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BSBFIM501 Manage budgets and financial plans Activity-1

BSBFIM501 Manage budgets and financial plans Activity-1


BSBFIM501 Manage budgets and financial plans

ASSESSMENT ACTIVITY 1 – Financial management approaches

BSB51918 Diploma of Leadership and Management


Please ensure this form is fully completed prior to submitting.

This page should be on the front of your assessment and needs to be easily accessible.


Student Number:
Student Name:



I hereby certify that:

  1. This assessment task is my own work based on my personal study/research and not the work of another student and/or source.
  2. I have acknowledged all material and sources used to prepare this assessment task.
  3. I have not plagiarised or copied any part of this assessment task from the work of any other student or source either.
  4. This assessment task has not previously been submitted.
  5. I am aware of the requirements set by my Trainer & Assessor.
  6. I have retained a copy of this assessment task for my own records.
  7. I have completed all my assessments, tasks & activities (on moodle®) successfully.

Student’s Signature: _______________________________  Date: _________________


Student instructions

This assessment must be based on where you work (or have worked most recently).

This Assessment is designed to test the knowledge that you have acquired throughout the unit. Use the following tips to help you answer the questions:

Read each question carefully. Check with your trainer or assessor if you are not sure what the question is asking.

HINT: Use these questions as subheadings to create a business style report to answer your assessment

Your response to each question should aim to provide enough information to answer the question. In most cases, this can be done with just a few paragraphs. Don’t forget to refer to attachments under the heading (question) applicable, e.g. ‘See attached email’.

Important: Your assessment must contain this coversheet and your own coversheet (for your “report”)

Your answers & assessment submission must professional in style (Business), content and format. Maximum font size 11 points: Font Arial or Times New Roman; single spacing; clear paragraphswith appropriate punctuation, spellchecking and final submission will need to be proof-read. (i.e. few missing words or typo’s)

In particular:

– Use clear, non-discriminatory language

– Avoid the use of jargon

– Write clearly using plain English

– Consider your target audience

– Ensure that your responses meet the needs of the target audience (in this case your trainer or assessor).

All of your work must be original.

Performance Evidence


Evidence of the ability to:

  • use financial skills to work with and interpret budgets, ageing summaries, cash flow, petty cash, Goods and Services Tax (GST), and profit and loss statements
  • communicate with relevant people to clarify budget/financial plans, negotiate changes and disseminate information
  • prepare, implement and modify financial contingency plans
  • monitor expenditure and control costs
  • support and monitor team members
  • report on budget and expenditure
  • review and make recommendations for improvements to financial processes
  • meet record keeping requirements for the Australian Taxation Office (ATO) and for auditing purposes.


Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.


Knowledge Evidence

To complete the unit requirements safely and effectively, the individual must:

  • describe basic accounting principles
  • identify and explain the relevant legislation and current requirements of the Australian Taxation Office, including the Goods and Services Tax (GST)
  • explain the key requirements for financiall record keeping and auditing
  • describe the principles and techniques involved in managing:
  • budgeting
  • cash flows
  • electronic spreadsheets
  • GST
  • ledgers and financial statements
  • profit and loss statements.


Marking and Criteria guide:  


Assessor and student must read this carefully before assessment. 


A 75% demonstrated competence in the answers is the benchmark only and students & assessors must note that professionally critical aspects/concepts must be included (create budget and financial planning using electronic spreadsheet) .


All parts (criteria) in the marking guide must be completed successfully for the student to achieve competence in this unit.


EDUCATOR to complete 


Observation/assessment Satisfactory/not Satisfactory Comments
Pre-assessment work completed
ACTIVITY 1 – Financial management approaches
Did the student identify the personnel in their workplace they would need to communicate to get access to a financial document?
Did the student identify issues needed to be addressed in order to receive access to a financial document in their workplace?
Did the student create a presentation minimum of 4 slides?
Did the student create a variance Excel spreadsheet?
Did the studentIdentify five organisational requirements that relate to your own job role?

Also perform two tasks that will allow you to demonstrate your adherence to at least three of these requirements

In addtion, write a brief 250 word summary of each task you completed, describing the ways in which you demonstrated your adherence to organisational requirements?

Did the student conduct a coaching session with another student?
Did the student create an action plan?



Practical Checklist 


Assessor to complete:(circle) 


Did you observe the student?YesNo 


Further comments required 


Assessor Comments 








Resubmission required? Yes_________ No___________ 


Date resubmission must be handed in:  ________________________ 


Assessor’s name and signature:  _______________________________ 


Date:  _________________________ 



Activity 1 – Financial management approaches

  1. Which personnel in your workplace would you need to communicateto get access to a financial document? (Word count: 10 words)

  1. What issues might need to be addressed in order to receive access to a financial document in your workplace? (Word count: 100 words)

  1. Create a short presentation (no more than 4 slides) about your intrepretation of the contents of thefinancial document that you were able to access from your workplace.

  1. Add variances favourable or unfavourable to a budget or financial plan in your organisation. Attach the variances Excel spreadsheet(s) and a brief written summary of the task you undertook. (Word count: 50 words and Excel spreadsheet)
  2. You would have been provided with a copy of your organisation’s Financial Procedures Manual or equivalent document when you had your induction with your organisation. Using this document as reference:


  • Identify five organisational requirements that relate to your own job role
  • Perform two tasks that will allow you to demonstrate your adherence to at least three of these requirements
  • Write a brief 250 word summary of each task you completed, describing the ways in which you demonstrated your adherence to organisational requirements.

  1. Assist another student by coaching them on how to insert petty cash in an Excel spreadsheet.

  1. For a task you have been given by the organisation, plan how you will complete it including timescales. (Put your action plan with time in an Excel spreadsheet)


Observation Checklist


Student Name
Student #:
UOC Name:Manage Budgets and Financial Plans


I have read the assessment conditions and know the observation criteria and I am ready to participate in the practical assessment


Students Signature: _________________________________________________________________




Not Yet Satisfactory

      1. Plan the structure and flow of your presentation (your presentation is a story!)
      1. Link ideas together to ensure the content flow
      1. Summarise your presentation at the end to remind your audience of the journey
      1. The presentation is recorded for more than 5 minutes.


SatisfactoryNot Satisfactory

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