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SITXFIN003 Manage finances within a budget FINAL ASSESSMENT SUMMARY SHEET Student Name:

Student ID No:

Unit Start Date :

Unit Completion Date :

Instructions This tool is to be completed by the assessor and used as a final record of student competency for the unit of competency:  SITXFIN003 Manage finances within a budget This tool incorporates all assessment tasks required to fulfil the assessment criteria for the unit of competency. All tasks in the tool must be completed. Prior to commencing the assessment tool, the assessor must confirm that the Student is ready for assessment and discuss the assessment tasks. Where required, assessors may make reasonable adjustments to the tasks incorporated in this tool to suit the needs of individual Students. Any such adjustments should be noted by the assessor in the feedback and comments section for the specific task. Student results are not to be entered onto the Student Database unless all relevant paperwork is completed.

Assessment Summary – This section is to be complete by the assessor once all assessment tasks have been completed. Result S = Satisfactory NS = Not Satisfactory

Evidence Recorded Assessment

Method

Assessment description

1

Product Based

Case Study

S | NS

2

Product Based

Case Study

S | NS

3

Product Based

Case Study

S | NS

4

Questioning

Written Assessment

S | NS Competent (C)

Final Assessment Outcome

Not Yet Competent (NYC)

Feedback to Student Please provide general feedback on the Student’s performance. Specific tasks related feedback should be recorded throughout this tool in the provided space within each task.

Student Declaration:- I verify that the work completed is my own and that I was adequately informed of the assessment process prior to commencing this assessment task. I have been provided feedback by the Assessor on the outcome of this unit

Assessor Declaration:- I verify that I have adequately explained and negotiated the assessment tasks with the student prior to commencing assessment. I have provided feedback to the student for the outcome of this unit.

Student signature:

Assessor signature:

Date:

Date:

Final Assessment Summary Sheet – SITXFIN003 © Didasko Digital 2016 www.didasko.com

Version: 1.0

Created: July 2016

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ADMINISTRATIVE USE ONLY Entered onto Student Management Database Date:

Initials:

ADMINISTRATION, RECORDING AND REPORTING REQUIREMENTS Ei will securely retain all completed student assessment items for each student for a period of 6 months from the date on which the judgement of competence for the student was made. Ei will retain records of qualifications and statements of attainment issued to students for 30 years from the time student has completed their program of training and assessment with Ei.

USE FOR REASSESSMENT ONLY Assessment Tool No/s. Components :

RESULT OF REASSESSMENT :

COMPETENT

NOT YET COMPETENT

TRAINER/ASSESSOR FEEDBACK:

TRAINER/ASSESSOR DECLARATION: I declare that I have assessed the student as per the principles of assessment and to the best of my knowledge all evidences attached are the student works. Trainer/Assessor Name Trainer/Assessor Signature

Final Assessment Summary Sheet – SITXFIN003 © Didasko Digital 2016 www.didasko.com

Date :

Version: 1.0

Created: July 2016

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ASSESSMENT 1 COVER SHEET – PRODUCT BASED CASE STUDY Student Name:

Student ID :

Unit Start Date:

Unit End Date:

Assessment Due Date :

Date Submitted:

This cover sheet is to be completed by the student and assessor and used as a record of student competency in this assessment task. CHEATING & PLAGARISM DECLARATION Student Declaration: In accordance with Ei’s Plagiarism Policy, I hereby acknowledge by signing this declaration that I have not cheated or plagiarised any work in regards to the assessment tasks undertaken in this unit of competency except where the work has been correctly acknowledged. NOTE: Student must sign this prior to submitting their assessments to the assessor

Signature:

Assessment Result

Date:

/

/

If Not Yet Satisfactory – Please identify the reassessment arrangements:

Satisfactory or Not Yet Satisfactory (Please circle the assessment result for this task)

Feedback to Student Please provide general feedback on the Student’s performance

Student Declaration:- I verify that the work completed is my own and that I was adequately informed of the assessment process prior to commencing this assessment task.

Assessor Declaration:- I verify that I have adequately explained and negotiated the assessment tasks with the student prior to commencing assessment.

Student signature:

Assessor signature:

Date:

Date:

Assessment 1 - Product Based © Didasko Digital 2016 www.didasko.com

Version: 1.0

Created: July 2016

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SITXFIN003 Manage finances within abudget Pre-Assessment Checklist (Completed by Assessor and acknowledged by student before commencing the assessment task)

The assessment process and tasks were fully explained.

Yes / No

I am aware of which evidence will be collected and how.

Yes / No

I am aware of my right to appeal an assessment decision.

Yes / No

I am aware that I can locate Ei’s Complaints and Appeals Policy and Procedure on their website at http://www.everest.edu.au/students/international-students/policies.html or by contacting Head Office and requesting a copy.

Yes / No

I have discussed any additional educational support or reasonable adjustments I require in order to undertake this assessment with the Student Support Services Officer and Trainer / Assessor, if applicable). Examples of where educational support applies for further information please refer to the Student Handbook and Access and Equity Policy http://www.everest.edu.au/students/internationalstudents/policies.html available online or by contacting Head Office. Do you have access to all required resources?

Yes / No

Yes / No

Context and Conditions of Assessment :This assessment will ensure that the elements, performance criteria, performance evidence and knowledge evidence required and conditions are adhered to demonstrate competency in this unit assessment task. 

Read the assessment carefully before commencing.



This is an open book assessment and will be conducted at the Everest Institute.



Your Assessor will use the checklists, in this document, to ensure that all the criteria has been assessed; and will provide feedback / comment.



You must answer all the questions in the assessment tasks in your own words and own handwriting.



This assessment will be required to be completed in 3 - 4 hours



You must use either a blue or black pen only for completing this assessment task.



Your Trainer / Assessor will inform you of the due date for this assessment task .



Your Assessor will grade as either S – Satisfactory or NS – Not Satisfactory for the assessment. In all cases your Assessor will provide you with feedback.



Only when all assessment tasks have been graded as S - Satisfactory you will be deemed C – Competent in the final result of the unit of competency; if you do not satisfactorily complete all the assessment tasks you will be deemed NYC – Not Yet Competent.



If the evidence is graded as NS – Not Satisfactory you will be required to re-submit the evidence. In this case you will be provided with clear and constructive feedback based on the assessment decision so that they can improve your skills / knowledge prior to reassessment.



Where a ‘NS – Not Satisfactory’ judgement is made, you will be given guidance on steps to take to improve your performance and provided the opportunity to resubmit evidence to demonstrate competence. The assessor will determine and discuss the reasons for NS- Not satisfactory on any of the criteria and will assess you through a different method of assessment e.g. verbal/oral questioning, problem solving exercises.



You will be notified within 10 working days of undertaking an assessment of their result in achieving competency

Assessment 1 - Product Based © Didasko Digital 2016 www.didasko.com

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Created: July 2016

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o

If a student does not complete the assessment, they should notify their trainer as to why they did not complete the assessment and if due to illness, a medical certificate must be produced. “ This process is detailed more in the “Training and Assessment Policy and Procedure”

o

In the above scenario, student will be given an opportunity for reassessment within 5 working days with no reassessment fee charged.

o

Students who are deemed to be Not Yet Competent (NYC) are to be provided with information identifying the areas in which they failed to achieve competency. Students will then have the opportunity to repeat the assessment task within 5 working days of notification with no reassessment fee charged.

o

If a student is deemed NYC in the reassessment or if the student did not approach Ei within five working days with a valid reason for not availing themselves of the reassessment opportunity, then those students will be given a final chance to re-sit the assessment and will be charged at $200.00. After this no further reassessment attempt will be provided to the student and the student has to repeat the whole unit with full fee for the unit as per the fees policy of Ei. The student will be made aware of the impact of repeating the unit on their student visa.

o

If a student is found to be cheating or plagiarising their assessment, a $200.00 reassessment fee

o

If the student is found to be plagiarising or cheating again after conclusion of the Intervention

will be charged for reassessing the assessment within 5 working days. meeting with the Course Co-ordinator, the matter will be referred to the CEO / Operation Manager which may result in the suspension or cancellation of their enrolment Re-Assessment Conditions Ei has intervention strategies, including student support services available to enable students to complete qualification in the expected time frame. Students at risk of not completing within this time frame are identified as early as possible and an intervention strategy is put in place.

Ei will ensure access to: o

A simulated workplace environment

o

computers, printers and accounting software packages

o

budgets for specific projects, events or operational activities

o

others with whom the individual can discuss budget components; these can be those in an industry workplace who are assisted by the individual during the assessment process

Evidence to be submitted by the student:

Completed written responses to the questions in the Project for this assessment task.



Submission of completed Budget template provided for this task.

Assessment Decision Making Rules Your assessor will assess the evidence submitted for the following elements, performance criteria, performance evidence and knowledge evidence to confirm that the student evidence submitted demonstrates validity, sufficiency, authenticity and confirms current skills and knowledge relevant to the unit of competency. Your assessor will be looking for the following in this assessment task:

Allocate budget resources



Monitor financial activities against budget



Identify and evaluate options for improved budget performance.



Complete financial and statistical reports



manage a budget for a business over a three-month period that meets the specific business’ needs



undertake at least two of the following to inform management of the above budget: o

discussions with existing suppliers

o

evaluation of staffing and rostering requirements

o

evaluation of impact of potential roster changes

o

review of operating procedures

o

sourcing new suppliers



monitor income and expenditure and evaluate budgetary performance over the above budgetary life cycle



complete financial reports related to the above budget within designated timelines and using correct



types of financial records: bank deposit documentation, bank statements, banking summaries, business

budget terminology. activity statements, cheque books, credit card transaction statements, invoices, journal entries, labour and wages reports, merchant statements, merchant summaries, transaction reports 

types of budgets: cash budgets, cash flow budgets, departmental budgets, event budgets, project budgets purchasing budgets, sales budgets, wage budgets, whole of organisation budgets



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, performance of department, project and/or products and services, sales performance, sales returns, staff costs, stock levels, variance in income and/or expenditure wastage, yield



use, contents of and formats for: budgets, financial reports, statistical reports



budget terminology



specific industry sector and organisation: o

use of budgets to control costs and enhance profitability

o

importance of budget control

o

techniques for maximising budget performance

o

financial reporting procedures and cycles

o

features and functions of accounting software programs used to manage budgets.

SITXFIN003 Manage finances within a ASSESSMENT 1 – PRODUCT BASED CASE STUDY Assessment task: This assessment requires you to manage and report on budgets over a three-month period for a scenario based on a hospitality business. You are required to do the following. • Complete Tasks A and B in this Assessment. • Read the scenario and answer the questions. • Round all dollar values to the nearest whole number when calculating financial information; for example, $12.55 becomes $13, $18.22 becomes $18. • Unless stated otherwise, round all percentages to one decimal point when calculating financial information; for example, 12.55% becomes $12.6%, 18.22% becomes 18.2%. • All budget calculations can be completed manually or using accounting software or computer-based spreadsheet software, such as Microsoft Excel or Google Sheets. Case study The Jackson hotel has a bistro, two bars (public and sports), a drive-through and walk-in bottle shop and TAB situated beside the sports bar. You are the manager of JJ’s Bistro. It seats 210 people and is open for lunch and dinner, seven days a week. The hotel promotes a family environment and has a playroom for younger children and an activity centre for pre-teens containing electronic and other games. These glass walled areas are within view of customers seated in the rear section of the bistro. The hotel’s management team develop an operational budget for the business based on previous budgets, anticipated business and any special projects, such as renovations or new products. Each operational area within the hotel is given a departmental budget based on organisational goals and their anticipated revenue and expenses. Budgets are developed on a quarterly basis. Each department has quarterly and monthly budget targets. Monthly budgets can be adjusted during a quarterly cycle if circumstances within the department change. The following events have taken place during the April budget period. 

Prices for meat, fruit and vegetables have increased as a result of recent drought in some regions and floods or storms in others.

 Assessment 1 - Product Based © Didasko Digital 2016 www.didasko.com

Prices for many wines have fallen due to a surplus in the market. Version: 1.0

Created: July 2016

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SITXFIN003 Manage finances within a 

Bee

wine supplier has been running an in-house promotional

r

campaign, with staff product knowledge training provided to help

pric

increase sales.

es hav



The bistro menu changes to the new winter menu on May 1st. Its introduction is being promoted in April throughout the hotel.

e rise n slig htly, agai n due to the dro ught lead ing to shor tage s of ingr edie nts and an incr eas e in gov ern men t taxe s. 

A m ajo r

Assessment 1 - Product Based © Didasko Digital 2016 www.didasko.com

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Created: July 2016

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Task A: Monitor budgets  Use the Budget template provided for this task.  Answer all questions based on the contents and outcomes of the Jackson Hotel operational budget – June quarter. Q1: List the hotel’s financial commitments under their correct cost category. Name at least two commitments for each category Variable direct costs

  

Food Purchase Beverage Purchase Wages

  

Utilities Bank charges Laundry

Variable indirect costs

Fixed indirect costs 

Rubbish Removal



Insurance

Q2: Name the top four cost categories the business has allocated the most funds too in this budget period.



Food Purchase, Beverage Purchases, Utilities and wages

Q3: Why have significant funds been allocated to these categories? Discuss their importance to the business and consequences if inadequate funds are allocated. 

Planning on spending and income



To set target or goals for business



June Quarter is achieved from the previous years actual to budget for current year

Q4: Using the Budgets templates refer to the Bistro departmental budget – April. You are holding a team meeting to discuss the financial targets provided in the -rganizational and April bistro budgets. What information do you need to communicate to the team to ensure they understand the targets and goals to be achieved?

  

Budgeted target Sales and control Expenses The improvement of the budget (what we can save on and where can we save or how)

Q5: What techniques can you use to prom...