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BSBFIN501

STUDENT ASSESSMENT BOOKLET

BSBFIN501 – Manage budgets and financial plans

BSB50120 Diploma of Business (Business Operations)

 

 

 

 

Student Name: _________________________________________________________

 

Student ID: ___________________________________________________

OVERALL UNIT – RECORD OF ASSESSMENT OUTCOMES:

This section records the outcome of each task/assessment requirement so that the final assessment outcome can be determined for BSBFIN501 – Manage budgets and financial plans

Student must achieve a satisfactory outcome in each of the assessment tasks listed in the table following to be deemed competent in the unit. There is space to record up to three attempts at each assessment task..

A not satisfactory result for any discreet assessment task (after the student has had three (3) attempts), will result in the student being deemed not yet competent.

Assessment TasksUnit Outcome
Satisfactory (S)
Not satisfactory (NS)
Please note (N/A) where further attempts are not required
DateAssessor initials
Assessment Task 1: Written QuestionsAttempt 1 

 

Attempt 2 

 

Attempt 3 

 

Assessment Task 2: Case Study & RoleplayAttempt 1 

 

Attempt 2 

 

Attempt 3 

 

Assessment Task 3: Case Study (continued) & RoleplayAttempt 1 

 

Attempt 2 

 

Attempt 3 

 

Final Assessment ResultsResult (C/NYC)
BSBFIN501 – Manage budgets and financial plansCompetent    Not Yet Competent
Student Name:

 

Student ID:

 

Qualification: BSB50120 Diploma of Business (Business Operations)
Does the student wish to appeal the result?     □ YES   □ NO
Assessor Name:

 

Assessor Signature:

 

Date:           /       /

 

 

Assessment Plan

The following outlines the requirements of your final assessment for this unit. You are required to satisfactorily complete all tasks to demonstrate competency for this unit.

Your Trainer / Assessor will provide you with the due dates for each assessment task. Write them in the table below and keep a note of the due dates for your reference.

Assessment RequirementsDue date
1.       Written Questions
2.       Case Study & Roleplay
3.       Case Study (continued) & Roleplay

 

Agreement by the student
Read through the assessments in this booklet before you fill out and sign the agreement below. Make sure you sign

this before you start each assessment task.

Have you read and understood what is required of you in terms of assessment?¨   Yes
Do you agree that the assessment process is clear?¨   Yes
Do you understand your rights to appeal then decisions made in an assessment?

 

Do you have any special needs or considerations to be made for this assessment?

¨  No        ¨   Yes

If yes, what are they?

 

¨   Yes

 

 

 

¨  No
  • Student Name: ______________________________________________________________________________________________
  • Student Signature: _____________________________________________________________ Date: ________________________
    • Assessor Name: ______________________________________________________________________________________________
  • Assessor Signature: ____________________________________________________________ Date: ________________________
  • Assessor Note: If the student ticks ‘NO’ for any item except the reasonable adjustment, the assessor must not commence the assessment activity until the matter has been resolved and records of the resolution have been entered into the Student Management System (SMS).
  • If a student identifies any specific needs or considerations, assessors must provide a detailed record of how the situation was managed in the assessment outcome record for this assessment.
Version control
Version No.DateDept.Change
1.018/01/2021TrainingOriginal
Copyright Statement
© Copyright Clinton Institute
Disclaimer

 

All rights reserved. No part of this publication may be reproduced or transmitted in any form or by any means, electronic or mechanical, including photocopying, scanning, recording, or any information storage retrieval system without permission in writing from Clinton Institute. No patent liability is assumed with respect to the use of information used herein.

While every effort has been taken in the preparation of this publication, the publisher and authors assume no responsibility for errors or omissions. Neither is any liability assumed for damages resulting from the use of information contained herein.

 

 

 

Contents

OVERALL UNIT – RECORD OF ASSESSMENT OUTCOMES: 2

Assessment Plan. 3

Contents. 5

Introduction. 6

Assessment Task 1: Written Questions. 13

Assessment Task 2: Case Study and Roleplay. 37

Assessment Task 3: Case Study (continued) & Roleplay. 49

 

Introduction
Unit codeTitleTraining Package
BSBFIN501Manage budgets and financial plansBusiness Services Training Package

 

For further information regarding assessment criteria including-

  • Application of unit
  • Elements and performance criteria
  • Assessment requirements
  • Modification History
  • Performance Evidence
  • Knowledge Evidence
  • Assessment Conditions.

 

Please refer to: https://training.gov.au/Training/Details/BSBMGT517

Understanding Assessment Terminolgy

Describe: Give a detailed account by recounting, characterising, outline and relating, in sequence, an event, situation, theory or point.

Discuss/Explain: Clarify or elaborate on the facts.  Focus on reasons how and why things happen or a why a particular point is important in the relevant context.

List: Using dot points, list a series of points, steps or stages that relate to the question.

Outline: Leaving out minor details, give an account of thing or a process outlining the main points of a topic.

Review: Provide a summary while analysing and commenting on the evidence, argument or other relevant points.

Summarise: Identify and interpret the most relevant features of a theory, discuss issue or detail, leaving out the finer details.

Develop: Involves the creation of the materials/activities/procedures to achieve the outcome.  This is about designing and creating,

Implement: After materials/activities/procedures are developed, test all materials/procedures to determine if they are functional and appropriate for the intended audience.

Evaluate: ensures that the materials/activities/procedures achieve their desired goals and involves a detailed review including any recommendations for change and reasons.

 

Plagiarism

While cooperative effort and the sharing of information are encouraged, you must ensure your assignments and assessments are representative of your own effort, knowledge, and skills. You must not take the work of others and present it as your own. Plagiarism may result in the assignment/assessment being deemed to be “not yet competent” by the Trainer / Assessor.

Students accused more than once of academic misconduct, including plagiarism, may be dismissed or cancelled from their course at the discretion of the Clinton Institute Director of Studies.

Plagiarism can take several forms:

  • Quoting from a book or an article without acknowledging the source.
  • Handing in someone else’s work as your own.
  • Stealing and passing off another person’s words or ideas and claiming them as your own.
  • Giving incorrect information about the source of a quotation or idea.
  • Downloading information from the internet without acknowledging the source.
  • Copying a section of a book or article and submitting it as one’s own work.
  • Presenting as a new and original idea or produce something which was derived from an existing source.

 

Referencing Materials

If you are unfamiliar with how to reference, we recommend that you review http://www.citethisforme.com/harvard-referencing. Two types of citations are included:

  • In-text citations are used when directly quoting or paraphrasing a source. They are located in the body of the work and contain a fragment of the full citation. Depending on the source type, some Harvard Reference in-text citations may look something like this:
    • “After that I lived like a young rajah in all the capitals of Europe…” (Fitzgerald, 2004).
  • Reference lists are located at the end of the work and display full citations for sources used in the assignment. Here is an example of a full citation for a book found in a Harvard Reference list:
    • Fitzgerald, F. (2004). The great Gatsby. New York: Scribner.*
  • It is preferred that students utilises Harvard Style referencing. Generally, Harvard Reference List citations follow this format:
    • Books: Last name, First Initial. (Year published). Title. City: Publisher, Page(s).
    • Journals/publication: Last name, First initial. (Year published). Article title. Journal, Volume (Issue), Page(s).
    • Websites: Website name, (Year published). Page title. [Online] Available at: URL [Accessed Day Mo. Year].

Understanding your results

The great thing with competency-based training is that you either deemed ‘competent’ (you can demonstrate the required skills and knowledge) or ‘not yet competent’ (at this time you haven’t been able to demonstrate required skills or knowledge). The key word is “YET”.

Your Trainer / Assessor will provide you with feedback on your assessments so that you know what you have done well in your assessment and what you need to improve upon or fix. An “NYC” result does not mean that you have failed and that is it – you have the opportunity to try again.  It could be that one question in your assessment was deemed not yet satisfactory and this is the only question that will require review.

Assessment outcomes

Each assessment task will be given an outcome of either Satisfactory (S) or Not Yet Satisfactory (NYS). You must complete all tasks satisfactorily to achieve an overall outcome of Competent (C) for a unit. If one or more of tasks are assessed as not yet satisfactory, you will be given an overall outcome for the unit of Not Yet Competent (NYC).

 

You will be allowed up to two (2) reassessments attempts to complete each task and achieve a satisfactory outcome. You will be given a timeframe for resubmission and advised what you must include in the resubmission.

 

There is an Assessment Task # – Outcome Record incorporated within an Assessment Cover Sheet at the beginning of each discreet assessment activity. Assessors will complete the Outcome Record section for each assessment activity. The summary of the outcomes will be transferred to the Overall Unit – Record of Assessment Outcomes located on the reverse of the first page Cover sheet of this Student Assessment Booklet..

Assessors Note -the Overall Unit – Record of Assessment Outcomes will become the first page of the submitted work when completed (by reversing the first page Cover sheet of this Student Assessment Booklet.)

 

 

Results legend

CCompetentYou have successfully completed unit and met the minimum

competency criteria and demonstrated the required skills and knowledge.

 

NYCNot Yet CompetentYou have not met minimum competency criteria for the unit. Certain section/s require review due to not meeting the requirements and, therefore, your work is deemed not yet competent.

 

Note: If you have had an initial assessment, a first reassessment and then a final reassessment, you will no longer have an opportunity to resubmit.  You will receive a “NYC” and have to re-enrol in the unit.

 

SSatisfactoryIndividual assessment/question is satisfactory.
NYSNot SatisfactoryIndividual assessment/question is not a satisfactory result for a specific assessment activity.

Assessment attempts and resubmissions

You will have up to three (3) attempts to achieve a satisfactory outcome for each assessment. If after three (3) attempts you cannot achieve a satisfactory result for any assessment activity, the overall outcome with be Not Yet Competent (NYC) for the unit.

Resubmission

You will be given the opportunity to resubmit a Not Yet Satisfactory (NYS) assessment task up to two (2) times. Following the assessment outcome, you will be given appropriate feedback on previous attempt. This will enable you to have a total of three (3) attempts.

Timeframe

You will be provided with an appropriate timeframe by your trainer to resubmit your work. For example, you may be given 14 days to resubmit incorrect responses to written tasks or projects. Should you be required to complete a roleplay or presentation, your assessor will make an appointment time, which suits both of you.

Records

The Assessment Task Cover Sheet at the start of each assessment activity, includes a space to record the details of any re-attempts and resubmissions. Assessors must ensure that this is comprehensively detailed so that anybody reviewing the assessment record can tell exactly what occurred, when it occurred, how it occurred, who was involved and where any further evidence is located. Assessors must also make reference to ensuring that any reattempt or resubmission has been assessed in accordance with the model responses and performance descriptors included in the Assessor’s Marking Guide.

Assessment task cover sheet

At the beginning of each individual assessment task, you will find an Assessment Task Cover Sheet. Please fill out your student  details  on each cover Sheet and make sure you sign the student declaration.

Your assessor will complete the Outcome Record section and give you feedback about how well you went in each task. This will be written on the Assessment Task Cover Sheet.

Assessment appeals

You have the right to appeal an assessment decision. To make an appeal about an assessment decision, you must follow the process outlined in the Student Handbook.

Note that the Overall Unit – Record of Assessment Outcomes contains a section which says “Does the student wish to appeal the result?     □ YES   □ NO

Assessors must ensure that the appropriate box is ticked, after conferring with the student if necessary.

Assessment Overview

This Student Assessment Booklet includes all your tasks for assessment of BSBFIN501Manage budgets and financial plans

About your assessments

There are three (3) assessment tasks for this unit. You must satisfactorily complete all tasks to achieve competency for this unit.

Assessment TaskAbout this task
Assessment Task 1: Written QuestionsYou must correctly answer all nineteen (19) questions to show that they understand the knowledge required of this unit.
Evidence Required

·         All completed questions.

Assessment Task 2: Case Study & RoleplayYou are required to demonstrate their ability to obtain information relevant to business operational plan.
Evidence Required

Activity 1:

·         Marino Hotel Budget report

·         Answer to activity 1.4

Activity 2: Roleplay Observation checklist – to be completed by Assessor

Activity 3:

·         Answer to Activity 3.1

·         Email to implement changes to financial management processes

·         Email to advise the changes to budgets and financial plans

Assessment Task 3: Case Study (continued) & Roleplay  You are required to demonstrate your ability to monitor and evaluate the operational plan
Evidence Required

Activity 1:

·         Contingency Plan

·         Email to implement Contingency Plan

Activity 2: Roleplay Observation checklist – to be completed by Assessor

Activity 3: modified Contingency Plan)

 

How to submit your assessments

When you have completed each assessment task you will need to submit it to your assessor.

Instructions about submitting your work can be found at the beginning of each assessment task.

Make sure you photocopy your written activities before you submit them. Your assessor will put the documents you submit into your student file. These will not be returned to you.

 

 

 

 

 

 

 

 

 

 

 

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ASSESSMENT TASK COVER SHEET and TASK OUTCOME RECORD– ASSESSMENT TASK 1

Student: Please fill out your details and date of submission and complete the declaration. Keep a copy of your submission.

Student Name 
Student ID
Date of submission 
Course / QualificationBSB50120 Diploma of Business (Business Operations)
Unit(s)BSBMGT517 Manage budgets and financial plans

Student declaration

I <Insert your name>__________________________________________declare that this is my own work and:

□ None of this work has been completed by any other person.

□ I have not cheated or plagiarised the work or colluded with any other student/s.

□ I have correctly referenced all resources and reference texts throughout these assessment tasks.

□ I understand that if I am found to be in breach of policy, disciplinary action may be taken against me.

Student Signature: ___________________________________________________________________________________________

Assessor to complete
Assessment requirementsSatisfactory/
Not satisfactory
 

Attempt

(pls circle)

Written questions completed 1    2    3
Overall Outcome for Assessment Task 1:  

ASSESSOR FEEDBACK – Detail any gaps identified and any reassessment requirements

(if more space is required, continue on reverse of this page)

 

Assessors: Please provide a copy of this cover sheet to the student with assessment results and feedback. The original copy must be supplied to the office and kept on the student’s file with the evidence.

____________________________________________________________________________________________________________

____________________________________________________________________________________________________________

____________________________________________________________________________________________________________

____________________________________________________________________________________________________________

____________________________________________________________________________________________________________

Assessor Signature:  …………………………………………………………………………………Date: ………………./…………………/…………….

Assessor Name: ______________________________________________________________________________________________

 

 

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Assessment Task 1: Written Questions

Task summary:

You are required to answer all nineteen (19) questions correctly in this task.

You will have four (4)  hours to complete this assessment, which may be undertaken in more than one session.

 

Resources and equipment required to complete this task

  • Student Leaner Guide for this Unit
  • Computer
  • Access to the Internet

Note: Clinton Institute provides students with access to a computer and internet

When and where do I complete this task?

This task is to be completed in the classroom. Your assessor will advise on the date(s) and time(s) of the assessment.

What do I need to submit and Do?

What do you need to do?What evidence is required?
Answer all nineteen (19) questions.You will need to submit your answers to all nineteen (19) questions.

Decision Making Rules

Assessors will compare student responses/performance with the model responses and performance descriptors contained in the Assessors Marking Guide. Your responses do not have to be verbatim (unless otherwise specified), but must convey the same meaning as each component listed. Similarly, you do not have to perform exactly as described in the marking guide (unless otherwise specified), but you must address each performance components listed.

You must achieve a satisfactory result for every question and component to achieve a satisfactory result for this assessment activity.

What happens if I get something wrong?

If your assessor sees that you have not completed all parts of this task satisfactorily, the details of resubmission will be advised by your Assessor in writing and discussed with you directly.

Instructions

  • This is an open book assessment – you can use your learning materials as reference.
  • You need to answer all questions correctly
  • You must answer the questions by writing in the space provided and/ or you may complete using softcopy tasks or templates electronically when provided.
  • If you need more space, you can use extra paper. Make sure you write on each extra piece of paper your name and the question number/s you are answering.

 

Assessor will tick either □ Satisfactory OR □ Not yet satisfactory for each question and sub-questions.

 

 

Assessment Task 1: Written Questions

Question 1

  1. What is the basic principle of Accrual Accounting?
    Accrual accounting basic principles are those which help the basic principle of the accrual accounting is done based on the accounting system as they have to make sure to do the transaction according to the time and the basis of the timing.

 

 

□ Satisfactory OR □ Not yet satisfactory

 

  1. What is the basic principal of “Cash Accounting”?
cash accounting is the method of accounting while recording the transaction and the payment receipt maintains is the important thing in the cash accounting system of the company.

 

 

□ Satisfactory OR □ Not yet satisfactory

Overall Outcome for Question 1:  □ Satisfactory OR □ Not yet satisfactory

Question 2

What is the three basic principal of double-entry accounting?

a)       They will have to do an entry on both the debit and the credit side of the accounts.

b)       Another basic principle for this is that they have to make an entry in a personal account too.

Transaction of related to the company and nominal account all the expense will be debt in this section.

□ Satisfactory OR □ Not yet satisfactory

Question 3

What is the key principles relating to timing when preparing profit and loss statements?

During the year ending of the accounting system they will maintain the profit and loss of the company.

 

□ Satisfactory OR □ Not yet satisfactory

Question 4

Describe each of the following four (4) overarching accounting principles which relate to reporting financial information-

  1. Doctrine of Consistency
is the method that helps in the management of accounts.

 

□ Satisfactory OR □ Not yet satisfactory

  1. Doctrine of Disclosure
it includes the entity of the financial statement.

 

□ Satisfactory OR □ Not yet satisfactory

  1. Doctrine of Materiality
it includes the decision-making process of the investors

 

 

 

□ Satisfactory OR □ Not yet satisfactory

  1. Doctrine of Conservatism
 they will convert the accounts details to a high degree level.

 

□ Satisfactory OR □ Not yet satisfactory

Overall Outcome for Question 4:  □ Satisfactory OR □ Not yet satisfactory

 

 Question 5

List the five broad categories ledger accounts which underpin double entry bookkeeping

c)       Assets

d)       Liability

e)       Equity

f)        Revenue

g)    Expenses

□ Satisfactory OR □ Not yet satisfactory

Question 6

  1. Outline the Generally Accepted Accounting Principles (GAAP)
         The Generally Accepted Accounting Principles are as follows:

1. Principle of Regularity

2. Principle of Sincerity

3. Principle of Consistency

4. Principle of Non-Compensation

5. Principle of Permanence Method (Saidakbarov, et al., 2022).

6. Principle of good faith

7. Principle of Full Disclosure

8. Principle of Periodicity

9. Principle of Continuity

10. Principle of Prudence

 

 

 

 

 

□ Satisfactory OR □ Not yet satisfactory

 

  1. Outline the International Accounting Standards (IAS)
International Accounting Standards are the older standards of accounting issued by the IASB which is an independent body that sets the standards and is based in London. The IAS was swapped in 2001 by IFRS (Saidakbarov, et al., 2022).

 

 

 

□ Satisfactory OR □ Not yet satisfactory

Overall Outcome for Question 6:  □ Satisfactory OR □ Not yet satisfactory

Question 7

List the purpose(s) of each of the following budgets:

Cash budgetTo give businesses the prominence of their position of cash so they could determine a shortage of cash or whether there is a surplus of cash (Barnhill, et al., 2021).

□ Satisfactory OR □ Not yet satisfactory

Cash flow budgetTo forecast the ability of a business for taking in more cash than it recompenses out (Barnhill, et al., 2021).

□ Satisfactory OR □ Not yet satisfactory

Departmental budgetProvides additional control over expenses at the level of department permitting teams for coarsely analysing performance. □ Satisfactory OR □ Not yet satisfactory
Event budgetTo control revenues and expenses and measure the effectiveness of the performance of an event or meeting.

□ Satisfactory OR □ Not yet satisfactory

Project budgetSetting the expectations of expenditure is crucial in getting approval for the project, making sure that the funds are prepared at an accurate time and determining performance.

□ Satisfactory OR □ Not yet satisfactory

Purchasing budgetFor keeping track of the inventory value of the company and the amount of sold goods.□ Satisfactory OR □ Not yet satisfactory
Sales budgetFor predicting the performance of the company.

□ Satisfactory OR □ Not yet satisfactory

Wage budgetFor understanding what percentage of the complete budget must go to the employees’ payroll.

□ Satisfactory OR □ Not yet satisfactory

Overall Outcome for Question 7:  □ Satisfactory OR □ Not yet satisfactory

Question 8

What are the three (3) main types of financial plans? Include, for each type, the periods it usually covers and its main purpose.

Three main kinds of financial plans are given below:

1. Planning of cash flow

2. Planning of cash flow

3. Planning for retirement

 

 

 

□ Satisfactory OR □ Not yet satisfactory

Question 9

Briefly explain the following six (6) main taxation and superannuation obligations of an Australian company, including taxes that are paid through the Australian Tax Office.

Goods and Services Tax (GST) – It is the tax of 10% on most services, goods and other things consumed or sold in Australia.

 

 

□ Satisfactory OR □ Not yet satisfactory

Pay as You Go (PAYG) withholding – It is the process of withholding income tax from the wages or salary of a contractor or employee.

 

 

 

 

□ Satisfactory OR □ Not yet satisfactory

Fringe Benefits Tax (FBT) – It is the tax paid by the employers on profits paid to the worker in addition to their wages or salary.

 

 

 

□ Satisfactory OR □ Not yet satisfactory

Superannuation Contribution In this the employer should play at least 10% of the ‘ordinary earnings of time’ into the super account of the employees.

 

 

 

□ Satisfactory OR □ Not yet satisfactory

Payroll tax It includes 4.75% for all the employers who pay $6.5 million in taxable wages in Australia (Ralston, et al, 2020).

 

 

 

 

□ Satisfactory OR □ Not yet satisfactory

Australian Company Tax – All the companies in Australia have to pay 30% on their taxable income excluding medium or small companies of business.

 

 

 

 

 

□ Satisfactory OR □ Not yet satisfactory

Overall Outcome for Question 9:  □ Satisfactory OR □ Not yet satisfactory

Question 10

Answer the following questions relating to GST in Australia:

  1. When does a business/enterprise and non-profit organisations have to register for GST? You are required to list four (4) items.
1. If the business has a turnover of GST of more than $75,000

2. If an NGO has a turnover of GST of more than $150,000

3. If the person give travels by taxi regardless of the turnover of GST

4. If the person wants to claim the tax credits of fuel for the business regardless of the turnover of GST

 

□ Satisfactory OR □ Not yet satisfactory

  1. When do you need a tax invoice to claim a GST credit?
We need the invoice of tax to claim the credit of GST for all the purchase that cost more than A$82.50

□ Satisfactory OR □ Not yet satisfactory

  1. What eight (8) details must be identifiable on a tax invoice for sales over AUD $1,000.00?
1. Invoice of tax

2. Issue date

3. Identity of person

4. ABN of person

5. Description of item or service

6. GST amount

7. the amount of sales including GST

8. sales over $1,000

 

 

 

□ Satisfactory OR □ Not yet satisfactory

 

  1. What accounting method would a small business with an aggregated turnover of less than $2 million use to account their GST?
He will method of Cash Accounting.

 

□ Satisfactory OR □ Not yet satisfactory

Overall Outcome for Question 10:  □ Satisfactory OR □ Not yet satisfactory

Question 11

To work as a business and be entitled to an ABN, what five (5) activities might you be undertaking according to the Australian Taxation Office?

Five activities are:

1. Registering the superannuation activity

2. Renting out the property residential

3. Activities of commencement

4. Carrying on the enterprise

5. Managing the business of other countries operating in Australia

 

 

 

□ Satisfactory OR □ Not yet satisfactory

Question 12

According to the ATO website, what four (4) obligations are you likely to have if you have an ABN?

 

1. Register for GST

2. Lodge statements of activity

3. register for withholding of PAYG

4. Meet other regulatory obligations of state or federal

□ Satisfactory OR □ Not yet satisfactory

Question 13

Outline the key requirements around tax for companies in Australia covering-

  1. how annual tax is reported
Annual tax will be reported by paying to the Australian Taxation Office, and the federal tax rate will be charged as the 30% on the taxable income.

 

□ Satisfactory OR □ Not yet satisfactory

  1. The most common method by which it is paid
            It will be paid to the Australian Taxation Office.

 

□ Satisfactory OR □ Not yet satisfactory

  1. The current tax rate for companies with an aggregate annual turnover of more than $50 million
30% is the income tax rate for all the companies who have their turnover more than the $50 million.

□ Satisfactory OR □ Not yet satisfactory

  1. The small business tax rates (e. for businesses with an aggregate annual turnover up to $50 million) for each of the financial years 2020, 2021, and 2022
Tax rate is 25% of the small businesses whose turnover is less than the $50 million.

 

□ Satisfactory OR □ Not yet satisfactory

Overall Outcome for Question 13:  □ Satisfactory OR □ Not yet satisfactory

 

Question 14

  1. What is PAYG Withholding?
PAYG withholding is preventing the workers and employees to pay the large amount of tax in the financial year. The tax has to be paid to the Australian Taxation Office.

 

 

□ Satisfactory OR □ Not yet satisfactory

  1. If you make payments subject to withholding, what are the four (4) things the Australian Tax Office requires a business owner to do?
 

Four things include such as –

1. Wages records and payment records

2. employment termination permanent records.

3. voluntary agreements

4. record of all the financial statements, payment summary statements.

□ Satisfactory OR □ Not yet satisfactory

Overall Outcome for Question 14: □ Satisfactory OR □ Not yet satisfactory

Question 15

Summarise the following four (4) key Australian business taxes as outlined by Austrade and the relevant legislation for each.

Company tax – All companies registered as the Australian Businesses have to pay the federal tax rate of 30% and it will be paid on the taxable income. For small and medium businesses, the tax rate charged is 25% (Harding, et al. 2018).

 

□ Satisfactory OR □ Not yet satisfactory

Goods and Services Tax – 10% is charged on the goods and services on the sale of items in the Australian business, and GST is considered as the value added tax which is charged as the 10%.

 

 

 

□ Satisfactory OR □ Not yet satisfactory

Payroll Tax ­– The payroll tax rate that is charged on the business is 4.75% for all the employers who pay %6.5 million in the Australian Taxable wages (Ralston, et al, 2020).

 

 

 

□ Satisfactory OR □ Not yet satisfactory

Capital Gains Tax – Capital gains tax is charged on the assets of the net gain or net loss when it will be sold (Harding, et al. 2018).

 

 

 

 

□ Satisfactory OR □ Not yet satisfactory

Overall Outcome for Question 15: □ Satisfactory OR □ Not yet satisfactory

Question 16

  1. What is the period that a business owner is required to keep financial records for taxation purposes?
Record must be kept for 8 years to keep all the financial records and that will be kept for the taxation purpose.

□ Satisfactory OR □ Not yet satisfactory

  1. When does the period that you answered in Q7 a) above start from?
 

It will be start from the beginning of cash balance and the period will be start from the first month of the financial year.

□ Satisfactory OR □ Not yet satisfactory

 

  1. What records should be kept
All the financial statements must be kept and records including cash inflow and cash outflow.

 

□ Satisfactory OR □ Not yet satisfactory

Overall Outcome for Question 16: □ Satisfactory OR □ Not yet satisfactory

Question 17

What are the four (4) key requirements for financial record keeping and auditing?

1.     Supporting documentation

2.     Retention and disposal of records

3.     For auditing have all the financial records and statements (Bhuiyan, et al., 2020).

4.     General ledgers, receipts and invoices.

 

□ Satisfactory OR □ Not yet satisfactory

Question 18

What are the five (5) elements that form the underlying principles for effective management of work teams?

Five elements are such as –

1. Planning – Planning means identifying the goal or objective that need to achieve and plan activities to achieve a goal.

2. Organizing – Organizing simply means allocating the resources and activities to achieve objectives.

3. Staffing – Staffing simply means hiring and recruiting employees for the organization (Lobodina, et al., 2019).

4. Directing – Directing simply means guiding employees to achieve the direction and goal of the organization.

5. Controlling – Controlling means identifying the deviations and determine whether they are negative or positive (Lobodina, et al., 2019).

 

□ Satisfactory OR □ Not yet satisfactory

Question 19

What are the basic principle and techniques involved in effective management of each of the following financial matters-

  1. Budgeting
Principle of Annuality implies that the budget will be prepared in the organization on the annual basis, as well as rule of lapse will be used.

 

□ Satisfactory OR □ Not yet satisfactory

  1. Cash flows
Cash flow will be prepared in which all the investing, operating and financing activities will be mentioned in which the cash inflow and cash outflow will be determined. Incremental cash flow principle is the principle is used.

□ Satisfactory OR □ Not yet satisfactory

  1. Electronic spreadsheets
For preparing the electronic spreadsheets in which all the financial statements will be prepared, then MS Excel will be used as the technique.

 

□ Satisfactory OR □ Not yet satisfactory

  1. GST
GST means the Goods and Service tax in which GST will be charged on the goods and services that are produced in the organization.

 

□ Satisfactory OR □ Not yet satisfactory

  1. Ledgers and financial statements
Ledgers and financial statements will be prepared and then the journals and the dual principle will be used in which the credit and debit entry will be made of each transaction (Razafiarivony, et al., 2022).

 

□ Satisfactory OR □ Not yet satisfactory

 

  1. Profit and loss statements
 

For profit and loss statements, expenses and income will be recorded of the financial year of the organization. Revenue recognition as well as the matching principle will be used for recording all the financial statements.

 

□ Satisfactory OR □ Not yet satisfactory

  1. Evaluation of budgets and financial plans
Universality and specification as the budgetary principles used for the evaluation of budget and financial plans (Razafiarivony, et al., 2022).

 

 

□ Satisfactory OR □ Not yet satisfactory

Overall Outcome for Question 19: □ Satisfactory OR □ Not yet satisfactory

 

 

**** END OF ASSESSMENT TASK 1 ****

What do I need to hand in for this task?Have I completed this?
Your answers to each questiono

 

 

 

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ASSESSMENT TASK COVER SHEET – ASSESSMENT TASK 2

Student: Please fill out your details and date of submission and complete the declaration. Keep a copy of your submission.

Student Name 
Student ID
Date of submission 
Course / QualificationBSB50120 Diploma of Business (Business Operations)
Unit(s)BSBMGT517 Manage budgets and financial plans

Student declaration

I <Insert your name>__________________________________________declare that this is my own work and:

□ None of this work has been completed by any other person.

□ I have not cheated or plagiarised the work or colluded with any other student/s.

□ I have correctly referenced all resources and reference texts throughout these assessment tasks.

□ I understand that if I am found to be in breach of policy, disciplinary action may be taken against me.

Student Signature: ___________________________________________________________________________________________

Assessor to complete
Assessment requirementsSatisfactory/
Not satisfactory
 

Attempt

(pls circle)

Activity 1: initial evaluation and budget outcomes report 1     2     3
Activity 2:facilitate a Budget Meeting (Roleplay) 1     2     3
Activity 3: identify & implement improvements  to financial management processes 1     2     3
Overall Outcome for Assessment Task 2:  

ASSESSOR FEEDBACK – Detail any gaps identified and any reassessment requirements

(if more space is required, continue on reverse of this page)

 

Assessors: Please provide a copy of this cover sheet to the student with assessment results and feedback. The original copy must be supplied to the office and kept on the student’s file with the evidence.

____________________________________________________________________________________________________________

____________________________________________________________________________________________________________

____________________________________________________________________________________________________________

____________________________________________________________________________________________________________

____________________________________________________________________________________________________________

Assessor Signature:  …………………………………………………………………………………Date: ………………./…………………/…………….

Assessor Name: ______________________________________________________________________________________________

 

 

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Assessment Task 2: Case Study and Roleplay

Task summary:

This assessment task has three (3) activities.

o    Activity 1: You are required to undertake an initial evaluation of the budget outcomes

o    Activity 2: You are required to facilitate a Budget Meeting (Role play)

o    Activity 3: You are required to identify & implement improvements  to financial management processes

 

  • You will have three (3) hours to complete this assessment, which may be undertaken in more than one session.

Resources and equipment required to complete this assessment

  • Computer and Microsoft Office/ Email
  • Handout – Marino Enterprises Budget and Financial Management Policy & Procedures
  • Handout (soft copy) – Marino Hotel Budget Report
  • Access to the internet
  • Meeting space

Note: Clinton Institute will provide all the forementioned to complete this assessment

When and where do I complete this task?

This task is to be completed in the classroom. Your assessor will advise on the date(s) and time(s) of the assessment , which may be undertaken in more than one session.

What do I need to submit and Do?

What do you need to do?What evidence is required?
Activity 1: Undertake an initial evaluation of the budget outcomes by calculating deviations·         Marino Hotel Budget report

·         your answer to Activity 1.4

Activity 2: Facilitate a Budget Meeting (Role play)

 

Nothing, however your assessor will complete an observation checklist.
Activity 3: identify & implement improvements  to financial management processes·         your answer to Activity 3.1

·         email to implement changes to financial management processes

·         email to summarise changes to the budget and financial plans

Decision Making Rules

Assessors will compare student responses/performance with the model responses and performance descriptors contained in the Assessors Marking Guide. Your responses do not have to be verbatim (unless otherwise specified), but must convey the same meaning as each component listed. Similarly, you do not have to perform exactly as described in the marking guide (unless otherwise specified), but you must address each performance components listed.

You must achieve a satisfactory result for every question and component to achieve a satisfactory result for this assessment activity.

What happens if I get something wrong?

If your assessor sees that you have not completed all parts of this task satisfactorily, the details of resubmission will be advised by your Assessor in writing and discussed with you directly.

 

 

Students Instructions:

Access and review relevant Marino Enterprises workplace policies and procedures which should be followed wherever appropriate when undertaking the activities for this Assessment Task 2 and for the following Assessment Task 3, provided as-

  • Handout – Marino Enterprises Budget and Financial Management Policy & Procedures

Read the case study background following and then complete each of the activities following.

Rounding of answers

Answers must be rounded up to the nearest:

  • Whole dollar where any $ answer is relevant
  • 1st decimal point where any % answer is relevant
Case Study background

You are the General Manager with Marino Enterprises and oversee the operations for their various venues. John Marino, one of the owners of Marino Enterprises, has asked you to monitor and review revenue budget outcomes for one of the hotel businesses, Marino Hotel, and present an evaluation of the budget and financial plans.

The owners are keen to identify issues that need to be addressed as identified from the evaluation of the data, to ensure that they optimise the viability of the business while retaining market share, market position and their high product and service standards.

You have been presented with the following data, which is also available in the soft copy Handout – Marino Hotel Budget.

Marino Hotel
Selected budget data
ItemProjected/Budgeted figureActual figure
Room Sales20,000,00012,000,000
Food sales5,000,0009,000,000
Liquor sales3,000,0005,000,000
Wages2,100,0002,500,000
Rent1,000,0001,200,000
Overheads500,000450,000
COGS900,0001,750,000
COGS %30%35%

Activity 1

  1. Access the soft copy of the budget and financial plans, which are provided as the Microsoft Excel spreadsheet –
  • Handout – Marino Hotel Budget Report
  1. Undertake an initial evaluation of the budget outcomes so that you will be able to brief the business owners and your Operations Manager for the Marino Hotel in a budget review meeting for the following reporting cycle.

As the bases of your evaluation, calculate, for each budget line item (i.e. Room sales, Food sales, Liquor sales, Wages, Rent and Overheads):

  1. the dollar deviations, and
  2. the percentage deviations

Note that you are required to develop the appropriate Excel formulae for the spreadsheet to perform the calculations, which must also indicate whether each deviation is favourable or unfavourable.

 

  1. Print and attach the report from the spreadsheet to your submission.

***insert  your Marino Hotel Budget report showing the deviations here***

 

Task 2 Activity 1 continued

  1. To better understand the importance/significance of the budget outcomes, list the unfavourable deviations for Property 1 in order of % significance, starting with the most significant unfavourable result.
 

In the above table, the deviations have been identified for each of the different sales and it has been determined that food sales are different from the room sales as well as from the liquor sales.

There are some positive deviations as well as negative deviation.  In the room sales of the Marino Hotel, there are negative deviations, in which the actual sales are less the budget sales. Food sales are positive and it simply means that the actual sales are more than the budget sales. The deviation is positive and it leads to increase in all over the sales (Pei, et al., 2019).

Liquor sales have the positive deviation, in which the actual sales are more than the budget sales. And it has 66.7% as the deviation in the liquor sales.

Rent has the negative deviations because the actual rent is more than the $2,00,000. Budget rent was determined as $10,00,000 and the actual rent is $12,00,000. Rent is 20% negative.

 

 

 

 

 

 

 

□ Satisfactory OR □ Not yet satisfactory

 

 

 

 

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Assessment Task 2 continued

Activity 2

Facilitate a Budget Meeting (Role play)

You are required to facilitate a meeting with John Marino, one the business owners, and your Marino Hotel Operations Manager, to-

  • report the budget outcomes and reach agreement on the evaluation of the results,
  • identify required improvements to the existing financial management processes, and
  • negotiate any changes required to the budget and financial plans for the next period.

During the meeting you must:

  1. use appropriate structure and language for the audience.
  2. Uses active listening and questioning to clarify information and to confirm understanding.
  • Use a range of strategies to strategies to connect, collaborate and cooperate with your work colleagues.

Your assessor will play the role of John Marino, representing the business owners,  and ask another student (not being assessed during this simulated meeting), to play the role of your Marino Hotel Operations Manager.

Your assessor will provide a general script for each role to be played.

 

Roleplay Cast:

As a minimum the following individuals will be at the meeting;

  • Marino Enterprises General Manager – student being assessed
  • Marino Hotel Operations Manager -Assessor
  • John Marino (Owner) – another student

General instructions for all role players include:

  • Actively participate in the roleplay by acknowledge information provided
  • Offer additional information or comment only when prompted and only as included in the script provided for your role.
  • respond to open questions, by elaborating and providing additional information as scripted.
  • respond to closed questions, with a single word reply.

The other participants will be provided with a general script for each role to be played-

Specific instructions for role players include:

RolePlayed byOutline of Roleplay Script
Marino Enterprises General ManagerStudent being assessed·         present your  Marino Hotel Budget report  to the participants and explain the importance/significance of the unfavourable budget outcomes, and then-

o    ask the participants if they agree with your findings and if they can provide further input or comment for the evaluation and for better controlling costs

·         ask the participants what changes should be made to the budget and financial plans for the next budget reporting period

·         seek out and consider all feedback that relates to the effectiveness of improvements to financial processes, so that you are able to make appropriate recommendations in Activity 3 following.

Role play

General Manager – Good Morning Sir!

Business Owner – Good morning, what we will be going to discuss?

General Manager – Today, we are going to discuss about the budget report and the actual sales and budget sales are determined. Also, the different expenses are recorded such as wages, and rent will be determined of the organization of the financial year.

Business Owner – Okay great, so tell me which have the deviations?

General Manager – Sir, we have identified as the negative and positive deviations in the organization. Also, every income and expense have the different negative as well as positive deviation. Room sales have the negative deviation, as well as liquor sales and food sales have the positive deviation.

Business owner – Okay then how can we improve the budgets?

General Manager – Sir, we can allocate the resources properly effectively and efficiently and it ensure that every employee must use the resources wisely.

Business owner – okay great.

General Manager – It ensure that all the resources will be used efficiently and there will be no wastage as well as there must be optimum utilization of resources.

Business Owner – Okay great, it sounds good. Then tell me how much you budget used in the rent and cost of goods sold?

General Manager – Sir, for rent the actual amount is $12,00,000 and the actual amount of cost of goods sold is $17,50,000.

Business Owner – Okay.

General Manager – Okay sir then we can end the meeting. Thank You.

 

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Budget meeting (Roleplay)

Observation Checklist

Name of Student being assessed:

Chair –  Roleplay as Marino Enterprises General Manager

 
Location:  

 

Name of Assessor:

Roleplay as Marino Hotel Operations Manager 

 
Other roles played:John Marino (business owner representative)
Assessors are to write “S” or “NYS” for each line item (row). If the student gets the item correct on the first attempt, the second and third attempt columns do not have to be completed. If a student gets the item correct on the second attempt, there will be a “NYS” on the first attempt, a “S” on the second attempt and the third attempt will be left blank. Students are allowed a total of three attempts.

Note that to obtain a satisfactory outcome for this assessment activity, students must achieve a satisfactory outcome for every line item and each sub point.

Date:
Did the Student:Comment if requiredAttempt 1Attempt 2Attempt 3
     i.            Present the report of the Budget outcomes and the initial evaluation    
   ii.            Reach agreement on the evaluation and significance of the budget outcomes 

 

   
  iii.            Seek input to identify improvements in the financial management processes
  iv.            Negotiate the changes required to the budget and financial plans for the next period
   v.            Use appropriate structure and language for the positions in the roleplay
  vi.            Use active listening and questioning to clarify information and confirm understanding
vii.            Use a range of strategies to connect, and collaborate with work colleagues
Outcome for Task:  □ Satisfactory OR □ Not yet satisfactory
Assessors Comments (Assessors must insert a comment to explain any instance where a student does not achieve a satisfactory outcome for a specific item).
 

 

 

 

 

Assessors Signature:Date:

 

 

 

 

 

Assessment Task 2 continued

 

Activity 3

  1. Based on the discussions in the Budget Meeting in Activity 2, what two (2) improvements would you recommend to the existing financial management processes?

 

Answer

2 improvements that will be recommend to the existing financial management processes are such as allocation of resources must be done properly and also the monitoring of budget must be done effectively so that deviations will be identified and actions will be taken to reduce the deviations and ensure that all the budget must be prepared by the allocation of resources, and ensure that all the customers must be pay on time, meeting the tax deadlines as well so that the company can maintain their reputation in the business. Control overheads as well as recording the day-to-day costs must be maintained (Pei, et al., 2019).

 

  1. Prepare and send an email to the Marino Hotel Operations Manager, copying John Marino (business owner representative), to implement the above recommendations, which are assumed to be agreed as they were instructed to by the business owner. Your instructions must also include instructions to ensure that any relevant record-keeping requirements for Australian Taxation Office (ATO) and for auditing purposes are maintained.

Answer

Email to Marino Hotel Operations Manager

To: manager@hoteloperations.au.in

From: generalmanager@hoteloperations.au.in

Subject – Attaching the recommendations

Respected Sir,

Herein I am informing you that I have suggested some recommendations and those recommendations will be implemented  in the organization to improve the daily operations as well as ensure that all the record keeping requirements must be met in the organization as well as the performance of all the employees will be recognized and determined so that it will be improved and we need to keep records of the financial statements for the next eight years and ensure that all the auditing purposes will be maintained.

Thank You

General Manager

Marino Hotel Operations

  1. Print and submit a copy of your email.
  2. Prepare a 2nd email to the Marino Hotel Operations Manager, copying John Marino (business owner representative), to summarise the changes to the budget and financial plans for the next period.

Email to Marino Hotel Operations Manager

To: manager@hoteloperations.au.in

From: generalmanager@hoteloperations.au.in

Subject – Attaching summarizing the changes

Respected Sir,

Herein I am informing you that the changes have been made in the financial plans such as we need to track the progress of all the employees and track the preferences of customers as well. Targeting the customers will be used to identify their needs and preferences as well as changes will be made in the financial plans of the budget for the next period. Kindly review them and let me know if any changes are required.

 

Thank You

General Manager

 

  1. Print and submit a copy of your 2nd email.

***insert a copy of your 1st email (re financial management systems)***

&

***a copy of your 2nd email (changes to budget and financial plans) here***

**** END OF ASSESSMENT TASK 2 ****

What do I need to hand in for this task?Have I completed this?
Marino Hotel Budget report with deviationso
your answer to Activity 1.4o
Budget Meeting Roleplay Observation checklistassessor to complete
your answer to Activity 3.o
email re changes to  financial management systems)o
email re changes to budget for next periodo

 

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ASSESSMENT TASK COVER SHEET – ASSESSMENT TASK 3

Student: Please fill out your details and date of submission and complete the declaration. Keep a copy of your submission.

Student Name 
Student ID
Date of submission 
Course / QualificationSIT50416 Diploma of Hospitality Management
Unit(s)BSBMGT517 Manage budgets and financial plans

Student declaration

I <Insert your name>__________________________________________declare that this is my own work and:

□ None of this work has been completed by any other person.

□ I have not cheated or plagiarised the work or colluded with any other student/s.

□ I have correctly referenced all resources and reference texts throughout these assessment tasks.

□ I understand that if I am found to be in breach of policy, disciplinary action may be taken against me.

Student Signature: ___________________________________________________________________________________________

Assessor to complete
Assessment requirementsSatisfactory/
Not satisfactory
 

Attempt

(pls circle)

Activity 1: develop and implement contingency plans. 1     2     3
Activity 2: facilitate a Budget-update Meeting (Role play) 1     2     3
Activity 3:review and modify the contingency plans 1     2     3
Overall Outcome for Assessment Task 3:  

ASSESSOR FEEDBACK – Detail any gaps identified and any reassessment requirements

(if more space is required, continue on reverse of this page)

 

Assessors: Please provide a copy of this cover sheet to the student with assessment results and feedback. The original copy must be supplied to the office and kept on the student’s file with the evidence.

____________________________________________________________________________________________________________

____________________________________________________________________________________________________________

____________________________________________________________________________________________________________

____________________________________________________________________________________________________________

Assessor Signature:  …………………………………………………………………………Date: ………………./…………………/…………….

Assessor Name: ______________________________________________________________________________________________

 

 

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Assessment Task 3: Case Study (continued) & Roleplay

Task summary:

This assessment task is in three (3) activities.

  • Activity 1: You are required to develop and implement contingency plans
  • Activity 2: You are required to facilitate a Budget-update Meeting (Role play)
  • Activity 3: You are required to review and modify the contingency plans

You will have three (3) hours to complete this assessment,  which may be undertaken in more than one session.

Resources and equipment required to complete this assessment

  • Student Leaner Guide for this Unit
  • Computer
  • Access to the Internet
  • Handout – Marino Enterprises Budget and Financial Management Policy & Procedures
  • Handout – Contingency Plan template (2 copies req’d)
  • Meeting space

Note: Clinton Institute provides students with access to a computer and internet

When and where do I complete this task?

This task is to be completed in the classroom. Your assessor will advise on the date(s) and time(s) of the assessment.

What do I need to submit and do?

What you need to do:What evidence is required:
Activity 1: develop and implement contingency plans·         Contingency Plan

·         Copy of email to implement the Contingency Plan

Activity 2: Facilitate a Budget-update Meeting (Roleplay)Your assessor will complete an observation checklist.
Activity 3: Review and modify the Contingency Plans·         modified Contingency Plans

Decision Making Rules

Assessors will compare student responses/performance with the model responses and performance descriptors contained in the Assessors Marking Guide. Your responses do not have to be verbatim (unless otherwise specified), but must convey the same meaning as each component listed. Similarly, you do not have to perform exactly as described in the marking guide (unless otherwise specified), but you must address each performance components listed.

You must achieve a satisfactory result for every question and component to achieve a satisfactory result for this assessment activity.

What happens if I get something wrong?

If your assessor sees that you have not completed all parts of this task satisfactorily, the details of resubmission will be advised by your Assessor in writing and discussed with you directly.

 

 

 

Assessment Task 3: Case Study (continued)

Students Instructions:

Case Study – continuing from Assessment Task 2

John Marino, as representative of the business owners, has responded to your email to the Marino Hotel Operations Manager which summarised the changes to the budget and financial plans for the next period.

 John Marino has asked you to develop, as a contingency plan, strategic responses to cover the three main budget risks which he considers would have significant impacts if not achieved, being-

  • The Covid-19 Pandemic continues to, and significantly further restricts, Room Sales (which John regards as having a medium likelihood);
  • The recent Food & Liquor Sales increases are not maintained at the increased levels (which John considers as a low likelihood); and

·         The revised COGS Target of 30% is not achieved (which John also considers has a low likelihood)

 

Activity 1

  1. Using the template provided as –
  • Handout – Contingency Plan template

develop the Contingency Plans for Marino Hotel to address the concerns raised by John Marino.

Your Contingency Plan must, for each budget risk identified by John Marino –

    • rate the likelihood as low, medium or high
    • briefly summarise the most significant impact on either revenue, profits , losses, or cashflow
    • suggest an appropriate strategic response
    • suggest what preparation could be done now
    • nominate the responsible Manager for those preparations
  • Financial Contingency Plan
Budget RiskLikelihoodImpactResponse StrategyPreparationResponsibility
 

Make the risk handle plan to provide the company with better deals.

5This will disturb the working policy of the organization (Wang, et al., 2020).They have to make an important plan to reduce these issues in the company.They have to examine the company value and the working policy to reduce these issues in the organization.The operation manager and the management team of the organization will have the responsibility to reduce these issues.
They have to handle the internal issue of the organization to make sure these will not be able to repeat in the company.It would be stay between 4-5This will disturb the internal working areas of the organization and since create in the different departments of the company and co-workers.They have to make sure to handle these issues seriously and handle the problem of the company related.To reduce the risk in the organization they have to go through the examination process of the organization and do the communication and meetings with the stakeholder and the other members of the company.The company members and the stakeholder also, the other management team members and the marketing department member is responsible for this issue solution.
They have to increase the amount of the funds in the organization and for this, they have to make sure to handle the things.This is the highest level of the risk at 5This will reduce the production level of the company and reduce the company valuation in the marketing teams (Alamo, et al., 2021).They have to find out the solution to the company’s risk and make a better plan for their development (Alamo, et al., 2021).

 

They will communicate with the members of the company and they will increase the amount to invest in the company these are funds that help the organization to get better results.The finance team and the finance manager also, the investors and the other people of the marketing team are responsible for this.

 

 

 

  1. Prepare and send an email to the Marino Hotel Operations Manager, copying John Marino (business owner representative), to distribute and implement the Contingency Plan.

Email

To: marinohoteloperationmanager@au.in

From: johnmarino@au.in

Hello sire,

The motive behind sending this email to you is to tell you about the contingency plan and the importance of this plan in the market. This is the reason behind this email is to make sure you implement this plan in the organization to get a better and more innovative result in favor of implementing this result.

Thank you

Best regards

John Marino

  1. Print and attach a copy of your Contingency Plan to your submission.

 

***insert your Contingency Plan***

&

***insert a copy of your email to implement the Contingency Plan here**

Assessment Task 3 continued

Activity 2

Facilitate a Budget-update Meeting (Role play)

Case Study update

It is now 3 months since you advised  the changes to the budget and financial plans for the next period and instructed the Marino Hotel Operations Manager to implement the Contingency Plan.

You now want to monitor the how the Marino Hotel is performing so far in this new period, evaluate the improvements made to the financial management processes, and check the status of the Contingency Plan and consider any amendments that may be appropriate. 

You are required to facilitate a 2nd meeting with your Marino Hotel Operations Manager and the Marino Hotel management team to-

  • Monitor the management team’s progress against the revised budget and the contingency plan,
  • Identify any changes that may be appropriate,
  • Evaluate the improvements to the financial management processes,

During the meeting you must:

  1. use appropriate structure and language for the audience.
  2. Uses active listening and questioning to clarify information and to confirm understanding.
  3. Use a range of strategies to strategies to connect, collaborate and cooperate with your work colleagues.

Your assessor will play the role of the Marino Hotel Operations Manager,  and ask other students (not being assessed during this simulated meeting), to play the roles of the Marino Hotel Marketing Manager and Finance Manager.

Your assessor will provide a general script for each role to be played.

Roleplay Cast:

As a minimum the following individuals will be at the meeting;

  • Marino Enterprises General Manager (Student being assessed)
  • Marino Hotel Operations Manager (Assessor)
  • Marketing Manager (another student)
  • Finance Manager (another student)

General instructions for all role players include:

  • Participate in/ acknowledge information provided

The other participants will be provided with a general script for each role to be played.

Specific instructions for role players include:

RolePlayed byOutline of Roleplay Script
Marino Enterprises General ManagerStudent being assessed·         ask the participants if  the introduction of the Restaurant Metrics Workbook has  assisted in support staff to understand and meet the financial objectives of their job roles

·         ask the Finance Manager whether the Wages costs are now broken down between Room Sales activity and Food and Liquor sales Dining activity

·         ask the Operations Manager if the COGS-

o    is now being monitored on a weekly basis, utilising physical stocktakes of food and liquor

o    is now under control so that is not over 30%.

·         ask the Marketing Manager if Food & Liquor Sales increases are being maintained at the lower budget levels

·         ask the participants if they consider there may be any changes needed to the Contingency Plan

 

 

role play

General Manager- the meaning behind implementing this meeting is to check the management process of the management team.

Operations Manager  – yes sir we need to focus on the company management team to get a better result in the return of the company development.

Marketing Manager- the importance of the contingency plan in the organization is to increase the company value and helps the organization to get a better result.

Finance Manager- we also, have to improve the financial state of the organization. this is an important thing for the development of the organization.

General Manager- I can understand the importance of the contingency plan and the reason behind this and because of this we have to make sure to make a better plan for the company’s development.

Operations Manager  – also, the management team develops and makes a better plan for the organization and provides them with better policy to get the better and innovative results in the end.

 

Budget-update  meeting (Roleplay)

 – Observation Checklist

Name of Student being assessed:

Chair –  Roleplay as Marino Enterprises General Manager

 
Location:  
Name of Assessor:

Roleplay as Marino Hotel Operations Manager 

 
Other roles played:Marketing Manager

Finance Manager

Assessors are to write “S” or “NYS” for each line item (row). If the student gets the item correct on the first attempt, the second and third attempt columns do not have to be completed. If a student gets the item correct on the second attempt, there will be a “NYS” on the first attempt, a “S” on the second attempt and the third attempt will be left blank. Students are allowed a total of three attempts.

Note that to obtain a satisfactory outcome for this assessment activity, students must achieve a satisfactory outcome for every line item and each sub point.

Date:
Did the Student:Comment if requiredAttempt 1Attempt 2Attempt 3
     i.            seek input to assess whether support given had assisted staff in their job roles    
   ii.            confirm whether or not wages costs are broken down to activity 

 

   
  iii.            Confirm whether COGS is being monitored weekly and with physical stocktakes    
  iv.            Monitor whether or not COGS is now under control and not exceeding 30%    
    v.            Monitor Food & Liquor Sales to assess if the lower budget levels are being maintained    
  vi.            Seek input as to whether there are any changes needed to the contingency plans    
 vii.            Use appropriate structure and language for the positions in the roleplay    
viii.            Use active listening and questioning to clarify information and confirm understanding    
  ix.            Use a range of strategies to connect, and collaborate with work colleagues    
Outcome for Task:  □ Satisfactory OR □ Not yet satisfactory
Assessors Comments (Assessors must insert a comment to explain any instance where a student does not achieve a satisfactory outcome for a specific item).
Assessors Signature:Date:

 

Assessment Task 3 continued

Activity 3

  1. Using a 2nd copy of the template provided as –
  • Handout – Contingency Plan template

review and modify the Contingency Plans for Marino Hotel to incorporate the changes suggested by the Marketing Manager during the meeting.

Update Financial Contingency Plan

Budget RiskLikelihoodImpactResponse StrategyPreparationResponsibility
 

Make the risk handle plan to provide the company with better deals.

5This will disturb the working policy of the organization (Wang, et al., 2020).They have to make better plan procedures for the company’s development.They have to examine the company value and the working policy to reduce these issues in the organization.The operation manager and the management team of the organization will have the responsibility to reduce these issues.
They have to handle the internal issue of the organization to make sure these will not be able to repeat in the company.It would be stay between 4-5Improve the internal co-worker’s issues to reduce the chances of the risk in the organization.They have to make sure to handle these issues seriously and handle the problem of the company related.To reduce the risk in the organization they have to go through the examination process of the organization and do the communication and meetings with the stakeholder and the other members of the company.The company members and the stakeholder also, the other management team members and the marketing department member is responsible for this issue solution.
They have to increase the amount of the funds in the organization and for this, they have to make sure to handle the things.This is the highest level of the risk at 5This will reduce the production level of the company and reduce the company valuation in the marketing teams (Alamo, et al., 2021).They have to find out the solution to the company’s risk and make a better plan for their development (Alamo, et al., 2021).

 

They have to communicate with their team members for a better working policy. this is an important development in the organization.The finance team and the finance manager also, the investors and the other people of the marketing team are responsible for this.

 

  1. Print and attach a copy of your modified Contingency Plan to your submission.

***insert your modified Contingency Plan here***

 ***END OF ASSESSMENT TASK 3****

What do I need to hand in for this task?Have I completed this?
Activity 1:

·         completed Contingency Plan template

·         copy of your email to implement the Contingency Plan

 

o

o

Activity 2: Budget-update Meeting Roleplay Observation checklist     assessor to complete
Activity 3: modified Contingency Plano

 

Reference

Alamo, J., Quevedo, E., Santana, A., Ortega, S., Fabelo, H., Callico, G. M., & Zapatera, A. (2021). Sustainable Educational Robotics. Contingency Plan during Lockdown in Primary School. Sustainability13(15), 8388.

Barnhill, C., & Rundio, A. (2021). Developing a Cash Budget for the Savannah Squares. Case Studies in Sport Management10(1), 42-45.

Bhuiyan, M. B. U., & D’Costa, M. (2020). Audit committee ownership and audit report lag: evidence from Australia. International Journal of Accounting & Information Management.

Harding, M., & Marten, M. (2018). Statutory tax rates on dividends, interest and capital gains: The debt equity bias at the personal level.

Lobodina, Z. (2019). Theoretical and methodological principles of budget framework. Herald of Ternopil National Economic University, (1 (87)), 45-55.

Pei, J., Liu, X., Fan, W., Pardalos, P. M., & Lu, S. (2019). A hybrid BA-VNS algorithm for coordinated serial-batching scheduling with deteriorating jobs, financial budget, and resource constraint in multiple manufacturers. Omega82, 55-69.

Ralston, B. (2020). Does payroll tax affect firm behaviour?. Economic Papers: A journal of applied economics and policy39(1), 15-27.

Razafiarivony, M. A., & Hosna-Janeta, M. (2022). Effects of Financial Statements Quality and Users’ Knowledge on Decision Considerations and the Role of Satisfaction as a Potential Mediator. East African Journal of Business and Economics5(1), 35-47.

Saidakbarov, H. A. (2022). Process of Coordination of Financial Statements in Banks to International Standards (IFRS). International Journal of Multicultural and Multireligious Understanding9(4), 61-68.

Tanti, P. (2021). Tax Files: All in it together-Payroll Tax grouping. Bulletin (Law Society of South Australia)43(9), 33.

Wang, J., Qi, H., Bao, L., Li, F., & Shi, Y. (2020). A contingency plan for the management of the 2019 novel coronavirus outbreak in neonatal intensive care units. The Lancet Child & Adolescent Health4(4), 258-259.

Wang, J., Qi, H., Bao, L., Li, F., & Shi, Y. (2020). A contingency plan for the management of the 2019 novel coronavirus outbreak in neonatal intensive care units. The Lancet Child & Adolescent Health4(4), 258-259.

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