BSBFIM501 AAP v2.0

Assessor Assessment Pack
Manage Budgets and Financial Plans
BSBFIM501
BSBFIM501 Manage Budgets and Financial Plans

Assessor Assessment Pack Produced 12 December 2018
© Precision Group (Australia)
Precision Group (Australia)

Level 19, 288 Edward St, Brisbane, QLD, 4001
Email: info@precisiongroup.com.au
Website: www.precisiongroup.com.au
BSBFIM501
Manage Budgets and Financial Plans
Content in the Assessment Pack has been reproduced with kind

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Version Control & Document History
Date Summary of modifications made Version
Version 1 final produced following assessment

6 July 2015 1.0
validation.
Modification of Short Answer Questions and

12 December 2018 2.0
Practical Assessment.

Assessor Assessment Pack Produced 12 December 2018 83
Table of Contents
ASSESSMENT DELIVERY.............................................................................................85
Assessor Information........................................................................................................... 86
Steps for Assessors...............................................................................................................88
Resources Required for Practical Assessment.....................................................................89
Assessment Agreement....................................................................................................... 91
ASSESSMENT TASKS.................................................................................................93
Short Answer Questions...................................................................................................... 95
Practical Assessment..........................................................................................................112
Part I. Financial Management Planning.......................................................................... 115
Part II. Financial Management Plan Implementation..................................................... 137
Part III. Monitoring and Controlling Finances................................................................. 157
Part IV. Review and Evaluation of Financial Management Processes............................. 182
RECORDING..........................................................................................................197
Record of Assessment........................................................................................................198
ASSESSMENT MAPPING..........................................................................................203
Mapping Document........................................................................................................... 204

84 Assessor Assessment Pack Produced 12 December 2018

Assessment Delivery

Assessor Information
This Assessor Assessment Pack is designed to assist you in assessing the learners completing the
assessment for BSBFIM501 Manage Budgets and Financial Plans. It may refer to the simulated
business, Bounce Fitness and contains examples of what is in the Learner Assessment Pack,
suggestions for assessing and the parameters of information required to provide a ‘Satisfactory’ or
‘Needs More Evidence’ decision. Notes, key points, and answers to guide and assist you are
contained in this version but are not in the Learner version.
Each learner has a Learner Assessment Pack where it is intended that they complete their
assessment tasks. The assessment tasks include Short Answer Questions where the learner needs to
demonstrate their knowledge and understanding of the unit, and the Practical Assessment where
they need to demonstrate their skills required in the unit. Each learner may prefer to use their
organisation to complete the Practical Assessment. If they don’t have access to a real workplace,
they may use the simulated business, Bounce Fitness. They may also use a mix of both workplace
and simulated pathway as applicable. Ensure to discuss this with the learner prior to commencing
with the assessment.
The simulated business, Bounce Fitness, is accessed by going to <http://bounce.precisiongroup.com.au>.

You will be given an access code for each Assessor Assessment Pack that you purchased. You will also
receive an access code for each Learner Assessment Pack that you purchased. Access is valid for 12
months from the date of first login. If you require access after this time, it may be purchased by going to
<http://www.precisiongroup.com.au>.
Each Assessor Assessment Pack is made up of four (4) parts:
Assessment Delivery
Assessor Information
Steps for Assessors
Assessment Agreement
Assessment
Contextualisation
Assessment Tasks with Assessor Marking Guide, including:
Short Answer Questions
Practical Assessment
Recording
Record of Assessment
Assessment Mapping
Mapping Document

Before you commence assessing, ensure that you have a good knowledge of the subject, the
assessment requirements, the situation of the learner, and the expectations of the industry to which
the assessment is related.
Most assessments are designed to be completed using the industry/organisation of the learner, but
your Registered Training Organisation (RTO) may assist them with using the simulated business.
Learners may be required to demonstrate knowledge and skills which may be difficult for the Assessor to
witness. A Supervisor/Observer Declaration is included in some assessment tasks which will allow the
knowledge or skill to be verified by at least one (1) third-party signatory, and preferably two (2) or more
witnesses. These witnesses would usually be current or recent supervisors, or you, the Assessor.
As you encounter each task, instructions are given, and it is up to you to use your experience and
background knowledge of assessing theory to make a judgement as to whether the learner
responses are sufficient and credible.
Remember to be governed by the guidelines of the RTO for whom you are assessing. This
organisation will have quality assurance documentation defining standards and processes to which
you must adhere.
Records of all aspects of the assessment must be kept in the Learner Assessment Pack. This will be
the evidence to the ‘why’ of your judgement. Keeping detailed notes is vital, as is the rationale for
judgement. Be sure to keep records of any reasonable adjustments to the assessment task/s that you
may have applied.
The way you record all information is crucial. It is essential that you ask:
1. What did you see or hear? Write it down!
2. How does this vision or information relate to this unit? Write it down!
3. What professional judgement did you make? Why? Write it down!
The record of assessment is a legal document and must be signed, dated, and stored as required by
your RTO.
Please note that while each performance criterion has been noted, holistic assessment is desirable. It
is in the interests of accuracy and credibility that all performance criteria are included. Individual
gaps in performance should be noted more effectively if necessary.

Steps for Assessors

Before you receive the completed Learner Assessment Pack:
1. Carefully study the unit topic, assessment, and industry. Investigate the simulated business
or conduct conversations with employers as appropriate to understand any processes,
policies, or procedures that may be necessary for learners to know, and to which they may
refer. Understand the industry requirements and how any legislative requirements impact on
their organisation. You will need this information to properly assess their employees.
2. Explain the Assessment Conditions to the learners and complete the Assessment Agreement.
3. Prepare the tasks to be contextualised in the assessment to meet the needs of the industry
for which you are providing the training. You may prefer to print these and include them in
this assessment. In the Assessor Assessment Pack Recording section, note your additional
tasks and mapping under the Context Details heading, to enable you to record the Learner
Assessment results for the contextualised tasks.
Conducting the Assessment:
1. Prior to commencement of the assessment, learners will be given their copy of the Learner
Assessment Pack and access to the simulated business. They will have to discuss with you
the Assessment Pathway to be undertaken and sign the Assessment Agreement.
2. At this stage, you will commence assessing any tasks against the Assessment Marking Guide
supplied. If they are not using the simulated business for assessment, you will need to have
obtained information from the employer. Because there is so much diversity among learners,
it is impossible for all variations and permutations in legislation, codes, awards,
organisational processes, etc. to be included here. Your judgement as subject matter expert
will decide if the learner response to questions and tasks is sufficient.
3. Recording Sheets for tasks have been provided. Please record each learner’s information and
outcomes in the Record of Assessment in their Learner Assessment Pack and ensure that you
include your justification for your final decision. There must be enough detail to allow anyone
who was not involved in the process to understand your judgement.
4. Once learners have completed and returned their assessment to you, you will arrange a time
with them for the feedback discussion and to advise if there are any further steps for them
to take. Learners have the right to appeal any decision.

Resources Required for Practical Assessment

To complete the Practical Assessment projects, you will require access to a workplace that will
allow access to:
▪
Two (2) team members whose job roles are focused on management of finances. These may
include:
o Purchasing and procurement staff

o Debt collectors
o Bookkeepers
o Accountants
▪
Two (2) relevant finance personnel. These may include:
o Financial managers
o Accountants
o Financial controllers
o Supervisors
o Any frontline manager

▪
Workplace documentation including:
o Cash flow projections

o Long-term/short-term budgets/plans
o Operational plans
o Financial projections
o Targets or key performance indicators for production, productivity, wastage, sales,

income, or expenditure
o Monitoring actual expenditure
o Cyclical basis for monitoring
o Reporting
o Bank account records
o Cash flow data
o Contracts
o Credit card receipts
o Income and expenditure
o Invoices
o Quotations
▪
Two (2) resources that can be used to manage financial management processes. This may range
from the following:
o Human resources
o Physical resources
o Financial resources
▪
Two (2) systems that can be used to manage financial management processes. This may include:
o Reimbursement system
o Liabilities tracking system
o Data integrity and security systems
o Record-keeping system
If you will be taking the Simulated Workplace Assessment, you will require access to:
▪
Two (2) volunteers to participate in the roleplaying activities
▪
Video camera or a mobile phone with video recording capabilities
▪
A safe environment to conduct role play activities

Assessment Agreement
Instructions:
Complete this section in the Learner Assessment Pack for each learner.
1. Discuss each section of the Assessment Agreement with the learner to identify
the Delivery Method and Assessment Pathway to be undertaken (refer to the
Practical Assessment), and to ensure that the Assessment Conditions are present
in the assessment environment.
2. Tick each section as applicable to the learner’s situation.
3. Have the learner and you sign the confirmation at the end of this agreement.
Have you signed off ✓
Delivery Method
Classroom 
Small Group 
One-on-One 
Online 
Other (please describe) 
Assessment Pathway (see Practical Assessment)
Learner’s Organisation (Pre-assessment meeting conducted) 
Simulated Business 

Assessment Conditions
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 the NVR/AQTF assessor requirements
I confirm that the activities and assessment completed as part of this unit are my own
work and comply with all relevant copyright and plagiarism rules. I understand that if
there is any doubt of the authenticity of any piece of my assessment, I can be orally
examined, and the signatory of evidence records may be contacted.
Learner’s name
Learner’s signature Date
Assessor’s name
Assessor’s signature Date
End of Assessment Agreement


Assessment Tasks

Tasks
Learners are required to complete all tasks as instructed. Consider the evidence as required by tasks
and use accordingly to contextualise and meet the needs of each learner.
Contextualisation of Assessments by RTOs

Precision Group recommends to all RTOs that they contextualise with additional tasks to suit
particular industry requirements and specific organisational requirements. Contextualisation must
retain the integrity of the assessment and the outcome of the unit of competency.


Question 1
Describe the following accounting principles.
Accounting Principle Description
a. Accrual Principle
b. Conservatism Principle
c. Consistency Principle
d. Full Disclosure Principle

© Precision Group (Australia) 95
Question 1
Describe the following accounting principles.
Accounting Principle Description
a. Accrual Principle Recording accounting transactions are done on periods of

occurrence, not on cash flow associated periods.
b. Conservatism Principle Expenses and liabilities must be taken note of and recorded
immediately. While assets and revenues must only be recorded
when they are sure to occur.
c. Consistency Principle An accounting principle or method in place at the workplace must

be followed through all throughout, unless a new and/or more
efficient one is established.
d. Full Disclosure Business’s financial statements must include all information,

Principle details, or relevant documents that can affect the reader’s
discretion or understanding.
Question 2
List two (2) relevant legislation under the Australian Taxation Office (ATO). Give a brief
explanation for each.
Each explanation must be 60 – 100 words only.
Legislation Explanation
a.
b.

Learner Assessment Pack
Question 2
List two (2) relevant legislation under the Australian Taxation Office (ATO). Give a brief
explanation for each.
Legislation Explanation
a. A New Tax System (Goods Covers making taxable supplies if and when the supply made is
and Services Tax) Act 1999 for consideration, made during the company in its
commencement or termination, is associated to the indirect
tax zone, and when one is registered to or is about to be
registered.
b. Income Tax Assessment Covers how and when to calculate income tax for any area. This
Act 1997 includes deductions, trading stocks, tax deductibility, CGT
consequences, forms of depreciation, etc.
Question 3
List two (2) current tax requirements of the Australian Taxation Office (ATO) for businesses aside
from the Goods and Services Tax (GST) listed below. Give a brief explanation for each.
ATO Tax Requirement for Businesses Explanation
a. Goods and Services Tax (GST)
b.
c.

Question 3
List two (2) current tax requirements of the Australian Taxation Office (ATO) for businesses aside
from the Goods and Services Tax (GST) listed below. Give a brief explanation for each.
ATO Tax Requirement for Businesses Explanation
▪
a. Goods and Services Tax (GST) Any GST registered business or
organisation must:
o Charge their goods and services
with appropriate GST in their
prices.
o Claim GST credits from the goods
and services that they purchase
for their business or organisation.
▪
Requires 10% tax be included in the prices
of goods, services, etc. either sold or
consumed throughout Australia.
b. Income Tax Income tax concessional due dates can only be

received when a registered tax agent
accomplished the following:
▪
Electronically lodged returns (unless
exceptional circumstances are allowed).
▪
Lodge client’s returns on time.
▪
c. Fringe Benefit Tax (FBT) One can only receive the June 25 FBT
concessional lodgement due date when
FBT returns are electronically lodged.
▪
A lodge of at least 85% is encouraged for
any business, as long as the returns of
their client are on time.
▪
FBT return liability payments are always
due on May 28.
Question 4
Briefly explain the following key requirements for financial record-keeping.

Key Requirements for

Explanation
Financial Record-keeping
a. Basic Records
b. End of Financial Year

Records

Question 4
Briefly explain the following key requirements for financial record-keeping.


Explanation
Financial Record-keeping
a. Basic Records The following basic records must be kept to meet legal
requirements:
▪ Cashbook/financial accounting program
▪ Bank accounts
▪ Employment records
▪ Occupational training records
▪ Sales records
▪ Proof of purchases
▪ WHS records
b. End of Financial Year The maximum tax returns and/or minimum tax bills, and meet
Records legal requirement at EOFY, the following records must be kept:
▪
Details of stock on hand
▪
List of debtors and creditors
▪ Capital gains details
▪ Depreciation details
▪ Expense records
▪
Staff and wages details
▪ Basic accounting records
▪ Agreements
Question 5
Briefly explain the following key requirements for financial auditing.

Explanation
Financial Auditing
a. Section 292 of the

Corporations Act 2001
b. Section 989B of
Corporations Act 2001

Question 5
Briefly explain the following key requirements for financial auditing.
Key Requirements for Financial

Explanation
Auditing
a. Section 292 of the The following bodies are required to prepare financial reports
Corporations Act 2001 for audit:
▪ Disclosing entities
▪ Public companies
▪
Companies limited by guarantee
▪
Registered managed investment schemes
▪ Small proprietary companies that are foreign-
controlled
b. Section 989B of Lodgement of financial statements must be done by licensees

Corporations Act 2001 of the Australian Financial Services (AFS).
Question 6
Identify one (1) principle involved in managing each of the financial requirements listed below.
Briefly describe each principle. Each description must be 60 – 100 words only.
Financial
Principles Description
Requirement
a. Budgeting
b. Cash flows
c. Electronic
spreadsheets
d. GST

e. Ledgers
f. Financial
Statements
g. Profit and Loss

Statements

Question 6
Identify one (1) principle involved in managing each of the financial requirements listed below.
Briefly describe each principle. Each description must be 60 – 100 words only.
Financial
Principles Description
Requirement
a. Budgeting Create conservative Budgets made must not always be too optimistic
budgets in forecasting. It is best and safest to
underestimate the organisation’s income and
overestimate the expenses.
b. Cash flows Create realistic cash It is important to create cash flow forecasts that
flow forecasts are realistic. It can even be pessimistic, this is to
ensure that possible pitfalls in the cash flow will
be forecasted.
c. Electronic Have specific Electronic spreadsheets used in the organisation

spreadsheets electronic must be created, implemented, and
spreadsheets that communicated in line with the standards of the
meet the standard of organisation. This ensures that data,
the organisation information, and calculations produced are
standardised to what the organisation uses.
d. GST Monthly GST This means that when an organisation has a GST
reporting turnover of $20 million or more, they are
required to report and pay their GST monthly
and electronically lodge all activity statement
through the Business Portal.
e. Ledgers Contents of the General Ledgers must include information on

General Ledger must the main account types of the organisation. The
reflect the contents of five account types are the following: assets,
the subsidiary ledger liabilities, income, expenses, and capital.
f. Financial Financial statements Financial statements must present relevant

Statements must be financial information in a structured manner
comprehensible by following the language used by the organisation.
any financial
personnel of the
organisation
g. Profit and Loss Profit and loss Profit and loss statements are created at regular
Statements statements must be intervals to show if the organisation is making
prepared at regular profit throughout each interval.
intervals
Question 7
Briefly describe how to use or calculate for the following financial requirements.
Financial Requirements How do you use or calculate these?
a. Budgets
b. Cash flows
c. Electronic spreadsheets
d. GST

e. Ledgers
f. Financial Statements
g. Profit and Loss

Statements

Question 7 Marking Guide
how to use or calculate for the following financial requirements.

Business Concerns How do you use or calculate these?
a. Budgets Budgeting can be done by setting aside specific amounts of

money for specific purposes at the start of a given period.
b. Cash Flows Cash flows can be calculated using spreadsheets that categorise
the different activities within the business.
c. Electronic Users can simply input their data into the software and use the
Spreadsheets built-in functions to process these. Different softwares have
different interfaces.
d. GST GST is charged at 10% of the final price on most goods and
services sold in Australia unless they are GST-free or input-taxed.
This is computed just by multiplying the amount by 1.1.
e. Ledgers Bookkeeper must adjust the beginning and ending balances at

the end of every accounting period.
f. Financial Statements To accurately complete these, all transactions, assets, and

liabilities within the month must be accurately recorded.
Recording the ratios calculated for each accounting period will
help in the analysis of trends over time.
g. Profit and Loss If using estimated costs, these need to be labelled clearly. When
Statements preparing a profit and loss statement, ensure you also clearly
state whether your figures are GST inclusive or exclusive.
Instructions:
To be assessed for this unit of competency, you must demonstrate your skills and knowledge to
undertake financial management within a work team in an organisation.
Wherever possible, this assessment must be completed in your own workplace, including the
gathering of evidence.
Where a current workplace is not available, you must conduct your practical assessment in an
environment where conditions are typical of those experienced in a workplace. Use the
simulated business, Bounce Fitness <http://bounce.precisiongroup.com.au/> to complete the
simulated workplace assessments.
If you are currently in a workplace, you are strongly encouraged to complete the tasks using the
Workplace assessment.
If you don’t have access to a suitable workplace, then you must complete the tasks using the
Simulated Workplace assessment.
The work environment must provide you access to all the resources outlined below.
Ensure that you discuss the best pathway for completion with your assessor before commencing.
Simulated Workplace Assessment
Instructions written in orange and white boxes such as this only apply to learners who
do not have current access to a real workplace.
If you are doing a Simulated Workplace assessment, follow the instructions provided
for you in boxes such as this with the icon on the left.
Instructions appearing in grey boxes such as this must be completed by all learners regardless
of the assessment pathway.

Instructions (continued)
IMPORTANT!
▪
All signatures/initials in your submissions, including yours, must be handwritten and dated.
Submissions with signatures/initials must be scanned.
▪
The supervisor/observer who completes and signs your evidence submissions must provide
their real name, contact number, and email address for your assessor’s reference.
▪
If you are unable to complete a specific task through one assessment pathway, you can complete it
using the other pathway.
▪
Should you encounter issue or concerns regarding which assessment pathway to take, contact your
assessor.
Overview Marking Guide
The documentation the learner submits for this project must be completed in the workplace OR
from an environment where conditions are typical of those experienced in a workplace.
Benchmarks and prompts are provided to the assessor in evaluating the learner’s performance in
each part of the project.
General benchmarking information appears in black text. This information applies equally to both
simulated assessment and workplace assessment.
Benchmarks appearing in purple text applies specifically to simulated assessments.
All signatures/initials in the learner’s submissions, including the learner’s, must be handwritten
and dated. Submissions with signatures/initials must be scanned.

Workplace Supervisor/Observer Instructions
Dear Workplace Supervisor/Observer,
Thank you for allowing the learner to complete this project in your workplace. This project
requires the learner to manage budget and financial plans in the workplace.
The learner will discuss with you the requirements they must complete and the resources they
need to access in your workplace for this project.
Your Role as the Learner’s Supervisor/Observer
There are activities in this project that will require your involvement. Your involvement will
include:

providing the learner access to the resources required for this project.

being involved in the activities included in this project, including observing the learner
as they complete these activities, signing the learner’s submissions, providing feedback
on the learner’s performance, and providing guidance to the learner as they complete
these activities in the workplace.

testifying that the learner has completed these activities in accordance with the
workplace standards, policies, and procedures, and in accordance with the requirements
of this project.

being contacted by the learner’s training provider through a phone call or email to
further verify that the learner has completed the activities included in this project to a
satisfactory level and to verify the authenticity of the learner’s document submissions.
Discuss any queries about the project and associated requirements with the learner. If the
learner cannot answer your questions about the project, please contact the learner’s
assessor/training provider.
Practical Assessments begin on the next page.

Part I. Financial Management Planning

Overview
This part of the project will require you to review an existing budget plan and financial plan in
your organisation. Specifically, you will be required to:
▪
Access budget plan and financial plan documentation
▪
Negotiate changes that need to be applied to budget plan and financial plan
▪
Clarify budget plan and financial plan on their achievability, accuracy, and comprehensibility
▪
Prepare contingency plans in the event that initial plans change
Resources Required:
To complete this project, you will need access to the following:
▪
A workplace that will allow you access to:
o Two (2) relevant finance personnel. These may include, but is not limited to the
following:
▪
Financial managers
▪
Accountants
▪
Financial controllers
▪
Supervisors
▪
Any frontline manager
o Workplace financial documentation, such as:

▪
Financial plan for your work team that includes the following:
- Cash flow projections
- Ageing Summaries
- Petty Cash Statements
- Goods and Service Tax (GST)
- Profit and Loss Statements
- One (1) budget plan
Budget plans may include, but is not limited to the following:

o Short-term budget plan
o Long-term budget plan

Supplementary Resources Needed for the Simulated Pathway Assessment

▪
Two (2) volunteers to assume the role of the finance personnel
▪
▪
A safe environment to conduct the roleplaying activity
Templates required to complete this project are provided within this workbook.
Case Study Overview
If you are doing a Simulated Workplace assessment, access the link below to view
the information required for you to complete this project.
Bounce Fitness Financial Management Planning
< http://bounce.precisiongroup.com.au/select-scenario/finance/>

Part 1 Task 1 Review Budget and Financial Plans
1. Access one (1) of your organisation’s existing financial plans for your work team. Your
financial plan must include the following:
▪
Cash flow projections
▪
Ageing summaries
▪
Petty cash statements
▪
Goods and Service Tax (GST)
▪
Profit and loss statements
▪
One (1) budget plan
Budget plans may include, but is not limited to the following:

o Short-term budget plan
o Long-term budget plan
2. From your chosen financial plan, interpret the following:

▪
Ageing summary
Interpretation may include but is not limited to the following:

o How will you tackle the unpaid invoices?
o What action must be taken to convert this to cash?
▪
Petty cash
Interpretation may include but is not limited to the following: o

Will the current petty cash suffice for the organisation?
o Is the petty cash accounted for in your budget?
▪
Cash flow statement
o Is your budget consistent with your expected income based on the

trends of your cash flow statements?

▪
Goods and Services Tax (GST)
o Will you be able to claim GST credits at the end of the next tax period?
o Are GST credits included in the computation of your budgets?
▪
Profit and loss statement
o Will the proposed budgets meet the expected expenses and cost?
3. Record your interpretations in the Financial Plan Analysis template found within this
workbook.
4. Review the budget plan and financial plan that you’ve accessed and determine the
following:
▪
Type of budget plan used
▪
One (1) budgetary goal from the budget plan
▪
Section of financial plan used
▪
One (1) financial goal from the financial plan
Record goals identified in the Budget and Financial Goals template found within this
workbook.
5. Organise a meeting with two (2) relevant personnel from your organisation. Relevant
personnel may include:
▪
Financial managers
▪
Accountants
▪
Financial controllers
6. During the meeting, you must discuss the following:

▪
Confirmation of budgetary goal identified for the budget plan
▪
Confirmation of financial goal for the financial plan

▪
Confirmation of the following for the budget plan and financial plan
o Achievability:
• Is it specific? It should easily answer the five (5) ‘W’ questions:

Who, What, Where, Which, Why.
• Is it measurable? Measurable goals are easier to track and

maintain.
• Is it assignable? Relevant roles should be easily assigned to

current team members, department staff, etc.
• Is it realistic? Boundaries of the goal must be set in realistic

values. For example, meeting a certain percentage of sales
increase compared to the last quarter.
• Is it time-limited? Goals must have a realistic time frame from

when it begins to when the goal must be achieved.
o Accuracy
• Does it include thorough budgeting?
• Does it have reasonable assumptions?

• Did it go through conservative budgeting?
• Are the plans’ variances in narrow ranges?

o Comprehensibility
• Are the details clear? What the plans will be trying to address is
completely explained or described.
• Are the plans easily understandable? Details are not full of

jargon, and figures, graphs, illustrations are described or
explained.
• Are the plans in a language understood by the organisation?

▪
Identify two (2) changes that need to be applied to the budget plan and two (2) changes
that need to be applied to the financial plan. Changes may include:
o Re-budgeting
o Re-allocation of budget
o Recalculation of variances
Negotiate these changes with the relevant personnel to confirm the viability of
the changes.

▪
Prepare one (1) contingency plan to achieve budgetary goal reviewed and one
(1) contingency plan to achieve the financial goal reviewed.
Contingency plans may include:
o Contracting out or outsourcing human resources and other functions

or tasks
o Diversification of outcomes
o Finding cheaper or lower quality raw materials and consumables
o Risk identification, assessment, and management processes
7. Document all discussion of the budget plan in the Budget Plan Review provided within
this workbook.
8. Document all discussion of the financial plan in the Financial Plan Review provided
within this workbook.
9. Ensure that you follow your organisation’s relevant policies and procedures during this
review.
Have the two (2) relevant personnel sign the declaration at the end of the Budget Plan
Review and Financial Plan Review. Their signatures must be handwritten.
10. Have each of the two (2) relevant personnel complete and sign one (1) Third-Party
Report. Their signatures must be handwritten.
11. Revise the Budget Plan and Financial Plan according to the changes mentioned in the
meeting. You must show computations.
12. Have your supervisor sign the Supervisor Declaration Form found at the end of the
template. All signatures must be handwritten.
13. Submit the following to your assessor:
▪
Budget and Financial Goals
▪
Financial Plan Analysis
▪
Budget Plan Review
▪
Financial Plan Review
▪
Revised Budget Plan
▪
Revised Financial Plan
▪
Two (2) Third-Party Reports

Simulated Workplace Pathway
To complete this task, you are to review the budget plan and financial plan with
relevant personnel of Bounce Fitness through a roleplaying activity.
You will be using the following:
▪
Marketing financial plan
▪
Equipment procurement budget plan
To assist you in completing this task, refer to the document in the link below:
Financial and Budget Plan Meeting Character Brief
<http://bounce.precisiongroup.com.au/select-scenario/finance/>
You will require access to:

▪
Two (2) volunteers to assume the role of the budget/finance personnel
▪
▪
Submit the following to your assessor:

▪
▪
▪
Budget Plan Review
▪
▪
Revised Budget Plan
▪
Revised Financial Plan
▪
Video recording of the meeting roleplay
▪
Two (2) Third-Party Reports*
*Have your assessor watch the roleplay video recording and have them complete
one (1) Third-Party Report and the Supervisor Declaration Form.

Part 1 Task 1 Review Budget and Financial Plans Marking Guide
Mapping: BSBFIM501 PC1.1, PC1.2, PC1.3, PC1.4, FS1.0 (p), FS2.0 (p), FS4.0 (p), FS6.0 (p), FS7.1
(p), FS7.2 (p), PE1.0 (p), PE2.0 (p), PE3.0 (p)
Learner must submit the Budget and Financial Goals to complete this task. To be considered
satisfactory, the template must contain the following:
▪
Type of budget plan used
▪
One (1) budgetary goal from the budget plan
▪
Section of financial plan the financial goal is taken from
▪
One (1) financial goal from the financial plan
Learner must submit the Financial Plan Analysis to complete this task. The analysis must contain
interpretations of the following:
▪
Ageing summary
▪
Petty cash
▪
Cash flow statement
▪
Goods and Services Tax (GST)
▪
Profit and loss statement
Learner must submit a completed Budget Plan Review and Financial Plan Review as evidence of
their review meeting with relevant finance personnel. The Budget Plan Review and the Financial
Plan must include the following:
▪
One (1) goal from each plan reviewed.
▪
Two (2) changes to be done for each plan
▪
One (1) contingency plan to achieve the goal of each plan reviewed.
▪
Confirmation of accuracy
▪
Confirmation of achievability
▪
Confirmation of comprehensibility

They must also submit two (2) completed Third-Party Reports completed by the relevant
budget/finance personnel they conducted the meeting with, to confirm the candidate’s
observation of the skills in the checklist.
Learner must submit a revised Budget Plan and Financial Plan in accordance with the changes
discussed in the meeting.
Learner must have their supervisor accomplish the Supervisor Declaration Form to confirm that
all information on the revised plans are correct. Signature must be handwritten.
Learner’s taking the Simulated Workplace Pathway must submit a video recording of their
roleplaying activity to complete this task. The assessor will sign the Declaration and one (1)
Third-Party Report Form on behalf of the supervisor.
Refer to the sample responses in the benchmarked template provided.
Sample responses are from Bounce Fitness.

Budget Plan
Learner must indicate the budget plan used.

Type or Section of Plan
Equipment procurement budget plan
Learner must indicate the budget goal of the budget plan reviewed.
Goal Procurement the equipment listed within a budget of $20,000.00 for
the next quarter.
Financial Plan
Learner must indicate the section of the financial plan used.

Type or Section of Plan
Marketing budget plan
Learner must indicate the financial goal of the financial plan

Goal reviewed.
Maintain the marketing expense for the year at $100,000.00.

Ageing Summaries
Learner must supply their interpretation of the ageing summaries of their organisation.
▪
How will you tackle the unpaid invoices?
▪
What action must be taken to convert this to cash?
Petty Cash

▪
Will the current petty cash suffice for the organisation?
▪
Is the petty cash accounted for in your budget?
Cash Flow Statement

▪
Is your budget consistent with your expected income based on the trends of your cash flow
statements?
Goods and Service Tax (GST)

▪
Will you be able to claim GST credits at the end of the next tax period?
▪
Are GST credits included in the computation of your budgets?
Profit and Loss Statements

▪ Will the proposed budgets meet the expected expenses and cost?

Budget Plan Review
Budget Plan Information
Type of Budget Learner must indicate what budget plan has been reviewed.
Plan:
Bounce Fitness equipment procurement budget plan
Budget/ Goal: Learner must indicate the budgetary goal of the budget plan reviewed.
Procurement the equipment listed within a budget of $20,000.00.
Achievable? ☐ YES ☒ NO
Explanation:
Learner must indicate an explanation why the budget plan can be considered achievable.
Projected expense is at least $3,000.00 over the allocated procurement budget of $20,000.00.
Accurate? ☒YES ☐NO
Explanation:
Learner must indicate an explanation why the budget plan can be considered accurate.
Prices are directly given by the supplier and are, therefore, accurate.
Comprehensible? ☒YES ☐NO
Explanation:
Learner must indicate an explanation why the budget plan can be considered comprehensible.
The plan does not contain jargon and is easily discernible by the relevant personnel.

Change #1 to Budget Plan
Detail/Information to be changed:
Learner must indicate what information or details must be changed in the budget plan to make it
achievable, accurate, and comprehensible.
Updated detail/information:
Learner must indicate the change that they did to the budget plan.
Change #2 to Budget Plan
Learner must indicate the change that they did to the budget plan.

Contingency Plan for Budget Plan
Learner must indicate an appropriate contingency plan that can be applied when the change
indicated will still fail to make the plan achievable, accurate, and comprehensible.

Financial Plan Information
What kind of
Learner must indicate what budget/financial plan has been reviewed.
Budget/Financial
Plan Bounce Fitness marketing budget plan
Budget Financial Learner must indicate the financial goal of the financial plan reviewed.
Goal Maintain the marketing expense for the year to $100,000.00.
Achievable? ☐YES ☒NO
Explanation:
Learner must indicate an explanation why the financial plan can be considered achievable.
The projected marketing expense for the year is $41,000.00 over the allocated budget of
$100,000.00.
Accurate? ☒ YES ☐ NO
Explanation:
Learner must indicate an explanation why the financial plan can be considered accurate.
Prices are consistent with Profit and Loss statement, and therefore accurate.
Comprehensible? ☒ YES ☐ NO
Explanation:
Learner must indicate an explanation why the financial plan can be considered comprehensible.
Information was presented in the language used by the organisation.

Change #1 to Budget/Financial Plan #2
Learner must indicate what information or details must be changed in the financial plan to make it
Learner must indicate the change that they did to the financial plan.
Change #2 to Budget/Financial Plan #2
Learner must indicate the change that they did to the financial plan.

Contingency Plan for Budget/Financial Plan #2
Learner must indicate an appropriate contingency plan that can be applied when the change
indicated will still fail to make the plan achievable, accurate, and comprehensible.

Review Information
Review conducted by: Learner’s name
Review date: Date when the review was conducted
Attendees: All attendees of the meeting must be specified
Review Declaration
TO THE ATTENDEES
By signing in the spaces below, both parties are confirming that they have discussed, clarified, and
finalised all the details above. This also ensures that the details in this review document are in
accordance with the organisation’s goals, plans, and objectives.
Moreover, both parties are confirming that the learner followed all organisational policies and
procedures relevant to financial planning during this review.
Personnel #1
Name: Budget/Finance personnel’s name
Workplace/Organisation: Name of workplace/organisation
Position/Job Role: Budget/Finance personnel’s position/title/designation
Contact Number: Budget/Finance personnel’s contact number
Email Address: Budget/Finance personnel’s email
Signature: Budget/Finance personnel’s handwritten signature
Date Signed: Budget/Finance personnel’s sign off date

Personnel #2
Name: Budget/Finance personnel’s name
Position/Job Role: Budget/Finance personnel’s position/title/designation
Contact Number: Budget/Finance personnel’s contact number
Email Address: Budget/Finance personnel’s email
Signature: Budget/Finance personnel’s handwritten signature
Date Signed: Budget/Finance personnel’s sign off date

Third Party Report
TO THE PEER OBSERVER:
By affixing your signature to the spaces provided below, you are confirming that you have
observed the learner complete or demonstrate the skill requirements below.
Learner: Learner’s name
Workplace/Organisation: Learner’s workplace/organisation
Task Title: Review Budget and Financial Plans
The learner… Yes No Comments
1. Used the appropriate terms when  

presenting information
2. Did not use overly technical jargon to  

explain procedures
3. Followed relevant organisational policies  

for setting up the meeting
4. Discussed each team members’ roles and  

responsibilities in the project

responsibilities in risk management
6. Presented information using clear language  

7. Encouraged feedback from team members  

using appropriate questioning
8. Clarified information to confirm

understanding using appropriate  
questioning
9. Demonstrated active listening throughout  

the session
Observer Declaration
TO THE PEER OBSERVER
By signing in the spaces provided below, you are confirming that the learner has demonstrated
the skill requirements outlined above during the meeting about budget/financial plans.
Observer name: Observer’s name
Position: Peer Observer’s position
Signature: Peer Observer’s handwritten signature
Date: Peer Observer’s sign off date
Third Party Report Marking Guide
Mapping: BSBFIM501 FS3.1 (p), FS3.2 (p)
The supervisor/observer must tick YES on all items in the Third-Party Report and provide a brief
description of the learner’s overall performance.

Supervisor Declaration
TO THE SUPERVISOR/OBSERVER
By signing in the spaces below, you are confirming that the learner has accessed the required
workplace documentation to complete this task and that their responses provided above reflect
that of the organisation.
Supervisor/Observer name: Supervisor/Observer’s name
Position: Supervisor/Observer’s position/title/designation
Contact number (required): Supervisor/Observer’s contact number
Email (required): Supervisor/Observer’s email
Signature: Supervisor/Observer’s handwritten signature
Date Signed: Supervisor/Observer’s sign off date

Part II. Financial Management Plan Implementation

Overview
This part of the project will require you to implement a new financial management plan.
Specifically, you will be required to:
▪
Disseminate relevant details of the agreed budget and financial plans to team members
▪
Provide support to ensure that team members can competently perform required roles
associated with the management of finances
▪
Determine and access resources and systems to manage financial management processes within
the work team
Resources Required
To complete this project, you will need access to the following:
▪
A workplace that will allow you access to:
o Three (3) team members whose job roles are focused on management of
finances. This may include but are not limited to:
▪
Purchasing and procurement staff
▪
Debt collectors
▪
Bookkeepers
▪
Accountants
o Two (2) resources that can be used to manage financial management processes.
This may range from the following:
▪
Human resources
▪
Physical resources
▪
Financial resources
o Two (2) systems that can be used to manage financial management processes.
This may include:
▪
Reimbursement system
▪
Liabilities tracking system
▪
Data integrity and security systems
▪
Record-keeping system

Supplementary Resources Needed for the Simulated Pathway Assessment

▪
Three (3) volunteers to assume the role of the team members
▪
▪
▪
MYOB AccountRight Enterprise V19.11 (Windows)
▪
MYOB AccountEdge Pro EDU V 14.5.dmg (Mac)
▪
Microsoft Excel
Case Study Overview
If you are doing a Simulated Workplace assessment, access the link below to view the
information required for you to complete this project.
Bounce Fitness Implementation of Financial Management Plan

Part 2 Task 1 Determine Resources and Systems
1. Locate and access the budget plan and financial plan that you reviewed in Part 1.
2. Review both plans and determine two (2) resources and two (2) systems that you and
your work team will use to manage financial management.
Resources may include:

▪
Human resources such as, but not limited to the following:
o Financial experts
o Budget specialists
▪
Physical resources such as, but not limited to the following:
o Books
o Columnar ledgers
▪
Financial resources such as, but not limited to the following:
o Vouchers
o Petty Cash
o Cash-on-hand
Systems may include:
▪
Reimbursement system
▪
Liabilities tracking system
▪
Data integrity and security systems
▪
Record-keeping system
Document your findings in the Resources and Systems List provided within this workbook.
3. Submit the Resources and Systems List to your assessor.
To complete this task, you are to determine resources and systems that you will use
to manage the financial management processes of Bounce Fitness.
Resources and Systems
Submit the Resources and Systems List to your assessor.

Part 2 Task 1 Determine Resources and Systems Marking Guide
Mapping: BSBFIM501 PC2.3 (p), FS7.2 (p)
Learner must submit a completed Resources and Systems List. Although the content of the list
will vary, the document must include the following:
▪
Two (2) resources that the learner will use to manage financial management.
▪
Two (2) systems that the learner will use to manage financial management
These systems will be located anywhere in their workplace depending on how the learner’s
organisation/workplace keeps or maintains them.
Resources and Systems
Resources
Learner must identify the resources relevant to the financial management processes that are used
in the organisation.
a. Australian Accounting Standards Board: Accounting Standards

b. Quotations from Bounce Fitness
Systems
Learner must identify the systems relevant to the financial management processes that are used
in the organisation.
a. MYOB
b. Microsoft Excel

Part 2 Task 2 Team Meeting
1. Organise a meeting with three (3) team members. The team members that you will meet
with must have a role that is focused on management of finances, this may include:
▪
Purchasing and procurement staff
▪
Debt collectors
▪
Bookkeepers
2. During the meeting, the following agenda must be discussed:

▪
Budgetary goal confirmed in Part 1
▪
Financial goal confirmed in Part 1
▪
The achievability, accuracy, and comprehensibility of budget plan and financial plan
used in Part 1
▪
Changes applied to budget plan and financial plan used in Part 1
▪
The contingency plan for budget plan and financial plan used in Part 1
▪
The two (2) resources identified in Part 2 Task 1
▪
The two (2) systems identified in Part 2 Task 1.
Document the discussion in the Meeting Minutes provided within this workbook.
3. Have each of the three (3) team members complete and sign one (1) Third-Party Report.
Their signatures must be handwritten.
▪
One (1) Meeting Minutes
▪
Three (3) Third-Party Reports

Simulated Workplace Assessment
You must complete this task using a roleplaying activity.

Team Meeting Character Brief
▪
Three (3) volunteers to assume the role of your team members
▪
▪
▪
one (1) Meeting Minutes
▪
three (3) Third-Party Reports
▪
the video recording of the meeting

Part 2 Task 2 Team Meeting Marking Guide
Mapping: BSBFIM501 PC2.1, FS1.0 (p), FS4.0 (p), FS6.0 (p), PE2.0 (p)
Learner must submit a completed Meeting Minutes as evidence of their information

dissemination meeting with relevant team members.
The following information must be specifically covered in the meeting and documented in the
Meeting Minutes document:
▪
Budgetary goal confirmed in Part 1
▪
Financial goal confirmed in Part 1
▪
The achievability, accuracy, and comprehensibility of the budget plan and financial plan used in
Part 1.
▪
Changes applied to the budget plan and financial plan used in Part 1.
▪
The contingency plan for the budget plan and the financial plan used in Part 1.
▪
The two (2) resources identified in Part 2 Task 1
▪
The two (2) systems identified in Part 2 Task 1.
▪
One (1) support need required by each of the team members associated with the management
of finances.
They must also submit three (3) completed Third-Party Reports completed by the relevant team
members they conducted the meeting with, to confirm the candidate’s observation of the skills
in the checklist.
Learner taking the Simulated Workplace Pathway must submit a video recording of their
roleplaying activity. They must have the each of their three (3) volunteers complete one (1)
Third-Party Report From each after the roleplay.

Meeting Minutes
Date: Date of the Time: Time of the Meeting Location: Meeting Location
Meeting
Meeting called Information dissemination
Facilitator Learner name
Notetaker Learner name, or any assigned team member
Timekeeper Learner name, or any assigned team member
Attendees All attendees of the meeting must be specified. This section must be
signed by each team member after the meeting.
Agenda Item 1
The discussion on the financial goals of the organisation

Discussion
breakdown must be provided here.
The following will be the financial goal discussion:

▪
o Procurement the equipment listed within a budget of $20,000.00.
▪
Bounce Fitness marketing financial plan
o Maintain the marketing expense for the year to $100, 000.00.

Agenda Item 2
Discussion on the achievability, accuracy, and comprehensibility of

Discussion
the plan.
The following will be the financial goal achievability, accuracy, and comprehensibility discussion:
▪
o Achievable? No.
o Accurate? Yes.
o Comprehensible? Yes.
▪
Bounce Fitness marketing budget plan
o Achievable? No.
o Accurate? Yes.
o Comprehensible? Yes.
The learner must provide an explanation on each. These must reflect their answers in Part 1 Task
1.
Agenda Item 3
The discussion on the changes applied to the budget plan and

Discussion
financial plan. These must reflect their answers in Part 1 Task 1.

Agenda Item 4
The discussion on the contingency plan for each budget and

Discussion financial plan that they used in Part 1 Task 1. These must reflect
their answers in Part 1 Task 1.
Agenda Item 5
The discussion on each resource and system that they

Discussion
determined in Part 2 Task 1.

Third-Party Report
TO THE PEER OBSERVER:
By affixing your signature to the spaces provided below, you are confirming that you have
observed the learner complete or demonstrate the skill requirements below.
Learner: Learner’s name
Workplace/Organisation: Learner’s workplace/organisation
Project Title: Team Meeting
The learner… Yes No Comments
1. Used the appropriate terms when  

presenting information
2. Did not use overly technical jargon to  

explain procedures
3. Followed relevant organisational policies  

for setting up the meeting

responsibilities in the project

responsibilities in risk management
6. Presented information using clear language  

7. Encouraged feedback from team members  

using appropriate questioning
8. Clarified information to confirm

understanding using appropriate  
questioning
9. Demonstrated active listening throughout  

the session
Observer Declaration
TO THE PEER OBSERVER
By signing in the spaces provided below, you are confirming that the learner has demonstrated
the skill requirements outlined above during the team meeting.
Observer name: Observer’s name
Position: Peer Observer’s Position
Signature: Peer Observer’s handwritten signature
Date: Peer Observer’s sign off date
Third Party Report Marking Guide
Mapping: BSBFIM501 FS3.1 (p), FS3.2 (p)
The supervisor/observer must tick YES on all items in the Third-Party Report and provide a brief
description of the learner’s overall performance.

Part 2 Task 3 Provide Support
1. Organise training session with three (3) team members you’ve met within Part 2 Task 2
to familiarise them with the two (2) resources and two (2) systems you identified in Part
1 Task 1.
Make sure that your workplace supervisor observes you as you train your team members.
2. During the training session, you must ensure that the training you provide for each team
member is suitable to their role associated with the management of finances.
3. After the training session, have each of the three (3) team members complete and sign
one (1) Training Needs Support Confirmation each. The declaration must itemise the
following:
▪
Type of support provided
▪
If support given was appropriate to the team member’s role
4. Have your supervisor sign the declaration section of each Training Need Support
Confirmation document. Their signature must be handwritten.
5. Submit three (3) Training Needs Support Confirmation to your assessor.
To complete this task, you must train your team members how to use the resources
and systems that will be used to manage financial management systems. You must
complete this task using a roleplaying activity. Record the training session in a video.
Bounce Fitness Training Finance Staff Character Brief

▪
Three (3) volunteers to assume the role of your team members
▪
▪

▪
Three (3) Training Needs Support Confirmation
▪
Video recording of the training session roleplay
Have your assessor watch the roleplay video recording and have them sign the
Declaration section of each Training Needs Support Confirmation.

Part 2 Task 3 Provide Support Marking Guide
Mapping: BSBFIM501 PC2.2, PC2.3 (p) FS3.2 (p), FS5.0 (p), FS6.0 (p), FS7.2 (p) PE5.0 (p)
Learner must submit two (2) completed Training Needs Support Confirmation as evidence of their
training session with their team members. The following information must be specifically covered
in the meeting and documented in the Training Needs Support Confirmation document:
▪
Type of support provided
▪
If support given was appropriate to the team member’s role
All three (3) team members must sign the Declaration Form found at the end of the template. All
signatures must be handwritten.
Learner taking the Simulated Pathway Workplace must submit a video recording of their roleplay
of the training session.

Training Needs Support Confirmation
Team member name: Name of team member
Team member role: Role of team member in the team
What kind of support was provided?
How was the support given appropriate to your role?
Training Information
Training conducted by: Learner’s name
Training date: Date when the review was conducted in DD MM YYYY format
Trainee: All attendees of the meeting must be specified

Training Declaration
TO THE OBSERVER/SUPERVISOR
By signing in the spaces below, you are confirming that learner has provided support and training
to team members on how to use the resources and systems to manage financial management
processes.
Team Member 1
Name: Observer’s name
Position/Job Role: Observer’s position/title/designation
Contact Number: Observer’s contact number
Email Address: Observer’s email
Signature: Observer’s handwritten signature
Date Signed: Observer’s sign off date
Supervisor
Name: Supervisor’s name
Position/Job Role: Supervisor’s position/title/designation
Contact Number: Supervisor’s contact number
Email Address: Supervisor’s email
Signature: Supervisor’s handwritten signature
Date Signed: Supervisor’s sign off date


processes.
Team Member 2
Supervisor


processes.
Team Member 3
Supervisor

Part III. Monitoring and Controlling Finances
Overview
This part of the project will require you to monitor and control finances in the work. Specifically:
▪
Determine finance monitoring and controlling methods
▪
Implementing finance monitoring and controlling methods
▪
Revising contingency plans
▪
Reporting budget and expenses
Resources Required
To complete this project, you will need access to workplace documentation including:
▪
Procedures for monitoring actual expenditure
▪
Procedures for controlling costs
▪
Cyclical basis for monitoring actual expenditure
Case Study Overview
Bounce Fitness Expenditure and Costs

Part 3 Task 1 Implement Monitoring and Controlling Procedures
1. Access the organisational procedures for the following:

▪
Monitoring actual expenditure
▪
Controlling costs
▪
Cyclical basis for monitoring
2. Review the documents and identify the following according to your organisation’s
requirements:
▪
One (1) actual expenditure monitoring procedure
▪
One (1) cost controlling procedure to implement in the workplace
▪
One (1) cyclical basis for monitoring of each procedure to be implemented
3. Implement the procedures following the identified cyclical basis that you’ve indicated in
Item 2.
Access any necessary resources and systems that will be used to monitor actual
expenditure and to control costs.
Record all this in the Implementation and Monitoring Sheet found within this workbook.
4. Use the monitoring sheets to document the implementation. You may also use your
organisation’s own monitoring sheet template.
Provide one (1) Expenditure Monitoring Sheet for the implementation of the procedure
for monitoring actual expenditure and one (1) Costs Monitoring Sheet for the
implementation of the procedure for controlling costs.
Each monitoring sheet must contain the following:
▪
The cyclical basis of monitoring
▪
The breakdown of the organisation’s expenses based on the cyclical basis chosen
▪
Totals of the breakdown in terms of:
o Total expenses
o Projected expenses
o Surplus/deficit
5. Create a variance report to document the changes with actual expenditures and
controlled costs. Record all information in the Variance Report Template found within
this workbook. You may use your organisation’s own variance report format, as long as
the information included reflects that of the given template.
6. Save the variance report, expenditure monitoring sheet and cost monitoring sheet
following your organisation’s procedures in accordance with ATO requirements for
record-keeping.

7. Have your supervisor sign the Supervisor Declaration form found at the end of the
Implementation and Monitoring Sheet to ensure that you have followed all
requirements in record-keeping.
▪
Implementation and Monitoring Sheet
▪
One (1) Expenditure Monitoring Sheet
▪
One (1) Costs Monitoring Sheet
▪
One (1) Variance Report
To complete this task, you are to implement procedures to monitor actual

expenditure and to control costs on a cyclical basis. Refer to Part III Case Study
Overview to assist you in completing this task.
▪
▪
▪
▪
▪
Cloud storage link of your folder together with the password
Your assessor will sign off the Supervisor Declaration on behalf of the supervisor.

Part 3 Task 1 Implement Monitoring and Controlling Procedures Marking Guide
Mapping: BSBFIM501 PC3.1 (p), PC3.2, FS1.0 (p), FS4.0 (p), FS7.1 (p), FS7.2 (p), PE1.0 (p), PE4.0
Learner must submit a completed Expenditure Monitoring Sheet as evidence of them

monitoring the implementation of expenditure procedures in the organisation. The following
information must be specifically documented in the Expenditure Monitoring Sheet document:
▪
The cyclical basis of their monitoring
▪
The breakdown of the organisation’s expenses based on the cyclical basis chosen
▪
o Total expenses
o Surplus/deficit
They must also submit a completed Costs Monitoring Sheet as evidence of them monitoring the
implementation of expenditure procedures in the organisation. The following information must
be specifically documented in the Costs Monitoring Sheet document:
▪
▪
The breakdown of the organisation’s operating costs based on the cyclical basis chosen
▪
o Total expenses
o Surplus/deficit
They must also submit a Variance Report that will indicate a quarter variance calculation of the
expenses and costs incurred by the organisation. The following information must be specifically
documented in the Variance Report document:
▪
▪
Projected expenses
▪
Actual expenses
▪
Variance in $ and in %
▪
Totals

Learner taking the Simulated Workplace Pathway must submit a link and password to their cloud
folder, which must contain the following:
▪
▪
▪
▪


Implementing and Monitoring Sheet
Monitoring Actual Expenditure
Procedure to be implemented:
Learner must indicate what organisational procedure they will use to monitor actual
expenditure. Quarterly expenditure tracking/monthly expenditure tracking
Cyclical basis for monitoring:
Learner must indicate what cyclical basis for monitoring will be applied to the implementation
of the procedure.
Basic expenditure cycle
Controlling Costs
Procedure to be implemented:
Learner must indicate what organisational procedure they will use to control costs.
Quarterly costs tracking/monthly costs tracking
Cyclical basis for monitoring:
The learner must indicate what cyclical basis for monitoring will be applied to the
implementation of the procedure.
Basic expenditure cycle

Supervisor/Observer Declaration
By signing in the spaces below, you are confirming that the learner followed all requirements in
record-keeping, and that their responses provided above reflect that of the organisation.

Expenditure Monitoring Sheet
Expenses
Learner must indicate the
items or services that are
st nd rd th
part of the expenses of their 1 Quarter 2 Quarter 3 Quarter 4 Quarter Yearly Total
organisation. With quarterly
breakdowns, yearly totals,
total costs, projected costs,
and surplus or deficit.
Advertisements &
11,000.00 3,000.00 9,000.00 5,500.00 28,500.000
Promotions
Salary 20,000.00 25,000.00 20,000.00 20,000.00 85,000.00
Energy Consumption 48,000.00 53,000.00 45,000.00 42,000.00 188,000.00
Repairs & Maintenance 1,000.00 3,000.00 500.00 3,200.00 7,700.00
Phone & Internet 2,400.00 2,000.00 1,900.00 1,750.00 8,050.00
Total Expenditure 82,400.00 86,000.00 76,400.00 72,450.00 317,250.00
Budget 100,000.00 90,000.00 90,000.00 100,000.00 380,000.00
Surplus/Deficit 17,600.00 4,000.00 13,600.00 27,550.00 62,750.00
*You may add more rows as needed*

Costs Monitoring Sheet
Expenses
Learner must indicate the
items or services that cost
st nd rd th
their organisation. With 1 Quarter 2 Quarter 3 Quarter 4 Quarter Yearly Total
quarterly breakdowns, yearly
totals, total costs, projected
costs, and surplus or deficit.
Advertisements &
11,000.00 3,000.00 9,000.00 5,500.00 28,500.000
Promotions
Salary 20,000.00 25,000.00 20,000.00 20,000.00 85,000.00
Energy Consumption 48,000.00 53,000.00 45,000.00 42,000.00 188,000.00
Repairs & Maintenance 1,000.00 3,000.00 500.00 3,200.00 7,700.00
Phone & Internet 2,400.00 2,000.00 1,900.00 1,750.00 8,050.00
Total Costs 82,400.00 86,000.00 76,400.00 72,450.00 317,250.00
Projected Costs/Expense 77,000.00 72,000.00 85,000.00 80,000.00 314,000.00
Surplus/Deficit - 5,400.00 - 14,000.00 8,600.00 7,550.00 - 3,250.00

Variance Report
Period Covered: Financial Quarter 1
Learner must indicate project expenses, actual expenses, variance in terms of $, and variance in
terms of % for each expenditure of the organisation.
Projected
Expenses Actual Expense Variance ($) Variance (%)
Expense
Advertisements
10,000.00 11,000.00 - 1,000.00 - 10%
& Promotions
Salary 20,000.00 20,000.00 00.00 N/A
Energy
40,000.00 48,000.00 - 8,000.00 - 20%
Consumption
Repairs &
5,000.00 1,000.00 4,000.00 80%
Maintenance
Phone & Internet 2,000.00 2,400.00 - 400.00 - 20%
Total 77,000.00 82,400.00 - 5,400.00 - 7%

Projected
Expense
Advertisements
5,000.00 3,000.00 2,000.00 40%
& Promotions
Salary 20,000.00 25,000.00 - 5,000.00 - 25%
Energy
40,000.00 53,000.00 - 13,000.00 - 33%
Consumption
Repairs &
5,000.00 3,000.00 2,000.00 40%
Maintenance
Phone & Internet 2,000.00 2,000.00 00.00 N/A
Total 72,000.00 86,000.00 - 14,000.00 - 19%

Projected
Expense
Advertisements
10,000.00 9,000.00 1,000.00 10%
& Promotions
Salary 20,000.00 20,000.00 00.00 N/A
Energy
50,000.00 45,000.00 5,000.00 10%
Consumption
Repairs &
3,000.00 500.00 2,500.00 83%
Maintenance
Phone & Internet 2,000.00 1,900.00 100.00 5%
Total 85,000.00 76,400.00 8,600.00 10%

Projected
Expense
Advertisements
5,000.00 5,500.00 - 500.00 - 10%
& Promotions
Salary 20,000.00 20,000.00 00.00 N/A
Energy
50,000.00 42,000.00 8,000.00 16%
Consumption
Repairs &
3,000.00 3,200.00 - 200.00 - 7%
Maintenance
Phone & Internet 2,000.00 1,750.00 250.00 13%
Total 80,000.00 72,450.00 7,550.00 9%

Part 3 Task 2 Report on Implementation Results
1. Access your organisation’s procedures on reporting the following:

▪
Variance
▪
Cost
▪
Expenditure
2. Create a summarised result of the actual expenditures of the organisation based on the
monitoring procedure that you’ve done in Part 3 Task 1 in accordance with your
organisation’s protocols.
The report must include the following:
▪
Analysis of overall budget
▪
Analysis of overall expenditures
▪
Analysis of how costs should be controlled across the work team
Use the Implementation Report template provided within this workbook. Show your
calculations in the template.
3. Follow your organisation’s reporting procedure and send the report to relevant
personnel. Secure evidence of this for later submission.
Evidence may include but is not limited to:
▪
Email
▪
Memo
▪
Meeting Minutes
4. Have your supervisor sign the Supervisor Declaration form found at the end of the
template. Their signature must be handwritten.
5. Submit the Implementation Report and evidence of reporting to your assessor.
To simulate reporting to a personnel, you must draft a simulated email notifying the
management team of your report. You must write the email on the template found
within this workbook. You are not required to send an actual email.
Submit your simulated email together with the rest of the requirements of this
workbook to your assessor
Submit the Implementation Report and evidence of reporting to your assessor. Your
assessor will accomplish the Supervisor Declaration.

Part 3 Task 2 Report on Implementation Results Marking Guide
Mapping: BSBFIM501 PC3.3 (p), PC3.4, FS1.0 (p), FS4.0 (p), FS5.0 (p), FS6.0 (p), FS7.1 (p), FS7.2
(p), PE1.0 (p), PE6.0, PE8.0
Learner must submit a completed Implementation Report as evidence of them creating a

summarised result of the actual expenditures of the organisation.
The report must include the following:
▪
Analysis of overall budget
▪
Analysis of overall expenditures
▪
Analysis of how costs should be controlled across the work team
Learner taking the Simulated Workplace Pathway must submit a simulated email reporting the
results of their implementation to the management team.
Learner is not required to send an actual email.

Implementation Report
Learner must indicate here a summary of the results of the implementation of monitoring and
controlling procedures in the workplace. The discussion must include an analysis of overall budget,
overall expenditure, and how costs should be controlled across the work team. This may include
calculation, graphs, etc., but it must be presented in a professional and presentable manner.
By signing in the spaces below, you are confirming that the learner completed this task in
accordance with the organisation’s procedures and protocols, and that their responses provided
above reflect that of the organisation.

Simulated Email Template

(ONLY for learners taking the Simulated Workplace Assessment)
From: Learner Name
 To: Management
Send Subject: Implementation
Message
Hi _____,
I’ve completed the report of the last year’s expenditure, costs, and budget. Please see attached
document for the report.
Cheers!
Learner Name

Part 3 Task 3 Implement and Monitor Contingency Plans
1. Implement the two (2) contingency plans that you’ve identified in Part 1 Task 1.
2. Monitor the implementation of these contingency plans at least three (3) times. Use one
(1) Monitoring Sheet for each contingency plan provided within this workbook to
monitor the implementation.
3. Based on the monitoring results of the contingency plans, modify each contingency plan
to maintain with the budgetary and financial objectives you identified in Part 1 Task 1.
Document the changes in the Modified Contingency Plans template provided within this
workbook.
Note: Modification can be minor in nature such as change of length of implementation,

change of what will be monitored, etc.
4. Have your supervisor sign the Supervisor Declaration at the end of the Modified
Contingency Plans template ensure that all information is in line with organisational
objectives. All signatures must be handwritten.
▪
Two (2) Monitoring Sheets
▪
One (1) Modified Contingency Plans
To complete this task, you are to implement, monitor, and modify contingency plans
of Bounce Fitness. Access the document in the link below to view the information
you require:
Contingency Plans
▪
Two (2) Monitoring Sheets
▪
One (1) Modified Contingency Plans
Your assessor will sign the Supervisor Declaration on behalf of the assessor.

Part 3 Task 3 Implement and Monitor Contingency Plans Marking Guide
Mapping: BSBFIM501 PC3.3, FS1.0 (p), FS4.0 (p), FS5.0 (p), FS7.1 (p), FS7.2 (p), PE3.0 (p)
Learner must submit a completed Monitoring Sheet as evidence of them creating a summarised
result of the actual expenditures of the organisation.
The learner must also submit a completed Modified Contingency Plans as evidence of their
modification to the existing identified contingency plans. The document must include the
following:
▪
The information about the existing/identified contingency plans
▪
The modified version of the existing/identified contingency plans

Monitoring Sheet
Expenses Category Category
Learner must indicate here Buff Bodz Stuff Gym Headz Equipment Difference
Quantity
the new breakdown when (Total)
the contingency plan is
Per Piece Total Per Piece Total
applied.
91cm Premium Foam Roller 20 50.00 1,000.00 40.00 800.00 200.00
Reversible Yoga Mat 20 45.50 910.00 35.00 700.00 210.00
3-in-1 High Density Foam

5 365.00 1,825.00 350.00 1,750.00 75.00
Plyometric Box
Half Stability Ball 5 155.00 775.00 140.00 700.00 75.00
Power Bag (5kg) 5 80.00 400.00 70.00 350.00 50.00
Power Bag (10kg) 5 90.00 450.00 80.00 400.00 50.00
Power Bag (15kg) 5 100.00 500.00 90.00 450.00 50.00
Power Bag (20kg) 5 110.00 550.00 100.00 500.00 50.00
Power Bag (25kg) 5 120.00 600.00 110.00 550.00 50.00
Chrome Dumbbell Set with

2 595.00 1,190.00 570.00 1,140.00 50.00
Rack (1kg to 10kg pairs)

Pin-loaded Lat Pulldown

2 1,290.00 2,580.00 1,200.00 2,400.00 180.00
Low Row Machine
Plate-loaded Pec Machine 2 699.00 1,398.00 600.00 1,200.00 198.00
Leg Press Hack Squat

2 1,795.00 3,590.00 1,600.00 3,200.00 390.00
Machine
Pro Runner Treadmill 5 1,499.00 7,495.00 1,300.00 6,500.00 995.00
Buff Bodz Stuff Total: 23, 263.00
Gym Headz Equipment Total: 20,640.00
*You may add or remove rows and columns as needed*

Monitoring Sheet
Expenses Period Covered

Learner must indicate here
the new breakdown when
st nd rd th
the contingency plan is 1 Quarter 2 Quarter 3 Quarter 4 Quarter
applied.
Magazine Advertisements 5,000.00 8,000.00 8,000.00 10,000.00
Trade Shows 25,000.00 - 25,000.00 -
Customer Service Training 10,000.00 - 5,000.00 -
Market Research 5,000.00 8,000.00 7,000.00 10,000.00
Website Upgrade 10,000.00 - - -
Website Maintenance - - - 5,000.00
Projected Total 55,000.00 16,000.00 45,000.00 25,000.00

Total Projected Marketing Expense for the Year 141,000.00
Additional Funding 20,000.00
Total Yearly Marketing Budget Allocation 100,000.00
Remainder: -41,000.00

Modified Contingency Plans
Current Contingency Plan #1:
Learner must indicate here the contingency plan that they will be modifying.
Sourcing cheaper alternatives
Modified Contingency Plan #1:
Learner must indicate here the modified version of the existing contingency plan they indicated
above.
Keep the new cheaper provider. The amount of equipment to be purchased must be kept within
the $20,000.00 budget.
Current Contingency Plan #2:
Learner must indicate here the contingency plan that they will be modifying.
Sourcing further funding for marketing
Modified Contingency Plan #2:
Learner must indicate here the modified version of the existing contingency plan they indicated
above.
Look for more ways to generate revenues as the funding provided still cannot meet the projected
expenses.

By signing in the spaces below, you are confirming that the learner implemented and modified
the contingency plans as recorded above. You further confirm that these were completed in
line with the organisational objectives, and that their responses provided above reflect that of
the organisation.

Part IV. Review and Evaluation of Financial Management Processes
Overview
This part of the project will require you to evaluate current financial management processes in
your organisation. Specifically, you will be required to:
▪
Analyse data and information on financial management processes effectiveness
▪
Recommend improvements to financial management processes
▪
Implement and monitor improvements in financial management processes
Resources Required
To complete this project, you will need access to workplace documentation including:
▪
Data on the effectiveness of the financial management process
This may include but are not limited to the following:
o Bank account records

o Cash flow data
o Files of paid purchase and service invoices
▪
Information on the effectiveness of the financial management process
This may include but are not limited to the following:
o Employee timesheets
o Contracts
o Credit card receipts
Case Study Overview
Review and Evaluation of Financial Management Plan

Part 4 Task 1 Analyse Financial Management Processes
1. Collect and analyse two (2) sets of data and two (2) sets of information on the
effectiveness of the financial management process of the organisation.
Data may include, but are not limited to the following:
▪
Bank account records
▪
Cash flow data
▪
Files of paid purchase and service invoices
Information may include, but are not limited to the following:

▪
Employee timesheets
▪
Contracts
▪
Credit card receipts
2. Analyse all the data and information you collected and write a report on the overall
effectiveness of the financial management processes within your work team. Record all
findings in the Financial Management Report found within this workbook.
3. Identify two (2) processes that require improvement based on the analysis of your
team’s financial management.
For each process, identify the following:
▪
One (1) organisational financial objective currently not being met
▪
One (1) team financial objective currently not being met
4. Recommend one (1) improvement you will apply to each of the two (2) existing financial
management processes based on the objectives that you identified.
5. Document all information in the Improvements Recommendation Form found within this
workbook.
6. Send the report to your supervisor and seek permission to implement the improvements to
existing processes. You must provide evidence of the approval of your supervisor.
Evidence may include but are not limited to the following:

▪
Email
▪
Memo
▪
Meeting Minutes


▪
Two (2) sets of data on the effectiveness of the financial management process
▪
Two (2) sets of information on the effectiveness of the financial management process
▪
One (1) Financial Management Report
▪
One (1) Improvements Recommendation Form
▪
Evidence of approval from the supervisor
To complete this task, analyse data and information of Bounce Fitness for the
effectiveness of their financial management process.
To assist you in completing this task, refer to the documents in the link below:
Analysing Financial Management Processes
Note: You are not required to send evidence of your data and information to your
assessor.
You must send a simulated email seeking permission to implement the two (2)
improvements that you recommended. Use the email template found within this
workbook.
You are not required to send an actual email.
Submit the simulated email together with the rest of the requirements of this task
to your assessor.

Part 4 Task 1 Analyse Financial Management Processes Marking Guide
Mapping: BSBFIM501 PC4.1, PC4.2, FS1.0 (p), FS2.0 (p), FS4.0 (p), FS6.0 (p), FS7.1 (p), FS 7.2 (p),
PE1.0 (p), PE7.0
Learner must submit two (2) sets data and two (2) sets of information related to financial
management process to complete this task.
Learner must submit a completed Financial Management Report to complete this task.
The report must contain an analysis of the two (2) sets data and two (2) sets of information to be
able to formulate recommendations for improvement.
Learner must submit a completed Improvement Recommendation Form to complete this task.
▪
Two (2) processes that require improvement based on the analysis of team’s financial
management.
For each of process identified, learner must identify the following:

o One (1) organisational financial objective currently not being met
o One (1) team financial objective currently not being met
o One (1) recommended improvement to each of the two (2) financial

management processes that require improvement.
Learner must have their supervisor sign the Supervisor Declaration form to verify the
recommendations.
Learner must submit evidence of their supervisor’s permission to implement the improvements
they recommended.
Evidence may include, but is not limited to the following:
▪
Email
▪
Memo
▪
Meeting Minutes
Learners taking the Simulated Pathway Workplace must submit a simulated email seeking
permission to implement the two (2) improvements they recommended.
Learner is not required to send an actual email, and is not required to submit data and
information.

Financial Management Report
Learner must summarise their findings based on the two (2) sets of data and two (2) sets of
information to create a report on the overall financial management process within the work team,
so that they may recommend improvements to the existing processes.

Improvement Recommendation Form
Area for Improvement #1
Learner must identify where financial management processes can be improved to achieve
financial goals.
Credit spending is above the prescribed monthly budget according to the cash flow statements
Organisational Financial Objective not met
Learner must identify an organisational financial objective that the area that requires
improvement is currently not meeting.
Reduce pantry expenses
Team Financial Objective not met
Learner must identify a team financial objective that the area that requires improvement is
currently not meeting.
Reduce unnecessary credit card expenses
Improvement #1
Learner must provide a recommended improvement to be done to financial management to reach

financial goals.
Reduce credit card expenses by cutting monthly grocery expenses by 14%

Area for Improvement #2
Spending on utilities has increased significantly and is not meeting the prescribed budget set by
the organisation
Reduce Utility Expenses
Keep expenses within established budget
Improvement #2
Reduce utility expenses by cutting monthly electrical expense by 23%


From: Learner’s name
 To: Supervisor’s name
Subject: Financial management improvements

Send
Message
Hi _____,
I’ve analysed our current financial management processes and have found some practices that
can be improved. Attached are the full report and the recommended improvements that I’ve
proposed to follow our financial goals.
I need your approval so that we can implement the changes as soon as we can.
Cheers!
Learner Name

Part 4 Task 2 Implement and Monitor Recommendations
1. Implement the two (2) approved improvements to financial management within the
team you made in Part 4 Task 1.
2. Monitor the outcomes of each of the two (2) financial management improvements two
(2) times.
Each observation must also include the following:
▪
One (1) organisational financial objective being addressed
▪
One (1) team financial objective being addressed
▪
Result of improvement in line with objectives identified
Record all findings on the Monitoring Sheet found within this workbook. One (1) sheet
must be used for each improvement monitored.
3. Have your supervisor accomplish the Supervisor Declaration Form found at the end of
the template to ensure that you have implemented and monitored the improvements as
per the organisation’s requirements.
4. Submit two (2) Monitoring Sheets to your assessor.
To complete this task, implement the recommendation that you’ve raised for the
improvement of the financial management processes of Bounce Fitness by following
the instructions below.
Access the information in the document from the link below to assist you in
completing this task:
Implement and Monitor Recommendations
Write a simulated email explaining the improvements that will be implemented to

your work team. Record this in the simulated email template found below.
You are not required to send an actual email.
Submit the simulated email and the PDF copy of the auto-response emails together
with the other requirements of this task to your assessor.
Your assessor will sign the Supervisor Declaration on behalf of the assessor.

Part 4 Task 2 Implement and Monitor Recommendations Marking Guide
Mapping: BSBFIM501 PC4.3, FS1.0 (p), FS2.0 (p), FS4.0 (p), FS5.0 (p), FS6.0 (p), FS7.1 (p), FS7.2
(p), PE5.0 (p)
Learner must submit two (2) Monitoring Sheets to complete this task.
Each monitoring sheet must contain the following

▪
Two (2) observations of the implementation of the improvements to financial management
▪
One (1) organisational financial objective being addressed
▪
One (1) team financial objective being addressed
▪
Result of improvement in line with objectives identified
The learner must have their supervisor accomplish the Supervisor Declaration Form to ensure
that you learner has implemented and monitored the improvements as per the organisation’s
requirements.
Learner taking the Simulated Pathway must submit a simulated email explaining the
improvements to be made to the current financial management processes.
They are not required to send an actual email.
Learner must also send the screenshots of the auto-responses for the monitoring of
implementation. The dates when the learner accessed each observation must be at least one (1)
day apart to be considered sufficient.


From: Learner’s name
 To: Supervisor’s name
Send Subject: Revisions to current financial management processes
Message
Hi team,
Due to high expenses, we will have to revise some of our purchasing practices. Here are the
guidelines that will be implemented:
Due to high credit card expenses, we will be reducing monthly groceries by 14% starting this
month.
We will also be trying to reduce our utility expenses by reducing the electrical bill by 23%, as we
are currently going above the budget initially drafted for this expense.
Cheers!
Learner Name

Monitoring Sheet
Organisational
Financial Objective:
Team Financial
Objective
Improvement to
Financial Management Reduce utility expenses by cutting monthly electrical expense by 23%
Process
Observation #1
Learner taking Simulated Workplace Pathway must access the observations one
Date day apart to be considered sufficient.
DD-MM-20XX
Learner must record their observations for each instance they monitor.
Observation Monthly expense of grocery reduced to $165.
Observation #2
Date DD-MM-20XX
Monthly expense of grocery reduced to $165.
Observation
Result of Improvements
Learner must provide a brief explanation of the results of their improvements in relation to the
financial objectives they set out to accomplish. Answers may vary.
Average credit expenditure for two months is now within the budgetary requirement set by the
organisation.

By signing in the spaces below, you are confirming that the learner implemented and
monitored the improvements as per the organisation’s requirements, and that their responses
provided above reflect that of the organisation.

Monitoring Sheet
Organisational
Financial Objective:
Team Financial
Objective
Improvement to
Financial Management Reduce credit card expenses by cutting monthly grocery expenses by 14%
Process
Observation #1
Date DD-MM-20XX
Monthly expense of electricity reduced to $810
Observation
Observation #2
Date DD-MM-20XX
Monthly expense of electricity reduced to $690
Observation
Result of Improvements
Average credit expenditure for two months is now within the budgetary requirement set by the
organisation.

By signing in the spaces below, you are confirming that the learner implemented and
monitored the improvements as per the organisation’s requirements, and that their responses
provided above reflect that of the organisation.


Recording

Record of Assessment
Instructions to the Assessor:
Complete this section in the Learner Assessment Pack for each learner.
1. Mark each assessment activity as ‘Satisfactory’ if the learner has completed it according to
the prescribed requirements in the marking guide. Provide comments on the learner’s
general performance of the tasks.
Where you mark the assessment activity as ‘Needs More Evidence’, specify details for the
learner on the further evidence required in the Assessor’s Comments section below.
2. Verify and confirm each evidence submission of the learner by making contact with the
supervisor/observer involved in the learner’s assessments. Log the following information
for each person contacted in the Supervisor/Observer Verification Log within this record:
a. Supervisor/observer name
b. Role in the learner’s assessment (i.e. supervisor or observer)
c. Contact details (phone number/email address)
d. Date of contact
3. Mark the learner as ‘Competent’ when all assessment activities in this unit have been
marked as ‘Satisfactory’.
Assessment Details
Learner
Course Code
Unit of Competency
Assessor Name
RTO

Needs more
Assessment Activity Satisfactory
evidence
Short Answer Question 1  
Part I Task 1 Review Budget and Financial Plans  
Part II Task 1 Determine Resources and Systems  
Part II Task 2 Team Meeting  
Part II Task 3 Provide Support  
Part III Task 1 Implement Monitoring and Controlling Procedures  
Part III Task 2 Report on Implementation Results  
Part III Task 3 Implement and Monitor Contingency Plans  
Part IV Task 1 Analyse Financial Management Processes  
Part IV Task 2 Implement and Monitor Recommendations  

Needs more
Context Details Satisfactory
evidence
 
 
 
 
 
 
Supervisor/Observer Verification Log
Supervisor/Observer
Supervisor/Observer Role in the Date of
Contact Details verifies the learner’s
Name Assessment Contact
submissions
 Yes  No
 Yes  No
 Yes  No
 Yes  No

Assessor’s Comments
Remarks/feedback
Details of further evidence required
Please tick the appropriate box. Yes No
Comments and further action required are noted in the Learner  

Assessment Pack
Results discussed and agreed to by the learner  

You have the right to appeal the outcome of your assessment.

Competent

Not Yet
The learner is Competent
Assessor’s signature Date signed
I further confirm that I have verified the learner’s submissions by contacting the learner’s supervisor
and/or observer whose names appear in the Supervisor/Observer Verification Log above.

After reassessment, the Learner is: Competent 
Not Yet Competent
Assessor’s signature Date signed

Learner’s Comments
The signature confirms that I have submitted all my own work and agree with the assessment
decision and feedback.
Learner’s signature Date signed


Assessment Mapping

Mapping Document
Training Package Business Services
Unit Code BSBFIM501
Unit Name Manage Budgets and Financial Plans (Release 1)
Performance Criteria Foundation Skills Assessment Task
Element 1.0: Plan financial management approaches
1.1 Access budget and financial plans for the work FS1.0 Reading Practical Assessment Project Part I. Task 1.1
team
FS2.0 Writing
FS4.0 Numeracy
FS7.0 Get the work done
1.2 Clarify budget and financial plans with relevant FS1.0 Reading Practical Assessment Project Part I. Task 1.1
personnel within the organisation to ensure that FS3.0 Oral communication
documented outcomes are achievable, accurate and
comprehensible FS4.0 Numeracy
FS6.0 Interact with others
1.3 Negotiate any changes required to be made to FS3.0 Oral Communication Practical Assessment Project Part I. Task 1.1
budget and financial plans with relevant personnel
within the organisation

204 Assessor Assessment Pack Produced 12 December 2018 © Precision Group
(Australia)
Performance Criteria Foundation Skills Assessment Task
1.4 Prepare contingency plans in the event that initial FS2.0 Writing Practical Assessment Project Part I. Task 1.1
plans need to be varied
Element 2.0: Implement financial management approaches
FS1.0 Reading Practical Assessment Project Part II. Task 2.2
2.1 Disseminate relevant details of the agreed budget FS3.0 Oral Communication
and financial plans to team members FS4.0 Numeracy
FS3.0 Oral Communication Practical Assessment Project Part II. Task 2.3
2.2 Provide support to ensure that team members can
competently perform required roles associated with FS4.0 Numeracy
the management of finances
FS5.0 Navigate the world of work
FS1.0 Reading Practical Assessment Project Part II. Task 2.1 (p)
2.3 Determine and access resources and systems to FS3.0 Oral Communication Practical Assessment Project Part II. Task 2.3 (p)
manage financial management processes within the
work team FS4.0 Numeracy

Element 3.0: Monitor and control finances
3.1 Implement processes to monitor actual FS1.0 Reading Practical Assessment Project Part III. Task 3.1
expenditure and to control costs across the work
FS4.0 Numeracy
team
3.2 Monitor expenditure and costs on an agreed FS1.0 Reading Practical Assessment Project Part III. Task 3.1
cyclical basis to identify cost variations and
FS4.0 Numeracy
expenditure overruns
3.3 Implement, monitor and modify contingency FS1.0 Reading Practical Assessment Project Part III. Task 3.3
plans as required to maintain financial objectives
FS4.0 Numeracy
3.4 Report on budget and expenditure in accordance FS1.0 Reading Practical Assessment Project Part III. Task 3.2
with organisational protocols
FS4.0 Numeracy

Element 4.0: Review and evaluate financial management processes
4.1 Collect and collate for analysis, data and FS2.0 Writing Practical Assessment Project Part IV. Task 4.1
information on the effectiveness of financial
FS4.0 Numeracy
management processes within the work team
4.2 Analyse data and information on the effectiveness FS1.0 Reading Practical Assessment Project Part IV. Task 4.1
of financial management processes within the work
FS2.0 Writing
team and identify, document and recommend any
improvements to existing processes FS4.0 Numeracy
4.3 Implement and monitor agreed improvements in FS1.0 Reading Practical Assessment Project Part IV. Task 4.2
line with financial objectives of the work team and the
FS2.0 Writing
organisation
FS4.0 Numeracy

Foundation Skill Performance Criteria Description Assessment Task

Readi
ng 1.1, 1.2, 2.1, 2.3, 3.1-3.4, 4.2, 4.3 1.0 Interprets and analyses information Practical Assessment Project Part I. Task
to determine activities required 1.1 (p)
Practical Assessment Project Part II.
Task 2.2 (p)
Practical Assessment Project Part III.
Task 3.1 (p)
Task 3.2 (p)
Task 3.3 (p)
Practical Assessment Project Part IV.
Task 4.1 (p)
Task 4.2 (p)
Writin
g 1.1, 1.4, 4.1-4.3 2.0 Records information in correct Practical Assessment Project Part I. Task
forms and prepares materials which 1.1 (p)
convey detailed and factual content in Practical Assessment Project Part IV.
accordance with internal procedures Task 4.1 (p)
Task 4.2 (p)
Oral Communication 1.2, 1.3, 2.1-2.3 3.1 Presents information about financial Practical Assessment Project Part I. Task
issues and requirements to a range of 1.1 Third Party Report (p)
audiences using structure and language Practical Assessment Project Part II.
to suit the audience Task 2.2 Third Party Report (p)
3.2 Uses active listening and Practical Assessment Project Part I. Task
questioning to clarify information and 1.1 Third Party Report (p)
to confirm understanding Practical Assessment Project Part II.
Task 2.2 Third Party Report (p)

Numeracy 1.1-1.3, 2.1-2.3, 3.1-3.4, 4.1-4.3 4.0 Uses a wide range of mathematical Practical Assessment Project Part I. Task
calculations to analyse numeric 1.1 (p)
information in budgets or financial Practical Assessment Project Part II.
plans Task 2.2 (p)
Task 3.1 (p)
Task 3.2 (p)
Task 3.3 (p)
Task 4.1 (p)
Task 4.2 (p)
Navigate the world of work 2.2, 3.3, 3.4, 4.3 5.0 Recognises, understands and Practical Assessment Project Part II.
adheres to organisational requirements Task 2.3 (p)
in undertaking own work Practical Assessment Project Part III.
Task 3.2 (p)
Task 3.3 (p)
Task 4.2 (p)

Practical Assessment Project Part I. Task

1.1 (p)
Task 2.2 (p)
6.0 Uses a range of strategies to
connect, collaborate and cooperate Practical Assessment Project Part II.
Task 2.3 (p)
Interact with others 1.2, 1.3, 2.1, 2.2, 3.1, 2.3, 4.2, 4.3 with other work colleagues in activities
requiring collective effort and diverse
Task 3.2 (p)
skills and knowledge
Task 4.1 (p)
Task 4.2 (p)

1.1 (p)
Task 3.1 (p)
7.1 Uses logical processes in planning,
implementing and evaluating complex Task 3.2 (p)
Get the work done 1.1, 1.4, 2.3, 3.1-3.4, 4.1-4.3 tasks and developing alternative
strategies in achieving goals and Task 3.3 (p)
timelines
Task 4.1 (p)
Task 4.2 (p)


1.1 (p)
Task 2.1 (p)
Task 2.3 (p)
7.2 Uses a range of digital technologies Practical Assessment Project Part III.
to access, filter, compile, integrate and Task 3.1 (p)
logically present complex information Practical Assessment Project Part III.
from multiple sources Task 3.2 (p)
Task 3.3 (p)
Task 4.1 (p)
Task 4.2 (p)

Performance Evidence Assessment Task
Evidence of the ability to:
1.0 Use financial skills to work with and interpret budgets, ageing summaries, cash flow, petty cash, Goods Practical Assessment Project Part I. Task 1.1 (p)
and Services Tax (GST), and profit and loss statements Practical Assessment Project Part III. Task 3.1 (p)
Practical Assessment Project Part III. Task 3.2 (p)
Practical Assessment Project Part IV. Task 4.1 (p)
2.0 Communicate with relevant people to clarify budget and financial plans, negotiate changes and Practical Assessment Project Part I. Task 1.1 (p)
disseminate information Practical Assessment Project Part II. Task 2.2 (p)
3.0 Prepare, implement and modify financial contingency plans Practical Assessment Project Part I. Task 1.1 (p)
Practical Assessment Project Part III. Task 3.3 (p)
4.0 Monitor expenditure and control costs Practical Assessment Project Part III. Task 3.1
5.0 Support and monitor team members Practical Assessment Project Part II. Task 2.3 (p)
Practical Assessment Project Part IV. Task4.2 (p)
6.0 Report on budget and expenditure Practical Assessment Project Part III. Task 3.2
7.0 Review and make recommendations for improvements to financial processes Practical Assessment Project Part IV. Task 4.1
8.0 Meet record-keeping requirements for the Australian Taxation Office (ATO) and for auditing purposes. Practical Assessment Project Part III. Task 3.1

Knowledge Evidence Assessment Task
To complete the unit requirements safely and effectively, the individual must:
1.0 Describe basic accounting principles Short Answer Question 1
2.0 Identify and explain the relevant legislation and current requirements of the Australian Taxation Office, Short Answer Question 2 (p)
including the Goods and Services Tax (GST)
Short Answer Question 3 (p)
3.0 Explain the key requirements for financial record-keeping and auditing Short Answer Question 4 (p)
4.0 Describe the principles and techniques involved in managing:
4.1 Budgeting Short Answer Question 6 (p)

4.2 Cash flows Short Answer Question 6 (p)

4.3 Electronic spreadsheets Short Answer Question 6 (p)

4.4 GST Short Answer Question 6 (p)

4.5 Ledgers and financial statements Short Answer Question 6 (p)

4.6 Profit and loss statements. Short Answer Question 6 (p)

Assessment Conditions Assessment Task
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:
1.0 Resources and documentation used in the workplace Practical Assessments
2.0 Workplace policies and procedures Practical Assessments
3.0 Workplace budgets and financial plans Practical Assessments
4.0 Business technology Practical Assessments
5.0 Case studies and, where available, real situations. Practical Assessments
Assessors must satisfy NVR/AQTF assessor requirements.

End of Document


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Assessor Assessment Pack

Assessor Assessment Pack

Manage Budgets and Financial Plans

BSBFIM501 Manage Budgets and Financial Plans

Precision Group (Australia)

© Precision Group (Australia)

Content in the Assessment Pack has been reproduced with kind

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BSBFIM501 Manage Budgets and Financial Plans

Version Control & Document History

Date Summary of modifications made Version

Version 1 final produced following assessment

Modification of Short Answer Questions and

BSBFIM501 Manage Budgets and Financial Plans

Part II. Financial Management Plan Implementation..................................................... 137

Part III. Monitoring and Controlling Finances................................................................. 157

Part IV. Review and Evaluation of Financial Management Processes............................. 182

BSBFIM501 Manage Budgets and Financial Plans

Assessor Assessment Pack

BSBFIM501 Manage Budgets and Financial Plans

The simulated business, Bounce Fitness, is accessed by going to <http://bounce.precisiongroup.com.au>.

Each Assessor Assessment Pack is made up of four (4) parts:

Steps for Assessors

Assessment Tasks with Assessor Marking Guide, including:

Short Answer Questions

BSBFIM501 Manage Budgets and Financial Plans

1. What did you see or hear? Write it down!

3. What professional judgement did you make? Why? Write it down!

BSBFIM501 Manage Budgets and Financial Plans

Steps for Assessors

Conducting the Assessment:

BSBFIM501 Manage Budgets and Financial Plans

Resources Required for Practical Assessment

o Purchasing and procurement staff

o Any frontline manager

o Cash flow projections

o Targets or key performance indicators for production, productivity, wastage, sales,

o Cyclical basis for monitoring

o Bank account records

o Cash flow data

o Credit card receipts

o Income and expenditure

BSBFIM501 Manage Budgets and Financial Plans

Have you signed off ✓

Other (please describe) 

Assessment Pathway (see Practical Assessment)

Learner’s Organisation (Pre-assessment meeting conducted) 

BSBFIM501 Manage Budgets and Financial Plans

Assessment must be conducted in a safe environment where evidence gathered

Resources and documentation used in the workplace 

Workplace policies and procedures 

Workplace budgets and financial plans 

Case studies and, where available, real situations. 

Assessors must satisfy the NVR/AQTF assessor requirements

Learner’s signature Date

Assessor’s signature Date

End of Assessment Agreement

BSBFIM501 Manage Budgets and Financial Plans

Assessor Assessment Pack

BSBFIM501 Manage Budgets and Financial Plans

Contextualisation of Assessments by RTOs

BSBFIM501 Manage Budgets and Financial Plans