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Pre-Assessment Checklist: Task 3 - Project The purpose of this checklist The pre-assessment checklist helps students determine if they are ready for assessment. The trainer/assessor must review the checklist with the student before the student attempts the assessment task. If any items of the checklist are incomplete or not clear to the student, the trainer/assessor must provide relevant information to the student to ensure they understand the requirements of the assessment task. The student must ensure they are ready for the assessment task before undertaking Section 1: Information for Students Make sure you have completed the necessary prior learning before attempting this assessment. Make sure your trainer/assessor clearly explained the assessment process and tasks to be completed. Make sure you understand what evidence is required to be collected and how. Make sure you know your rights and the Complaints and Appeal process. Make sure you discuss any special needs or reasonable adjustments to be considered during the assessment (refer to the Reasonable Adjustments Strategy Matrix and negotiate these with your trainer/assessor). Make sure that you have access to a computer and the internet (if you prefer to type the answers). Make sure that you have all the required resources needed to complete this assessment task. The due date of this assessment task is in accordance with your timetable. In exceptional (compelling and compassionate) circumstances, an extension to submit an assessment can be granted by the trainer/assessor. Evidence of the compelling and compassionate circumstances must be provided together with your request for an extension to submit your assessment work. The request for an extension to submit your assessment work must be made before the due date. Section 2: Reasonable adjustments I confirm that I have reviewed the Reasonable Adjustments guidelines and criteria as provided in Appendix A and attached relevant evidence as required and select the correct checkbox. II do require reasonable adjustment I do not require reasonable adjustment Declaration (Student to complete) I confirm that the purpose and procedures of this assessment task has been clearly explained to me. O I confirm that I have been consulted about any special needs I might have in relation to the assessment process. O I confirm that the criteria used for this assessment has been discussed with me, as have the consequences and possible outcomes of this assessment. O I confirm I have accessed and understand the assessment information as provided in the Training Organisation's Student Handbook. al confirm I have been given fair notice of the date, time, venue and/or other arrangements for this assessment. I confirm that I am ready for assessment. Student Name: Student Signature: - Version Number: 10 (Review date: 01/06/2022) Unit Code: FNSORG501 Page 1 of 43 Assessment method-based instructions and guidelines: Project Assessment type Project - Manage budget and financial plans Instructions provided to the student: Assessment task description: This is the third (3) assessment task you must successfully complete to be deemed competent in this unit of competency. This assessment task requires you to complete a project. You are required to manage budget and financial plans in this assessment task. You must attempt all criteria to the required level, e.g. Assessment criteria mentioned in the performance checklist to be deemed satisfactory in this task You must manage budget and financial plans by following all given instructions for your trainer/assessor to assess your competency in this assessment task. You will receive your feedback within two weeks - you will be notified by your Trainer/Assessor when results are available. You must attempt all activities of the project for your trainer/assessor to assess your competency in this assessment task. . Applicable conditions: . This project is untimed and is conducted as an open book assessment (this means you are able to refer to your textbook). You must read and respond to all the criteria of the project You may handwrite/use computers to answer the criteria of the project. You must complete the task independently. No marks or grades are allocated for this assessment task. The outcome of the task will be Satisfactory or Not Satisfactory. As you complete this assessment task, you are predominately demonstrating your practical skills, techniques and knowledge to your trainer/assessor. The trainer/assessor may ask you relevant questions on this assessment task to ensure that this is your own work. Resubmissions and reattempts: Where a student's answers are deemed not satisfactory after the first attempt, a resubmission attempt will be allowed. The student may speak to their trainer/assessor if they have any difficulty in completing this task and require reasonable adjustments. For more information, please refer to the Training Organisation's Student Handbook. Location: This assessment task may be completed in: o a classroom learning management system (i.e. Moodle), workplace, or an independent learning environment. Version Number: 10 (Review date: 01/06/2022) Unit Code: FNSORG501 Page 2 of 43 Your trainer/Assessor will provide the student with further information regarding the location for completing this assessment task. Purpose of the assessment This assessment task is designed to evaluate your following skills and abilities: Skill to access budget/financial plans for the team and clarifying the budget/financial plan with relevant personnel to ensure that the outcomes are achievable, accurate and comprehensible. skill to negotiate any changes to the budget/financial plan with relevant personnel and to prepare a contingency plan if the initial plans are varied. Reading skills to collect, review, interpret/understand and analyse/review text-based business information from a rangeumber of sources. Written and oral/speech communication skills to organise and deliver information to effectively communicate budget and financial plans to a range of stakeholders/interested people. Numeracyumbers- mathematical skills to interpret/understand mathematical data when reviewing and analysing scenario/setting-situation business information. Task instructions This is an individual assessment. This assessment task requires you to assume/ take on the role of a Budget Manager. You must document your outcomes in the template provided. The role of the Finance Manager will be played by your trainer/assessor. The student must use MS Excel to prepare financial statements. You will be assessed on the performance as per the performance criteria and checklist provided The student must be concise, to the point and write answers according to the given word limit to each question and not provide irrelevant information. You must write your responses in your own words. You will be required to complete all parts of this assessment task. Version Number: 10 (Review date: 01/06/2022) Unit Code: FNSORG501 Page 3 of 43 Assessment Task 3 - Project Project Suppose you are allocated as a general manager at Big Red Bicycle Pty Ltd. As per the company policy, you are responsible for monitoring and recording expenditure each month. The finance department has provided you with a Master Budget for year 2018/2019. Q2 Q3 Q4 77,500 25,000 17,500 17,500 50,000 1,000,000 100,000 50,000 700,000 100,000 Master budget with profit projections Big Red Bicycle Pty Ltd Master Budget/Financial plan FY 2018/2019 FY Q1 REVENUE Commissions (2.5% 17,500 sales) Direct wages fixed 200,000 50,000 Sales 3,100,000 700,000 Cost of Goods Sold 400,000 100,000 Gross profit 2,422,500 532,500 EXPENSES General Administrative Expenses Accounting fees 20,000 5,000 Legal fees 5,000 1,250 Bank charges 600 150 Office supplies 5,000 1,250 Postage & printing 400 100 50,000 700,000 100,000 532,500 825,000 532,500 | 5,000 1,250 150 1,250 100 5,000 1,250 150 1,250 100 5,000 1,250 150 1,250 100 125 125 125 125 2,500 2,500 45,000 2,500 2,000 2,500 2,000 6,250 1,000 6,250 6,250 6,250 50,000 50,000 50,000 50,000 11,875 11,875 11,875 11,875 Dues & subscriptions 500 Telephone 10,000 Repair 50,000 maintenance Payroll tax 25,000 Marketing Expenses Advertising 200,000 Employment Expenses Superannuation 47,500 Wages & salaries 500,000 Staff amenities 20,000 Occupancy Costs Electricity 40,000 Insurance 100,000 Rates 100,000 Rent 200,000 Petty cash 1,000 Water 30,000 Waste removal 50,000 TOTAL EXPENSES 1,405,000 125,000 125,000 125,000 125,000 5,000 5,000 5,000 5,000 10,000 25,000 25,000 50,000 300 7,500 12,500 10,000 25,000 25,000 50,000 300 7,500 12,500 340,800 10,000 25,000 25,000 50,000 200 7,500 12,500 340,700 10,000 25,000 25,000 50,000 200 7,500 12,500 339,700 383,800 Version Number: 10 (Review date: 01/06/2022) Unit Code: FNSORG501 Page 4 of 43 NET PROFIT (BEFORE INTEREST 1,017,500 & TAX) 148,700 484,200 191,800 192,800 305,250 44,610 145,260 57,540 57,840 Income Tax Expense (30% Net) NET PROFIT AFTER TAX 712,250 104,090 338,940 134,260 134,960 Sales cost centre expense budget Sales Centre A Sales Centre B Sales Centre C Commissions Wages Telephone Office supplies $30,000 $150,000 $4,500 $1,500 $15,000 $75,000 $2,250 $750 $15,000 $75,000 $2,250 $750 Note that the company deems a standard variance in budgets of up to 5% acceptable. The company faced the following issues during the first quarter of the financial budget: Poor sales due to an economic downturn. The sales have declined by 20% for the first quarter. Cost of goods sold remained the same. The government has changed the minimum wages by 3%. This has led to an increase in wage expense. (All the wages after June 2018 are to be calculated 3% extra). To tackle these issues, the board of directors of the company arranged a meeting and have decided to implement the following negotiations: Increase advertisement budget by 15% and invest this amount in promoting the company products on social media. They think that this will increase the sales of the company and they will ts. The advertisement expense will occur from the second quarter onwards. Reduce repair and maintenance cost by 10%. However, the repair and maintenance cost for the first quarter cannot be changed. Task: Based on the above-given negotiations, the board of directors have given you the task to revise the budget considering the negotiations (sales to remain the same). The management wants to know what consequences they will face if they implement the budget considering these negotiations. You are required to: Part A: Follow template 1 and complete the following using MS Excel: Revise the budget and document the outcomes that are to be achieved after each quarter. Check expenditures for each quarter and provide appropriate responses to control costs. (Use appropriate processes to monitor actual expenditure and to control costs) Identify the cost variations and expenditure overruns for each quarter. Version Number: 10 (Review date: 01/06/2022) Unit Code: FNSORG501 Page 5 of 43 Template 1: Revised Master budget with profit projections Big Red Bicycle Pty Ltd Master Budget FY 2018/2019 Var and exp 0 Var and exp overrun Var and exp overrun FY Var and exp overrun overrun 03 QZ Q4 REVENUE Commissions (2.5% sales) Direct wages fixed Sales Cost of Goods Sold Gross profit EXPENSES General & Administrative Expenses Accounting fees Legal fees Bank charges Office supplies Postage & printing Dues & subscriptions Telephone Repair & maintenance Payroll tax Marketing Expenses Advertising Employment Expenses Superannuation Wages & salaries Staff amenities Occupancy Costs Electricity Insurance Rates Rent Petty cash Version Number: 10 (Review date: 01/06/2022) Unit Code: FNSORG501 Page 6 of 43 Water Waste removal TOTAL EXPENSES NET PROFIT (BEFORE INTEREST & TAX) Income Tax Expense (25% Net) NET PROFIT AFTER TAX Version Number: 10 (Review date: 01/06/2022) Unit Code: FNSORG501 Page 7 of 43 Part B: Clarify with the Finance Manager (your trainer/assessor), if the budget/financial plan is: achievable? o accurate? O comprehensive? (Document in template 2) Template 2: Yes/No If No, provide a reason. If the budget plan is: achievable? accurate? comprehensive? Unit Code: FNSORG501 Page 8 of 43 Part C: Based on the revised budget: Identify the risks based on the negotiations and variations in the revised master budget (financial plan/budget). /*Negotiations are given in the case study*/ Complete the Contingency plan template. (template 3) Template 3: Contingency Plan Template Contingency plan Company name: Person Developing the plan: Name: Position: Risk identified: Strategies/activities to minimise the risk By when By whom Unit Code: FNSORG501 Page 9 of 43 Part D: Assume that for the first two-quarters of the financial budget, there were no further variations in the implementation in the budget. However, there are two customers that have bought products from the company, and their payments are still due. As per the company policy and procedures if the debts are not paid for a period of 60 days, then they are to be written as bad debts. . On 21 October 2018, Damsons Itd purchased bicycles and have not made any payments. The total amount on the invoice due is $4,800. On 29 October 2018, Ping Itd purchased spare parts of the bicycles for $3,200 and have not cleared the invoice. Based on the above-given information, prepare the following financial statements using MS Excel. Ageing summaries, ofit and loss statements When preparing the financial statements using MS Excel, you must follow the templates provided below. Ageing summary template: Customer Name Total A/R 0-30 Days 31-60 Days 61-90 Days 90+ Days Damsons Itd Ping Itd Profit and loss template: Quarter 1 Quarter 2 Cash flow REVENUE Commissions (2.5% sales) Direct wages fixed Sales Cost of Goods Sold Gross profit EXPENSES General & Administrative Expenses Accounting fees Legal fees Bank charges Office supplies Postage & printing Dues & subscriptions Telephone Repair & maintenance Payroll tax Unit Code: FNSORG501 Page 10 of 43 Part E: You are a management accountant working for a company called BHP, which manufactures iron ore. BHP's investment to progress the development of ground-breaking technology to reduce carbon emissions from smelter. The following three years forecast, were prepared by your last management accountant but are incomplete and require some adjustments are as follows, BHP forecast statements of comprehensive income for the year ended 31 December, $K 2016 $1,560 950 $610 Revenue Cost of sales Gross profit $K 2017 1638 997 $641 $K 2018 1720 1047 $673 $K 2019 1806 1100 $706 Less Less Operating expenses 325 325 325 325 Less Profit from operations interest Profit after Tax taxation 285 30 255 77 348 30 318 381 30 351 286 Less Net profit Less 178 286 318 351 68 0 Dividend Retained profit Reserves B/f Reserves C/f 110 128 286 238 524 318 524 841 351 841 1192 238 Forecast statement of Financial position at 31st December 2016 750 Non-Current assets (net book value) Current assets (CA) Inventories Receivables Cash and bank Total assets 326 192 50 1318 Financing Ordinary share capital (ordinary shares of $1) Retained profits to 30 December 2015 Retentions for the year to 31 December 2016 10% loan note redeemable 2020 500 128 110 300 1038 Current liabilities Unit Code: FNSORG501 Page 12 of 43 Trade payables Other payables (including tax and dividends) Total equity and liabilities 135 145 1318 The following information is not reflected in the forecasts A) Investment decision The company plans to purchase new machinery (for Smelting division) to the value of $500,000 during 2017, to be depreciated straight line for 10 years. The company charges a full year's depreciation in the first three years of the purchase of its assets. Tax allowable depreciation at 25% of the reducing balance is available on this expenditure. B) Dividend decision The company plans to continue paying dividends, growing at 25% per year in each of the following financial years. C) As a result of the investment in new machinery, revenue and cost of sales are expected to increase by 10% in each of the financial years ending 31st December 2017, 2018, and 2019. Operating expenses are expected to increase by 5% each year. D) Taxation has not yet been calculated beyond the current year. The company expects to continue to be liable for tax at a marginal rate of 30%. You can assume that tax is paid or refunded 12 months after the year-end. E) The ratios of receivables to sales and trade payables to cost of sales will remain the same for the next three years. F) Noncurrent assets comprise land and buildings, for which no depreciation is provided. Other assets used by the company, such as machinery and vehicles, are hired on operating leases. G) Inventory was purchased for $35000 at the beginning of 2017. The value of inventory after this purchase i.d. expected to remain at $ 361,000 for the foreseeable future. H) No decision has been made on the type of finance to be used for the expansion programme. The company's directors believe that they can raise new medium-term secured bonds if necessary. The company has drawn up new financial objectives, which include the following. 1. To earn a pre-tax return on the closing book value of shareholders' funds of 35% pa 2. To increase dividends per share by 25% per year 3. To have debt/equity ratios at or below 50% 4. To increase earnings per share by 10% per year. Required: Unit Code: FNSORG501 Page 13 of 43 1.Revise the forecast statements of the comprehensive income statement and prepare a schedule of equity and debt 2. Calculate whether the company is likely to meet its stated financial objectives for these three years 3. Prepare cash flow forecasts for the years 2017,2018 and 2019 and estimates the number of funds that the company will need to raise to finance its operations. Note: The student must use MS Excel to prepare financial statements. Unit Code: FNSORG501 Page 14 of 43 Performance checklist- Trainer/ Assessor to complete: Student Name Unit of Competency FNSORG501 - Develop and manage a budget Procedure Manage budget and financial plans During the project did the student do the following: Yes No Successfully accessed the budget/financial plans for the work team. . Considered the issues faced by the company during the first quarter of the financial year. Checked for negotiations. Successfully documented outcomes that are to be achieved after every quarter. Revised the budget and documented the outcomes that are to be achieved after each quarter. Identified the cost variations and expenditure overruns for each quarter. Clarified with the Finance manager, if the budget/financial plan is: o achievable? o accurate? o comprehensive? Identified the risks based on the negotiations and variations in the revised master budget (financial plan/budget). Unit Code: FNSORG501 Page 15 of 43 Prepared the financial statements using the templates provided. Followed the company policy and procedures to record bad debts. Entered the correct information in the financial statements. Satisfactory The student's performance was: Not Yet Satisfactory Feedback to student: Student signature Observer signature Unit Code: FNSORG501 Page 16 of 43 Assessment Results Sheet Outcome First attempt: Outcome (make sure to tick the correct checkbox): Satisfactory (S) or Not Satisfactory (NS) O Date: __ (day)/ __ (month)/ - _(year) Feedback: Second attempt: Outcome (make sure to tick the correct checkbox): Satisfactory (S) O or Not Satisfactory (NS) O _(year) Date: ___(day)/ ___(month) - 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. Unit Code: FNSORG501 Page 17 of 43 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 Trainer/Assessor Name Trainer/Assessor Declaration I hold: Vocational competencies at least to the level being delivered Current relevant industry skills Current 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 current, sufficient, valid and reliable. I declare that I have conducted a fair, valid, reliable, and flexible assessment. I have provided feedback to the student. Trainer/ Assessor Signature Date Office Use Only The outcome of Assessment has been entered into the Student Management System on-- (insert date) by (insert Name) Unit Code: FNSORG501 Page 18 of 43 Pre-Assessment Checklist: Task 4 - Project The purpose of this checklist The pre-assessment checklist helps students determine if they are ready for assessment. The trainer/assessor must review the checklist with the student before the student attempts the assessment task. If any items of the checklist are incomplete or not clear to the student, the trainer/assessor must provide relevant information to the student to ensure they understand the requirements of the assessment task. The student must ensure they are ready for the assessment task before undertaking Section 1: Information for Students Make sure you have completed the necessary prior learning before attempting this assessment. Make sure your trainer/assessor clearly explained the assessment process and tasks to be completed. Make sure you understand what evidence is required to be collected and how. Make sure you know your rights and the Complaints and Appeal process. Make sure you discuss any special needs or reasonable adjustments to be considered during the assessment (refer to the Reasonable Adjustments Strategy Matrix and negotiate these with your trainer/assessor). Make sure that you have access to a computer and the internet (if you prefer to type the answers). Make sure that you have all the required resources needed to complete this assessment task. The due date of this assessment task is in accordance with your timetable. In exceptional compelling and compassionate) circumstances, an extension to submit an assessment can be granted by the trainer/assessor. Evidence of the compelling and compassionate circumstances must be provided together with your request for an extension to submit your assessment work. The request for an extension to submit your assessment work must be made before the due date. Section 2: Reasonable adjustments I confirm that I have reviewed the Reasonable Adjustments guidelines and criteria as provided in Appendix A and attached relevant evidence as required and select the correct checkbox. I do require reasonable adjustment I do not require reasonable adjustment Declaration (Student to complete) O I confirm that the purpose and procedures of this assessment task has been clearly explained to me. I confirm that I have been consulted about any special needs I might have in relation to the assessment process. O I confirm that the criteria used for this assessment has been discussed with me, as have the consequences and possible outcomes of this assessment. I confirm I have accessed and understand the assessment information as provided in the Training Organisation's Student Handbook. I confirm I have been given fair notice of the date, time, venue and/or other arrangements for this assessment. I confirm that I am ready for assessment. Student Name: Unit Code: FNSORG501 Page 19 of 43 Student Signature: instructions and Assessment method-based guidelines: Project Assessment type Project - Present the findings and revise the budget Instructions provided to the student: Assessment task description: This is the third (3) assessment task you must successfully complete to be deemed competent in this unit of competency. This assessment task requires you to complete a project. You are required to present the findings and revise the budget in this assessment task. You must attempt all criteria to the required level, e.g. Assessment criteria mentioned in the performance checklist to be deemed satisfactory in this task You must manage budget and financial plans by following all given instructions for your trainer/assessor to assess your competency in this assessment task. You will receive your feedback within two weeks - you will be notified by your Trainer/Assessor when results are available. You must attempt all activities of the project for your trainer/assessor to assess your competency in this assessment task. . Applicable conditions: This project is untimed and is conducted as an open book assessment (this means you are able to refer to your textbook). You must read and respond to all the criteria of the project. You may handwrite/use computers to answer the criteria of the project. You must complete the task independently. No marks or grades are allocated for this assessment task. The outcome of the task will be Satisfactory or Not Satisfactory. As you complete this assessment task, you are predominately demonstrating your practical skills, techniques and knowledge to your trainer/assessor. The trainer/assessor may ask you relevant questions on this assessment task to ensure that this is your own work. Resubmissions and reattempts: Where a student's answers are deemed not satisfactory after the first attempt, a resubmission attempt will be allowed. The student may speak to their trainer/assessor if they have any difficulty in completing this task and require reasonable adjustments. For more information, please refer to the Training Organisation's Student Handbook. . | Location: Unit Code: FNSORG501 Page 20 of 43 This assessment task may be completed in: a classroom learning management system (i.e. Moodle), workplace, or an independent learning environment. Your trainer/Assessor will provide the student with further information regarding the location for completing this assessment task. Purpose of the assessment This assessment task is designed to evaluate your following skills and abilities: Skill to disseminate the relevant details of financial/budget plan to team members and providing them support to ensure that they can perform competently in their respective roles. Skill to determine and access resources and systems to manage the financial management process. Reading skills to collect, review, interpret/understand and analyse/review text-based business information from a rangeumber of sources. Written and oral/speech communication skills to organise and deliver information to effectively nmunicate budget and financial plans to a range of stakeholders/interested people. Numeracyumbers- mathematical skills to interpret/understand mathematical data when reviewing and analysing scenario/setting-situation business information. Task instructions This is an individual assessment. This task will require the student to participate in a role-play, assuming the role of a Budget Manager at the organisation of his/her choice. For part A of this assessment task, the student is required to prepare a presentation based on assessment task 3. Your trainer/assessor will play multiple roles based on scenarios and will allocate the roles as required. Time-limit to complete part B is 10-15 minutes. For part 3, the student must MS Excel to revise the budget. Your trainer/assessor will assess the performance based on the template provided. Unit Code: FNSORG501 Page 21 of 43 Assessment Task 4 - Project Project This assessment task is a continuation of the previous assessment task. Part 1: Considering the outcomes of the previous assessment task, you will be required to present the following to the management: Areas/quarter of the financial budget that is not achievable. Negotiations in the financial budget Impact of these negotiations Areas that need adjustment to make improvements in the team budget/financial plan Cost variations and expenditure overruns for each quarter Contingency plan Ageing summaries, cash flow, petty cash, Goods and Services Tax (GST), and profit and loss statements based on the specified budget. You must prepare 8-10 presentation slides. Unit Code: FNSORG501 Page 22 of 43 Part 2: Scenario: After delivering the presentation, you are then required to engage in discussion with the CEO and Finance Manager of the company to negotiate the following: Due to decreasing the budget for maintenance and repair cost, some of the machines have not been repaired during the first two quarters. You must negotiate with the Finance manager to increase the funds for maintenance and repair in the master budget/ financial plan by 20%. To increase the overhead cost such as office supplies by 10%. Negotiate this with the CEO. Come to a mutual agreement on the on financial budget/plan. The role of the CEO will be played by your trainer/assessor, and the role of the finance manager will be allocated to the student by your trainer/assessor. If there are an insufficient number of students in the class, then your trainer/assessor will take on multiple roles and switch roles based on requirements. During the discussion/Roleplay: The finance manager will agree to the change as it is an essential cost that must be incurred. Otherwise, this will lead to damage to the machinery. The CEO will obstruct to increase the overhead cost because this will decrease the company's overall profit and with the increased wages, it is not possible for the company to increase the overhead cost by 10%. Unit Code: FNSORG501 Page 23 of 43 Part 3: After the discussion with the finance manager and CEO, it has been agreed that the funds for maintenance and repair in the master budget/ financial plan will be increased by 20% for last two-quarters of the project. You are required to revise the budget and disseminate the details of the changes made in the budget to the team members. You are required to prepare the revised budget using MS Excel. You must follow the template provided below. Revised Master budget with profit projections Big Red Bicycle Pty Ltd Master Budget FY 2018/2019 REVENUE Commissions (2.5% sales) Direct wages fixed Sales Cost of Goods Sold Gross profit EXPENSES General & Administrative Expenses Accounting fees Legal fees Bank charges Office supplies Postage & printing Dues & subscriptions Telephone Repair & maintenance Payroll tax Marketing Expenses Advertising Employment Expenses Superannuation Wages & salaries Staff amenities Occupancy Costs Electricity Insurance Rates Rent Petty cash Water Waste removal TOTAL EXPENSES NET PROFIT (BEFORE INTEREST & TAX) Income Tax Expense (25% Net) NET PROFIT AFTER TAX Unit Code: FNSORG501 Page 24 of 43 Performance Checklist: Trainer/ Assessor to complete: Student Name Unit of Competency FNSORG501 - Develop and manage a budget Procedure During the project, did the student do the following: Yes No a) Presented information regarding revised budget/financial plan prepared as part of assessment task Presented information about financial issues and requirements to a range of audiences using structure and language to suit the audience. b) Engaged in discussion with the CEO and Finance Manager of the company to conduct negotiations. Used a range of strategies to connect, collaborate and cooperate with CEO and Finance Manager. Negotiate with the Finance Manager and CEO to increase the funds for maintenance and office supplies. Came to mutual agreement. c) Revised the budget and disseminate the details of the changes made in the budget to the team members d) Provided them with the support by briefing them on their responsibilities for each role and how they can achieve the expected outcomes from the budget. Unit Code: FNSORG501 Page 25 of 43 e) Determined resources and systems to manage financial management processes within the work team. Satisfactory The student's performance was: Not Yet Satisfactory Feedback to student: Student signature Observer signature Unit Code: FNSORG501 Page 26 of 43 Assessment Results Sheet Outcome First attempt: Outcome (make sure to tick the correct checkbox): Satisfactory (S) or Not Satisfactory (NS) O Date: __ (day)/ __ (month)/ - _(year) Feedback: Second attempt: Outcome (make sure to tick the correct checkbox): Satisfactory (S) O or Not Satisfactory (NS) O _(year) Date: ___(day)/ ___(month) - 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. Unit Code: FNSORG501 Page 27 of 43 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 Trainer/Assessor Name Trainer/Assessor Declaration I hold: Vocational competencies at least to the level being delivered Current relevant industry skills Current 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 current, sufficient, valid and reliable. I declare that I have conducted a fair, valid, reliable, and flexible assessment. I have provided feedback to the student. Trainer/ Assessor Signature Date Office Use Only The outcome of Assessment has been entered into the Student Management System on-- (insert date) by (insert Name) Unit Code: FNSORG501 Page 28 of 43 Pre-Assessment Checklist: Task 5 - Project The purpose of this checklist The pre-assessment checklist helps students determine if they are ready for assessment. The trainer/assessor must review the checklist with the student before the student atter task. If any items of the checklist are incomplete or not clear to the student, the trainer/assessor must provide relevant information to the student to ensure they understand the requirements of the nt must ensure they are ready for the assessment task before undertaking Section 1: Information for Students Make sure you have completed the necessary prior learning before attempting this assessment. Make sure your trainer/assessor clearly explained the assessment process and tasks to be co Make sure you understand what evidence is required to be collected and how. Make sure you know your rights and the Complaints and Appeal process. Make sure you discuss any special needs or reasonable adjustments to be considered during the assessment (refer to the Reasonable Adjustments Strategy Matrix and negotiate these with your trainer/assessor). Make sure that you have access to a computer and the internet (if you prefer to type the answers). Make sure that you have all the required resources needed to complete this assessment task. The due date of this assessment task is in accordance with your timetable. In exceptional (compelling and compassionate) circumstances, an extension to submit an assessment can be granted by the trainer/assessor. Evidence of the compelling and compassionate circumstances must be provided together with your request for an extension to submit your assessment work. The request for an extension to submit your assessment work must be made before the due date. Section 2: Reasonable adjustments I confirm that I have reviewed the Reasonable Adjustments guidelines and criteria as provided in Appendix A and attached relevant evidence as required and select the correct checkbox. I do require reasonable adjustment O I do not require reasonable adjustment Declaration (Student to complete) I confirm that the purpose and procedures of this assessment task has been clearly explained to me. 0 I confirm that I have been consulted about any special needs I might have in relation to the assessment process. 0 I confirm that the criteria used for this assessment has been discussed with me, as have the consequences and possible outcomes of this assessment. I confirm I have accessed and understand the assessment information as provided in the Training Organisation's Student Handbook. O I confirm I have been given fair notice of the date, time, venue and/or other arrangements for this assessment. I confirm that I am ready for assessment. Student Name: Unit Code: FNSORG501 Page 29 of 43 Student Signature: instructions and Assessment method-based guidelines: Project Assessment type Project - Review and evaluate financial management processes Instructions provided to the student: Assessment task description: . This is the fifth (5) assessment task you must successfully complete to be deemed competent in this unit of competency. This assessment task requires you to complete a project. You are required to review and evaluate financial management processes in this assessment task. You must attempt all criteria to the required level, e.g. Assessment criteria mentioned in the performance checklist to be deemed satisfactory in this task You must review and evaluate financial management processes by following all given instructions for your trainer/assessor to assess your competency in this assessment task. You will receive your feedback within two weeks - you will be notified by your Trainer/Assessor when results are available. Applicable conditions: . This project is untimed and is conducted as an open book assessment (this means you are able to refer to your textbook). You must read and respond to all the criteria of the project. may handwrite/use computers to answer the criteria of the project. You must complete the task independently. No marks or grades are allocated for this assessment task. The outcome of the task will be Satisfactory or Not Satisfactory. As you complete this assessment task, you are predominately demonstrating your practical skills, techniques and knowledge to your trainer/assessor. The trainer/assessor may ask you relevant questions on this assessment task to ensure that this is your own work. Resubmissions and reattempts: Where a student's answers are deemed not satisfactory after the first attempt, a resubmission attempt will be allowed. The student may speak to their trainer/assessor if they have any difficulty in completing this task and require reasonable adjustments. For more information, please refer to the Training Organisation's Student Handbook. . Location: Unit Code: FNSORG501 Page 30 of 43 This assessment task may be completed in: a classroom learning management system (i.e. Moodle), workplace, or an independent learning environment. Your trainer/Assessor will provide the student with further information regarding the location for completing this assessment task. Purpose of the assessment This assessment task is designed to evaluate your following skills and abilities: Skill to collect, collate and analyse data on the effectiveness of the financial management process within the work team and identify, document and recommend any improvements to the existing process. Skill to implement and monitor the agreed improvements in line with the financial objectives of the work team and the organisation. Skill skills to collect, review, interpret/understand and analyse/review text-based business information from a rangeumber of sources. Written and oral/ speech communication skills to organise and deliver information to effectively communicate budget and financial plans to a range of stakeholders/interested people. Numeracyumbers- mathematical skills to interpret/understand mathematical data when reviewing and analysing scenario/setting-situation business information. Task instructions . This is an individual assessment. This assessment task is in continuation with part E of assessment task 3. This assessment task requires you to assume/ take on the role of a Budget manager. You must prepare an evaluation report of the financial management processes as per the template provided. . The report must be of 600-800 words in length, using 11-point font, double-spaced, and must include a cover page, table of contents, introduction, body, summary or conclusion, and works cited. Unit Code: FNSORG501 Page 31 of 43 Unit Code: FNSORG501 Page 32 of 43 Assessment Task 5 - Project Project This task is in continuation of part E of assessment task 3. To complete this task, you will require the financial statements prepared as part of assessment task 2. Considering those financial statements (cash flow forecast and forecasted income statement), you will be required to review and evaluate these financial management processes with the work team. Your trainer, along with another student, will form a team with you. Your team will have 3 team members. You will then be required to analyse the following: Cash flow statement: Identify how much cash flowed into the business in the fourth quarter. Deduce the source of finance most appropriate for this business, starting in quarter 3. Identify how much cash the business had in its account at the end of the cash flow statement period. Identify the quarter in which the business had the highest level of cash inflow. Identify the quarter in which the business had the highest level of cash outflow. Income statement Evaluate the legal structure of this business. Identify items that would be included under Financial Expenses. Calculate the tax liabilities for this business in 2019. O Financial ratios Current ratio (working capital ratio) o Debt to equity ratio o Return on equity (ROE) After analysing the financial management processes of the organisation, you will then be required to prepare a report for the board of directors (trainer/assessor) that must include the following: Outcomes of analysis of cash flow statement. Outcomes of analysis of income statement. Outcomes of financial rations. Your recommendations for improvement in the existing process. Implement the improvements in Contingency plan and attach to the report. Record-keeping requirements for the Australian Taxation Office (ATO) and for auditing purposes Unit Code: FNSORG501 Page 33 of 43 Template for the report: Evaluation report of the financial management processes A cover sheet of the unit of competency Version control information Disclaimer and Acknowledgement An introduction to the project List of symbols and their explanations Table of contents The main body of the report covering the following topics: Outcomes of analysis of cash flow statement. Outcomes of analysis of income statement. Outcomes of financial rations. Your recommendations for improvement in the existing process. Implement the improvements in Contingency plan and attach to the report Record-keeping requirements for the Australian Taxation Office (ATO) and for auditing purposes Summary and review Glossary References Unit Code: FNSORG501 Page 34 of 43 Performance Checklist- Trainer/ Assessor to complete: Student Name Unit of Competency FNSORG501 - Develop and manage a budget Procedure Evaluation report of the financial management processes During the project, did the student do the following: Yes No Appropriate coverage of all the elements of the template on report writing The overall effectiveness of the report (Interesting, informative, and interactive) Aptly collected and collated the data and information on the effectiveness of the financial management process. Successfully analysed the data and information on the effectiveness of the financial management process and correctly documented the outcomes. Documented improvements were correct and demonstrated the student's knowledge of concepts. Successfully identified the documents required for ATO and auditing purpose. Unit Code: FNSORG501 Page 35 of 43 Satisfactory The student's performance was: Not Yet Satisfactory Feedback to student: Student signature Observer signature Appendix A: Reasonable Adjustments Write (task name and number) where reasonable adjustments have been applied: Reasonable Adjustments Students with carer responsibilities, cultural or religious obligations, English as an additional language, disability etc. can request for reasonable adjustments. Please note, academic standards of the unit/course will not be lowered to accommodate the needs of any student, but there is a requirement to be flexible about the way in which it is delivered or assessed. The Disability Standards for Education requires institutions to take reasonable steps to enable the student with a disability to participate in education on the same basis as a student without a disability. The trainer/assessor must complete the section below "Reasonable Adjustment Strategies Matrix" to ensure the explanation and correct strategy have been recorded and implemented. The trainer/assessor must notify the administration/compliance and quality assurance department for any reasonable adjustments made All evidence and supplementary documentation must be submitted with the assessment pack to the administration/compliance and quality assurance department. Reasonable Adjustment Strategies Matrix (Trainer/Assessor to complete) Category Possible Issue LLN Speaking Reading Writing Confidence Reasonable Adjustment Strategy (select as applicable) Verbal assessment Presentations Demonstration of a skill Use of diagrams Use of supporting documents such as wordlists Unit Code: FNSORG501 Page 36 of 43 Reasonable Adjustment Strategies Matrix (Trainer / Assessor to complete) Non- English Speaking Background Speaking Reading Writing Cultural background Confidence Indigenous Knowledge and understanding Flexibility Services Inappropriate training and assessment Educational background Limited study skills Discuss with the student and supervisor (if applicable) whether language, literacy and numeracy are likely to impact on the assessment process Use methods that do not require a higher level of language or literacy than is required to perform the job role Use short sentences that do not contain large amounts of information Clarify information by rephrasing, confirm understanding Read any printed information to the student Use graphics, pictures and colour coding instead of, or to support, text Offer to write down, or have someone else write, oral responses given by the student Ensure that the time available to complete the assessment, while meeting enterprise requirements, takes account of the student's needs Culturally appropriate training Explore understanding of concepts and practical application through oral assessment Flexible delivery Using group rather than individual assessments Assessment through completion of practical tasks in the field after demonstration of skills and knowledge. Make sure font size is not too small Trainer/Assessor should refer to the student's experience D Ensure that the time available to complete the assessment takes account of the student's needs Provision of information or course materials in an accessible format. Changes in teaching practices, e.g. wearing an FM microphone to enable a student to hear lectures Supply of specialised equipment or services, e.g. a note-taker for a student who cannot write Changes in lecture schedules and arrangements, e.g. relocating classes to an accessible venue Changes to course design, e.g. substituting an assessment task Modifications to the physical environment, e.g. installing lever taps, building ramps, installing a lift Age Unit Code: FNSORG501 Page 37 of 43 Reasonable Adjustment Strategies Matrix (Trainer/Assessor to complete) Educational background Discuss with the Student previous learning experience Ensure learning and assessment methods meet the student's individual need Reading Writing Numeracy Limited study skills and/or learning strategies Disability Identify the issues Create a climate of support Ensure access to support that the student has agreed Reading Writing Numeracy Limited study skills and/or learning strategies Appropriately structure the assessment Provide information or course materials in an accessible format, e.g. a textbook in braille Changes in teaching practices, e.g. wearing an FM microphone to enable a student to hear lectures Supply of specialised equipment or services, e.g. a note-taker for a student who cannot write Changes in lecture schedules and arrangements, e.g. relocating classes to an accessible venue Changes to course design, e.g. substituting an assessment task Modifications to the physical environment, e.g. installing lever taps, building ramps, installing a lift Unit Code: FNSORG501 Page 38 of 43 Explanation of reasonable adjustments strategy used Trainer/Assessor Name Trainer/Assessor Declaration I declare that I have attached all relevant evidence to provide reasonable adjustment. The training package guidelines and criteria have not been compromised in the process of providing reasonable adjustment to the student. I declare that I have conducted a fair, valid, reliable, and flexible assessment. I have provided explanation of reasonable adjustments strategy used, as required. Trainer/Assessor Signature Date Unit Code: FNSORG501 Page 39 of 43 Appendix B: Learner Evaluation Form Please complete this evaluation form as thoroughly as you can, in order for us to continuously improve our training quality. The purpose of the evaluation form is to evaluate the areas below: logistics and support facilitation training material assessment Your honest and detailed input is therefore, of great value to us, and we appreciate your assistance in completing this evaluation form! Unit of Competency Name Trainer / Assessor Name Dates of Training Student Name (Optional) Employer/Worksite (if applicable) Date of Evaluation A No. Logistics and Support Evaluation Criteria/Question Strongly Disagree Disagree Strongly Agree Neutral Agree The communication regarding the required attendance and time to study to pass this unit was correct The staff were efficient and helpful. The training equipment and material used was effective and prepared. The training venue was conducive to learning (set-up for convenience of students, comfortable in terms of temperature, etc.) Additional Comments on Logistics and Support Unit Code: FNSORG501 Page 40 of 43 No. Criteria/ Question Strongly Disagree Disagree Neutral Agree Strongly Agree Trainer/Assessor Evaluation The trainer/assessor was prepared and knowledgeable on the subject of the program The trainer/assessor encouraged student participation and input The trainer/assessor made use of a variety of methods, exercises, activities and discussions The trainer/assessor used the material in a structured and effective manner The trainer/assessor was approachable and respectful of the learners The trainer/assessor was punctual and kept to the schedule The trainer/assessor was easy to understand and used the correct language Additional Comments on Training Unit Code: FNSORG501 Page 41 of 43 No. Criteria/Question Strongly Disagree Disagree Neutral Agree Strongly Agree Learning Evaluation The learning outcomes of the unit are relevant and suitable. The content of the unit was relevant and suitable for the target group The length of the training was suitable for the unit. The learning material assisted in the learning of new knowledge and skills to apply in a practical manner. The learning material was free from spelling and grammar errors Handouts and exercises were clear, concise and relevant to the outcomes and content. Learning material was generally of a high standard, and user- friendly Additional Comments on Learning Evaluation Unit Code: FNSORG501 Page 42 of 43 Unit Code: FNSORG501 Page 43 of 43 Pre-Assessment Checklist: Task 3 - Project The purpose of this checklist The pre-assessment checklist helps students determine if they are ready for assessment. The trainer/assessor must review the checklist with the student before the student attempts the assessment task. If any items of the checklist are incomplete or not clear to the student, the trainer/assessor must provide relevant information to the student to ensure they understand the requirements of the assessment task. The student must ensure they are ready for the assessment task before undertaking Section 1: Information for Students Make sure you have completed the necessary prior learning before attempting this assessment. Make sure your trainer/assessor clearly explained the assessment process and tasks to be completed. Make sure you understand what evidence is required to be collected and how. Make sure you know your rights and the Complaints and Appeal process. Make sure you discuss any special needs or reasonable adjustments to be considered during the assessment (refer to the Reasonable Adjustments Strategy Matrix and negotiate these with your trainer/assessor). Make sure that you have access to a computer and the internet (if you prefer to type the answers). Make sure that you have all the required resources needed to complete this assessment task. The due date of this assessment task is in accordance with your timetable. In exceptional (compelling and compassionate) circumstances, an extension to submit an assessment can be granted by the trainer/assessor. Evidence of the compelling and compassionate circumstances must be provided together with your request for an extension to submit your assessment work. The request for an extension to submit your assessment work must be made before the due date. Section 2: Reasonable adjustments I confirm that I have reviewed the Reasonable Adjustments guidelines and criteria as provided in Appendix A and attached relevant evidence as required and select the correct checkbox. II do require reasonable adjustment I do not require reasonable adjustment Declaration (Student to complete) I confirm that the purpose and procedures of this assessment task has been clearly explained to me. O I confirm that I have been consulted about any special needs I might have in relation to the assessment process. O I confirm that the criteria used for this assessment has been discussed with me, as have the consequences and possible outcomes of this assessment. O I confirm I have accessed and understand the assessment information as provided in the Training Organisation's Student Handbook. al confirm I have been given fair notice of the date, time, venue and/or other arrangements for this assessment. I confirm that I am ready for assessment. Student Name: Student Signature: - Version Number: 10 (Review date: 01/06/2022) Unit Code: FNSORG501 Page 1 of 43 Assessment method-based instructions and guidelines: Project Assessment type Project - Manage budget and financial plans Instructions provided to the student: Assessment task description: This is the third (3) assessment task you must successfully complete to be deemed competent in this unit of competency. This assessment task requires you to complete a project. You are required to manage budget and financial plans in this assessment task. You must attempt all criteria to the required level, e.g. Assessment criteria mentioned in the performance checklist to be deemed satisfactory in this task You must manage budget and financial plans by following all given instructions for your trainer/assessor to assess your competency in this assessment task. You will receive your feedback within two weeks - you will be notified by your Trainer/Assessor when results are available. You must attempt all activities of the project for your trainer/assessor to assess your competency in this assessment task. . Applicable conditions: . This project is untimed and is conducted as an open book assessment (this means you are able to refer to your textbook). You must read and respond to all the criteria of the project You may handwrite/use computers to answer the criteria of the project. You must complete the task independently. No marks or grades are allocated for this assessment task. The outcome of the task will be Satisfactory or Not Satisfactory. As you complete this assessment task, you are predominately demonstrating your practical skills, techniques and knowledge to your trainer/assessor. The trainer/assessor may ask y