXFIN009 Manage finances within a budget

 

 

STUDENT ASSESSMENT SUBMISSION TEMPLATE

 

Qualification & Unit Details

Unit Code & Title SITXFIN009 Manage finances within a budget.
Qualification SIT30821 Certificate III in Commercial Cookery

Submission Details

Student Name
Student Number
Date of Submission Click or tap to enter a date. Assessor Name

Assessment Details

Assessment Task Number Assessment Method

(Written Task, Case study, Project, Role-play, presentation etc.)

 Date of Completion

(Actual date of each task completion. This must be three different days)
Task 1 Written task – Questioning Click or tap to enter a date.
Task 2 Case study Click or tap to enter a date.

 

Academic integrity definitions

·        Plagiarism and cheating: Plagiarism is the presentation of an assignment by a student that has been copied in whole or in part from another student’s work, or from any other source (e.g., published books or periodicals or Internet sites) without due acknowledgement in the text or references. Cheating is the copying another student’s work or using mobile phone or any other electronic gadgets in class while working on assessment task.

·        Collusion: Collusion is the presentation by a student of an assignment as their own work which is in fact the result in whole or part of unauthorised collaboration with another person/s.

·        Copy of work: Please ensure that a copy of all work has been kept with you prior to submission. On rare occasions, assessments may be lost in the system and in such cases, you will be required to provide a second copy.

 

Candidate (Student) declaration

I declare that:

1.      Submitted work is my own work and does not involve plagiarism or cheating.

2.      This submission is based on my own research and all sources used by me have been referenced.

3.      This piece of work has not previously been submitted for assessment in this or any other subject.

4.      I understand plagiarism and collusion obligation as outlined in the institute’s assessment policy.

5.      I declare that I have kept copies of all my submitted work.

 

 

Candidate (Student) Signature ………………………………………………………………………… Date …………………………………

 

 

 

Why you need to use this template?

The template provides consistency across all submissions, and you will not miss any assessment activity. The purpose is to save your time preparing documents, increase efficiency, and reduce potential errors by giving candidates detailed instructions on how to perform any task or project using specific templates and space for answers and solutions.

This template provides the assessor to receive submissions with consistency and for compression of candidates’ submissions for plagiarism, collusion, and irregularities of educational submissions.

ASSESSMENT GUIDELINES FOR WRITTEN TASKS

QUESTION TYPE HOW LONG YOUR ANSWER SHOULD BE (LENGTH OF ANSWER)
Define Length approximately 4 typed lines = 50 words.
Identify Write dot points of the number of items to identify according to the question.
Outline Summarise in a line or set of lines the required number of items or develop appropriate meaningful answers according to the question but not in detail.
Identify and briefly describe Identify in dot points and provide a description of each with a minimum of 4 typed lines = 50 words.
Describe Provide a description with minimum 8 typed lines = 100 – 150 words or appropriately described to provide a meaningful answer with consistent knowledge application in length according to the question.
Explain Explain the procedure with minimum 8 typed lines = 100 – 150 words or appropriately explain to provide a meaningful answer with consistent knowledge application in length according to the question.
Distinguish / differentiate Distinguish means recognise or treat (someone or something) as different. To differentiate is to show or find the difference between things which are compared. It simply means that they are not the same but does not qualify them as being unique and possibly not related.

Length approximately 4 – 8 typed lines = 50 – 100 words for each question.
What? This is to assess your knowledge of something related to the subject area asking you to specify one or more things related to what is being asked in the question. This is generally asking for a short answer for which you need to provide a short description answering the question where the reader understands the answer to the question. Approx. 4 – 8 lines = 100 – 150 words.
How? This method of question is to assess your ability to explain or describe the ways, methods, manner, procedure, or process of something related to the question being asked. You need to provide sufficient description of how (ways, methods, manner, procedure, or process) it can be performed for the reader to understand the ways or procedure. Approx. 4 – 8 lines = 100 – 150 words.
Why? This question is to assess your knowledge of something and the purpose of it. You need to provide sufficient description of why (the purpose/objective or aim) it is used for the reader to understand the reason or purpose of it.

Approx. 4 – 8 lines = 100 – 150 words.

 

 

 

Assessment Task 1

 

The following is a set of knowledge-based questions. Read the text section ‘introduction’ in the learner workbook, refer to training undertaken and provide your answer solutions to the following questions using your own words to demonstrate your consistent knowledge application.

Note:

  1. Ensure you answer all the following questions using the length guidelines above and quantity requirements applicable for the following relevant questions.
  2. Provide references and give credit to authors you have consulted for their ideas in writing your answers. It helps you to avoid plagiarism by making it clear which ideas are your own and which are someone else’s and it shows your understanding of the topic, gives supporting evidence for your ideas, arguments, and opinions and allows others to identify the source you have used.
  3. The space below does not indicate the size of the answer length. Follow above guidelines and keep typing and the space will expand as you type. If answers are recorded separate to this document, they must be attached at the back of this document.

 

Questions

 

Question 1

Briefly describe the following types of financial records:

Bank deposit documentation.
Bank statements.
Business activity statements (BAS).
Credit card transaction statements.
Invoices.
Journal entries.
Labour and wages reports.
Merchant statements.
Transaction reports.

 

Question 2

Briefly describe the following types of budgets:

Cash budget.
Cash flow budge.
Departmental budge.
Project budge.
Purchasing budge.
Sales budge.
Wage budge.
Whole of organisation budge.

 

Question 3

Briefly describe the following 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.
Sales performance.
Staff costs.
Stock levels.
Variance in income or expenditure.
Wastage.
Yield.

 

Question 4

  1. Briefly describe the following use, contents of and formats for:
Budgets.
financial reports.
statistical reports.

Question 5

Identify and briefly describe the budget terminology.

 

 

Question 6

Explain the use of budgets to control costs and enhance profitability.

 

 

Question 7

Briefly describe the importance of budget control.

 

 

Question 8

Identify and briefly describe at least two techniques for maximising budget performance.

 

 

Question 9

Outline financial reporting procedures and cycles.

 

 

Question 10

Briefly describe the following features and functions of accounting software programs used to manage budgets.

 

 

Question 11

 

 

Question 12

 

 

Question 13

 

 

—End of Written Task Activities—

References

Provide references to education materials you have used to develop your answers. A reference list lists only the sources you refer to in your writing. The purpose of the reference list is to allow your sources to be found by your reader (assessor). It also gives credit to authors you have consulted for their ideas. It helps you to avoid plagiarism by making it clear which ideas are your own and which are someone else’s, shows your understanding of the topic, gives supporting evidence for your ideas, arguments, and opinions. allows others to identify the sources you have used.

 

 

 

Assessment Task 2

 

Case Study (Skills and Knowledge Application)

Using the simulated workplace and the scenario in the appendix, provide solutions to take responsibility for budget management where others may have developed the budget.

Your role

You work as the restaurant manager for My Kind of Kitchen & Restaurant (a simulated workplace) who operate independently or with limited guidance from others.

Your Task

Complete the following workplace activities demonstrating skills and knowledge to take responsibility for budget management where others may have developed the budget:

  1. Read the case study in the appendix including the financial management policy of simulated workplace and analyse its information and determine how to promote awareness of the importance of budget control within the organisation.

 

 

 

 

  1. Read the financial management policy and note down how to maintain detailed records of resource allocation according to organisational control systems.

 

 

 

 

  1. Read the budgets for three months in the case study, determine and note down the allocation of funds for the next three months according to budgeted income statement.

 

 

 

 

  1. Role-play activity. Refer to ‘role-play brief’ to undertake this activity. Meet with the CEO (your assessor) in a role-play consultation meeting and discuss the following points:
    1. The resources requirements and resource decisions.
    2. Clarify the nature and level of resources required according to the budget.
    3. Evaluation of staffing and rostering requirements
    4. Evaluation of impact of potential roster changes
    5. Income and expenditure priorities.
    6. Desired budget outcomes.

 

Points discussed.

 

Information received.

 

 

 

  1. Identify deviations from financial records in the case study and check actual income and expenditure against budget and prepare a deviation report.

 

 

 

 

 

  1. Prepare reference records such as sales report and budget notes and ensure accuracy of reference records for monitoring purposes.

 

 

 

 

  1. Read the information in the case study and policy and investigate appropriate options for more effective management of deviations and outline appropriate options.

 

 

 

 

  1. Write an email script to advice relevant colleagues of budget status in relation to targets.

 

 

 

 

  1. Assess existing costs and resources and describe how to proactively identify areas for improvement.

 

 

 

 

  1. Research activity. Conduct research using different sources of online as well as other literature and investigate new approaches to budget management and outline your findings.

 

 

 

 

  1. Write an email script to your colleagues to communicate the following:
    1. Desired budget outcomes
    2. The benefits and disadvantages of new approaches.
    3. Impacts on customer service levels and colleagues in developing new approaches.
    4. Clear and logical recommendations for budget management.

 

 

 

 

  1. Describe your approach to:
    1. complete financial and statistical reports within designated timelines according to financial management policy.
    2. Prepare and present clear and concise information to enable informed decision making.

 

 

 

 

  1. Write two email scripts to:
    1. Discuss with existing suppliers to negotiate food supply costs.
    2. Inquiring about food costs by sourcing new suppliers to meet budget requirements.

 

 

 

 

 

 

 

 

Self-Assessment Checklist

Note: The following checklist is for you to confirm your work completion as well as performance and demonstration of skills. Ensure you carefully check, and tick as completed and performed before submitting written evidence and while demonstrating skills during performing the task.

Assessment Task Activity Completed as required.
Yes No
1 Read the case study in the appendix including the financial management policy of simulated workplace and analyse its information and determine how to promote awareness of the importance of budget control within the organisation. ☐ ☐
2 Read the financial management policy and note down how to maintain detailed records of resource allocation according to organisational control systems, ☐ ☐
3 Read the budgets for three months in the case study, determine and note down the allocation of funds for the next three months according to budgeted income statement. ☐ ☐
4 Role-play activity. Refer to ‘role-play brief’ to undertake this activity. Meet with the CEO (your assessor) in a role-play consultation meeting and discuss the following points:

a.      The resources requirements and resource decisions.

b.      Clarify the nature and level of resources required according to the budget.

c.      Evaluation of staffing and rostering requirements

d.      Evaluation of impact of potential roster changes

e.      Income and expenditure priorities.

f.       Desired budget outcomes.

 

 ☐ ☐
5 Identify deviations from financial records in the case study and check actual income and expenditure against budget and prepare a deviation report. ☐ ☐
6 Prepare reference records such as sales report and budget notes and ensure accuracy of reference records for monitoring purposes. ☐ ☐
7 Read the information in the case study and policy and investigate appropriate options for more effective management of deviations and outline appropriate options. ☐ ☐
8 Write an email script to advice relevant colleagues of budget status in relation to targets. ☐ ☐
9 Assess existing costs and resources and describe how to proactively identify areas for improvement. ☐ ☐
10 Research activity. Conduct research using different sources of online as well as other literature and investigate new approaches to budget management and outline your findings. ☐ ☐
11 Write an email script to your colleagues to communicate the following:

a.      Desired budget outcomes

b.      The benefits and disadvantages of new approaches.

c.      Impacts on customer service levels and colleagues in developing new approaches.

d.      Clear and logical recommendations for budget management.

 

 ☐ ☐
12 Describe your approach to:

a.      complete financial and statistical reports within designated timelines according to financial management policy.

b.      Prepare and present clear and concise information to enable informed decision making.

 ☐ ☐
13 Write two email scripts to:

a.      Discuss with existing suppliers to negotiate food supply costs.

b.      Inquiring about food costs by sourcing new suppliers to meet budget requirements.

 ☐ ☐

 

 

 

 

 

 

References

(For task 1, 2 & 3)

A reference list lists only the sources you refer to in your writing. The purpose of the reference list is to allow your sources to be found by your reader (assessor). It also gives credit to authors you have consulted for their ideas. It helps you to avoid plagiarism by making it clear which ideas are your own and which are someone else’s, shows your understanding of the topic, gives supporting evidence for your ideas, arguments, and opinions. allows others to identify the sources you have used. For example, you can use any of the following styles,

Harvard Style

1.      Website with an author – Author surname, initials (Year), article title, website name, Available at: http://website url.com.au/article, accessed 10 March 2021.

2.      Website without author and no date – Article title (n.d.), website name, Available at: http://website url.com.au/article, accessed 10 March 2021.

3.      Book with no author – Title of book, edition (edn), Volume number or number of volumes, Publisher, Place of publication, page number(s) if applicable.

4.      Book with one author – Author, A (Year), Title of book, Publisher, Place of publication.

5.      Book with two or three authors – Authors, AA, Author, BB & Author, CC (Year), Title of book, Publisher, Place of publication.

APA Style

1.      Website with an author – Murray, G. (2005). A duty of care to children and young people in Western Australia: Report on the quality assurance and review of unsubstantiated allegations of abuse in care: 1 April 2004 to 12 September 2005. Western Australia, Department of Child Protection. http://www.community.wa.gov.au/NR/rdonlyres/

2.      Website without author and with date – Australia. Department of Health and Aged Care. (2000). National youth suicide prevention strategy. http://www.health.gov.au/hsdd/mentalhe/sp/nysps/about.htm/.

3.      Whole Internet Site – Goldberg, I. (2000). Dr. Ivan’s depression central. http://www.psycom.net/depression.central.html/.

4.      Book with an author – Wells, A. (2009). Metacognitive therapy for anxiety and depression in psychology. Guilford Press.

5.      Book with no author – The Blackwell dictionary of cognitive psychology. (1991). Blackwell.
List all references used for assessment task 1, 2 and 3 below (if any)

 

 

 

 

 

 

 

SITXFIN009 Learner Workbook (1)

SITXFIN009_Assessment Manual (2)

SITXFIN009 Student Assessment Template (4)