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BSBFIM501-CAC Assessment Booklet PDF
BSBFIM501-CAC Assessment Booklet PDF
BSBFIM501
Manage budgets and financial plans
Student Name:
Student Number:
Intake Date:
BSBFIM501 Manage budgets and financial plans
Student Name
Assessor Declaration
In completing this assessment, it is confirmed that the participant has demonstrated all unit outcomes through consistent and repeated
application of skills with competent performance.
Evidence is confirmed as:
Valid Sufficient Current Authentic
Competent (C)
Report S / NS
Assessment Task 2 Not Yet Competent (NYC)
Final Feedback:
DO NOT SIGN BELOW UNTIL FINAL ASSESSMENTS RESULT IS GRANTED BY THE ASSESSOR.
Assessor: I declare that I have conducted a fair, valid, reliable and flexible
Signature: _______________________
assessment with this student, and I have provided appropriate feedback.
Name: __________________________
Date: ____/_____/_____
Student: I declare that I accept the assessment competency outcome and consider
the feedback of my assessor positively. I also declare that the work submitted is my Signature: ______________________
own, and has not been copied or plagiarised from any person or source. Date: ____/_____/_____
Pre-requisites N/A
Co-requisites N/A
Unit Summary
This unit describes the skills and knowledge required to undertake financial management within a work team
in an organisation. It includes planning and implementing financial management approaches, supporting team
members whose role involves aspects of financial operations, monitoring and controlling finances and
reviewing and evaluating effectiveness of financial management processes.
It applies to managers in a wide range of organisations and sectors who have responsibility for ensuring that
work team financial resources are used effectively and are managed in line with financial objectives of the
team and organisation.
No licensing, legislative or certification requirements apply to this unit at the time of publication.
Conditions and context This assessment will be conducted in the CAC classroom or simulated workplace environment:
of the assessments Address of actual designated workplace:
……………………………………………..
……………………………………………..
Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent
performance of typical activities experienced in the financial management field of work and include access
to:
resources and documentation used in the workplace
workplace policies and procedures
workplace budgets and financial plans
business technology
case studies and, where available, real situations.
Assessors must satisfy NVR/AQTF assessor requirements
Specific Resources CAC Assessment Booklet
Required
Learner Guide
Classroom Activities
Projector
Whiteboard
Markers
Re-assessment To gain competency you need to get Satisfactory (S) result in all the tasks. If Not Satisfactory (NS) result is
given even for a task you will be deemed Not Yet Competent (NYC). Students who are unsuccessful at
achieving competency at the first attempt will be offered coaching, information and additional time (other
needs if required) before a second and possibly a third attempt is made. If the student is not able to
satisfactorily complete the assessment after the third attempt the student will be deemed Not Competent and
resulted as such. The student may re-enrol in the qualification at a later date to gain successful completion of
the unit/s.
For further details refer to CAC Assessment Policy and Procedure. https://cac.edu.au/policies-and-
procedures/
Plagiarism CAC considers plagiarism and cheating as serious student misconduct, and this may result either in a student’s
exclusion from a unit or course or may have to complete a re-assessment depending on individual case. Refer
to CAC Plagiarism & Cheating Policy and Procedure. https://cac.edu.au/policies-and-procedures/
Complaints and appeal Where a student wishes to appeal an assessment decision they are required to notify their assessor in the first
instance. Where appropriate the assessor may decide to re-assess the student to ensure a fair and equitable
decision is gained. The assessor shall complete a written report regarding the re-assessment outlining the
reasons why assessment was or was not granted. Refer to CAC Complaints and Appeals Policy & Procedure
for details.
https://cac.edu.au/policies-and-procedures/
Assessors Intervention Assessors are to check that the student is ready for assessment, and defer the assessment if they are not. It is
important that assessors do not teach at the assessment but allow students to competence for themselves.
Feedback is to be given at the completion of the assessment using the feedback to student. If a student does
not meet a standard, the assessor is to sit down with them and assist them in their understanding. Should you
disagree with the assessment outcome, you can appeal the decision as stated in the Student Handbook.
Your student record must indicate that you have all required skills and knowledge in completing the task. For
each assessment, the assessor is to act as a supervisor and not interfere with the assessment. If the assessment
activities will impact on your safety or that of others, the assessment must be stopped immediately.
Attaching documents Attached documents are accepted but must be labelled with the following information:
Unit Name and Title, Students name, Student ID, Date of Submissions, Student signature.
Assessment Instruction Assessment is mapped to the unit and must be completed by the end of each unit. For answers to written
questions, reports and projects, you must:
Print clearly in black or blue pen or type it as a word document
Answer each of the key points and /or follow instructions
Assessments written in pencil or are illegible will not be accepted.
Please attach the assessment booklet along with your assessment task for submission.
Ask your assessor if you do not understand any part of the assessment. Whilst your assessor cannot tell you
the answer, he/she may be able to re-word a question or instruction to assist in a better understanding for
you.
Assessment Task 1: For this assessment task, you are required to read the case study provided in the appendix and develop a
written report of about 1000 words on team budgets or financial plans, making changes to team budgets or
financial plans, contingency planning and financial management approaches using the guidelines provided.
Students can use the given template for written report and contingency plan and are allocated with a week’s
time to complete this assessment.
Necessary feedback should be provided by the trainer at the end of each session as per the session plan.
Assessment Task 2: Assessment Task 2 is also a written report. For this assessment task, you are required to read the case study
provided in the appendix and develop a written report of about 1000 words on monitor and control finances,
review variances, and review and evaluate processes using the guidelines provided. Students can use the given
template for written report and are allocated with a week’s time to complete this assessment.
Necessary feedback should be provided by the trainer at the end of each session as per the session plan.
Assessment Task 3: This is a written questions and answers assessment that needs to be completed by students over the duration
of training session. The assessor must provide students with sufficient information to complete this
assessment. While answering the questions, students will gain knowledge about managing budgets and
financial plans.
Competency Decision Student must satisfactorily complete each assessment tasks to be Competent (C) in the unit. Student with
unsatisfactory completion of any of the assignment tasks will be deemed Not Yet Competent (NYC).
Reasonable adjustment
To meet the needs of all learners’ adjustments can be made to the way assessments are conducted but not to the requirements of the
assessment. The purpose of these adjustments is to enhance fairness and flexibility so that the specific needs of students can be met.
CAC will take meaningful, transparent and reasonable steps to consult consider and implement reasonable adjustments for students with
disability and learning difficulties.
Student ID
Student Name
This cover sheet is to be completed by the student and assessor and used as a record to determine student competency
in this assessment task
1 S/NS
2 S/NS
3 S/NS
Feedback to student:
Assessor: I declare that I have conducted a fair, valid, reliable Signature: _________________________
and flexible assessment with this student, and I have provided
appropriate feedback. Name: _________________________
Date: ____/_____/_____
STUDENT INSTRUCTION:
For this assessment task, you are required to read the case study provided in the appendix and develop a written report of
about 1000 words on team budgets or financial plans, making changes to team budgets or financial plans, contingency
planning and financial management approaches using the guidelines provided. Students can use the given template for
written report and contingency plan and are allocated with a week’s time to complete this assessment. The report should
be detailed and well-structured and must include answers to the following:
1. Team budgets or financial plans
Provide the background to the budgets and financial plans you are responsible for by answering the following:
a. What is the name of your organisation and a describe the type of activities it conducts?
b. What is the name of the team that you manage and a describe the activities the team undertakes?
c. What team budgets or financial plans are you responsible for implementing and monitoring. Examples of
budgets/financial plans may include:
Cash flow projections
Long-term budgets/plans
Operational plans
Short term budgets/plans
Targets or KPI for production, productivity, wastage, sales, income and expenditure
2. Making Changes to Team Budgets or Financial Plans
Select one of the budget and answer the following:
a. Explain the purpose of the team budget or financial plan
b. Explain the team budget/financial plan you selected in terms of:
i. Is it achievable? Explain the reason for your response.
ii. Is it accurate? Explain the reason for your response.
iii. Is it comprehensive? Explain the reason for your response.
c. Identify the areas that could be adjusted in order to make improvements in the team budget/financial plan
selected and the reasons why adjustments need to be made.
d. Identify the role of the person within the organisation who you would approach to discuss and clarify the team
budget/financial plan.
3. Contingency Planning
A large part of a manager’s function is planning. Planning includes preparing contingency plans in the event the initial
plans need to be varied. Using the team budget/financial plan in the previous part, give an example of a situation
or event that would cause a problem/issue during the implementation phase of the team budget/financial plan.
a. Explain the contingency plan you would implement. Your contingency plan should include:
i. The consequences if the situation or event occurred
ii. The steps you would take and the records you would consult in order to identify the required adjustments
to the budget/financial plan
Marking checklist:
Yes No
Did the Student provide evidence of their ability to:
Student ID
Student Name
This cover sheet is to be completed by the student and assessor and used as a record to determine student competency
in this assessment task
1 S/NS
2 S/NS
3 S/NS
Feedback to student:
Assessor: I declare that I have conducted a fair, valid, reliable Signature: _________________________
and flexible assessment with this student, and I have provided
appropriate feedback. Name: _________________________
Date: ____/_____/_____
STUDENT INSTRUCTION:
Assessment Task 2 is also a written report. For this assessment task, you are required to read the case study provided in
the appendix and develop a written report of about 1000 words on monitor and control finances, review variances, and
review and evaluate processes using the guidelines provided. Students can use the given template for written report and are
allocated with a week’s time to complete this assessment. The report should be detailed and well-structured and must
include answers to the following:
b. List the documents that you would use to collect and collate data and information on the effectiveness of the
financial management process
c. Explain the approach you would use to analyse the data and information you gathered i.e. spreadsheet, tables,
diagrams etc. In order to identify financial process improvement opportunities. An example of your analysis may
be attached to explain your approach
d. Describe the areas of the financial management process that may be improved and your recommendations for
process improvements to ensure the effectiveness, efficiency and reliability of the financial management
processes
e. Describe the steps you would take to gain agreement from your work team on the changes in the financial
management process within the work team
f. Explain the organisational processes required to implement and monitor the agreed improvements
g. Explain how the improved financial management process is more aligned with the financial objectives of the
work team and organisation
Marking checklist:
Yes No
Did the Student provide evidence of their ability to:
Monitor and Control Finances
Describe the steps you would take to gain agreement from your
work team on the changes in the financial management process
within the work team
Explain the organisational processes required to implement and
monitor the agreed improvements
Explain how the improved financial management process is more
aligned with the financial objectives of the work team and
organisation
Student ID
Student Name
This cover sheet is to be completed by the student and assessor and used as a record to determine student competency
in this assessment task
1 S/NS
2 S/NS
3 S/NS
Feedback to student:
Assessor: I declare that I have conducted a fair, valid, reliable Signature: _________________________
and flexible assessment with this student, and I have provided
appropriate feedback. Name: _________________________
Date: ____/_____/_____
STUDENT INSTRUCTION:
This is a written questions and answers assessment that needs to be completed by students over the duration of training
session. The assessor will provide students with sufficient information to complete this assessment. While answering the
questions, students will gain knowledge about managing budgets and financial plans. As you learn, practice and review
knowledge and skills, you will keep Assessment 3 in front of you and answer the questions as the information becomes
clear to you. At the beginning of each review session you will be given a few minutes to familiarise yourself with the
questions. You will be given extra time at the end of the day to complete this assessment or to clarify facts with the
Trainer/Assessor.
Answer the following questions in the space provided. (Use extra sheets if necessary)
Questions
2. What benefits can a budget provide? (Your answer must be between 30 – 50 words)
4. When developing cost control measures what do businesses need to ensure? (Your answer must be
between 30 – 50 words)
5. How can business ensure a streamlined feedback system? (Your answer must be between 30 – 50
words)
6. What does financial management deal with? (Your answer must be between 30 – 50 words)
7. What are the key financial documents that should be created early in the budget cycle? (Your answer
must be between 30 – 50 words)
8. What do the key process to effectively manage approved budgets include? (Your answer must be
between 50 – 100 words)
9. What does effective monitoring of budget performance require? (Your answer must be between 30 – 50
words)
10. What can the main ratio groups be classified as? (Your answer must be between 30 – 50 words)
11. Who is usually in control of budget compliance? (Your answer must be between 30 – 50 words)
12. Describe accounting principles? (Your answer must be between 150 – 200 words)
13. Identify and explain the relevant legislation and current requirements of the Australian taxation office,
including the goods and services tax (GST)? (Your answer must be between 200 – 300 words)
14. Explain the key requirements for financial record keeping and auditing? (Your answer must be
between 200 – 300 words)
15. Describe the principles and techniques involved in managing: (Your answer must be between 200 –
300 words)
i. Budgeting
ii. Cash Flows
iii. Electronic Spreadsheets
iv. GST
v. Ledgers and financial statements
vi. Profit and loss statements
Appendix
Case-study
Big Red Bicycle Pty. Ltd.
Big Red Bicycle (BRB) is a bicycle manufacturer based in Bendigo, Victoria. The company produces bicycles which
are sold to retailers in the Australian market.
The senior management structure of the company is given below:
Person Position
Michelle Yeo CEO
Tom Copeland Managing Director
John Black CFO
Stuart LaRoux Operations General Manager
Pat Roberts Senior Accountant
Sam Gellar Sales General Manager
Charles Pierce Production Manager
Holly Burke HR Manager
According to company strategic plans, the company aims to achieve a net profit before tax of $1,000,000. The major
risks to this goal are:
● poor sales due to economic downturn
● increase in expenses such as wages
In addition to Australian operations, the company is considering manufacturing overseas to take advantage of reduced
costs. The company is also considering diversifying its product range to reduce poor sales of one product.
Budgeting and finance policy
Budget preparations
● The business plan will set the key parameters for all financial budgeting.
● Variations to the business plan must be approved by the CEO and senior management strategic committee.
● Prior results are to be analysed in order to identify the profit level of cost centres, identify relationship between
financial statistics and set key performance indicators and benchmarks for future budgets.
● The budget planning committee will meet prior to budgets being developed and agree on budget parameters.
The committee will consist of all department managers plus the CEO and finance manager.
● A Capital Expenditure (CAPEX) budget will be developed from the approved business plan.
● A detailed sales budget must be completed before completing the profit budget for the year.
● A cash-flow budget covering the first three months will be prepared after the profit budget is completed.
● A master budget including profit projections will be completed. From this master budget, cost centre allocations
will be made.
● Budget notes that contain all the assumptions used in the budgets should accompany the master budget or be
made available on a separate document. Where possible, the notes should justify the basis on which the estimates
were made.
● Overheads (non-direct expenses) will be apportioned across the cost centres equally. Exceptions need to be
negotiated with relevant authorities.
● All expenses and income will be spread equally throughout the year unless otherwise required by business needs
or business environment.
● The financial cycle for budgeting purposes will be yearly, ending on 30 June.
Reporting requirements
Software applications to be used in reporting:
● Software environment – Windows
● Accounting Information System – BRB will use MYOB Account Right plus
● Data analysis – BRB will use Microsoft Excel
Actual results will be produced monthly by the MYOB accounting system. Actual variances to budget will be
performed by Excel with a report prepared for senior management for significant variances.
Financial delegations
● Each manager is responsible for achieving the revenue budgets agreed to in the budget committee.
● Each manager is responsible to approve, by signing the necessary paperwork, all expenditures that fall within
their area of responsibility.
● Expenditures must be within the budget guidelines for the individual departments.
Format for budgets and reports
All budgets must include the following details:
● name of the person who prepared it
● cost centre (if applicable)
● name of the budget/report, i.e. sales, expenses, CAPEX, cash flow, budget variation report
● period of the budget