Table of Contents Table of Contents1 Assessment instructions3 Assessment requirements6 Candidate Details7 Assessment – BSBFIN501 - Manage budgets and financial plans7 Activity8 Activity 1A8 Activity 1B9 Activity 1C10 Activity 1A-1C Checklist11 Activity 2A12 Activity 2B13 Activity 2C14 Activity 2D15 Activity 2A-2D Checklist16 Activity 3A18 Activity 3B19 Activity 3C20 Activity 3D21 Activity 3A-3D Checklist22 Knowledge Activity (Q & A)23 Section B: Knowledge Activity (Q&A) Checklist24 Performance Activity25 Performance Activity Checklist29 Competency record to be completed by the assessor31 Case Study A – Communicate details of agreed budget and financial plans to relevant team members32 Case Study B33 Case Study C – Providing support34 Case Study D35 Case Study E36 Case Study F37 Appendix 138 Appendix 239 Appendix 341 Appendix 4- Cash flow Projections for 2021 and 202242 Instructions to Learner Assessment instructions Overview Prior to commencing the assessments, your trainer/assessor will explain each assessment task and the terms and conditions relating to the submission of your assessment task. Please consult with your trainer/assessor if you are unsure of any questions. It is important that you understand and adhere to the terms and conditions, and address fully each assessment task. Written work Assessment tasks are used to measure your understanding and underpinning skills and knowledge of the overall unit of competency. When undertaking any written assessment tasks, please ensure that you address the following criteria: · Address each question including any sub-points · Demonstrate that you have researched the topic thoroughly · Cover the topic in a logical, structured manner · Your assessment tasks are well presented, well referenced and word processed Active participation It is a condition of enrolment that you actively participate in your studies. Active participation is completing all the assessment tasks on time. Plagiarism Plagiarism is taking and using someone else's thoughts, writings or inventions and representing them as your own. Plagiarism is a serious act and may result in a learner’s exclusion from a course. When you have any doubts about including the work of other authors in your assessment, please consult your trainer/assessor. The following list outlines some of the activities for which a learner can be accused of plagiarism: · Presenting any work by another individual as one's own unintentionally · Handing in assessments markedly similar to or copied from another learner · Presenting the work of another individual or group as their own work · Handing in assessments without the adequate acknowledgement of sources used, including assessments taken totally or in part from the internet. If it is identified that you have plagiarised within your assessment, then a meeting will be organised to discuss this with you, and further action may be taken accordingly. Collusion Collusion is the present ...

1. Table of Contents
Table of Contents1
Assessment instructions3
Assessment requirements6
Candidate Details7
Assessment – BSBFIN501 - Manage budgets and financial
plans7
Activity8
Activity 1A8
Activity 1B9
Activity 1C10
Activity 1A-1C Checklist11
Activity 2A12
Activity 2B13
Activity 2C14
Activity 2D15
Activity 2A-2D Checklist16
Activity 3A18
Activity 3B19
Activity 3C20
Activity 3D21
Activity 3A-3D Checklist22
Knowledge Activity (Q & A)23
Section B: Knowledge Activity (Q&A) Checklist24
Performance Activity25
Performance Activity Checklist29
Competency record to be completed by the assessor31
Case Study A – Communicate details of agreed budget and
financial plans to relevant team members32

2. Case Study B33
Case Study C – Providing support34
Case Study D35
Case Study E36
Case Study F37
Appendix 138
Appendix 239
Appendix 341
Appendix 4- Cash flow Projections for 2021 and 202242
Instructions to Learner
Assessment instructions
Overview
Prior to commencing the assessments, your trainer/assessor will
explain each assessment task and the terms and conditions
relating to the submission of your assessment task. Please
consult with your trainer/assessor if you are unsure of any
questions. It is important that you understand and adhere to the
terms and conditions, and address fully each assessment task.
Written work
Assessment tasks are used to measure your understanding and
underpinning skills and knowledge of the overall unit of
competency. When undertaking any written assessment tasks,
please ensure that you address the following criteria:
· Address each question including any sub-points
· Demonstrate that you have researched the topic thoroughly
· Cover the topic in a logical, structured manner
· Your assessment tasks are well presented, well referenced and
word processed
Active participation
It is a condition of enrolment that you actively participate in
your studies. Active participation is completing all the
assessment tasks on time.
Plagiarism

3. Plagiarism is taking and using someone else's thoughts, writings
or inventions and representing them as your own. Plagiarism is
a serious act and may result in a learner’s exclusion from a
course. When you have any doubts about including the work of
other authors in your assessment, please consult your
trainer/assessor. The following list outlines some of the
activities for which a learner can be accused of plagiarism:
· Presenting any work by another individual as one's own
unintentionally
· Handing in assessments markedly similar to or copied from
another learner
· Presenting the work of another individual or group as their
own work
· Handing in assessments without the adequate
acknowledgement of sources used, including assessments taken
totally or in part from the internet.
If it is identified that you have plagiarised within your
assessment, then a meeting will be organised to discuss this
with you, and further action may be taken accordingly.
Collusion
Collusion is the presentation by a learner of an assignment as
their own that is, in fact, the result in whole or in part of
unauthorised collaboration with another person or persons.
Collusion involves the cooperation of two or more learners in
plagiarism or other forms of academic misconduct and, as such,
both parties are subject to disciplinary action.
Competency outcome
There are two outcomes of assessments: S = Satisfactory and NS
= Not Satisfactory (requires more training and experience).
Once the learner has completed all the assessments for this unit
of competency, the learner will be awarded “Competent” (C) or

4. “Not Competent” (NC) for the relevant unit of competency.
Confidentiality
The college will treat anything, including information about
your job, workplace, employer, with strict confidence, in
accordance with the law. However, you are responsible for
ensuring that you do not provide us with anything regarding any
third party including your employer, colleagues and others, that
they do not consent to the disclosure of. While we may ask you
to provide information or details about aspects of your employer
and workplace, you are responsible for obtaining necessary
consents and ensuring that privacy rights and confidentiality
obligations are not breached by you in supplying us with such
information.
Assessment appeals process
If you feel that you have been unfairly treated during your
assessment, and you are not happy with your assessment and/or
the outcome as a result of that treatment, you have the right to
lodge an appeal. You must first discuss the issue with your
trainer/assessor. If you would like to proceed further with the
request after discussions with your trainer/assessor, you need to
lodge your appeal via the complaint and appeal form which is
available on the college website.
Recognised prior learning
Learners will be able to have their previous experience or
expertise recognised on request.
Special needs
Learners with special needs should notify their trainer/assessor
to request any required adjustments as soon as possible. This
will enable the trainer/assessor to address the identified needs
immediately
.
Assessment requirements

5. Assessment can be:
· Direct observation
· Product-based methods e.g. reports, role plays, work samples
· Portfolios – annotated and validated
· Questioning.
The assessment activities in this workbook assess aspects of all
the elements, performance criteria, skills and knowledge and
performance requirements of the unit of competency.
To demonstrate competence in this unit, you must undertake all
activities in this workbook and have them deemed satisfactory
by the assessor. Once you have demonstrated the required level
of performance, you will be deemed competent in this unit.
As part of the assessment process, all learners must abide by
any relevant assessment policies as provided during induction.
Candidate Details
Assessment – BSBFIN501 - Manage budgets and financial plans
Please complete the following activities and hand in to your
trainer/assessor for marking. This forms part of your assessment
for BSBFIN501 - Manage budgets and financial plans.
Name:
________________________________________________
_____________
Learner ID:
_____________________________________________________
_________
Email:
________________________________________________
_____________
Declaration
I declare that no part of this assessment has been copied from
another person’s work with the exception of where I have listed
or referenced documents or work and that no part of this

6. assessment has been written for me by another person. I also
understand the assessment instructions and requirements and
consent to being assessed.
Signed:
________________________________________________
____________
Date:
________________________________________________
____________
If activities have been completed as part of a small group or in
pairs, details of the learners involved should be provided below:
This activity workbook has been completed by the following
persons and we acknowledge that it was a fair team effort where
everyone contributed equally to the work completed. We declare
that no part of this assessment has been copied from another
person’s work with the exception of where we have listed or
referenced documents or work and that no part of this
assessment has been written for us by another person.
Learner 1:
________________________________________________
____________
Signed:
________________________________________________
____________
Learner 2:
________________________________________________
____________
Signed:
________________________________________________
____________
Learner 3:
________________________________________________
____________
Signed:
________________________________________________
____________

7. Activity
Activity 1A
Objective
To provide you with an opportunity to identify how to access
budget and financial plans for work team.
1. Identify and discuss the personnel you need to consult with to
access budget and financial plans and what issues might need to
be addressed.
2. Discuss how to access budgets and financial plans for work
team. Fill in the table below.
Budget/Financial plans
Source of information
Cash flow budget/projections
Operating budget/projections
Financial budget/projections
Sales budget/projections
Production budget/projections
Overhead budget/projections
Personnel budget/projections
Marketing budget/projections

8. Static Budget/projections
Master Budget/projections
3. Discuss at least two principles and techniques involved in
managing a budget.
Activity 1B
Objective
To provide you with an opportunity to identify how to evaluate
budget and financial plan outcomes with required organisational
personnel, and to negotiate any changes required to be made to
budget and financial plans with required organisational
personnel.
Activity
1) Referring to Happy Auto Services, what are the techniques
and principles used to evaluate the budget and financial plans?

9. Activity 1C
Objective
To provide you with an opportunity to identify how to prepare
contingency plans in the event that initial plans need to be
varied.
1. Identify what is contingency plan? Note five possible
situations to plan for contingency plan.
2. Identify how to create a contingency plan in the event that
initial plans need to be varied

10. Activity 1A-1C Checklist
This should be used by the trainer/assessor to document the
learner’s knowledge as relevant to the unit activity. Indicate in
the table below if the learner is deemed satisfactory (S) or not
satisfactory (NS) for the activity or if reassessment is required.
Marking Checklist
1A Has the learner identify and discuss relevant personnel to
consult with to access budget and financial plans and discuss
potential issues?
Yes No
(Please circle)
1A Has the learner discuss how to access budget and financial
plans for work team and fill in the table correctly?
Yes No
(Please circle)

11. 1A Has the learner discuss the principles and techniques of
budget in details?
Yes No
(Please circle)
1B Did the learner discuss what are the principles and
techniques involved in managing evaluation of budgets and
financial plans?
Yes No
(Please circle)
1C Did the learner Identify what is contingency plan and note
five possible situations to plan for contingency plan.
Yes No
(Please circle)
1C Did the learner identify how to create a contingency plan in
the event that initial plans need to be varied
Yes No
(Please circle)
Comments
Provide your comments here:
The learner’s performance was:
Not yet satisfactory
Satisfactory
Activity 2A
Objective

12. To provide you with an opportunity to identify how to
communicate details of agreed budget and financial plans to
relevant team members.
1. Identify tools for disseminating workplace information
2. Refer to Case Study A and follow the instruction mentioned
in the case study to complete the task.
Make a group of 3-5 people or as instructed by the trainers to
discuss ways to communicate details of the agreed budget to
relevant team members.
Guideline: Refer to a template provided in the Learner Guide
under topic 2.1 and complete the table.

13. Activity 2B
Objective
To provide you with an opportunity to identify how to support
team members to access resources and systems to perform
required roles.
1. Using the information from Case Study B, identify what
product should choco café manager buy.
2. Identify what are the required resources and systems to
support team members to make informed decision and perform
required roles.
3. Using the information from Case Study C, identify what

14. support Sam may require improving his performance. Discuss
how you would monitor this afterwards.

15. Activity 2C
Objective
To provide you with an opportunity to identify how to
implement processes to monitor actual expenditure, control
costs and modify contingency plans as required according to
financial objectives.
1. Discuss the steps to monitor actual expenditure and control
costs.
Refer to Case Study D and answer question 2
2. Using the steps discussed in Question 1, monitor actual
expenditure, control costs and modify contingency plans as
required according to financial objectives.

16. Activity 2D
Objective
To provide you with an opportunity to identify how to report on
budget and expenditure according to organisational protocols.
1. What is a business activity statement and what information
should be included.

17. 2. You are assigned to complete a Business Activity Statements
report for the company. The company’s protocols always refer
to tips and protocols from the Australian Taxation Office.
Identify how to report on budget and expenditure according to
organisational protocols.
Guideline: Research information from the Australian Taxation
Office website on how to complete Business Activity
Statements and answer the question.
3. What is the record-keeping requirements for the Australian
Taxation Office for GST and BAS for auditing purposes?

18. Activity 2A-2D Checklist
This should be used by the trainer/assessor to document the
learner’s knowledge as relevant to the unit activity. Indicate in
the table below if the learner is deemed satisfactory (S) or not
satisfactory (NS) for the activity or if reassessment is required.
Marking Checklist
2A. Did the learner Identify tools for dissemination workplace
information
Yes No
(Please circle)
2A. Did the learner identify ways to communicate details of
agreed budget to relevant team members
Yes No
(Please circle)
2B Using information from Case Study B, has the learner
identify what product choco café manager should buy?
Yes No
(Please circle)
2B Has the learner identify what are the required resources and
systems to support team members to make informed decision
and perform required roles.
Yes No
(Please circle)
2B Using the information from Case study C, has the learner
identify what support to provide to Sam and discuss how to
monitor afterwards.
Yes No
(Please circle)

19. 2C. Has the learner discuss the steps to monitor actual
expenditure and control costs?
Yes No
(Please circle)
2C. Has the learner demonstrate ability to monitor actual
expenditure, control costs and modify contingency plans as
required according to financial objectives?
Yes No
(Please circle)
2D. Did the learner discuss what is business activity statement
and what information should be included?
Yes No
(Please circle)
2D. Did the learner identify how to report on budget and
expenditure according to organisational protocols?
Yes No
(Please circle)
2D. Did the learner identify what is the record keeping
requirements for Australian Taxation Office for GST and BAS
for auditing purpose?
Yes No
(Please circle)
Comments
Provide your comments here:
The learner’s performance was:
Not yet satisfactory
Satisfactory

20. Activity 3A
Objective
To provide you with an opportunity to identify how to collect
information on effectiveness of financial management processes
within work team.
1. Identify how to have an effective financial management
process within a work team.
2. Identify what information to collect to evaluate the
effectiveness of the financial management process.
3. Identify what information can be used to analyse the
effectiveness of the financial management process.

22. Activity 3B
Objective
To provide you with an opportunity to identify how to analyse
variance between actual and budgeted finances.
1. What is variance analysis and identify 3 possible causes of
variance
Refer to Case Study E
2. Analyse variance between actual and budgeted finances

23. Activity 3C
Objective
To provide you with an opportunity to identify and recommend
improvements to existing financial management processes.
1. Refer to Case study F Part A, review and make recommend
improvements to existing financial management processes.

24. Activity 3D
Objective
To provide you with an opportunity to identify how to
implement agreed improvements according to financial
objectives of work team and organisation, and to evaluate
agreed improvements.
1. Identify the process to implement agreed improvements
according to financial objectives of work team and organisation,
and to evaluate agreed improvements.

25. Refer to Case Study F (Part B) and answer question 2
2. Identify how to implement agreed improvements (identified
in Activity 3C) according to financial objectives of work team
and organisation, and to evaluate agreed improvements.

26. Activity 3A-3D Checklist
This should be used by the trainer/assessor to document the
learner’s knowledge as relevant to the unit activity. Indicate in
the table below if the learner is deemed satisfactory (S) or not
satisfactory (NS) for the activity or if reassessment is required.
Marking Checklist
3A. Did the learner identify how to have effective financial
process within work team?
Yes No
(Please circle)
3A. Did the learner identify what information to collect to
evaluate effectiveness of financial management process?
Yes No
(Please circle)
3A. Did the learner identify what information can be used to
evaluate the effectiveness of financial management process?
Yes No
(Please circle)
3B. Did the students understand what variance analysis is and
identify 3 possible causes of variance?
Yes No
(Please circle)
3B. Referring to Case Study E, did the students demonstrate
ability to analyse the variance between actual and budgeted
finances?
Yes No
(Please circle)
3C. referring to Case Study F Part A, did the learner review and
make recommended improvements to existing financial

27. management process?
Yes No
(Please circle)
3D Has the learner identify the process to implement agreed
improvements according to financial objectives of work team
and organisation, and to evaluate agreed improvements?
Yes No
(Please circle)
3D Refer to Case Study F. Has the learner identify how to
implement agreed improvements according to financial
objectives of work team and organisation, and to evaluate
agreed improvements.
Yes No
(Please circle)
Comments
Provide your comments here:
The learner’s performance was:
Not yet satisfactory
Satisfactory
Knowledge Activity (Q & A)
Objective: To provide you with an opportunity to show you
have the required knowledge for this unit.
The answers to the following questions will enable you to
demonstrate your knowledge of:
·
Basic accounting principles
· Types of budgets and financial plans
· Legislation and current ATO requirements, including the
goods and services tax (GST)
· Key requirements for financial record keeping and auditing
· Principles for managing work teams

28. · Principles and techniques involved in managing:
·
budgeting
· cash flows
· electronic spreadsheets
· Goods and Services Tax
· ledgers and financial statements
· profit and loss statements
· evaluation of budget and financial plans.
Answer each question in as much detail as possible.
All answers will vary, but the learner should be able to answer
each question competently.
1.
Identify and explain in detail three aspects of basic
accounting principles.
2. Identify three types of budgets and financial plans.
3. Explain the legislation and current Australian Taxation
Office (ATO) requirements, including the goods and services
tax (GST).
4. What are the key requirements for financial record keeping
and auditing?
5. Identify and explain the five functions of managing work
teams.
6. Describe the principles and techniques involved in managing:
·

29. Budgeting
· Cash flows
· Electronic spreadsheets
· Goods and services tax
· Ledgers and financial statements
· Profit and loss statements
· Evaluation of budget and financial plans.
Section B: Knowledge Activity (Q&A) Checklist
This should be used by the trainer/assessor to document the
learner’s knowledge as relevant to the unit activity. Indicate in
the table below if the learner is deemed satisfactory (S) or not
satisfactory (NS) for the activity or if reassessment is required.
Marking Checklist
Did the learner identify and explain in detail three aspects of
basic accounting principles correctly?
Yes No
(Please circle)
Did the learner identify three types of budgets and financial
plans correctly?
Yes No
(Please circle)
Did the learner explain the legislation and current Australian
Taxation Office (ATO) requirements, including the goods and
services tax (GST) correctly?
Yes No
(Please circle)
Did the learner identify key requirements for financial record
keeping and auditing correctly?
Yes No
(Please circle)
Did the learner identify and explain the five functions of

30. managing work teams correctly?
Yes No
(Please circle)
Did the learner describe the principles and techniques involved
in managing which mentioned below correctly?
· Budgeting
· Cash flows
· Electronic spreadsheets
· Goods and services tax
· Ledgers and financial statements
· Profit and loss statements
· Evaluation of budget and financial plans.
Yes No
(Please circle)
Comments
Provide your comments here:
The learner’s performance was:
Not yet satisfactory
Satisfactory
Performance Activity
Context Scenario- Happy Auto Services
Happy Auto Services is Sydney’s premier automotive Service &
Repair centre. The professionals at Happy Auto are always

31. ready to offer reliable, cost-effective, and honest service with
customer’s satisfaction as their top priorities. At Happy Auto
Services, customers can count on straightforward auto repair
and their professional’s dedication to getting you back on the
road as quickly and safely as possible.
The owners of Happy Auto Services plan to increase
profitability of the business by adding a new workshop at
Sydney’s Newtown area. This new location is known to have
younger demographics with car or motorcycles.
Therefore, the owner decided to modernize and equip their
workshop with newest technology diagnostic equipment for
their experienced technicians to operate. Customers can also sit
back and relax in their newly designed waiting lounge at their
comfort while the team service their car. This is to provide best
service to valued customer and promote business through
positive word of mouth. The owners have acquired a quote from
the renovation company and the total cost is estimated to be
$200,000.
Workplace policy
·
Having an emergency fund is a top priority
· Delivering quality service and repair is vital to success of the
business.
· It is essential to attract and retain experienced
technicians/employees
· Use the incremental budgeting technique to prepare
budget/financial plans
· Use breakeven analysis method for capital budgeting
evaluation
Workplace Procedure on how to create/manage a budget
· Business goals based on the plan
· Examine your revenue
· Identify your fixed expenses
· List variable cost
· Draw up projects that advance your business goals. Identify

32. the cost of the project.
· Set your projected sales target.
· Create the budget and financial plan to management for
approval. If they have objections, either convince them to
support your budget or make the requested changes.
Answer the activity in as much detail as possible.
Instructions to Assessor:
Question 1 and 2 should be carried out in the workplace or
simulated environment.
Equipment needed:
·
Access to a range of digital technologies, i.e. computer,
printer and the internet
·
Financial documentation provided by accessor
·
Opportunity to communicate with another
learner/colleague
·
Access to other learners
·
Space for role play
Question 1. Identify workplace policy and procedures for
setting budget and financial plan
Referring to the case scenario (Auto Services), learner should
conduct a roleplay with another learner. Assessor to provide
Auto Services case scenario and appendix 1 to learner. The
roleplay should consist of the learner acting as the owner
discussing the workplace policies and procedures with another
finance staff of the company involved with budget. Learner

33. should make notes of their discussion.Question 2. Demonstrate
how to create and manage a budget and financial plan for one
reporting period
The company has a quarterly reporting period for budget plan so
that finance team can closely monitor the budget and adjust
accordingly if necessary. Referring to the Case Scenario (Auto
Service), create and manage a budget plan for the period ended
31 March 2021 using Excel/Spreadsheet that would require you
to use a range of mathematical calculations. Learner should also
create and manage cash flow projections/ Financial planning for
the year ended 31 December 2021 and 2022. Assessor will
provide you with the financial documents Appendix 1 and 2, so
that learners will be able to carry out the task. Please provide
the formula to get the mathematical calculations in the
worksheet provided.
·
Cumulative cash flow= current year cash inflow-
current year cash outflow
·
Ending balance=Cumulative cash flow+ Beginning cash
balance
Question 3
a) Referring to Happy Auto Services case scenario, learner
should conduct a roleplay with another learner lasting 30
minutes. Assessor to provide Happy Auto Services case scenario
appendix 3 and 4 to learner. The role play should consist of the
learner acting as the owner clarifying budget and financial
plans, negotiate changes and disseminate information. Make
notes during the role play and provide an outline of the

34. discussion in the following format.
This activity will need to be observed by the assessor.
Instructions to Assessor
The learner should demonstrate that they can effectively
communicate with relevant personnel and discuss/evaluate the
outcomes of a budget and financial plan. They should
demonstrate how they clarify budget and financial plans,
negotiate changes and disseminate information.
When clarifying budget, learners should discuss the following:
· Clarify budget and financial plans
· Compare actual VS planned spending
· Assess new income and expenses
· Review financial goals
· Modify budget to meet financial goals
· Modify budget to meet organisational needs
· Identify budget leaks
· Review budget regularly
· Capital Budgeting techniques
· Breakeven analysis
When Negotiating changes, learners should discuss the
following:
· Negotiate changes
· Top-down approach
· Bottom-up approach
· Negotiated budget approach
When discussing disseminating information, learner should
discuss the following:
· Disseminate information
· Face-face meeting
· Email
· Telephone conference calls
b) At the end of the role play, learner should write a report on
budget and expenditure according to company’s protocol. Please

35. refer to Happy Auto Services case scenario for company’s
policy and procedures. They should show the ability to prepare
materials including drawing of tables which conveys detailed
and factual content. Learners may need to use a range of digital
technologies to access, compile and present this information
Question 4
Referring to Learner guide under topic 1.4 and answer questions
4a and 4b.
a) What is a financial contingency plan?
b) What is the difference between financial contingency plan
and contingency plan?
c) Referring to case scenario (Happy Auto Services), prepare,
implement, and modify financial contingency plans. Learners
should use a mind map or template to organize and categorize
the information. Learners should follow the steps in 1.4 on how
to prepare contingency plans closely to demonstrate ability to
complete the task.
Instructions to Assessor:
Assessor to provide guideline on how to prepare, implement and
modify financial contingency plans. Learner should use
demonstrate logical processes in planning, implementing and
evaluating complex tasks and developing alternative strategies
to achieve goals and timelines.

36. Performance Activity Checklist
This should be used by the trainer/assessor to document the
learner’s performance as relevant to the unit activity. Indicate
in the table below if the learner is deemed satisfactory (S) or
not satisfactory (NS) for the activity or if reassessment is
required.
Question 3 Presentation Task
1.
|_| in class |_| Pre-Recorded
2.
|_| in class |_| Pre-recorded exercise
The student is required to demonstrate ALL components from
the list below
Assessment
Reassessment
Comments
Date:
Date:
Did the student:
Tick
S
NS
S
NS
An assessor must record observations in sufficient detail to
demonstrate their judgement of the student’s performance
against the criteria

37. 1
Support team members to access resources and systems to
perform their required roles:
·
Actively participate in the roleplay with
another learner acting as personnel (manager)
·
Use financial documentation to clarify
outcomes of budget and financial plan
·
Discuss outcomes with the other learner
·
Identify changes that need to be made to the
budget/financial plan
·
Discuss and negotiate changes with another
learner
·
Discuss about disseminating information
·
Use positive communication skills and body
language throughout the interaction
·
Speak clearly and professionally at all times
· Actively listen to the other person’s views and support needs.
All task criteria must be satisfactorily demonstrated by the
student. The task has been confirmed:
|_| Satisfactory |_| Not Satisfactory
This should be used by the trainer/assessor to document the

38. learner’s knowledge as relevant to the unit activity. Indicate in
the table below if the learner is deemed satisfactory (S) or not
satisfactory (NS) for the activity or if reassessment is required.
Marking Checklist
Question 2: Did the learner demonstrate how to create and
manage a budget and financial plan for one reporting period
Yes No
(Please circle)
Question 3B: Did the learner demonstrate the ability evaluate
budget and financial plan outcomes with required organisational
personnel, and to negotiate any changes required to be made to
budget and financial plans with required organisational
personnel.
Yes No
(Please circle)
Question 4A: Did the learner understand what is a financial
contingency plan?
Yes No
(Please circle)
Question 4B: Did the learner understand the difference between
a financial contingency plan and contingency plan
Yes No
(Please circle)
Question 4C: Did the learner demonstrate how to prepare,
implement and modify financial contingency plans?
Yes No
(Please circle)
Comments
Provide your comments here:

39. The learner’s performance was:
Not yet satisfactory
Satisfactory
Competency record to be completed by the assessor
This section should be completed by the trainer/assessor to
document the overall outcomes of the learner’s assessments in
Learners Workbook. The table below indicates whether the
learner is deemed competent or not competent
Learner’s name
Assessor’s name
Unit of Competence
(Code and Title)
Date
Has the learner completed all required assessments in this
workbook to a satisfactory standard?
Yes No
(Please circle)
Comments from trainer/assessor:
Learner is deemed
Not competent

40. Competent
Assessor’s signature
Case Study A – Communicate details of agreed budget and
financial plans to relevant team members
Joyful engineering company is a medium sized engineering firm
with about 100 employees. Recently their management have
come up with an agreed budget to reduce employees overtime
wages from $200,000 to $150,000 per annum. The management
wants to reach this target by limiting employee’s overtime hours
to maximum 20 hours per week. Therefore, they will implement
overtime sheet for employees to fill and account for their
overtime hours. This overtime sheet will need to be signed by
manager and hand to finance team at the end of each working
week.
Please use the learner’s guide template in topic 2.1 to discuss
with team members on disseminating details of agreed budget
and financial plans to relevant team members.
For Example: Weekly Overtime Sheet
Company Name:
Employee Name:
Manager Name:
Week Start Date:
Date
Task
Regular hours
Overtime hours
Breaks
Daily total hours

41. Weekly Total Hours:
Rate Per hour:
Total Weekly Pay:
Case Study B
Choco café is ordering chocolates to sell during Christmas
season. The business has been ordering chocolate biscuits for
the past few years and the supplier has launched a new product,
white chocolate biscuits this year. Choco Café did a comparison
of the two products.
Chocolate biscuit

42. White chocolate biscuit
Gross Profit Margin
22%
25%
Nature of Product
·
Made of chocolate
· Packed in simple gold box
· Can be stored at room temperature
·
Made of white chocolate
· Packed in a pretty box
· Melts easily under room temperature
Customer preference
This has been popular among choco café customers
This is a new product that choco café has never sold. But its
supplier has given the assurance that white chocolate is popular
with customers of all age

43. Case Study C – Providing support
Sam is an employee who has worked for a debt collection
company for two years.
Their performance has been declining over the past couple of
months and has dropped to an unacceptable standard which is
affecting the company’s performance figures. There have been
recent technology changes and implementations in the
workplace recently.
Unknown to you and the company, Sam has been feeling
ignored in the workplace and has lost motivation for training
and taking on new information.
Sam is doing what feels to be the bare minimum but has good
and bad days. Sam is unaware that low performance has been
noticed.

44. Case Study D
ABC Cooking Studio wants to spend more money on
advertisement to increase their sales revenue. The company
wants to achieve sales revenue of 180K and spend 50k on
advertising for the first half of the year 2021. However, they are

45. unsure of which advertising method would be most efficient to
generate sales. Therefore, the finance staff created a budget
plan to monitor advertising expenditure.
Advertising cost monthly breakdown
Jan
$
Feb
$
Mar
$
Apr
$
May
$
June
$
Projected Sales
30,000
30,000
30,000
30,000
30,000
30,000
Actual Sales
20,000
35,000
15,000
50,000
60,000
80,000
Less:

46. Internet marketing
3,000
0
4,000
1,000
2,000
3,000
Promotions
0
5,000
0
7,000
8,000
10,000

47. Case Study E
Star provision is a small convenience store near housing estate.
It has been serving residents in the vicinity for the last five
decades.
Please refer to the budget below to analyse variance between
actual and budgeted finances.
Budgeted
Actual
Variance
Net Sales Revenue
200,000
226,650
26,650
Cost of sales
115,000
132,500
17,500
Gross profit
85,000
90,150
5,150

49. Case Study F
a)
Everest Pte Ltd sells batteries. The following information is
extracted for the year ended 31 December 2020. The inventory
as of 31 December 2019 is $15,000
Inventory
$18,600
Net Sales Revenue
$400,000
Cost of Sales
$250,500
Evaluate Everest efficiency in inventory management against its
competitor Energy. Given that Energy’s rate of inventory
turnover and days sales in inventory are 18 times and 18.25
days respectively. Suggest one way to improve Everest
efficiency in inventory Management.
b) Everest wants to improve its management of inventory and
sell inventory faster by giving trade discounts to encourage its
customers to buy more goods. The following information is
extracted for the year ended 31 December 2021. The inventory
as of 31 December 2020 is 18,600
Inventory
18,000
Net Sales Revenue
450,000
Cost of Sales
300,000

50. Evaluate Everest efficiency in inventory management against its
competitor Energy. Given that Energy’s rate of inventory
turnover and days sales in inventory are 19 times and 18 days
respectively.
Appendix 1
Annual Profit for 2019 and 2020
Company Name: Happy Auto Services
2019
$

51. 2020
$
Sales income
500,000
600,000
Other income
100,000
150,000
Total
600,000
750,000
Less:
Cost of goods sold
75,000
110,000
Storefront rent expense
50,000
50,000
Advertising costs
5,000
15,000
Sales staff salaries
100,000
100,000
Sales staff overtime
50,000
57,000
Administrative Staff Salaries
40,000
40,000
Repair and maintenance
5,000
10,000
Office expenses

52. 5,000
7,000
Audit fees
5,000
5,000
Utilities
5,000
8,000
Insurance
5,000
5,000
Earnings before interest and taxes
255,000
343,000
Less: Tax
70,125
92,610
Profit for the year
184,875
250,390
Appendix 2
Actual Profit for the period ended 31 March 2021
31 March 2021
$
Sale income
125,000
Other income
47,500
Total

53. 172,500
Less:
Cost of goods sold
23,000
Storefront rent expense
12,500
Advertising costs
5,000
Sales staff salaries
25,000
Sales staff overtime
15,000
Administrative Staff Salaries
10,000
Repair and maintenance
4,000
Office expenses
2,000
Audit fees
1,250
Utilities
2,000
Insurance
1,250
Earnings before interest and taxes
71,500
Less: Tax
19,662.5
Profit for the year
51,837.5
Notes:
· Based on discussion with management, the projected sales for
2021 will increase by 20% due to increase in customer’s
satisfaction and introduction of new one-stop service for
customers.

54. · Management plan to add a new workshop in January 2022 and
the renovation will start and complete by 2021. There will be a
one-time expenditure of $200,000 for the renovation of the new
workshop.
· The beginning cash flow for 2019 is $150,000 and should be
use to calculate cash flow projections.
In 2022
· With an additional of a new workshop in January 2022,
management will start to renovate in October 2021, management
predicted that sales for 2022 will increase by at least 50%
· The rent for new store front rent is $60,000
· There will be additional hire of two sales staff amounting to
fixed salary of $100,000 per annum
· There will be additional hire of one administrative staff for
the new workshop with salary amounting to $40,000 per annum
· There will be additional cost for both audit and insurance
amounting to $5,000
· Use the minimum threshold projected sales of 15% to do
breakeven analysis. This sales level is low enough to be
reasonably attainable with two workshops for 2022.

55. Appendix 3
Budget Plan for the period ended 31 March 2021
Projected
Actual
Variance
Sale income
180,000
125,000
(55,000)
Other income
45,000
47,500
2,500
Total
225,000
172,500
(52,500)
Less:
Cost of goods sold
33,000
23,000
(10,000)
Storefront rent expense
12,500
12,500
-

56. Advertising costs
4,500
5,000
500
Sales staff salaries
25,000
25,000
-
Sales staff overtime
17,100
15,000
(2,100)
Administrative Staff Salaries
10,000
10,000
-
Repair and maintenance
3,000
4,000
1,000
Office expenses
2,100
2,000
(100)
Audit Fee
1,250
1,250
-
Utilities
2,400
2,000
(400)
Insurance
1,250
1,250
-

57. Earnings before interest and tax
112,900
71,500
(41,400)
Less: Tax
31,047.5
19,662.5
(11,385)
Profit for the year
81,852.5
51,837.5
(30,015)
Appendix 4- Cash flow Projections for 2021 and 2022
2019
2020
2021
2022
Service Revenue
500,000
600,000
720,000
1,080,000
Other Income
100,000
150,000

58. 180,000
270,000
Total
600,000
750,000
900,000
1,350,000
Less:
Cost of goods sold
75,000
110,000
132,000
198,000
Rent expense
50,000
50,000
50,000
110,000
Advertising costs
5,000
15,000
18,000
27,000
Staff Salaries
100,000
100,000
100,000

59. 200,000
Staff Overtime
50,000
57,000
68,400
102,600
Administrative Staff Salaries
40,000
40,000
40,000
80,000
Repair and Maintenance
5,000
10,000
12,000
18,000
Office Expenses
5,000
7,000
8,400
12,600
Audit Fee
5,000
5,000
5,000
10,000
Utilities
5,000
8,000
9,600
14,400
Insurance
5,000
5,000
5,000
10,000

60. Profit and loss before tax
255,000
343,000
451,600
567,400
less: tax
70,125
94,325
124,190
156,035
Profit for the year
184,875
248,675
327,410
411,365
Less: Renovation cost for new workshop
200,000
Cumulative Cash Flow
184,875
248,675
127,410
411,365

61. Beginning Cash Flow
150,000
334,875
583,550
710,960
Ending Cash Balance
334,875
583,550
710,960
1,122,325
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