Advanced Diploma of Conveyancing BSB61115
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TAFE SA VET ASSESSMENT
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TAFE SA Student Written Assessment Version 3.0 ©TAFE SA
RTO CODE 41026 | CRICOS 00092B
STUDENT WRITTEN ASSESSMENT
| Business Unit/Work Group | BJIT- Justice and Finance |
| Qualification Code | BSB61115 |
| Qualification Title | Advanced Diploma of Conveyancing |
| Unit Code/s | BSBFIM501 |
| Unit Title/s | Manage Budgets and Financial Plans |
| Assessment Task Title | Unsupervised Assessment |
| Assessment Submission Method |
Submission Method Tick HereBy hand to trainer/assessorBy email to trainer/assessorBy Australia Post to RTOOnline submission via TAFESA LEARN |
| Assessment type: | Written Assessment (To be completed using Microsoft Word, Excel and Skype) |
| Student Declaration | i. I certify that the work submitted for this assessment pack is my own. I have clearly referenced any sources used in my submission. I understand that a false declaration is a form of malpractice; ii. I have kept a copy of this assessment pack and all relevant notes, attachments, and reference material that I used in the production of the assessment pack; iii. For the purposes of assessment, I give the trainer/assessor of this assessment the permission to: • Reproduce this assessment and provide a copy to another member of staff; and • Take steps to authenticate the assessment, including communicating a copy of this assessment to a checking service (which may retain a copy of the assessment on its database for future plagiarism checking). |
| Student Name | |
| Student SIS ID | |
| Student Signature | |
| Date | |
| Assessor Name |
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TAFE SA Student Written Assessment Version 3.0 ©TAFE SA
RTO CODE 41026 | CRICOS 00092B
| STUDENT GUIDE FOR WRITTEN ASSESSMENT | |
| Overview of Assessment | This assessment contains 2 sections. Section 1 is a case study based on a swimming centre where the student must understand the business and the budget, create and communicate the budget, conduct team building exercises, monitor and control the performance of the budget, conduct contingency planning, review and evaluate performance and discuss these tasks with management. Section 2 is theory questions based on the management of finances and budgets. |
| Instructions for completing assessment task |
Section 1 Students must display understanding of the business and the budget, create and communicate the budget, conduct team building exercises, monitor and control the performance of the budget, conduct contingency planning, review and evaluate performance and discuss these tasks with management. Section 2 Students must answer all questions, displaying knowledge of financial and budgeting systems. |
| Task/s to be assessed | Section 1 Students must display understanding of the business and the budget, create and communicate the budget, conduct team building exercises, monitor and control the performance of the budget, conduct contingency planning, review and evaluate performance and discuss these tasks with management. Section 2 Students must answer all questions, displaying knowledge of financial and budgeting systems. |
| Time allowed | Duration of Assessment: 8 Weeks |
| Location | Unsupervised online learning environment. |
| Decision making rules | How your trainer/assessor will assess your work? • This assessment task requires the student to complete all the tasks. • To receive a satisfactory outcome for this assessment students must display knowledge of budgeting and financial systems and be able to create, monitor and evaluate these systems and communicate with co-workers and management. • If all assessment tasks are deemed Satisfactory (S), then the unit outcome is Competent- Pass Achieved (PA). • If at least one of the assessment task is deemed Not Satisfactory (NS), then the unit outcome is Not Yet Competent (NYC). • Once all assessment tasks allocated to this Unit of Competency have been undertaken, trainer/assessor will record the unit outcome. The outcome will be either Competent – Pass Achieved (PA) or Not Yet Competent – Fail (F) |
| Assessment conditions | i. This Assessment task is conducted as open book assessment. Students can complete the work online, outside the classroom. |
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TAFE SA Student Written Assessment Version 3.0 ©TAFE SA
RTO CODE 41026 | CRICOS 00092B
| STUDENT GUIDE FOR WRITTEN ASSESSMENT | |
| ii. Students may have access to Online Learn resources, Internet or Learner’s guide and Microsoft Office. iii. You must read and respond to all questions. iv. Students will be required to submit their answers as per the instructions of their lecturer. v. You must complete the task independently. vi. No marks or grades are allocated for this assessment task. The outcome of the task will be Satisfactory or Not Satisfactory. vii. This assessment must reflect the students understanding of the topics assessed. viii. Assessor support is available only to clarify the nature of a question. No assessor support can be given in helping the student provide an answer to a question. |
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| Resources required | Students are required to provide their own supporting resources in the assessment. This may include: • Computer loaded with Microsoft Office software Student version of current Microsoft Office software provided for students to download and install onto their PC • Learning resources provided on learn • Students are responsible for ensuring they have access to these resources during the assessment. |
| Results/Reassessment | • Students will be notified by email of their assessment result within 2 weeks of the assignment due date. • Assessment task results will be recorded as S for Satisfactory or NS for Not Satisfactory. • Where a student’s answers are deemed not satisfactory after the first attempt, a resubmission attempt will be allowed. Details of corrections/resubmit to be made including the questions to be reassessed and a due date for these corrections will be emailed. • Student may speak to their Trainer/Assessor if student have any difficulty in completing this task and require reasonable adjustments • For more information, please refer to TAFE SA Resulting Policy. |
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TAFE SA Student Written Assessment Version 3.0 ©TAFE SA
RTO CODE 41026 | CRICOS 00092B
Section A
Case Study
Part 1: Understanding the business
Refer to Appendix A for background information and financial reports related to the ongoing case study.
Samantha was recently appointed the manager of the FunFit Family Aquatic and Recreation Centre. Her
previous role, as team leader of the school’s swimming instructors, has given her a great understanding of
how the centre operates and where the swim school fits into the organisation. Even though her skills and
knowledge in management were considered appropriate for her to take on this role, Samantha now has to
learn quickly the financial management processes and procedures of the organisation.
One of the aspects of the management of the budget for the swim school that Samantha wants to understand
better is how the organisational goals and objectives are reflected through the organisational structure. She
also is keen to understand the way that the swim school is structured as a business unit, so that she can start
to get a better feel for its financial management processes.
REQUIRED:
Use the business background material given in Appendix A to prepare the following to assist Samantha in her
understanding of the organisational structure and the business unit operations:
• An organisational chart for FunFit Family Aquatic and Recreation Centre
• An outline of the staff members and structure of the swim school as a business unit
• Using the organisational chart and considering the swim school’s structure (identified in parts (a) and
(b)), prepare a brief explanation of the organisation and the business unit, including detail about
what the organisation does and how the unit fits into the overall organisation, as well as information
relating to the activities that it conducts. This can be done via explanation, diagram or both.
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TAFE SA Student Written Assessment Version 3.0 ©TAFE SA
RTO CODE 41026 | CRICOS 00092B
Part 2: Understanding the budget
Samantha has been manager of the swim school at FunFit for almost five months. As manager, Samantha’s
role has involved many different activities, including the following:
• operational management, including maintaining appropriate levels of staffing and swim instructors
as well as programming for special events such as school holidays
• financial management, including planning and working to budgets, administering payrolls, etc.
• ensuring high standards of customer service are maintained
• implementing, and instilling in the team, company policies, procedures, ethics, etc.
• handling customer complaints and queries
• preparing reports and other performance analysis documentation
• reporting to and attending regular meetings with the management team.
Samantha has had quite a challenge over recent months getting a handle on all of these tasks, and now that
it has come to the end of the year, she needs to start thinking about year-end reporting and whether the unit
has actually met the targets previously set by management.
At this time of year, she needs to review the annual performance report, because one of her responsibilities
as manager is to attend a managers’ meeting at the end of the month, where the performance of each section
is discussed.
REQUIRED:
Use the business background material given in Appendix A, along with any additional information and/ or
calculations made from previous case study tasks, to review the budget information provided for the previous
and current financial years, and to prepare a brief report that Samantha can use to get a better understanding
of the budget information she has at hand.
In your report, explain the following:
• the purpose of the team budget or financial plan
• the team budget or financial plan you selected in terms of the following:
o Is it achievable? Briefly explain the reasons for your response.
o Is it accurate? Briefly explain the reasons for your response.
o Is it comprehensive? Briefly explain the reasons for your response.
• Identify the areas that could be adjusted in order to make improvements in the team budget/
financial plan selected and the reasons why the adjustments need to be made.
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TAFE SA Student Written Assessment Version 3.0 ©TAFE SA
RTO CODE 41026 | CRICOS 00092B
Part 3: Annual budget process
As manager of the FunFit swim school, one of Samantha’s new responsibilities is to develop the draft annual
budget for the school’s business unit. This will then be presented to senior management, who will approve
all the budgets in the business.
REQUIRED:
Use the business background material given in Appendix A and the tables provided to calculate the following
for 20X6:
• the labour budget. Base salaries will be increasing from the previous year by 1.5% for the Senior
Instructor and 2% for the Instructors. The manager’s base salary and the administrative assistant’s
wage will remain static. Calculate superannuation as 9.5% of the base wages. Use totals for overtime
of $18,000 and meal allowances of $2,500 for the team. Budgeted swim equipment purchases for
20X6 – $20,000.
• the fees received budget
• operating expenditure budget
• the budgeted income statement.
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TAFE SA Student Written Assessment Version 3.0 ©TAFE SA
RTO CODE 41026 | CRICOS 00092B
Part 4: Budget communication plan
Last year, in her role as team leader of the FunFit swim school instructors, Samantha was critical of the budget
process, which she thought was done very quickly and without consultation with the swim school’s staff or
other areas of the organisation. This year, management has asked Samantha to provide greater input into
the budget process.
REQUIRED:
Use the business background material given in Appendix A, to prepare a report on the organisational
processes in FunFit to assist Samantha in preparing her suggestions to improve organisational budgetary
communication.
Your report should include the steps recommended, team support mechanisms, and resources accessed and
used to implement a budget/financial management plan. You may need to make some justifiable
assumptions, based on your study of the material in this chapter.
In your report, explain the following:
• Which organisational process would be required to disseminate the relevant details of the agreed
plan?
• What steps would be taken to disseminate the information?
• What methods would you use to communicate about, and gain agreement on, the details of the
plan?
• What team roles and responsibilities would you allocate to your team before implementation of the
budget/financial plan?
• What feedback processes would you use to ensure that members of your team understood their
roles, their responsibilities and the objectives of the budget/financial plan?
• What support methods or organisational processes would you use to ensure that members of your
team were able to perform the financial management roles they were allocated?
• Which identified resources and organisational systems would you access, and how would you use
them to manage the financial processes within the work team?
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TAFE SA Student Written Assessment Version 3.0 ©TAFE SA
RTO CODE 41026 | CRICOS 00092B
Part 5: Team building
To complement the organisation’s support of competent performance policy, and to improve the
communication skills of her team, Samantha decides to investigate the opportunity of organising some
outdoor team-building activities.
She needs to prepare a preliminary estimate of resources required to run a half-day rockclimbing activity in
the Blue Mountains for the staff of the FunFit swim school. This will also involve organising transport,
activities and refreshments.
REQUIRED:
Use the business background material given in Appendix A to assist Samantha in completing the resource
requirement table provided.
In your analysis, consider the type of documentation obtained as part of the research and analysis
undertaken, and who would need to be consulted regarding the team-building activity Samantha is
proposing.
On completion of the table, consider the types of systems and processes that may be implemented by FunFit
to enable this type of proposal to be managed more effectively.
Prepare a one-page analysis to assist Samantha with providing this information to management.
9/14
TAFE SA Student Written Assessment Version 3.0 ©TAFE SA
RTO CODE 41026 | CRICOS 00092B
Part 6: Monitoring and controlling financial performance
The management of FunFit swim school is implementing new monitoring and controlling processes. This will
require feedback to be provided to management each month by business unit managers, who will give
explanations regarding the variances they have indicated.
So that she is prepared, Samantha would like to make the calculations herself so that she can investigate any
variances before she is asked to provide details about them by management.
REQUIRED:
Your task is to assist Samantha by undertaking some performance analysis for the swim school. Use the tables
provided to calculate the following:
• variance analysis – income statement
• sales variance analysis – based on swim school fees and customer volumes.
Use the data from these calculations to identify any potential causes of the variances. Actual income
statement and enrolments for 20X6 is given below.
| Income Statement 20X6 | ||
| Revenue | ||
| Nursery Fees | $99,500 | |
| Toddler Fees | $62,200 | |
| Pre-School Fees | $49,380 | |
| School Groups Fees | $92,500 | |
| School Age Fees | $69,030 | $372,610 |
| Expenses | ||
| Salary Expenses | ||
| Instructors | $218,426 | |
| Administration | $44,800 | |
| Superannuation | $25,006 | |
| Overtime | $16,820 | |
| Meal Allowance | $2,640 | $307,692 |
| Operating Expenses | ||
| Swim Equipment Purchases |
$21,480 | |
| Repairs and Maintenance | $18,350 | |
| Administrative Costs | $11,490 | $51,320 |
| Total Expenses | $359,012 | |
| Net Profit/(Loss) | $13,598 |
| Enrolments 20X6 | |||||
| Class | Nursery | Toddler | Pre-School | School Groups | School Age |
| Enrolments | 448 | 305 | 238 | 532 | 354 |
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TAFE SA Student Written Assessment Version 3.0 ©TAFE SA
RTO CODE 41026 | CRICOS 00092B
Part 7: Contingency planning
FunFit swim school has been in business for at least 10 years, and, as the premier swimming facility in the
local area, has not been exposed to significant competition. Recently, though, a proposal has been submitted
to the local council for the development of a world-class sporting facility in a suburb not far from where
FunFit is situated. The specific exposure that FunFit has is that part of the development proposal includes a
swimming centre that will employ ex-Olympic athletes to train and provide coaching advice to members of
the facility.
As manager of the FunFit swim school, Samantha has been asked to provide some information to
management to assist with its risk analysis and contingency planning.
REQUIRED:
Use the business background material given in Appendix A, to assist Samantha in completing:
1. a risk assessment. Consider the types of risks to which FunFit may now be exposed in relation to the
new facility being proposed. Complete the table provided by identifying the following:
a. type of risk
b. specific details of the risk
c. control methods that might be implemented to minimise or eliminate the risk.
2. a contingency plan. For the risks identified, complete the table provided by answering the following
questions in relation to each identified risk:
a. Actions: How will I go about it?
b. People: Who do I need to involve or consult?
c. Physical resources: What resources do I need?
d. When: What is the finish-by date?
11/14
TAFE SA Student Written Assessment Version 3.0 ©TAFE SA
RTO CODE 41026 | CRICOS 00092B
Part 8: Review and evaluate financial management
As part of an organisation’s continuous improvement process, a manager needs to ensure that the
organisation’s policies, procedures, systems and processes are effective, efficient and reliable, and that they
are used appropriately by the staff.
Samantha has been asked for her input into the continuous improvement program that management of the
FunFit swim school is implementing. Her first idea is to start by reviewing the performance reports, and to
see if she can identify any changes or improvements that might make managing the budget slightly easier.
REQUIRED:
Use the business background material given in Appendix A to prepare a report for Samantha on your
evaluation of the financial management process and reporting that are required at FunFit, particularly in
relation to the swim school.
Ensure that you address the following in your report:
• Explain the financial management processes that are used to monitor the effectiveness and reliability
of financial activities of the work team. Examples of financial management internal control processes
are:
o reliable personnel
o separation of duties
o internal verification audits
o authorisation requirements
o team member responsibility areas
o serialisation of documents
o locked security requirements, etc.
• List the documents that you would use to collect and collate data and information on the
effectiveness of the financial management processes.
• Explain the approach you would use to analyse the data and information that you gathered – e.g.
spreadsheet, tables, diagrams, etc. – in order to identify opportunities for improvements to the
financial process. Attach an example of your analysis.
• Describe the areas of the financial management process that may be improved and your
recommendations related to the financial viability of the organisation or business unit.
Recommendations may refer to:
o cash flow
o changes in business activity, including markets, goods or services traded
o consolidation
o expenses and overheads
o labour costs, including decisions to move production to other locations or sites
o loss
o profit
o write-offs.
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TAFE SA Student Written Assessment Version 3.0 ©TAFE SA
RTO CODE 41026 | CRICOS 00092B
Part 9: Discussion with management
Management of FunFit have requested a meeting with Samantha so they can stay updated with the
performance of swim school. You will have a meeting with the management of FunFit, your lecturer will play
the part of management and you will play the part of Samantha.
During this meeting, you will need to give management an overview of the budget, the systems you have put
in place and how the budget compared to the actual performance. You will need to come to the meeting
prepared to discuss the following points:
• Reason for revenue being below budget and action to be taken
• The part time instructor hasn’t been meeting revenue targets (revenue versus salary), you look in to
this and see that many of their classes were only half full, advise on how you could support the part
time lifeguard and strategies to put in place to help them meet targets
• Management are considering a new business initiative which they will discuss during the meeting,
ensure you have your budget figures on hand to be able to advise on this new initiative
13/14
TAFE SA Student Written Assessment Version 3.0 ©TAFE SA
RTO CODE 41026 | CRICOS 00092B
Section B
Theory Questions
1. Define what you understand is meant by the term accounting and the role it plays in the operation
of a business.
2. Explain the chart of accounts, outlining the different classifications for accounts within the chart.
3. Outline the different types of budgets an organisation may produce and how they fit together to
create a master budget.
4. Describe double-entry bookkeeping and the roles that journals and ledgers play in the entry of
transactions using double-entry bookkeeping.
5. What is the accounting equation and why, with the use of double-entry bookkeeping, must it always
be in balance?
6. Outline the different types of audits which an organisation may undergo and the records they need
to keep in the event of an audit.
7. Describe the three financial reports which are produced by a business, explaining how the following
transactions effect each report (ignore GST).
a. Stock which cost $50 is sold for $80 cash
b. An electricity bill of $520 is paid in cash
c. A new delivery vehicle was purchased for $20,000 half of which was paid in cash and a loan
taken out to cover the other half
8. Why might a small business, such as a sole trader or a treasurer for a local not for profit, use a
spreadsheet to maintain their accounts instead of a computerised accounting system?
9. Describe the regulatory bodies and explain the compliance requirements with these regulatory
bodies for a business operating in Australia.
10. Outline the concept of GST and describe how it is calculated and paid.
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TAFE SA Student Written Assessment Version 3.0 ©TAFE SA
RTO CODE 41026 | CRICOS 00092B
ASSESSMENT OUTCOME
| Satisfactory | ☐ |
| Not Satisfactory | ☐ |
| Feedback to Student |
| Reassessment Details (if applicable) |
|
| Date of reassessment | (Attach supplementary observation checklist/s used in re-assessment) |
Reassessment Outcome (if applicable)
Satisfactory ☐
Not Satisfactory ☐
| Feedback to Student |
| Student Name | |
| Student Signature | I have been advised of the outcome of this assessment. |
| Assessor Name | |
| Assessor Signature | |
| Date: |
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