ASSESSMENT SUMMARY / COVER SHEET
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This form is to be completed by the assessor and used as a final record of student competency.
All student submissions including any associated checklists are to be attached to this cover sheet before placing on the students file.
Student results are not to be entered onto the Student Management Database unless all relevant paperwork is completed and attached to this form.
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Student Name:
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Student ID No:
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Completion Date:
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Unit Code:
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BSBFIM501
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Unit Title:
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Manage budgets and financial plans
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Please attach the following documentation to this form
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Result
S = Satisfactory
NS = Not Satisfactory
NA = Not Assessed
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Reassessment
S = Satisfactory
NS = Not Satisfactory
NA = Not Assessed
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Assessment Task 1
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r Plan financial management approaches
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S | NS | NA
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S | NS | NA
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Assessment Task 2
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r Implement financial management approaches
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S | NS | NA
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S | NS | NA
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Assessment Task 3
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r Monitor and control finances
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S | NS | NA
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S | NS | NA
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Final Assessment Result for this unit
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C / NYC
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Assessor Comments and Feedback to student:
__________________________________________________________________________
__________________________________________________________________________
__________________________________________________________________________
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Student Declaration:I declare that this assessment is my own work based on personal study and research and not plagiarised or copied from another student’s work or source.
I am also aware of my appeal rights.
Name: ____________________________
Signature: ____________________________
Date: ____/_____/_____
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Assessor Declaration:I declare that I have conducted a fair, valid, reliable and flexible assessment with this student. I have provided appropriate feedback and advised the student of their result.
Name: ____________________________
Signature: ____________________________
Date: ____/_____/_____
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Administrative use only
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Entered onto Student Management Database
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________________
Date
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Initials
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Plan financial management approaches
Submission details
The assessment task is due on the date specified by your assessor. Any variations to this arrangement must be approved in writing by your assessor.
Submit this document with any required evidence attached. See specifications below
for details.
Performance objective
The candidate will demonstrate the ability to plan financial management approaches.
Assessment description
In response to the scenario provided, you will clarify budget plans with your manager and negotiate changes to the budget. You will then identify and analyse a risk to the budget and prepare a contingency plan to prevent or minimise the risk.
Procedure
1. Read the scenario provided in Appendix 1 to this assessment task and tasks A and B.
2. Prepare to meet with your manager (assessor) to clarify budget and negotiate changes:
a. identify areas of the budget that are not achievable, inaccurate or unclear
b. prepare to negotiate necessary changes to the budget
3. set up a time with your manager to meet. Meet with your manager (assessor) to clarify budget and negotiate changes:
a. identify at least two issues for clarification
b. negotiate at least two changes
c. include discussion of basic accounting principles
d. refer to relevant legislation and ATO requirements
e. refer to principles and techniques of managing budget items
f. take and keep notes of agreed changes.
4. Use the template provided in Appendix 3 to this assessment task to prepare a contingency plan document for persistent risks after budget changes
5. Submit all documents required in the specifications below to your assessor. Ensure you keep a copy of all work submitted for your records.
Specifications
You must:
- meet with your assessor to clarify budget and negotiate changes
- provide a contingency plan
- submit your notes.
Your assessor will be looking for:
- numeracy skills to read and understand a budget and negotiate budget re-allocations
- knowledge of basic accounting principles to identify and use account balances
- knowledge organisational requirements related to financial management such as contained in organisational policies and procedures
