BSBFIM501 Manage budgets and financial plans Part 1: Short answer questions You may access any reference you choose to help you complete the questions, provided you translate the content into your own words. This Question has three sections and you need to answer all the parts. 1.1 Financial records must meet a number of management requirements for both sole traders and companies. Explain the financial record keeping and audit requirements for the retention of financial records. (Your response should be approximately 100-150 words.) 1.2 You are managing a small business employing four staff members with a turnover greater than $100,000 per annum. Identify and explain a minimum of four legislative areas that impact on the organisations financial obligations, including GST. (Your response should be approximately 200 - 300 words.) 1.3 Recommend three strategies a manager could use to disseminate details of the financial plans to their team members. (Your response should be approximately 50-100 words)